Cold wallet or exchange?

The common belief is that the only safe way to hold Bitcoin is through a cold wallet. In theory, that makes sense. Cold wallets give you full control and strong security, but they also come with zero flexibility. Everything is on you, and access is limited by design. On the other hand, keeping Bitcoin on an exchange is far more convenient, but it introduces trust and counterparty risk. In reality, choosing between the two is not as simple as it’s often presented.

While looking deeper into exchange risk, I noticed that not all platforms operate with the same level of transparency. Some exchanges provide clearer information about their reserves and how user funds are separated from company funds. Bitunix is one example I came across that emphasizes proof of reserves and custody transparency. That alone doesn’t remove risk, but it does make the risk easier to evaluate compared to platforms that provide little to no visibility.

At this point, I’m genuinely undecided. Is it smarter to keep all Bitcoin in cold storage, or does combining a cold wallet with a reputable exchange make more sense for managing funds in practice?