Topic: before using exchanges or investing, please read these. (Read 56 times)

Do all you can never to get to the point where you need to recover your wallet, it is never a sweet experience. Recovering wallets means that you lost your seed phrase, device or something connecting to the wallet, it is not always an easy steps and most times are not successful. Instead of getting to this point, the best is to avoid anything that will lead to wallet recovery.

During the wallet creation, one is required to test the seed phrase before the wallet is finally created. Electrum and even trust wallet have that option. However, this might be different with private keys such as those of MEW and Metamask. If one have to test the seed phrase again from where it has been written down just to be sure everything go smoothly, that is still perfect and a good practice.

If possible exchanges requiring KYC should be avoided especially now that Nigerians are facing challenges from the government in relation to cryptocurrency. Without KYC, individuals can be well protected from the actions of the government.

Encourage people to focus more on Bitcoin and just consider other tokens with money they can afford to lose because most of the new projects die with time unlike bitcoin that will give more benefit when held for long. I have long stopped telling people to invest in ICOs or new projects because of the scam rate that is extremely high. Building a bitcoin portfolio is safer for beginners and experienced investors.

Your post is comprehensive and very helpful and my contribution are also ways I support your post and give my opinion base on my experience. Thanks for sharing this wonderful information.

People dey always talk say.
"Not your keys, not your bitcoin"
"Not your keys, not your crypto"
This talk na true talk oo, no be for only Bitcoin even altcoins.
I no dey perfect but I go give una some points way go help keep una safe for crypto.

[1] Don't store your coins on exchanges for too long. It is the most stupid mistake
[2] Don't use wallets that you don't have full control of wallet's private keys.
[3] Do your own research on your interest coins, to find out about their wallets, and choose best ones in case you buy them and withdraw coins from exchanges
[4] Read tutorials on how to verify wallet (if possible), backup seeds, private keys, wallet backup; and steps to recover wallets
[5] Testing seeds, private keys, wallet backup first, and only deposit money in those wallets when testing results are good
[6] Don't use masternode / shared masternode hosting services
[7] Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished
[8] Check KYC requirements on exchanges that you have plans to buy coins on their platforms

1. Don't store your coins on exchanges for too long. It is the most stupid mistake.
Risks of hacks, exchange scam exits. Big exchanges can be hacked, big exchanges can do scam exits. Take care of your coins is better.

2. Don't use wallets that you don't have full control of wallet's private keys.
You should read about custodial and non-custodial wallets.
I suggest you to choose non-custodial wallets to have full control of your private keys. No one can steal your bitcoins, ie. if you don't lose your private keys. It means you have to take care of your private keys, and your computer security, nevertheless.

3. Do your own research on your interest coins, to find out about their wallets, and choose best ones in case you buy them and withdraw coins from exchanges.
This step will help you having good preparation for what you will do next after successfully buying your interest coins.
You will know which wallets to use, where to download, how to install, backup, recover, and testing all those steps on your computers.
How to search?

If your interest project already listed on coinmarketcap.com (~ CMC) > Start from CMC to get official website, github, etc. of that project

If your interest project has not yet listed on CMC, and you know official website of that project > Start from official website to get other things

If your interest project has not yet listed on CMC, and you know official website of that project > Start doing your own research from Google, with higher risks. This is last option you should think of.

Benefits:
It will save your time. The more time you save after buying coins on exchanges, the more security and less risks you will have, because you can move your coins from exchanges to wallets under your control after a few minutes.

4. Read tutorials on how to verify wallet (if possible), backup seeds, private keys, wallet backup; and steps to recover wallets.
Using non-custodial wallets don't mean that you are totally safe, because it depends on your computer security, and wallets you download are official, and zero-threats/malwares or not.
Reading how to verify wallet (to check it is official or not) is very important and vital. Doing this before using that wallet for transactions.
verify wallet quality and functions is important to, in case wallet has poor quality, and bad functional operation, you don't lose your money.

Read more:

https://bitcointalksearch.org/topic/electrum-wallet-update-safely-and-avoid-phishing-wallets-5178675
https://bitcointalksearch.org/topic/m.52269993

5. Testing seeds, private keys, wallet backup first, and only deposit money in those wallets when testing results are good.
After verifying wallets (if that feature is available), and installing wallet on your devices, and doing back ups (in the [4] step). Now, it is time to test those backups on same devices or on other devices.
Checking all of those backups to make sure that in case your devices broken technically, you will be able to recover your wallets (there is no mispelling on seeds, private keys, etc.)

6. Don't use masternode / shared masternode hosting services.
It is nearly the same as storing coins on exchanges for too long; and you don't have control of your money.
Read more:
https://bitcointalksearch.org/topic/annlaunch-gincoin-one-click-masternodes-live-2998031

7. Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished.
It is nearly the same as storing coins on exchanges for too long.
Read more:

https://bitcointalksearch.org/topic/bitblender-exit-scam-likely-5153859
https://darknetlive.com/post/dutch-police-seize-bitcoin-tumbler-bestmixer-io/

8. Check KYC requirements on exchanges that you have plans to buy coins on their platforms.
This step is another must-do thing. It is ridiculous that your original aim to create accounts on exchanges is to buy your interested coins, and withdraw them to store in wallets you have control on private keys; but at the end you are unable to withdraw due to failed KYC.

It ensures that if you don't want to do KYC, you will not create account, and send your funds (bitcoin, fiats, whatever) to those exchanges; then you will have to mandatory do KYCs (that what you never want to do at starts).

In addition, it also ensure that on exchanges that KYC is mandatory to be able to withdraw money, you have to successfuly do KYC verification first, before send your fund to your accounts on those exchanges.
Sometimes, I saw people complain that they failed to do KYC verifications. There are some reasons:
ID cards, photos, ie. blurred
Their nations in which they live listed in exclusive nations of exchanges.

I believe this write up has helped you in one way or the other as a newbie.
Please I'm open for correction and you can add also in other for us to achieve this goal of educating the newbies.
Thank you.