Chances are that your risk appetite is quite high when you engage with the cryptocurrency sector.
But the only thrill should be related to the evolution of cryptocurrencies, not to the digital risks lurking in any corner.
So that’s why using a VPN is the solution you might not have thought about so far.
Why? Read along to find out:
Exploring the Security Concerns around Cryptocurrency Trading
The 2022 Chainanalysis Crypto Crime report revealed a significant surge in theft and scams, resulting in a global increase of 79% in crypto-related crimes.
Illicit addresses reportedly received $14 billion during this one-year period, nearly double the amount received in 2020.
Quite a rise, right?
There are a few reasons these crimes happen.
For instance, if someone knows the wallet address and can link it to your identity, they can potentially track all your transactions through the public registry.
Most cryptocurrencies are susceptible to web trackers and cookies present on internet browsers…
Altogether, these elements compromise anonymity, passwords, and location information, highlighting the need for additional measures to ensure privacy and security.
Many trading platforms now practice KYC (Know Your Customer) procedures, which require users to provide personal details, including identification, to verify their accounts.
The jurisdiction of the trading platform is crucial because it determines whether the platform can share your information with authorities.
Even without KYC, the platform still has access to your IP address, giving them a general idea of your location.
Increase Trading Speed & Reliability
Speed is synonymous with success in trading.
Employing a VPN can considerably increase your trading speed, giving you an advantage over competitors and allowing you to make more profitable trades.
VPNs encrypt your connection, making it quicker and more reliable than standard connections.
Sometimes, there may be instances when you need to circumvent geographical restrictions to access specific platforms or services.
Encrypting your traffic and routing it through proxy servers, a VPN allows you to circumvent these restrictions.
This way, you can even have access to restricted websites and coin trading.
Protect Your Identity and Privacy
Trading cryptocurrencies exposes you to risks to your identity and personal information.
Well, a VPN can assist you in hiding your identity while trading.
By encrypting your traffic and routing it through an anonymous server, a VPN protects your location and sensitive data, preserving your anonymity.
Be Safe Against Scammers
Cryptocurrencies attract con artists who prey on inexperienced investors by promising high returns in brief time periods.
While trading, it is essential to use a VPN to safeguard yourself.
A VPN encrypts your traffic, making it more difficult for hackers to take your information and facilitating a safer trading experience.
Hide Your IP Address
Cryptocurrency trading entails financial risks, and protecting yourself from hacking and fraud is indispensable.
A VPN conceals your IP address, making it more difficult for others to monitor your online activity.
In other words, this protects you from potential thieves and malicious individuals who seek to exploit your data and take your money.
Surpass National Regulations
In some countries, trading cryptocurrencies can expose you to legal issues,
With a VPN, you can conduct business without worrying about censorship or restrictions from the government, ensuring private and secure transactions.
Access the Platforms You Want
Some institutions and businesses employ firewalls to restrict access to crypto-related websites as cryptocurrencies gain prominence.
VPNs can help circumvent these restrictions by concealing your IP address, rendering firewall rules ineffectual, so you can continue transacting unrestrictedly and access blocked sites.
How to Use a VPN When Trading Cryptocurrency
Simply activating your VPN before any crypto activity can protect your data from being stolen or compromised.
To do this, there are 4 simple steps:
- Choose a reliable VPN service, then sign up for an account on their website.
- Get a VPN app, then connect your computer or mobile device to it. Most VPN programmes work with a broad range of hardware and software platforms.
- Join any server you choose.
- After the VPN has connected to the server, you will be able to access any cryptocurrency-related website or wallet.
And that’s all! You now only have to worry about the 5k swings of Bitcoin in one day, but at least you are assured that your funds won’t disappear from your account.