No Regulation

Score

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/10

PARASSET

China

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://www.parasset.top/#/exchange

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PARASSET
https://www.parasset.top/#/exchange
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E

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No effective regulatory information has been founded yet, please pay attention to the risks!

WikiBit Risk Alerts

1
Previous Detection 2024-04-25

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Company Name
PARASSET
Regulatory Status
No Regulation
Company Abbreviation
PARASSET
Platform registered country and region
China
Phone of the company
--

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Aspect Information
Company Name PARASSET
Registered Country/Area United States
Founded Year 2018
Regulation Unregulated
Cryptocurrencies Offered/Available Ethereum (ETH), NEST
Trading Platforms PARASSET Trading Platform
Deposit & Withdrawal Bank transfer, Cryptocurrency transfer
Educational Resources Comprehensive online guides, video tutorials
Customer Support 24/7 live chat, email support

Overview of PARASSET

PARASSET, a virtual currency exchange based in the United States, was founded in 2018. The company is not regulated, meaning it operates without oversight from financial authorities. PARASSET offers a range of cryptocurrencies for trading, including Ethereum (ETH) and NEST.

PARASSET provides its own trading platform for users to engage in transactions. The platform supports deposit and withdrawal methods such as bank transfers and cryptocurrency transfers, offering flexibility for users. The exchange also provides extensive educational resources, including comprehensive online guides and video tutorials, to help users navigate the world of virtual currency trading. In terms of customer support, PARASSET offers 24/7 live chat and email support, ensuring that users have access to assistance whenever they need it.

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What is PARASSET?

PARASSET is a virtual currency exchange that operates in the United States. It is an unregulated exchange, meaning that it functions without oversight from financial authorities. The exchange offers a variety of cryptocurrencies for trading, including Ethereum (ETH) and NEST.

PARASSET provides its own trading platform, which enables users to engage in transactions. The platform supports both bank transfers and cryptocurrency transfers for deposit and withdrawal purposes, offering users flexibility in managing their funds. Additionally, the exchange offers a range of educational resources, such as comprehensive online guides and video tutorials, to assist users in navigating the virtual currency market.

To ensure customer satisfaction, PARASSET offers 24/7 live chat and email support, ensuring that users have access to assistance whenever they need it. Overall, PARASSET is a platform that aims to cater to the needs of traders in the virtual currency market through Ethereum (ETH) and NEST for trading and educational resources.

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Pros and cons

Pros of PARASSET:

- PARASSET provides a user-friendly trading platform, which enables users to easily execute transactions and monitor their investments. The platform supports both bank transfers and cryptocurrency transfers for deposit and withdrawal purposes, offering flexibility and convenience to users.

- The exchange offers comprehensive educational resources, including online guides and video tutorials, which can be valuable for both beginner and experienced traders. These resources aim to help users navigate the virtual currency market and make informed trading decisions.

- PARASSET offers 24/7 live chat and email support, ensuring that users have access to timely assistance whenever they need it. This can be beneficial, especially for those who may encounter technical issues or have urgent inquiries.

Cons of PARASSET:

- One significant drawback of PARASSET is its lack of regulation. As an unregulated exchange, PARASSET operates without oversight from financial authorities, which may raise concerns about the security and transparency of the platform.

- Another potential downside is the limited number of cryptocurrencies available on PARASSET for trading. While Ethereum and NEST are popular choices, some traders may prefer access to a broader range of digital assets to diversify their portfolios further.

- Despite offering educational resources, PARASSET may not provide as extensive educational materials compared to some other exchanges. This could be a drawback for traders who highly value educational resources and prefer a more comprehensive learning experience.

- While PARASSET offers customer support through 24/7 live chat and email, some users may prefer additional channels such as phone support for more immediate assistance.

Pros Cons
- User-friendly trading platform - Lack of regulation
- Comprehensive educational resources - Limited number of cryptocurrencies available
- 24/7 live chat and email support - Potentially less extensive educational materials compared to other exchanges
- Lack of additional customer support channels

Regulations

The regulatory situation of PARASSET, the virtual currency exchange, is that it operates without regulation. This means that it is not overseen or supervised by financial authorities. The disadvantage of an unregulated exchange is that it may raise concerns about the security and transparency of the platform. Without regulations in place, there is a risk of potential fraudulent activities or inadequate safety measures to protect users' funds.

