Bitcoin Forum

Even in checked and reliable exchangers unpleasant surprises can happened due to lack of experience. This is why we have prepared for you some recommendations which can make your exchanges maximally safe.

Commissions for incoming bank transactions
Some banks have commissions for incoming transactions when you make interbank transactions. You may fail to notice it for many years if the tariff has a limit of free transactions and earlier you haven’t surpassed it.  Make sure you study your tariff in the bank before moving a large amount of money.


Freezing of accounts due to suspicious transactions
In case of bank transfers there is a risk of account freezing when receiving a transaction from a chain of gray money. To avoid it, before an exchange you should inquire from which bank details the transaction would be made. If the transaction would be from cards which belong to e-payment systems, then the risk to receive a questionable transaction skyrockets.

We advise working with exchangers thank use banking of famous and reliable banks. It’s best to find out from the operator from which bank details that transaction will come from. Make sure you avoid such transactions to maximally lower the risk of freezing your account.


Verification and delays
It must be noted that with bank transfers and working with cryptocurrencies there are delays and obligatory KYC-procedures, and whether an exchanger has them or not must be figure out in advance, if you need money fast or if you do not want to share you personal information with an exchanger. Usually it is written in the site rules. You must attentively learn all the nuances, then everything will go maximally smooth and safe. If you fail to find a reply to your question on the website, ask the support of the exchanger.

There are some other important moments when working with cryptocurrencies, which most often lead to mistakes:

• Low protection of the device and careless attitude to security. Some viruses, as well as browser extensions from fraudulent publishes can change cryptocurrency addresses on the website. Install antivirus with up-do-date virus bases, moreover, switch off all extensions, including ad blocks, when making a transaction. Minimize possible influence of third-party apps and extensions on the content of the website when making a cryptocurrency exchange.
• Usage of TOR browser. Firstly, an exchanger or exchange can prohibit users with IP addresses of TOR exit nodes from using their website. Secondly, some exit nodes of TOR network belong to fraudsters, which can change wallet addresses on the websites of exchangers or exchanges.
• When making an exchange order the amount of commission is not counted. Automatic exchangers work only when all exchanger order details are met, even if the amount of transfer would insignificantly differ, such an order can be processed by an operator manually, with a delay and additional specification of exchange details, sometimes with re-calculating of the exchange rate to the factual one given the high volatility of the market. Always bear it in mind that you won’t be able to give 100 per cent of the tokens in the order, some amount will necessarily go for network commission payment. The amount of this commission depends on many factors: type of cryptocurrency, type of your wallet, network load.
  
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  For instance, if you keep bitcoin in your own wallet, and not on an exchange or e-payment systems such as Payeer, in this case you must calculate the amount of the future commission yourself, but it will be more flexible. You can estimate in advance the size of the commission based on the average transaction size of 260-440 bytes and the current recommended commission (you can find it out on a special website). You can multiply one number by another one, and subtract it from the amount you have, to understood how many coins are available for the order.
• Incorrect copying and pasting the address. You must double and triple check the address from which the funds will move and the recipient one. You can limit your check to the first two and the last two digits, it’s faster this way. But it is safer to check all the address since there is a risk to fall victim to the virus.
• No additional information is specified in the fields Memo, Destination Tag, Message or Payment ID. Cryptocurrencies Cosmos (ATOM), EOS (EOS), Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB), NEM (XEM) and Monero (XMR) have their peculiarities, and if you don’t specify required information in the corresponding fields, the fund will be send to the recipient’s wallet, but the problems is that exchangers often use exchange wallets for such cryptocurrencies, which means the funds without the account specification will go not to them, but to the exchange. In some rare cases you can prove belonging to the transaction, but it takes efforts and time. Please keep it in mind and do not ignore these fields. Make sure you ask operator about this information when working with these cryptocurrencies, even if you can’t find it yourself.

We have tried to describe the most important moments and frequently made mistakes when exchanging funds. Please make sure you pay attention to all the details when making financial transactions online. If you have any further questions or ideas and suggestions, we would be happy to hear them out!

All you wrote can reduce some risks but it doesn't make cryptocurrency exchanges risk-free.
If there is centralized service like exchange, even if you do everything correct, exchange can be hacked or locked., like wee see in recent hack with kucoin exchange and locked withdrawals with Okex exchange.
KYC does not help customers at all, and documents can end on sold on internet like we saw with Binance example.

Best way to reduce risk is doing p2p trading and decentralized exchanges.

If you run a business you can't say no to regulations tho, unless you want to move to another country or run it illegally. Still that will introduce another risk since the owner of the business can simply disappear like many cases that we've seen.

Just to note that these still introduce another risk such as buggy smart contract, you got scammed by fake users, and so on. I'm pretty sure "risk-free" in this thread is just a clickbait to gather attention, since "risk-free" is technically impossible unless you're not doing anything at all. In fact, OP post is basically saying that users should be careful, have decent security practices, and make sure exchange ToS is not bad to protect their funds.