Crypto trading platforms have become increasingly popular over the past few years. These platforms allow users to trade cryptocurrencies using their own funds. However, these platforms are not regulated by any government agency. As a result, they do not follow any set guidelines regarding security and privacy. In addition, many of them are vulnerable to hacking attacks. But with new platforms like Bitpapa,
1. Security Risks are avoidable: The biggest risk associated with cryptocurrency trading is the potential loss of personal information. Hackers may gain access to user accounts and steal sensitive data such as bank account numbers, social security numbers, credit card details, etc. Once hackers have gained access to your personal information, they could use it to drain your bank account or make fraudulent purchases. Bitpapa has created a 2step verification process that generates a one-time password that expires in 30 seconds.
2. Privacy settings: Another major concern is the lack of transparency surrounding the trading platform’s policies and practices. Many platforms do not disclose how they handle customer information. As a result, users cannot determine whether or not their private information is being properly protected. Bitpapa does not require traders to share private information before trading.
3. Loss of Funds: One of the worst things that can happen to traders is losing money due to fraud or technical issues. If you lose your funds, you will need to contact the company’s customer service department. Unfortunately, some companies do not offer refunds or reimbursements. On the contrary, Bitpapa has created a system that makes it almost impossible to lose funds while trading.
4. Risky Exchanges: Some exchanges are riskier than others. The best way to identify a safe exchange is to look at reviews written by other customers. You should avoid exchanges that have received negative reviews from other users. Bitpapa provides traders with their counterpart’s credit scores upfront, this way traders can gauge the risk level of the exchange.
5. Poor Customer Service: Customer service is another area where many exchanges fall short. When something goes wrong, you should expect a response within 24 hours. If you don’t receive a response within that time frame, then you should consider contacting the Better Business Bureau (BBB). Bitpapa offers 24/7 customer service and has a telegram group where customers can get all the support they need.