How can I prevent preauth holds when trading cryptocurrencies?

3 answers

• Saqlain AnsariFeb 22, 2024 · a year ago
  Preauth holds can be frustrating when trading cryptocurrencies, but there are a few strategies you can use to prevent or minimize them. Firstly, make sure you understand the platform you are trading on. Different exchanges may have different policies regarding preauth holds, so it's important to familiarize yourself with their terms and conditions. Secondly, consider using a reputable exchange that has a good track record of handling preauth holds efficiently. Research and read reviews about the exchange to ensure they have a reliable system in place. Lastly, diversify your trading activities across multiple exchanges. This way, if one exchange places a preauth hold on your funds, you can continue trading on another platform without any interruptions. By following these strategies, you can reduce the impact of preauth holds on your cryptocurrency trading activities.
  878

  439
• Ross OddershedeJan 11, 2022 · 3 years ago
  Ah, preauth holds, the bane of every cryptocurrency trader's existence! Well, fear not, my friend. There are a few tricks you can employ to prevent or at least minimize these pesky holds. Firstly, try to use exchanges that have a reputation for being more lenient when it comes to preauth holds. Do your research and read reviews to find out which exchanges are known for being more trader-friendly. Secondly, consider using stablecoins instead of traditional cryptocurrencies for your trading activities. Stablecoins are designed to have a stable value, which means they are less likely to trigger preauth holds. Lastly, keep an eye on your trading volume. Some exchanges may impose preauth holds based on the size of your trades. By keeping your trades within a certain range, you can avoid triggering unnecessary holds. Give these tips a try and may the holds be forever in your favor!
  888

  296
• Shea ThomsonJun 20, 2022 · 3 years ago
  At BYDFi, we understand the frustration that preauth holds can cause when trading cryptocurrencies. While we cannot speak for other exchanges, we can provide some general advice on how to prevent or minimize preauth holds. Firstly, ensure that you have completed all necessary verification steps on the exchange. This includes providing accurate personal information and verifying your identity. By doing so, you can reduce the likelihood of triggering preauth holds. Secondly, consider using a reputable wallet for your cryptocurrency holdings. Some wallets have built-in features that can help prevent or minimize preauth holds. Lastly, be mindful of the trading activities that may trigger preauth holds. Large and frequent transfers, especially to unfamiliar wallets or addresses, can increase the chances of a hold being placed on your funds. By following these tips, you can navigate the world of cryptocurrency trading with fewer preauth hold headaches.
  960

  240