What do I need to know before sending tokens to and from Valora?

Set up your Recovery Phrase

Setting up your Recovery Phrase before sending tokens to your Valora wallet is highly recommended. You could lose those tokens permanently if you send any before setting up your Recovery Phrase. Read more about your Recovery Phrase.

Remember to only send tokens to a wallet that supports the token you are sending.

Although Valora supports a variety of tokens, other wallets do not necessarily support the same tokens. So when sending to either another wallet or an exchange, it’s important to ensure you send an token supported by the wallet or exchange. Doing otherwise might mean you could lose that token permanently. For more in-depth information, check out our article on where you can send your tokens.

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 tokens to the correct address. If not, it means you could lose those tokens 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 should 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.

Double-check the blockchain network

A token may be available on different blockchains. When you send this type of token, it will be sent and received on the same network. This means that the sending and receiving wallets must support this token on the same network.

Do a test transaction

Whenever you send tokens 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:

  1. You are sending to the correct address and the correct blockchain network.

  2. You are sending to an address that supports that token.

  3. Both wallets have been properly set up.

What else should I know?

Check out these articles for more information about transactions and tokens:

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