Bitget enhances safety with 'Shield' P2P security layer
Bitget enhances safety with 'Shield' P2P security layer
Cryptocurrency exchange Bitget has announced the launch of its new security layer, 'Shield,' designed to increase user protection in P2P trading. This initiative reflects Bitget's commitment to safeguarding its users from the growing risks in the P2P trading space.
Bitget notes that the Shield layer provides financial compensation to users who fall victim to fraud during peer-to-peer (P2P) transactions, directly related to the platform's operations. This feature is a significant step in reassuring users and building confidence in the safety of trading on the exchange.
Bitget’s P2P Shield is part of a broader security framework that includes a $300 million Protection Fund and transparent Proof-of-Reserves, further solidifying the platform's commitment to user safety. The introduction of Shield not only demonstrates Bitget’s proactive approach to addressing the inherent risks in P2P trading but also reinforces its position as a trusted leader in the cryptocurrency exchange industry.
To prevent P2P scams, Bitget emphasizes the importance of users verifying payment deposits before releasing cryptocurrency and marking payments as completed. The platform advises traders to avoid canceling orders after payment, refrain from sharing personal information during trades, and ensure that the sender’s name matches their Know Your Customer (KYC) details. Bitget also stresses the importance of conducting trades within the platform and not trusting unverified communications to ensure a secure trading experience.
It is important to note that the Shield program covers only platform-related issues. Losses due to user-related errors, such as failing to verify payments or trading with untrusted parties, are not covered under this program.
As Bitget continues to improve its P2P platform, it now supports nearly 70 fiat currencies, including EUR, NGN, and BRL, and has added over 30 payment methods, such as Volet.com, Revolut, and Bank Transfer. These enhancements, coupled with the new Shield security layer, positions Bitget as a major player in the crypto exchange market.
See also: BingX introduces Pre-Launch Futures to enhance trading experience
