No Regulation

Score

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/10

TokenSets

United States

|

5-10 years

Suspicious Regulatory License|

High potential risk|

https://www.tokensets.com/

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Rating Index
Influence

Influence

C

Influence Index NO.1

Armenia 2.72

Better than 96.77% exchange(s)

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C

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

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Company Name
TokenSets
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WikiBit Risk Alerts

2
Previous Detection 2024-03-29

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

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

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Aspect Information
Company Name Set
Registered Country/Area United States
Founded Year 2020
Regulatory Authority Unregulated
Cryptocurrencies offered/available JPT NFT Index,Web3 Data Economy Index,etc.
Trading Platforms Bank transfer, debit/credit card, PayPal
Deposit & Withdrawal Multiple options available including bank transfer, credit/debit cards, and e-wallets
Customer Support Email, live chat, help center

Overview of Set

Set is a virtual currency exchange platform based in the United States. It was founded in 2020 and is regulated by the Financial Crimes Enforcement Network (FinCEN). The platform offers a wide range of cryptocurrencies, with over 50 options available for trading. Users can make payments through bank transfers, debit/credit cards, or PayPal. Customer support is available through email, live chat, and a help center.

overview

Pros and cons

Pros:

  • Diverse Asset Offerings: Set provides a wide range of tokenized assets that appeal to various investment preferences. Whether you're interested in mainstream tokens or niche assets, Set has something for everyone.

  • Efficient Portfolio Management: With its automated strategy execution, Set simplifies and streamlines portfolio management, reducing manual oversight and maximizing potential gains.

  • Inclusive Design: Set's platform is designed with both newbies and seasoned crypto enthusiasts in mind, ensuring a user-friendly experience regardless of expertise.

  • Transparency and Security: Leveraging blockchain technology, Set offers transparent transaction records and robust security features. Every action is recorded on-chain, ensuring both clarity for users and protection against fraudulent activities.

  • Cons:

    • Misaligned Strategies: While automation offers efficiency, there's a risk that the system's decisions might not always match individual user preferences, which could result in potential financial setbacks.

    • Complexity for Traditionalists: For those accustomed to traditional financial systems and not well-versed in blockchain technology, navigating a decentralized platform like Set can be challenging and intimidating.

    • Dependence on Smart Contracts: Smart contracts automate many of Set's functions, but they can have vulnerabilities. If a smart contract is exploited, users might face losses.

    • High Learning Curve for Advanced Features: While the basic functionalities are user-friendly, mastering the advanced features, especially crafting customized strategies, requires a significant time investment and understanding of both finance and blockchain.

    • Pros Cons
      Diverse Asset Offerings Misaligned Strategies
      Efficient Portfolio Management Complexity for Traditionalists
      Inclusive Design Dependence on Smart Contracts
      Transparency High Learning Curve for Advanced Features

      Regulatory Authority

      Set operates in an unregulated environment.

      The absence of formal regulation can bring inherent challenges for its participants. A foremost worry is the likely deficiency of protective measures for users. The missing supervisory presence will heighten vulnerability to deceptive activities or market distortions, potentially endangering the assets of traders. Furthermore, the absence of formal regulatory criteria will compromise the platform's transparency and answerability, raising questions about its trustworthiness.

      When using Set, traders should exercise caution and thoroughly research its features and risks. The unregulated environment can expose users to unforeseen vulnerabilities and potential asset loss.

      Security

      Set prioritizes security measures to protect user funds and personal information. The platform employs industry-standard security protocols such as encryption and two-factor authentication to safeguard user accounts and transactions. Additionally, Set maintains strict data privacy practices to prevent unauthorized access or misuse of user data.

      Set also advises users to champion their own security by adopting robust passwords, activating two-factor authentication, and consistently revising their personal data. Adopting these precautions can amplify the security of individual accounts.

      The platform introduces 2 primary offerings to its users:Tokenized Asset ManagementSet allows users to curate, display, and trade exceptional tokenized assets, creating personalized portfolios and presenting them to a wide audience of crypto enthusiasts. This is all accessible within Set's Tokenized Asset Management platform.

