The cryptocurrency market is delicate, so security and privacy are crucial when investing or trading. As a crypto investor, your top priority should be safeguarding your transactions and protecting your digital assets from scammers and threats on the internet.
One of the best solutions to cope with such issues is using a VPN. But what features does a VPN need to have to be effective for crypto trading? Continue reading to find out.
Quick Guide to Using ExtremeVPN for Crypto Trading
Here’s a step-by-step guide to getting the most out of ExtremeVPN when trading crypto:
- Download and install the application: Visit our ExtremeVPN pricing page and download the ExtremeVPN app from the website or download it from your device’s app store (Windows, macOS, iOS, Android).
- Sign up and create an account: Open the ExtremeVPN app on your desktop or phone, and create an account by providing your email address and setting a password. Complete your payment process.
- Choose a server: Log into the ExtremeVPN app. Select a server in a country where trading isn’t restricted and connect to it.
- Start trading: Once you connect, your IP address is masked, and your connection is strongly encrypted. You can now access your preferred crypto trading platform.
The Privacy Risks Involved in Trading Crypto
While the crypto industry has potential, the risks are equally significant. Popular cryptocurrency coins like Bitcoin, Ethereum, or Bnb may seem to be secure, but are a subject of cyber crimes. For example, in 2021, cyber crimes increased digital fund losses by nearly 80%. Because of the cryptocurrencies’ decentralized nature, there is a call for alarm on issues regarding security and privacy.
These reasons make the cryptocurrency exchange platform risky to buy or sell digital assets. Scammers can easily get their hands on your sensitive information, or steal your money.
Moreover, the crypto exchange market is less protected than traditional stock exchanges, which makes the attacks common. A report shows that nearly $48 billion worth of crypto was stolen as of May 2023, according to the Worldwide cryptocurrency heists tracker by Comparitech.
Top Concerns for Crypto Investors
Here are the top reasons crypto investors should prioritize getting a VPN:
Privacy and Anonymity
Maintaining privacy is a major concern of every crypto investor. Since trading crypto involves sensitive financial information, it can be vulnerable to hackers and crypto-hijackers without proper protection.
Your privacy and anonymity can be easily compromised by an online tracker or hacker monitoring your network, especially when they ask for extra validations like Anti Money Laundering (AML) or Know Your Customer (KYC). This is a frequent topic on forums like VPN for crypto trading on Reddit, where users discuss the importance of remaining anonymous when carrying out transactions.
Fake Cryptocurrency Platforms
A study by Forbes shows that most of the Bitcoin trading volume and news is usually fake. There are a lot of fake crypto exchange platforms that lure traders to use their platforms for exchange.
Many crypto trading beginners, as well as old users, don’t pay much attention to these exchanges and fall victim to their traps. Here are some signs that can help you identify these fake platforms:
- Unbelievably high returns
- Promises of free or fake coins
- Replicas of legitimate platforms
- Nasty mobile apps
Security of Transactions
Cybercriminals target crypto exchanges and wallets, and any breach here can lead to financial losses. Apart from using secure hardware wallets with strong security features, ensure that your transactions are secure by using a reliable VPN like ExtremeVPN that makes your data encrypted, thereby reducing the risks of cyber-attacks.
Accessing Restricted Platforms
Many crypto trading platforms are location-restricted and are only accessible from certain regions. These regulations can be a major hindrance for traders who want to access global markets. By using a VPN to change your location, you bypass those restrictions, giving you unrestricted access to any trading platform of your choice.
For example; Some platforms might not allow you to trade Bitcoin, but by connecting to a server in the US or Germany you can trade Bitcoin, despite your physical location.
Bandwidth Throttling and ISP Monitoring
Your Internet Service Provider (ISP) monitors your activities online and this can compromise your privacy. When engaging in a bandwidth-intensive activity like crypto trading it slows the speed of your internet connection, making it difficult to navigate your trade.
These ISPs claim to protect your privacy but sometimes keep logs of your internet usage history, which can be easily sidetracked by phishers or online trackers.
Crypto Hijacking
Also called “Cryptojacking,” it is another crypto crime when criminals use a person’s device to mine cryptocurrencies without their consent. Criminals do this to save money since mining cryptocurrencies require a lot of resources and energy. As of 2022, the crime percentage of this threat has risen by 269%.
How ExtremeVPN Addresses Crypto Security Concerns
ExtremeVPN prioritizes your privacy and security. It contains numerous features that let it address the security concerns of crypto traders in the following ways:
Privacy
ExtremeVPN uses an advanced encryption protocol (256-bit AES encryption) that encodes your internet connection, hides your IP address, and makes your online activities anonymous.
This means that your trading activities are now private and cannot be tracked by third parties, or government surveillance agencies. ExtremeVPN shields you from every one of crypto threats, so you can trade with confidence, knowing your information is secure and protected from fraudsters and cybercriminals.
Kill Switch and DNS Leak Protection
If your VPN connection drops unexpectedly, the kill switch automatically terminates your internet connection, preventing potential data leaks.
This means that your true IP address and sensitive information remain protected, even when there is an unexpected disconnection.
Also, ExtremeVPN has a DNS leak protection that ensures that your online activities are never exposed, even if your device accidentally connects to an unprotected network.
A Global Server Network
ExtremeVPN has a global server, with servers in over 78 countries and 88 locations around the world. With this, you can access different trading platforms from any location.
You can bypass geo-restrictions, in a region with restricted access, with ExtremeVPN once you connect to one of the servers, you can hide your true location.
Unlimited Bandwidth and High-speed Connections
Your internet speed holds great importance while trading online. ExtremeVPN offers fast connections without any data caps. It means that your internet speed is optimized with a fast and reliable connection, no matter your location.
With our fast-speed servers, your ISP won’t compromise your trading activities and you can enjoy uninterrupted trading.
No-Logs Policy
ExtremeVPN adheres to a strict no-logs policy, so it does not store or monitor any user data, browsing history, or connection timestamps. This guarantees your privacy and anonymity, as none of your online activities are tracked. By not keeping any logs, ExtremeVPN keeps your data secure and free from the risk of exposure or misuse.
So when using ExtremeVPN for trading crypto, your browsing history remains confidential, and your transactions and personal information remain completely private.
Get the Most from ExtremeVPN
- Regularly update your VPN app: Ensure that your app is always up to date to benefit from new features.
- Use the kill switch feature: Enable the kill switch feature to avoid a connection leak.
- Always choose the right server: For the best speed and performance, choose a server that best serves your preferred trading platform.
Is it Legal to Trade Crypto Using a VPN?
It’s usually legal to use a VPN for trading cryptocurrencies, and it is even recommended. You can’t trade crypto securely without a strong VPN; they go hand in hand.
However, it’s important to check the regulations in your country, some countries like Iraq, Oman, UAE, Turkmenistan, and North Korea, kick against using a VPN, so stay updated on those regulations involving trading in your country.
Another scenario is to use geo-blocked crypto exchanges like Binance or Crunchbase with a VPN. While doing this isn’t illegal itself, it can be against the platform’s terms of service.
FAQs
