Many of the deals MoneyStyle finds use crypto exchanges as a money transfer method, and crypto safety is important. For this reason it is essential that you implement the following steps when making the transfer:
We Highly Recommend You Use:
- Unique, hard to guess passwords on your crypto exchange accounts and email accounts.
- Bitcoin exchanges with good volume. This ensures there are enough people using the exchange that it is accepted as trustworthy, and that there’s enough trade on the exchange to make buying and selling easy. MoneyStyle recommends high volume crypto exchanges, you only use lower volume exchanges if you know exactly what you’re doing.
- Two Factor Authentication (2FA) on both crypto exchange accounts. This ensures you’re only able to login after providing your secure password and then confirming with your mobile phone. This is significantly more secure than only using a password, and protects you in case your password is compromised.
While Doing The Transfer
- Avoid having funds in crypto exchange accounts longer than necessary. They are not banks, so therefore funding should happen just prior to buying crypto, and withdrawing should take place immediately after the receiver sells the crypto.
- Don’t hold the bitcoin any longer than necessary, as it exposes you to the risk of a price fluctuation, which would in turn effect the final amount received.