If you are using a crypto exchange for the first time, these tips will be helpful, and they can make your first crypto steps easier.
1. Very basics tips for a beginner in crypto
As mentioned many times before, when you are making an account on some crypto exchange:
- Use a new password on the exchange.
- Make it strong by including uppercase and lowercase letters, numbers, and characters/signs.
- Record all the passwords of the exchanges where you have accounts, as we guess you might have more of them, and remembering multiple passwords is getting harder and harder, with so many needed for different platform accesses these days.
- We suggest writing down all the account names, email addresses used and their corresponding passwords in a small notebook that you will keep safe. Of course, secure the notebook in some safe location away from other people or possible sources of damage.
If you are not actively trading on the exchange, remove your funds from the exchange to your wallet. You can think about the exchange as a public restroom. Go there - do what you have to do - and go out. Don’t stay any longer than you have to.
If you are sending funds to or from the exchange for the first time - try how it works with a small test amount of coins. You can send/withdraw just a few Safex Tokens or Cash and wait up to see if everything is okay instead of using 1 million coins as your first amount and finding out you did something wrong (eg. Many exchanges have separate deposit addresses for both SFX and SFT - you must only send the one type of coin to that deposit address. If you send SFX to the SFT deposit address, they will not get credited to your account, and vice versa.)
2. How big is the fee I need to pay?
Each exchange charges some fee from the transaction - it’s a standard procedure, and every exchange does it. Look it up on the exchange website to determine how much fee you are paying for your withdrawals, deposits, and transactions. To find such information for the Xcalibra exchange, go on the home page and scroll down and look for the Status and Fees link. There you will see a detailed explanation of all the expenses.
3. Security of your account
To secure your account on some crypto exchange, activate 2FA verification and email verification. That extra level of security will help to keep your funds a bit more secure. All the exchanges have the options to do so, and on Xcalibra exchange, you can do it like this:
Go on the Setting button and then on the Security.
Enable the 2FA option. You can use google authenticator or some other application. In that case, every time you login to the exchange, you will have to type in the code. Same for withdrawing funds.
Start confirming withdrawals via email. If you agree on confirming withdrawals via email, you will have to do one extra click, but your funds will be safer.
4. Keep track of your trading history
As a beginner, you should always keep track of your trading moves to see your spendings and earnings clearly. You can write down your trades in a notebook, and to assist with your record-keeping, you can look in the Reports tab and find all your transactions.
This list can be found in various locations on other exchanges, and all big exchanges offer this facility. This list can be found in some other place on other exchanges, and all big exchanges have it. Keep in mind that these lists on some exchanges last for only six months - if you need them (eg. for tax purposes), you should export them on time.
5. Account adjustments
There are few things you can do to improve or change your account. Find options to enhance your account, it should be somewhere in the upper right corner - Look for the Account option.
On Xcalibra exchange, go on the Settings gear and find the Account. There you can change your password if you think it’s too weak or you think it’s compromised. You can change the email address for the same purpose and change the chat name.
Learn about other important safety and security tips usable in the online world.