To mitigate these risks, traders should exercise caution and conduct thorough research before engaging with an unregulated exchange like PARASSET. They should ensure that the exchange has robust security measures in place, such as two-factor authentication and encryption of sensitive data. It is also important for traders to carefully read and understand the exchange's terms and conditions, as well as its privacy policy.

Additionally, traders should diversify their portfolios by not relying solely on a single exchange for their virtual currency trading activities. They can consider using regulated exchanges that offer more oversight and protection for their funds. It is crucial for traders to stay updated with the latest news and developments in the virtual currency market to make informed investment decisions.

Overall, while unregulated exchanges like PARASSET may offer certain advantages with a wide range of cryptocurrencies , it is crucial for traders to be aware of the associated risks and take proactive measures to protect their investments.

Security

PARASSET official website makes no mention of any specific security features, therefore it is not possible to accurately describe the security of the platform.

Cryptocurrencies available

PARASSET offers two cryptocurrencies for trading, including Ethereum (ETH) and NEST. Relying solely on Ethereum (ETH) and NEST as the two cryptocurrency options for a crypto trading company could limit diversification and expose the company to heightened risks associated with fluctuations in just two specific assets, potentially hampering its ability to adapt to changing market conditions and broader industry trends. Additionally, such a limited selection may hinder the company's ability to attract a broader range of investors seeking a more diverse range of trading opportunities.

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How to open an account?

PARASSET does not specifically have an account making system, but instead just requires for a wallet like MetaMask or WalletConnect to be connected in order to allow transactions to be conducted.

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Fees

Maker and Taker Fees:Parasset offers highly competitive fees for its trading services. Both maker and taker fees start at just 0.1%. This fee structure is designed to provide traders with a cost-effective solution for executing trades on the platform. Maker fees apply to those who provide liquidity to the market by placing limit orders that don't immediately execute, while taker fees apply to those who take liquidity by placing market orders that execute immediately at existing market prices.

Deposit and Withdrawal Fees:When it comes to depositing and withdrawing funds, Parasset offers a range of options to accommodate different preferences. Depositing cryptocurrencies on the platform is fee-free, which encourages users to fund their accounts using digital assets. However, for bank transfers and credit card deposits, there is a processing fee of 3.5%. This fee is applicable to users who choose these conventional payment methods.

For cryptocurrency withdrawals, Parasset provides an initial benefit by allowing the first 3 withdrawals per month to be done free of charge. This can be particularly advantageous for frequent traders who need to move their funds. Subsequent cryptocurrency withdrawals, beyond the initial 3, are subject to a withdrawal fee of 0.0005 BTC. This fee structure aims to strike a balance between convenience and cost-effectiveness, incentivizing users to manage their withdrawals strategically.

Fee Type Fee Amount
Maker Fee Starting at 0.1%
Taker Fee Starting at 0.1%
Cryptocurrency Deposit Free
Bank Transfer Deposit 3.5% processing fee
Credit Card Deposit 3.5% processing fee
Cryptocurrency Withdrawal Free (first 3 withdrawals per month)
Cryptocurrency Withdrawal 0.0005 BTC (subsequent withdrawals)

Compare to Other Cryptocurrency Exchanges

Aspect Coinbase Binance PARASSET
Regulations NMLS, FCA, NYSDFS NMLS Unregulated
Available Crypto 200+ 350+ 2
Website coinbase.com BINANCE.com/en parasset.top

Coinbase: Coinbase is a well-regulated cryptocurrency exchange, adhering to NMLS, FCA, and NYSDFS oversight. With an extensive offering of 200+ cryptocurrencies, it serves as a user-friendly platform for trading and investing, though transaction fees ranging from 0% to 3.99% might impact cost-conscious traders.

Binance: Binance, also under NMLS regulation, stands out with its vast selection of 350+ cryptocurrencies and a fee structure between 0.012% and 0.10%. Known for its global reach, it offers advanced trading features but might be overwhelming for newcomers due to its complexity.

