Zelle Real Estate Property Platform is Not Ideal for Using Cryptocurrency in Payments
Why Zelle is not a Good Platform for buying and Selling Cryptocurrencies
It’s true that peer-to-peer trading has become very popular in the crypto space, but hey! This has also come with a number or risks that users need to know about. For instance, Zelle platform has proven again and again to be a bad idea for cryptocurrency enthusiasts, and not because of the practices within the platform, but due to the policies of the site.
Here’s a breakdown of why Zelle could be ill-advised, making it not a great place to buy and sell cryptocurrencies:
Poor Support For Crypto Dealings
There’s one interesting factor indicated in Zelle’s terms of service. It clearly considers cryptocurrency transactions as ‘prohibited use’ of service. Any person who understands this can confirm that the platform wasn’t built to facilitate cryptocurrency transactions in the first place.
Users who overlook such an important aspect may be liable to wrongdoings if they transact on the platform.
Not Clearly Designed For Trading
Looking at Zelle and its terms and conditions, one can learn that it’s not designed for trading, but for sending money to family, friends and other trustworthy people. Actually, the platform is built to compete with the likes of Venmo. Anything beyond such transactions is at the risks of users involved, and it appears like if things go awry, it could be unpleasant.
Allows Reversals And Chargebacks
Bitcoin and other altcoins are non-refundable assets; their transactions cannot be reversed! However, in the case of Zelle, the company appears to have a system in place that reverses transactions on behalf of users if they claim a transaction was fraudulent or conducted without their prior knowledge.
Customer protection is certainly a key factor when it comes to online payments, but this provides a loophole for criminals, who come up with cleaver and canning ways to dupe consumers, something that Zelle has experienced already.
It’s common that money transfer services to have a harsh stance when it comes to cryptocurrencies because of their anonymous and irreversible nature. But with Zelle, there are too many flaws that make the platform not ideal for cryptocurrency users. For starters, it cannot be used for traveller’s checks, equities, orders, and so on.
Secondly, the platform is clearly not built for trading but for sending fiat currency like Venmo. As a crypto user, it’s best to do due diligence when using such services, conducting thorough research beforehand.