Set up the Recovery Phrase
It is highly recommended that users set up their Recovery Phrase before sending tokens to their Valora wallet. Sending tokens without setting up the Recovery Phrase may result in a permanent loss of those tokens. Read more about the Recovery Phrase.
Ensure token compatibility
While Valora supports a variety of tokens, other wallets may not. When sending tokens to another wallet or an exchange, users should confirm that the wallet or exchange supports the token being sent. Failure to do so may lead to the permanent loss of the token.
Verify wallet addresses
Blockchain transactions are secured using cryptographic technology, and sending tokens to the wrong address can result in permanent loss. It is advisable to verify the first and last 4 digits of the recipient’s wallet address before sending funds, whether manually entering or copy-pasting the address.
By linking a phone number to Valora, users can use their contact’s phone number instead of a wallet address, reducing the risk of sending tokens to the wrong address. Learn more about linking phone numbers.
Check the blockchain network
Some tokens are available on multiple blockchains. When sending these tokens, the transaction will occur on the same network. Therefore, it is essential that both the sending and receiving wallets support the token on the same blockchain.
Perform a test transaction
Before sending tokens to a new address, it is advisable to perform a test transaction with a small amount (less than 0.10 cUSD) if possible. This ensures that:
- The correct address and blockchain network are used.
- The receiving address supports the token.
- Both wallets are properly set up.
Additional resources
For more information on transactions and tokens, refer to the following articles: