How to Avoid Losing Money When Swapping Crypto
Most crypto swap losses come from sending to the wrong network or using a bad service, not from scams. Here is where mistakes happen and how to avoid them.
Most money lost during crypto swaps comes from one of two things: sending to the wrong network, or using an untrustworthy service. Both are avoidable.
Wrong network: the most expensive mistake
USDT exists on multiple networks: TRC20, ERC20, BEP20, and others. Addresses on different networks can look similar, but coins sent to the wrong network will not appear at the destination. Before you send, confirm that the network in your wallet matches the network the exchange specified.
Address errors
Copy the address in full rather than typing it by hand. After pasting, check at least the first and last few characters. It takes a second and guards against a typo or clipboard-hijacking malware that silently swaps the address while it sits in your clipboard.
Questionable services
An exchange offering a rate noticeably better than the market is likely using that to attract you. A real service earns on fees, not by giving away better rates. Check reviews on third-party sites, not only the service's own page.
First swap: use a small amount
A small test swap costs little and confirms that the service works as advertised before you put in anything significant.
What to avoid
Rushing and not re-reading the address. Sending again without first confirming whether the initial transfer went through. Saving an exchange address in your browser: deposit addresses are single-use, and the next order will have a different one.
