Set up your Recovery Phrase
Setting up your Recovery Phrase before sending assets to your Valora wallet is highly recommended. You could lose those assets permanently if you send any assets before setting up your Recovery Phrase. Read more about your Recovery Phrase.
Remember to only send assets to a wallet that supports the asset you are sending.
Although Valora supports a variety of assets, other wallets do not necessarily support the same assets. So when sending to either another wallet or an exchange, it’s important to ensure you send an asset supported by the wallet or exchange. Doing otherwise might mean you could lose that asset permanently.
Double-check wallet addresses
A blockchain is a network that records and secures transactions using cryptographic technology. This means that it’s important for you to send assets to the correct address. If not, it means you could lose those assets permanently. You can double-check the first 4 digits and last 4 digits of any wallet Address where you want to send funds for the first time. You can do this whether you enter the wallet Address manually or if you copy and paste the address.
By connecting your phone number, you can use your friend’s phone numbers instead of their Valora Wallet Address and reduce the risk of sending funds to the wrong address. Read more on connecting your phone number.
Some assets may have multi-chain support. This means that you can send this asset using different blockchain networks. When you send this type of asset, you must make sure that you use a network that the receiving wallet also supports.
Do a test transaction
Whenever you send assets to a new address, it’s best to always send a test transaction with a small amount (less than 0.10 cUSD worth) if possible and confirm the amount arrived with the recipient. This will ensure that:
You are sending to the correct address and the correct blockchain network.
You are sending to an address that supports that asset.
Both wallets have been properly set up.
What else should I know?
Check out these articles for more information about transactions and assets: