Exchanges and wallets take the business of securing trading affairs and user tokens with utmost importance. But when these platforms fall short of expectations leading to risk in the security of user funds, these users are quick to point out these shortcomings, using their experience as a guide for other traders.
In some cases, these experiences may be an anomaly, but in severe cases when these lapses have become a tradition, users declare that the services be boycotted. This is the case of a crypto trader who expressed frustrations over an identity issue that welcomes Freewallet users. The Reddit user who goes by the moniker “marsauthor” has revealed his friend’s experience with Freewallet, revealing his inability to process a transaction of 2 BTC due to ID issues.
“Had a friend today call me and tell me they are holding him up for ID on a 2 BTC transaction. Stay with SV wallets like BRD and if others have suggestions for private wallets, put it here on this thread. You will see some more news on this shortly. ID for an onramp is one thing, ID for a freaking wallet is BS.” – marsauthor, reddit.
Another user commented, highlighting the importance of traders understanding the real purpose of a wallet, in order to be able to discern any act of exploitation presented by businesses.
“People need to start realizing what “wallet” means, and when businesses are using the term to fool people into giving up their keys.”
Other users have responded to marsauthor’s post in agreement, saying that the majority of freewallet apps supporting BTC, Ether and Monero storage are scams. Some insightful comments suggested that software wallets are more likely to incur losses as they have lesser chances of making profits, as such these wallets are mostly aimed at exchanges as a top target audience.
Cryptocurrency users will need to be extremely careful with their choices of wallet storages in order to manage losses in the very tricky world of cryptocurrency.