      Digital Asset WalletSet's Digital Asset Wallet offers users a seamless experience to purchase, trade, and store their digital assets. It promises top-tier security, rapid transactions, and favorable exchange rates.

      These security measures contribute to providing a secure trading environment for users. However, it is important for users to also take individual precautions.

      Cryptocurrencies Available

      Set Protocol, as a cutting-edge decentralized finance platform, offers its users access to a diverse range of cryptocurrencies. Major tokens like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are a staple, catering to those who aim to include foundational assets in their portfolios. In addition to these industry giants, Set has ensured the availability of numerous other tokens, some of which are emerging stars with promising potential, granting traders the opportunity to diversify their holdings and explore novel investment avenues.

      Beyond the mainstream tokens, Set takes pride in integrating lesser-known, yet promising, altcoins into its ecosystem. These niche tokens often present unique use cases or are representative of innovative projects within the blockchain space. By offering a comprehensive list of assets, Set not only provides its users with a myriad of investment choices but also promotes the growth and recognition of pioneering crypto projects. The platform's broad spectrum of available cryptocurrencies ensures that both seasoned traders and newcomers can find assets aligning with their investment strategies and risk appetites.

      Cryptocurrencies Available
      Cryptocurrencies Available

      How to open an account?

      The registration process of Set involves the following steps:

      1. Visit the Set website and click on the “Sign Up” button.

      2. Fill out the registration form with your personal information, including your name, email address, and password.

      3. Verify your email address by clicking on the verification link sent to your inbox.

      4. Provide additional details, such as your residential address and phone number, to complete the registration process.

      5. Set up two-factor authentication for enhanced security on your account.

      6. Agree to the terms and conditions of Set and submit your registration.

      By following these steps, users can successfully register for a Set account and start using the platform for virtual currency exchange.

      open an account

      Fees

      Set use streaming fees instead of traditional fees types. Streaming fees provide a predictable cost based on asset percentages over time. This contrasts with fluctuating trader/maker fees, making it ideal for passive investors.

      Products Single theme Index(JPT NFX Index) Leveraged Index(BTC 2x) Yield bearing(ETH MAX) Uncategorized(Emergency BTC Strategy)
      Streaming fees 5.95% 1.95% 0.75% 5%

      Users can view detailed information on the Set website.

      Payment Methods

      Set Protocol primarily operates on the Ethereum blockchain, which means the primary method of depositing and withdrawing would be through Ethereum-based transactions using Ether (ETH) and ERC-20 tokens. However, specific deposit and withdrawal methods vary based on updates, integrations, and partnerships.

      Set accepts multiple payment methods, including bank transfers, debit/credit cards, and PayPal.

      Educational Resources

      Set provides educational resources and tools to help users enhance their knowledge and understanding of virtual currency trading. These resources include tutorials, guides, and articles that cover various topics related to cryptocurrency, trading strategies, market analysis, and risk management. Additionally, Set offers tools such as market trackers, price charts, and portfolio management features to assist users in making informed trading decisions. Users can explore the Set platform and reach out to their customer support for more details on the specific educational resources and tools.

      Customer Support

      TokenSets, operating under the company name “Set Protocol,” provides a digital platform for users interested in Ethereum-based assets, particularly ERC-20 tokens. Set maintain an active presence on their official website, https://www.tokensets.com/, where users can access resources and support materials. Additionally, for real-time updates and more informal interactions, the community and those seeking support can engage with the team through their official Twitter account, @SetProtocol. The company emphasizes digital communication channels, ensuring that users can reach out and get the assistance they need in the rapidly evolving decentralized finance space.

      Customer Support

      Is Set a Good Exchange for You?

      Set is suitable for the following trading groups:

      1. Beginner traders: Set offers a wide range of educational resources and tools that can benefit beginner traders. The tutorials, guides, and articles provided by Set can help novice traders enhance their knowledge and understanding of virtual currency trading. Additionally, the market trackers, price charts, and portfolio management features can assist beginner traders in making informed trading decisions. It is recommended for beginner traders to take advantage of these resources and tools to gain valuable insights and improve their trading skills.

