With the rising popularity of cryptocurrencies reaching a feverish pitch, more and more people want to start investing in them. Young, old, working professional, or homemaker, everyone wants to get in on the cryptocurrency rush and profits.
This has provided fertile ground for many cybercriminals and anti-social elements. They are looking for individuals who are not technologically proficient but have started investing in Bitcoins and other cryptocurrencies.
In this context, the role played by credible platforms like the btq trading app becomes very significant. In this article, we will focus on why safety should be your number one priority when choosing a Bitcoin trading app.
The Rise of Cybercrimes on Bitcoin Trading Apps: Why it is happening?
It is important to point out some major reasons why cybercriminals are targeting Bitcoin trading apps-
- Many people just want to invest and start investing in cryptocurrencies. This makes them fall for platforms that are not credible.
- Trading commissions in Bitcoin trading is a lot of money. Individual businesses without investing in security infrastructure just opened their platforms for trading.
- Most individuals cannot afford the commission, fees, and other charges that are taken by reputed cryptocurrency exchanges. This makes them dependent on unsafe ones.
- The advancements in technology that are typically used by cybercriminals are on the rise, it has become easier for them to plant malware in the systems of investors.
- The Coronavirus pandemic is forcing people to use insecure networks which are easily penetrable by hackers and cybercriminals alike.
The sheer number of people that have started to invest in cryptocurrencies has made it a fertile ground for criminals looking to prey on vulnerable individuals.
List of 4 Things to Look for when selecting a Bitcoin Trading App:
1. Two-Factor Authentication-
As soon as you try to log in to your account, you need to see whether the platform offers two-factor authentication or not. This means that even if someone can use your login and password, you will still receive a text message on your SMS that you will have to enter. This additional level of security is very helpful to help someone from accessing your accounts.
2. Direct Link with your Bank Account-
You do not want to use any third-party middle platform that helps transfer funds between your bank account and the trading app. This means that every time you want to cash out, a simple command can help the app to transfer the same to your bank account. This direct linkage is very important to ensure that your profits and gains are immediately transferred securely.
3. Additional Firewall and Secure Networks-
The best crypto exchanges employ the best firewalls and secure connections to ensure that there is no way any cybercriminal can loiter anywhere on the mainframe.
This helps in boosting levels of security and ensures that the ecosystem is as safe as possible. The more firewalls that a trading app has, the higher are the levels of confidence that it inspires.
4. Google Play Store and Apple’s App Store Ratings and Reviews-
Yes, you read that right. Google and Apple are very particular about the kind of app that exists in their stores. They test them exhaustively and pay close attention to what customers are saying about the apps. You must read the reviews and see what other people that have downloaded the app are saying. This will give you a great idea about its credibility.
The Bottom Line:
By following all the points mentioned in the article, you will be able to select a Bitcoin trading app that is safe and secure. The last thing you want to see is your Bitcoin going away to a criminal that has been able to gain access to your account on the trading app.
If you have any other questions that you would like us to respond to, let us know in the comments section below. We will try to answer as many of them as possible.