There are several ways to trade cryptocurrency safely. You can use a financial services platform, such as eToro. These platforms provide services to help you keep track of your finances and budget. Besides, these services will ensure that your funds are safe from fraud. Alternatively, you can use the Cash App from Square Inc.
Coinbase
Coinbase is a top-notch platform for trading cryptocurrency. It offers 24-hour live support by phone, email, and chat. It also has an extensive library of educational content. The Coinbase Earn incentive program provides video classes and exams that can help users become more knowledgeable about cryptocurrency. Those who complete them will be awarded a fixed amount of cryptocurrency.
The Securities Investor Protection Corporation does not regulate Coinbase but does carry insurance to protect its users against cybersecurity breaches and digital asset theft. However, the company does not guarantee that users won’t experience cybersecurity breaches and phishing scams. As with all types of investments, there are risks associated with trading cryptocurrency.
eToro
Choose a safe platform if you’re interested in buying and selling cryptocurrency. eToro is a well-established company that uses high-quality security measures, such as a two-step login process. It has been around for a long time and has earned the trust of millions of users. Their top priority is customer satisfaction, so they go to great lengths to keep your information safe.
eToro is licensed in numerous jurisdictions and is regularly audited. This means the company is regulated and does not engage in financial fraud. It also has over 15 million users in more than 170 countries, which means it is reliable and trustworthy.
BlockFi
BlockFi’s founders have decades of experience in banking and traditional financial services and claim to take a conservative approach to regulatory requirements. For example, CEO Zac Prince has headed up the business development teams at two of the most successful tech companies, including Zibby and Orchard Platform. His co-founder, Flori Marquez, has extensive experience managing alternative lending products. She helped build a portfolio of $125MM for Bond Street and managed the company’s operations.
BlockFi is one of the most popular cryptocurrency exchange platforms, and one of its most popular features is the APY of 7.5%, which is 14 times the rate of high-yield savings accounts. This is an incredible deal, and the company started purely as an interest account before expanding to trading and lending. However, it is not entirely risk-free. Many users have reported problems with BlockFi’s service; most complaints mention holding.
Square Inc.’s Cash App
The Cash App is similar to PayPal and Venmo but also allows users to use Bitcoin as currency. The app also doubles as a Bitcoin exchange and custodial wallet. To buy cryptocurrency, users must deposit USD into the Cash App and confirm the transaction.
Cash App is a peer-to-peer payment service owned by Block, Inc., a company formerly Square Inc. The Cash App allows users to send and receive cash, purchase cryptocurrency, and transfer stocks and ETFs. Cash App users can also access banking services, including debit card options.
Square Inc.’s Cash App generated more than $1 billion in revenue in March-quarter earnings. This was mainly due to Bitcoin and the increased popularity of investing. The company also saw revenue from its Cash Card and interest earned on the funds. With these new sources of revenue, Cash App revenues should continue to increase. Square could hit $10 billion in revenue by 2020 if it can continue to drive multi-function engagement.
Webull
Webull is a registered broker-dealer with the Securities and Exchange Commission. If anything happens to your investment, you’re protected from loss and can claim your losses through the Securities Investor Protection Corporation. This protection applies to registered securities and cash but not to unregistered investment contracts, limited partnerships, currency, or fixed annuity contracts.
Webull also doesn’t allow you to take your crypto outside the platform. This can lead to losses, especially if your exchange gets hacked. It’s, therefore, risky to take your crypto outside the exchange.