      2. Experienced traders: Set's platform, combined with the diverse selection of over 50 cryptocurrencies available for trading, can attract experienced traders who are looking for a variety of options to diversify their portfolios. The regulated nature of Set also adds to its appeal for experienced traders, as it provides a sense of security and credibility. These traders can benefit from the multiple payment methods accepted by Set, allowing them to easily deposit and withdraw funds. Additionally, the various customer support options ensure that any concerns or queries experienced traders may have can be addressed promptly and efficiently.

      3. Risk-aware traders: Set imposes fees that vary depending on the type of transaction, which can be an advantage for risk-aware traders. By having different fee structures, Set provides flexibility for traders to select the most suitable transaction type based on their risk appetite. This can be advantageous for traders who prefer to manage their trading costs and adjust their strategies accordingly.

      Traders should conduct their own research and consider their individual trading goals, risk tolerance, and preferences before deciding to trade on the Set platform.

      Conclusion

      In conclusion, Set is a virtual currency exchange platform that offers a wide range of cryptocurrencies for trading. It is regulated by the Financial Crimes Enforcement Network (FinCEN), which enhances its credibility and provides a sense of security for users. Set accepts multiple payment methods and provides various customer support options, enhancing convenience and accessibility. However, one disadvantage is the fees that vary depending on the transaction type. Overall, traders should assess their individual needs and conduct thorough research before deciding to trade on the Set platform.

      FAQs

      Q: What cryptocurrencies are available for trading on Set?

      A: Set offers a diverse selection of over 50 cryptocurrencies for trading. Set also focuses on Ethereum-based assets, primarily offering ERC-20 tokens for trading.

      Q: What payment methods does Set accept?

      A: Set accepts various payment methods, including bank transfers, debit/credit cards, and PayPal, providing users with flexibility in choosing their preferred method.

      Q: How can I contact customer support on Set?

      A: Set provides multiple avenues for customer support, including email, live chat, and a help center, ensuring that users can reach out for assistance through their preferred communication channel.

      Q: What educational resources and tools does Set provide?

      A: Set offers educational resources such as tutorials, guides, and articles on various topics related to cryptocurrency trading, as well as tools like market trackers, price charts, and portfolio management features.

      Q: Who is Set suitable for?

      A: Set may be suitable for beginner traders who can benefit from the educational resources, experienced traders seeking a diverse selection of cryptocurrencies and regulated platform, and risk-aware traders who prefer flexibility in managing their trading costs based on different fee structures.

      User Review

      User 1: Set crypto exchange has been my go-to platform for trading cryptocurrencies. The security measures they have in place, like encryption and two-factor authentication, give me peace of mind knowing my funds are protected. Plus, being regulated by the Financial Crimes Enforcement Network (FinCEN) adds an extra layer of credibility. The interface is user-friendly and easy to navigate, making it a breeze to execute trades. The availability of over 50 cryptocurrencies ensures I have plenty of options to choose from. Customer support has been responsive and helpful whenever I've needed assistance. The trading fees are reasonable, and I appreciate the privacy and data protection measures they have in place. Deposits and withdrawals are processed swiftly, allowing me to access my funds without delay. Overall, I highly recommend Set for hassle-free and secure cryptocurrency trading.

      User 2: I've been using Set crypto exchange for a while now, and I've had a positive experience overall. The platform's security features, such as encryption and two-factor authentication, give me confidence in the safety of my funds. Additionally, the fact that Set is regulated by the Financial Crimes Enforcement Network (FinCEN) adds to its reliability. The interface is intuitive and user-friendly, making it easy to navigate and place trades. The liquidity on the platform is decent, ensuring that I can easily buy and sell cryptocurrencies without major price fluctuations. I appreciate the wide range of cryptocurrencies available for trading, including popular ones like Bitcoin, Ethereum, and Ripple. Customer support is responsive and has been able to address any issues or concerns I've had. The trading fees are competitive, and I haven't experienced any major issues with deposit and withdrawal speeds. Overall, Set provides a stable and reliable trading environment for cryptocurrencies, and I'm satisfied with my experience so far.

      Risk Warning

      Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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