Safety of cryptocurrency transfers

When it comes to cryptocurrency transfers, it's crucial to understand that these transactions are always irreversible: if you send funds to the wrong address or have second thoughts after confirming a transaction, it cannot be undone. Once the transfer is verified in the recipient's wallet, only the wallet owner or manager has access to those funds.

If you are making a transfer for the first time or are sending an exceptionally large amount, we recommend doing a test transfer with a smaller sum.

Therefore, please carefully read our help center articles related to cryptocurrency transfers before making a transfer.

Transferring funds to an incorrect address

Sending cryptocurrency to the wrong wallet or an incomplete address typically results in the loss of the sent funds. Cryptocurrency addresses are long and complex, and even a small typo can result in funds being sent to the wrong address. Consider copying and pasting addresses rather than typing them manually to reduce error risk.

Transferring funds via the wrong network

When making cryptocurrency transfers, it is crucial to select the correct network for the transfer. It is not possible to send cryptocurrency to Coinmotion using a network that our service does not support. Consequently, transfers made via an incorrect network cannot be recovered.

Fees for receiving funds

Receiving cryptocurrency transfers does not cost you anything. If someone asks you to make a money transfer in order to receive a cryptocurrency transfer, it is most likely a scam. Any claims of taxes, additional fees, or other charges to receive funds strongly indicate a scam, and we do not recommend paying such fees. You can read more about fees related to cryptocurrency transfers here.

Secure your funds

Use strong passwords and two-factor authentication (2FA) for accessing your wallet to increase security. 2FA enhances the security of your account by requiring verification through a mobile device during login and certain activities. This significantly reduces the risk of misuse attempts, as simply having the account username and password is not sufficient for logging in and managing the account. Instructions on how to set up 2FA to your Coinmotion account here.