Topic: [Guide] Stay safe when dealing with Exchanges. - page 3. (Read 1031 times)

Thanks, Cryptowisser. Of course, I will add anything that could be useful.

If you think that there is a matching content from yours please don't hesitate to provide here and will add after review.

We can create a super guide if we merge threads together and later manually rewrite the content. It would be nice to create a guide nobody forget and members will show as an example.

If you want to talk about shoot me a PM or just write here.

Hi crypto mania,

Great initiative!

We have recently written a Guide on Cryptocurrency Security Measures. Anything in there that you find helpful and would like to include in this thread? That would of course make us very happy.

All the best,
Cryptowisser

Thanks for sharing this scammy exchanges. I have quoted you to be sure that your post stays visible even if deleted somehow.

Exactly that is why I wrote this guide to share some useful info about exchanges and tips on how to avoid problems.

If every member shares something useful in this thread we will finally have the best guide ever written  

Thanks for sharing this scammy exchanges. I have quoted you to be sure that your post stays visible even if selected somehow.

Exactly that is why I wrote this guide to share some useful info about exchanges and tips on how to avoid problems.

If every member shares something useful in this thread we will finally have the best guide ever written if summarised together.

You are right added 2FA to my guide, thanks.


Lucky you but as you can see I had quite a few problems when using this exchange. Of course few of them were my own fault like not checking the coin page and status of cryptocurrencies before use/transfer and many others/additional issues because of Cryptopia fault.

Like I said this guide is for every exchange and I would be happy to read it before my first deposit on Cryptopia.

Why? I don't see any reason to avoid using this exchange.

I never had any issue yet on using cryptopia before and I think you must add 2FA authentication in your cryptopia account to protect your account from being compromised and always use a unique password to protect your account from other websites or email.

I use Cryptopia to exchange some bounties and to exchange my mining coins because some coins that I mining is only supported on Cryptopia and until now I still using it without any problem.

Like I said:

"I try to avoid this exchange but some of the coins are listed or have a decent volume only there".

If any exchange have something bad happens to me, this shows that it is not worthy of my trust. Once I withdraw, I will never go there again.
Exchanges that has been blacklisted by me：（These are my personal views, others may not think so）
FatBTC：No withdrawal channel after the token is removed.
Liqui：Change deposit address many times.
stocks: Withdraw fee too high. it is very very high.
yobit: Too many scam coins，and service attitude is very bad.
FCoin: Price manipulation, liar.
CoinBene：Too many MLM coins, and some of which are their own.

For the beginners, 3 points of advice.
1. Deposit security is always the first，So choose only those exchanges with good reputation, such as binance,Huobi. At least they won't swindle your money.
2. Be cautious about unfamiliar exchanges，especially for exchanges that you have not heard of, if you want to deposit, please be sure to deposit a small amount first.
3. Before depositing, it is important to check whether the address is accurate. If it is an ERC20 token, you need to check whether the contract address are consistent. I used to deposit the same name token. Unfortunately, they are different tokens, so my token is lost.

I think the best solution is if you don't like that exchange is to never use it if you always face a problem there. I'm sure there's another exchange that also trade the cryptocurrency you have. Why would you still use the exchange if you always had a problem with their exchange?, the answer would be find another exchange and never use that again.

This is not the first time that something bad happens to me on an exchange when depositing/withdraw or trade coins/tokens.
I try to avoid these exchanges next time but some of the coins/tokens are listed or have a decent volume only there.

There are a few easy steps when dealing with an exchange to be safe:

- Add 2FA authentication to your account and any other available security measures, such as the anti-phishing password for email, pin, additional security questions.
- Before logging in, double-check the URL of the site and bookmark it.
- Always check everything three times, especially the current information page (if available) for information: currently which coins/tokens should be avoided, if maintenance is carried
   out or if there are any other problems, for example with synchronization, addresses, fees, times, etc.
- During the transaction itself (purchase/sale, withdraw or deposit), use the triple check rule to check amounts, addresses, etc.
- Never deposit everything in one transaction.
- Send a small amount first and check if everything works (transfer, trade, withdrawal, confirmation).
- Continue depositing smaller amounts (smaller amounts mean less headache if something goes wrong).
- Withdraw each time before the next deposit, if possible.
- Never leave your coins or tokens on the exchange, because is not intended for that.
- Always remember that the exchange is not a wallet and is not secure.
- Never use exchange addresses for payments for bounty or for air-drops, mining, etc.
- Check exchange on google and their social network pages, in particular: Twitter, Facebook. Search for new complaints about coins or tokens, scam accusations, etc.
- Be careful about the security of 2FA itself, keep the backup codes for each 2FA secured exchange (use Authy as 2FA due to the possibility of backups).
- TOTP for 2FA (you scan a QR code by Authy or a similar program which is implementing TOTP according to the specification in RFC 6238) it is a much better solution than
  authentication by means of incoming codes via SMS because it is not difficult to take over a phone number.
- Do not send scans of documents for KYC to an unknown stock exchange immediately after registration, usually, it is not necessary to trade only with cryptocurrencies.
- Diversification is very important. Trade on a few exchanges if possible because trading on one is associated with the risk of losing all capital.
- When selecting an exchange, you can use the Blockchain Transparency Institute as a guide. The list includes exchanges with suspicious trading and money laundering
  activities.
- Register on several exchanges, so you have plenty of options available. Do not wait for the crypto mania to run before attempting your registration. Sometimes you can not have an
  opportunity at all.
- When you scan your KYC documents for verification, make a copy first and write the exchange URL or name on the document this will prevent or make it harder for hackers to use it.
- Avoid small not established exchanges if you don't have to trade there.

This list is growing every time I have a new problem with an exchange so it will be updated frequently  .

I already experienced all kinds of issues but luckily I was always able to withdraw. Sometimes with a big loss after a few months from the deposit.
Support sometimes works slow and needs almost 2 months to answer a ticket, of course with an automated message.

When dealing with support

- While contacting customer service, try to wait at least the minimum response time, often they inform about the minimum time to reply (do not create multiple tickets).
- Try to get help on the official social media website (Twitter, Facebook) if available (sometimes it works great, sometimes not).
- Use various contact options such as chat, phone, WhatsApp or Skype if available.
- Be polite, do not lose your patience, provide all the documents, they ask for (even if you have to send this same document several times).
- Do not give up when they say "no", be persistent (if you are right) and start from the beginning. Sometimes another agent will help you (they are just people and often make mistakes).

I hope my first guide will help to save a few coins/tokens or a headache.

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@wwzsocki the author of the main version has published lately this post in polish language https://bitcointalksearch.org/topic/bezpieczestwo-na-giedzie-i-rady-dotyczce-obsugi-klienta-5119320