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crypto precautions

Precautions to Take When Working with a Crypto Exchange Platform

There are challenges arising when you decide to work with a cryptocurrency exchange, but not some that should make you give up on the plans to get or stay involved in the industry. If you take some precautions, their effects will be limited and at the same time, you will manage to navigate all hurdles without major difficulties.

# Double-check on other platforms for quotes accuracy

One of the first detail to check for has to do with the quotes displayed on your exchange’s platform. If you are working with a registered and licensed entity, this won’t be an issue. Still, there are scams continuing to operate from offshores, trying to defraud customers without any legal responsibility afterward. The quotes displayed on their platforms are generally inaccurate and are intended to reduce profitability. Managing risk or getting out of the market at the right time thus become difficult tasks.

# Work with updated and licensed software

Let’s say you’ve done the right thing and you are working with a trusted exchange. Other than that, there could be risks associated with your PC or laptop. This should already be part of broad normality, but we continue to see people using pirated operating licenses. Any software downloaded other than the owner or third-party accredited providers carry a lot of risks. You could end up being spied and thus your personal information (including crypto exchange account or wallet address details) will get in the hands of unauthorized individuals.

# Ensure safety measures

Setting up strong passwords, using 2FA, antivirus, firewall, or other safety measures designed to enhance security when dealing with crypto are very good things to do. Although they make the whole process a little difficult, in the long run, you will avoid a lot of risks. Many exchanges faced security issues during the past several months and that should be a strong motivation to take these precautions.

# Make sure the execution is accurate

A reliable exchange platform will provide ample liquidity conditions and as a result of this, accurate execution. Entering the market at the right price is key, especially when the markets are volatile. Since prices had been wild, there’s no point in working with entities that are not able to ensure the best conditions. Don’t make any concessions on this matter, because there will be many times when profitability will be reduced or losses will be aggravated. If you want to buy or sell crypto at the right time, execution is one of the key factors. A proactive approach is the best way to prevent such things from happening.

 

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