[Updated 10.2023]


If you wish to buy/sell EDCOIN (EDC), it is recommended that you utilize the WhiteBIT exchange where EDCOIN (EDC) is listed and you can trade it with USDT.


However, if you choose to transact with another person, you need to be wary of scammers and even robbers.


Should you wish to sell to a fellow EDCOINER, it is best that you first check on the reputation of that individual in the Telegram Group (https://t.me/EDcoinFinance) before you transact with the individual. Whilst most EDCOINERS in our community are trustworthy, you will still need to be wary.


Please read the following advisory carefully:


Advisory for Token Holders Who Wish to Transact with Another Individual Outside of an Exchange


Possible Pitfalls


  • Counterparty risk: There is always the risk that the other party in the transaction may not be who they say they are, or that they may not uphold their end of the agreement. This is especially true when transacting with someone you do not know or trust.
  • Scams: There are many scams that target cryptocurrency users, including those who are looking to buy or sell tokens outside of an exchange. 
  • Security risks: When transacting with tokens outside of an exchange, you are responsible for your own security. This means that you need to take steps to protect your private keys, login details and prevent your tokens from being stolen.


How to Reduce Risk


Only transact with trusted individuals: If possible, only transact with people you know and trust. If you are transacting with someone you do not know, try to get a reference from someone you trust.


Use a reputable escrow service: An escrow service can help to reduce the risk of fraud by holding your tokens until the transaction is complete.


Be careful about who you share your personal information with: Do not share your private keys or login details and other personal information with anyone unless you absolutely have to.


Additional Tips


Do your research: You can ask in the EDCOIN Telegram group whether the individual is reputable and gauge the community's responses for yourself. 


Be patient: There is no need to rush into any transaction. Take your time to understand the other party and the terms of the transaction before you agree.


Conclusion


Transacting with tokens outside of an exchange can be risky, but there are steps you can take to reduce the risk. 


By following the tips above, you can help to protect yourself from fraud and other security risks.


Please note that this is just a brief advisory and does not cover all of the possible risks involved in transacting with tokens outside of an exchange.


It is important to do your own research and understand the risks involved before engaging in any transaction.