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.
@wwzsocki the author of the main version has published lately this post in polish language
https://bitcointalk.org/index.php?topic=5119320.0
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