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TrusaTrust KB – CP BANQ warnings about the risks associated with participating in cryptocurrency trading.
Trading of goods, real or virtual, which include virtual currencies (with both Bitcoin and Litecoin among them), involves a significant level of risk.
Prices of goods, regardless of their nature or substance have no permanent nature and are subject to constant change. Price fluctuations directly affect the value of assets held by an individual over time. Any good – virtual or not – can both gain value or become worthless over time. The same principles apply to virtual currencies – the so-called cryptocurrencies.
However, cryptocurrency trading carries yet another risk which in principle does not occur in the case of trading official currencies and goods. Unlike most currencies the value of which is somewhat moderated by the government or other legal entities, or exists in raw materials, cryptocurrencies value is based on the development of technology and trust in the market and its participants. Cryptocurrencies have neither a centralized issuer nor an institution in control of its turnover. The value of cryptocurrency units are determined solely by the free-market mechanisms of supply and demand in exchange services. Cryptocurrency does not constitute an autonomous service and does not satisfy any needs by itself. Its only function is the role of a means of payment or a medium of money value exchange which the holder may either exchange for a product or service in a store that accepts cryptocurrency payments; “transfer” electronically to any other person; store and exchange in the future, thus generating profit (or loss) resulting from the exchange rate differences. Due to the fundamentals of the cryptocurrency trading system’s functioning, it is vulnerable to fluctuations in the level of confidence of market participants which directly affects the level of demand or supply. The level of confidence can be affected both by purely economic factors and non-economic including technological ones.
Given the above please carefully decide whether the existing degree of risk involved in the cryptocurrency trading is acceptable for you. At the same time for the avoidance of doubt you are hereby notified that our platform’s use of the banking system is limited solely to the purpose of making deposits and withdrawals of funds necessary for the purchase or sale of cryptocurrency through our Website. Cryptocurrencies themselves are not subject to trade on the banking market.