Trading on crypto exchanges comes with risks, as an aggregator of crypto data and reviews we desire that our users have the safest and best experience while using exchanges. We have listed a few rules and tips on procedures that you can take to make your crypto trading experience smoother.
As the popular saying goes “Not your keys, Not your money”, In Crypto if you don’t control the keys you don’t control your money, so as a user its safest not to store your crypto on exchanges as things could go wrong at any time. Bear in mind that exchanges lack the security architecture of banks. Lack of funding or regulations has contributed to this. For example, only 39% of fiat-supporting crypto exchanges hold an operating license. Thus, funds stored on them are more susceptible to theft and fraud.
This absence of regulations has led to users losing funds in bizarre ways ways in which losses have happened. Quadriga CX CEO, Gerald Cotten reportedly passed away on a trip to India. What’s surprising was that Gerald was the sole owner of passwords to customer funds. As a result, hundreds of millions of customer funds remain inaccessible.
It is important to use a variety of exchanges, don’t depend on one exchange, compare the order books across them and register and trade on multiple exchanges. During the 2017 crypto boom exchanges were inaccessible, mainly because the infrastructure was weaker. Registering on multiple exchanges gives you an alternative platform to use.
Apart from giving you an alternative platform , it makes you familiar with the various interfaces and looking around gives you the opportunity to see the benefits of different platforms and know their strength and weaknesses.
Always, I repeat, always use different login credentials for different exchanges. A unique id, unique email and a unique password will go a long way in protecting you. The main reason for this is to protect yourself against hacks.
A reliable password manager is required, this will help you manage passwords across multiple exchanges.
Strong passwords are hard to remember, you may need to send them to yourself. In doing so, never send them in clear text. Passwords should be sent via secure channels. Telegram is useful here as it provides end-to-end encryption. It allows you to send messages securely to yourself. Just remember to delete the password from the chat after using it.
Use a secure email provider like Protonmai or Tutanota. Also keep the exchange email secret and do not reveal it to anyone.
As you store your numerous passwords, make sure you don’t delete them permanently, make sure you have encrypted backups for all of your cold wallets and off exchange crypto. Store your seed in a safe place and make sure you don’t lose it.
The nex thing to do is to leave a review, so that other investors can get a honest opinion on how good the services of Bitbank exchange is. This will help users know what to expect and know if Bitbank exchange is to be avoided.