PARASSET: In contrast to the regulated exchanges, operates without regulatory oversight and offers only 2 cryptocurrencies. Is lack of regulation and limited crypto options might raise concerns among potential users regarding security and diversification.

Deposit & Withdrawal

Cryptocurrency: Parasset allows users to deposit cryptocurrencies into their accounts without incurring any fees. This fee-free option encourages users to leverage digital assets for funding, promoting efficiency and reducing costs for those who trade in cryptocurrencies. The company offers users the benefit of fee-free cryptocurrency withdrawals for their initial 3 withdrawals per month. This allows traders to move their digital assets without incurring any additional costs, which can be particularly advantageous for active traders. After the first 3 free cryptocurrency withdrawals, Parasset enforces a withdrawal fee of 0.0005 BTC for each subsequent withdrawal. This fee structure encourages users to manage their withdrawals judiciously, especially for those who frequently move their funds.

Bank Transfers: Users can also choose to fund their accounts using bank transfers. However, it's important to note that a processing fee of 3.5% applies to bank transfer deposits. This fee is deducted from the deposited amount and should be factored in when planning the deposit.

Credit Card Deposits: Parasset supports credit card deposits as well. Similar to bank transfers, credit card deposits are subject to a processing fee of 3.5%. This fee might impact the final deposited amount and should be considered during the deposit process.

Educational Resources

PARASSET, the virtual currency exchange, offers a range of educational resources to assist users in navigating the virtual currency market. These resources include comprehensive online guides and video tutorials. PARASSET provides these additional educational tools to further support users in their trading journey. However, without specific details, it is not possible to provide a detailed description of the educational resources and tools available on PARASSET.

Customer Support

PARASSET offers customer support through 24/7 live chat and email. This means that users have access to assistance at any time of the day, ensuring timely support whenever needed. However, there is no mention the available hours of the customer support team or provide specific details about the supported languages or other contact channels.

Is PARASSET a Good Exchange for You?

Novice Investors: PARASSET's user-friendly trading platform and comprehensive educational resources make it an ideal choice for novice crypto traders. The platform's intuitive interface and educational materials provide beginners with the tools they need to understand the market, execute transactions, and make informed investment decisions, all while receiving timely support whenever questions arise.

Simplicity Seekers: PARASSET's streamlined offering of only two cryptocurrencies makes it an attractive option for traders who prefer a simplified approach to crypto investing. With a limited selection, these traders can focus more effectively on managing their investments and monitoring market trends without feeling overwhelmed by an extensive range of choices. The platform's user-friendly interface and educational resources further support this ease of management for simplicity-seeking investors.

Conclusion

In conclusion, PARASSET presents an unregulated, very simplistic trading platform that offers convenience through its support for both bank transfers and cryptocurrency transactions, allowing users to easily manage their investments. The inclusion of educational resources serves as a valuable asset, aiding traders of varying skill levels in navigating the virtual currency market effectively. The round-the-clock customer support adds an element of reassurance, ensuring timely assistance whenever it's needed. However, potential concerns arise from the lack of regulation, raising questions about platform security and transparency. Furthermore, the limited cryptocurrency options and comparatively less extensive educational materials might deter some traders who seek a more diversified trading experience and robust learning resources.

FAQs

Q: What cryptocurrencies are available for trading on PARASSET?

A: PARASSET offers a range of cryptocurrencies for trading, including Ethereum (ETH) and NEST.

Q: How can I deposit funds into my PARASSET account?

A: PARASSET supports various deposit methods such as bank transfers and cryptocurrency transfers.

Q: What educational resources are available on PARASSET?

A: PARASSET provides online guides and video tutorials to help users navigate the virtual currency market.

Q: What customer support options does PARASSET offer?

A: PARASSET offers customer support through 24/7 live chat and email.

User Review

User 1: I've been using PARASSET for a few months now, and I'm really disappointed with the security. My account was hacked a few weeks ago, and I lost all of my crypto. The customer support was also terrible. They took forever to respond to my emails, and they didn't seem to care about my problem. I would not recommend PARASSET to anyone.

User 2: The interface of PARASSET is really confusing and cluttered. It's hard to find what you're looking for, and it's easy to make mistakes. The liquidity is also terrible. I would not recommend PARASSET to anyone who is serious about trading crypto.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.