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A cryptocurrency exchange is required to trade cryptocurrencies. However, there have been numerous reports of exchanges being hacked. It’s frightening to think that any money a user puts into an exchange could be stolen.
Furthermore, numerous exchanges are located outside of the United States. Moreover, depending on the nations where exchanges are located, they may have freer laws and security, making them vulnerable to hacking.
Terra Markets, on the other hand, is an exchange that is actively attempting to address these security concerns. It’s based in the United States and claims to have never been hacked. The platform is also simple to use and offers reasonable costs. Many of the cryptocurrencies available on Terra Markets can be purchased directly using USD. This review will take a deeper look at the Terra Markets cryptocurrency exchange platform.
What Does Terra Markets Offer?
The popularity of Terra Markets originates from the fact that it has one of the simplest and fastest purchasing processes. It also helps that it is a regulated firm in the United States.
A user may trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on the Terra Markets platform without first converting their base currency into another cryptocurrency.
Wallets
Terra Markets, like other cryptocurrency exchanges, provides a digital wallet for holding a user’s digital assets. They can keep all of their cryptos on a smartphone using the Terra Markets ( www.terra-markets.com ) Wallet.
The Terra Markets Wallet apps are available on both the Apple App Store and the Google Play Store and are decentralized. It uses the most advanced security technology, such as Secure Enclave and biometric authentication.
Is My Money Safe with Terra Markets?
Cryptocurrency exchanges are a common target for cybercriminals. Terra Markets, on the other hand, takes pride in being one of the few exchanges that have never been hacked. It also claims to retain less than 2% of its customers’ cash online.
When a user enters into their Terra Markets account and deposits/withdraws money, they can use two-step verification. Its Universal Second Factor (U2F) uses a security key or a Time-based One Time Password (TOTP) to authenticate users using a mobile authenticator software like Duo or Google Authenticator.
Terra Markets is a custodial service, so one should keep that in mind. This means that users don’t have direct access to their money or the private keys that go with it. They should remember that Terra Markets can and has frozen user accounts without warning, albeit this has only happened in severe circumstances.
Is Terra Markets Good for Beginners?
This platform is frequently regarded as one of the top cryptocurrency exchanges for beginners due to the user-friendliness of its web and app interfaces. Experienced traders, on the other hand, may want to look for a platform with more charting capabilities or reduced trading fees.
How to Open an Account
A verification email will be issued to a user when they complete the initial registration form on the website. After that, they’ll be asked to choose whether they are an “Individual” or a “Business.” If a user wants to set up two-factor authentication, they’ll also need to provide their phone number.
Using a photo ID, driver’s license or passport, Terra Markets will ask the user to verify their identity. Finally, the user must attach a payment method to their accounts, such as a bank account, debit card, or credit card.
Terra Markets Features
Ease of Use
Terra Markets is really simple to use. It takes no time to sign up, and then, users can link their bank account to their account using the data transfer network Plaid, which is the recommended approach for lowering trading expenses.
The user interface is vibrant and easy to use. Users may use a search bar to sift through the myriad of crypto options available, from Bitcoin to Tellor, and they can schedule purchases to reoccur on a regular basis.
As for those who want to go a little more technical, Terra Markets lets users trade certain cryptos for other cryptos, so they can convert their Litecoins to Augur, for example.
Staking Bonuses
Those who possess particular coins in their Terra Markets accounts can receive rewards by allowing Terra Markets to stake them or use them as collateral to validate transactions for proof-of-stake cryptocurrencies, such as Ethereum.
Customer Support
One shouldn’t be overly concerned with customer service. They can contact the customer care department at any time of day because it is open 24 hours a day, seven days a week. Furthermore, the presence of a customer service center that is open 24 hours a day is also quite important to note.
The Verdict
The user-friendliness of the interface is guaranteed by features, such as the ability to use a demo account before engaging in live trading, customization, and responsive customer support. Furthermore, it has been proven to generate revenues; however, it is not guaranteed.
In essence, to learn more about Terra Markets, be sure to contact the team for more answers!