Safe Trading Practices – How to Protect Your Crypto

Imagine waking up to find your crypto account compromised—it’s a nightmare no one wants to live through. 

The good news? You can avoid it. 

Here’s how to keep your crypto safe and why compliance is your best defense.

1. Stick to Trusted, Regulated Platforms

Trading crypto isn’t like buying food or shoes (even though those are important as well).

It’s your money on the line, so you need to treat it seriously. 

The first rule of safe trading? Only use trusted, regulated platforms like Obiex. 

These platforms keep things secure, ensure your funds are safe, and help you avoid scams that are all too common in the crypto space.

2. Watch Out for Too-Good-to-Be-True Deals

We’ve all seen those offers promising massive returns. If it sounds unrealistic, it probably is. 

Stick to platforms with clear, transparent rates and a solid reputation. 

As always: if it’s too good to be true, it probably is.

3. Always Enable Two-Factor Authentication (2FA)

If your account isn’t protected with 2FA, you’re leaving the door wide open for hackers. Adding an extra layer of security is a small step for you but a huge protective  action for your safety.

4. How to Safely Use P2P Crypto Services

Peer-to-peer (P2P) trading is a game-changer, allowing you to buy and sell crypto directly with others, often at better rates. B

ut it can be risky if you don’t know what you’re doing. 

Here’s how to use P2P safely:

• Verify your trading partner: Check their reviews, ratings, and transaction history.
• Use escrow services: Platforms like Obiex provide escrow services, locking the crypto until both parties fulfill their end of the deal.
• Never rush: Take your time and double-check the details before completing the trade.

5. Crypto Wallet Safety: Best Practices

Whether you’re using a hot wallet or a cold wallet, here’s how to keep it secure:

• Use strong passwords: Avoid simple passwords like “123456.”
• Enable 2FA: Add an extra layer of protection.
• Backup your wallet: Store your wallet keys in a secure, offline location.

6. Understanding OTC Trading: Risks and Precautions

OTC (over-the-counter) trading is ideal for large-scale transactions but carries risks due to its private nature. 

Here’s how to protect yourself:

• Stick to trusted OTC platforms: Only trade with reputable platforms.
• Ensure transparency: Document every transaction to avoid disputes.
• Double-check local regulations: Stay informed about the rules in your area.

Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.