Ethereum, a technology at the forefront of Blockchain innovation, has recently seen its fair share of risks. There remain questions as to whether it’s time to invest in Ethereum. If you want to learn more about Ethereum, here’s a beginner’s guide to selling Ethereum.
Many Ethereum wallets are available, and it’s easy to lose track of which one is safe and secure. There are a few essential factors when deciding which Ethereum wallet to use. Due to the nature of Blockchain technology, Ethereum transactions cost a certain amount of computational energy. It means that it’s not uncommon for transaction fees to become exorbitant. Therefore, looking at the fee structure before committing funds is essential.
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Some wallets have minimal or zero fees, but this can be difficult to locate due to their scarcity. Having a good understanding of what fees are incurred is critical for making investment decisions and avoiding losses. The best way to do this is by looking at the transaction information on etherscan.io
These are five things you should never do when buying Ether:
1) Don’t store your funds with an exchange that might go bankrupt:
Exchanges are exchanges, so even if you think a particular exchange can’t go under, nothing is guaranteed in this world. So always double-check the exchange’s credibility and activity level by searching for the name on social media accounts and looking at the volume of trading. Also, keep an eye on the developments of the exchange while it’s still alive because most exchanges have already been hacked or are under a lot of risks, so people might not extend them.
2) Never store your funds on a mobile wallet or an exchange without 2FA:
Mobile wallets are vulnerable and can be easily replicated and accessed. An attacker would need to shut down the app for a few minutes and immediately attempt to access your wallet. Even if you have 2FA enabled, it could get compromised as the user has misused some exchanges in the past. So always ensure you’re using a secured device like a laptop, PC or even better, an offline computer if you have one. Avoid online wallets, too, as they face similar risks.
3) Don’t trust a random site:
Most of these sites are scams; they might even be in cahoots with the scammers. If the website doesn’t live up to the claims, it might not be a secure site. Also, check for confirmation of withdrawals before sending any funds.
4) Don’t send funds to an exchange or wallet that you don’t trust:
Trust is the key to keeping your investment safe. It is especially true in an environment where people can hack computers, and many exchanges can go down at any point. Therefore, it’s always best to thoroughly research the Ethereum wallet’s source before setting up an account.
5) Don’t keep your funds in an account that holds a significant amount of funds:
Unfortunately, exchanges are not uncommon to be hacked; this has happened multiple times, and significant losses have been incurred through such incidents. Therefore, always ensure you keep a small amount of Ether in your account if you use a centralized exchange for security reasons.
Always be extra cautious when dealing with a new site, and if a site looks suspicious or doesn’t have a good reputation (even though it might offer good incentives like a high return rate), stay away from them. It goes without saying that investing large amounts makes it very easy to lose your money.
6) Don’t send tokens to the wrong address by accident or on purpose:
To avoid losing tokens, always check the address before sending money. Also, never invest in sites that offer high investment returns because most of them are scams.
7) Don’t give out your private keys:
The idea of a key logger is pretty old school, but it still works today and can prey on people who don’t know what they’re doing. Of course, you would want to invest more if you could, but trading too much will cost you a lot of money.
Remember this because excess trading will leave you in the red when trading on margin due to the charged interest rate. Always check the number of funds you have trading on each platform, and make sure to only trade when you have access to your wallet. Don’t trade with more than one exchange simultaneously unless you know what you’re doing.