Considering that financial services are enjoyed by many people all around the globe, there is still a fairly large number of the world’s population who are excluded from these benefits. Looking at developing nations, approximately 2.5 billion people lack access to formal financial services. This also includes nearly 200 million small businesses. However, this has been changing, all thanks to the Decentralized Finance (DeFi) drive.
Decentralized Finance not only provides access to financial services, but it also eliminates third parties and thus makes transactions more affordable for people. These reasons underline the inclusiveness of DeFi once more. But every coin has two sides and with every advantage comes a new unseen disadvantage.
Risks Associated With DeFi
We are living in a world that is still in the process of digitization. Whereas, Decentralized Finance is an area that needs further adoption and understanding. Both of these factors create risks, which should not be ignored.
· Too Many Choices: Decentralization has given power to new ideas. But this also means that it has created a large number of new institutions, leading to new problems related to choice, trust, and transparency.
· Safety Concerns: Another big factor is technology. More often than not, certain devices are vulnerable to malware. This might be the potential cause of data security concerns and hacking.
· Beware of Touts: Furthermore, the presence of agents, or middlemen, sometimes leads to fraud and threats. Especially if you are just starting out.
What Does This Mean?
Decentralized Finance is indeed a boon for people who lack access to traditional financial services. However, the question on how it should be properly utilized to avoid risk and reap maximum benefits remains. This sketches the need for a platform that could effectively make Decentralized Finance simple.
Tycoon: Making DeFi Simple
Tycoon is the first fully automated social crypto trading platform with real cryptocurrencies. This implies that it acts as a safe and secure interface between professional traders and new users. Inexperienced traders can learn from the experience of professional traders. Activities of the traders on the platform are monitored through a secured API connection which could be copied to a follower’s portfolio automatically. Every user can manage his own investments at any exchange he prefers, since he has access to his portfolio at any time. The platform is safe and highly secure.
Thus, Tycoon allows new users to learn, grow, and benefit without compromising with security and safety in a system in which both, professional and new traders benefit. It won’t be an exaggeration to say that it makes DeFi more inclusive and simple than it already is.
DeFi has opened new opportunities for millions of people. Especially for those who didn’t have access to financial services until now. However, it is easy to get lost in the large sea of the many options it presents. Therefore, a platform like Tycoon is necessary as a guiding force that could enable newcomers to fully understand DeFi. In other words, only a secure social trading platform can make everyone reap the benefits of Decentralized Finance.
Register today and get ready to start your trading journey on the Tycoon platform.
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