Bitget, the leading cryptocurrency exchange, has announced the launch of P2P security layer Shield, which increases security within its peer-to-peer (P2P) trading. This new layer is aimed at ensuring users, building trust and reliability of the platform from fraudulent activities that can occur in P2P transactions.
The Bitget P2P Shield program offers financial protection to users who are victims to fraud on peer settlements. In such cases, users are assured of compensation to mitigate losses directly related to the platform’s operations. This feature aims to build trust among users, ensuring a more confident trading experience.
The P2P Shield is an addition to Bitget’s security layer which boasts of a $300M Protection Fund and transparent Proof-of-Reserves. The introduction of Bitget P2P Shield shows the platform’s focus on creating a safer environment for P2P trading. By addressing potential risks, Bitget aims to strengthen its position as a trusted player in crypto space.
In order to prevent P2P scams, it is important for users to verify payment deposits before releasing crypto, and mark payments as completed. Additionally, traders should avoid canceling orders post-payment and refrain from sharing personal details during trades. Unverified communications should not be trusted and users need to ensure the sender’s name matches the KYC details, and only trade within the platform to stay secure.
It is vital to note that the Shield program only covers platform-related issues. Users are encouraged to remain vigilant and exercise caution, as losses due to user-related errors, such as failing to verify payments or trading with untrusted parties, are not covered.
As a major fiat-to-crypto channel, the Bitget P2P platform now supports nearly 70 fiats including EUR, NGN and BRL. To facilitate payment, it has added over 30 payment methods such as Volet.com (Formerly Advcash), Revolut, and Bank Transfer.
