Whether you are buying or selling cryptocurrencies, there are many factors to consider, including current market conditions, fees, and the reliability of the exchange platform you are using.. Unfortunately, many users overlook these aspects and end up making costly blunders.
In this article, we will look at the top five mistakes newbies make when exchanging cryptocurrencies and give tips on how to avoid them.
Common mistakes when exchanging cryptocurrency
Here is a list of the most common mistakes that users make when exchanging cryptocurrencies:
- They don’t check the wallet address. It is easy to make this mistake, and the consequences can be extremely unpleasant.. For example, if you want to exchange TRX for USDT, you need to check that you are sending funds to the Tron network. If you do not check the wallet address, then you can accidentally send cryptocurrency to the wrong address, which will lead to loss of funds. Always check the wallet addresses you are sending funds to.
- Don’t pay attention to the exchange rate. The exchange rate can vary greatly on different platforms. So, the rate of crypto assets on a major exchange does not necessarily correspond to the rate on another site.. For example, in order to exchange Tron for USDT, it is important to check the exchange rate before creating an application.. This will help to avoid unexpected and unpleasant surprises.
- Entering the wrong exchange amount. An incorrectly specified amount can become a very offensive oversight if you do not pay due attention to checking all the data at the final stage of the exchange. This can lead to loss of cryptocurrency or overpayment of commission.. Always double check the exchange amount before initiating a transaction.
- Forget about two-factor authentication. Two-factor authentication (2FA) provides an extra layer of security when exchanging cryptocurrencies. Be sure to enable 2FA to prevent unauthorized access and keep funds secure.
- Use unverified sites. There are many exchange platforms in the cryptocurrency market, but not all of them are trustworthy.. Not all platforms operate honestly and introduce proper security measures. This can lead to the loss of the user’s cryptocurrency. To make, for example, the exchange of TRX for USDT, it is important to do research and find a reliable platform.
Where can you safely exchange cryptocurrencies?
One of the reliable and convenient platforms for exchanging cryptocurrencies – ChangeNOW. This is a non-custodial service that does not store user funds and does not require the registration of an account to exchange cryptocurrencies.. You can exchange more than 250 crypto assets, including the exchange of TRX to USDT, at a favorable rate and with minimal commissions.
ChangeNOW has a number of advantages over other platforms:
- High exchange rate. The average exchange time is about 5 minutes.
- There is no limit on the amount of the exchange – exchange as much as you want.
- Support for different devices. ChangeNOW can be used on mobile phone or computer.
- additional services. You can buy cryptocurrencies with fiat money, track your portfolio of assets, or earn income from staking.
- NOW native token. Gives access to discounts and bonuses of the service.
ChangeNOW is a reliable and simple cryptocurrency exchange platform suitable for both beginners and experienced traders.