Ramp Network’s Latest Study Highlights Security Concerns as Key Barrier for New Crypto Users

A recent study conducted by Ramp Network reveals that fear of scams and fraud remains one of the biggest barriers preventing newcomers from adopting cryptocurrency. For platforms looking to attract first-time users, the report emphasizes the importance of prioritizing transparency and visible security measures to build trust.

Security Concerns Outweigh Fees and User Interface

According to the study, nearly half of respondents (46.8%) identified “security concerns” as their main frustration when attempting to buy crypto. Furthermore, a significant 80% of participants stated that fraud protection and account security were the most important factors influencing their decision to complete their first transaction.

While experienced users may focus on factors like speed or interface design, beginners prioritize visible safety features such as:

  • Two-factor authentication (2FA)
  • Fraud detection tools
  • Regulatory licenses
  • Early-stage Know Your Customer (KYC) checks

“Security is more important than fees. I’m willing to pay slightly higher fees if I feel safer,” one respondent shared.

The ‘Trust Test’: Starting Small to Build Confidence

Ramp’s internal data reveals a common behavioral pattern among new users: the “trust test.” Approximately 33% of users who made multiple transactions initially started with amounts under $100. Only after confirming the platform’s reliability did they scale up their investments. This cautious approach reflects the importance of reassuring users about security before encouraging larger transactions.

The study also highlights that trust depends not only on robust back-end systems but also on how effectively platforms communicate their security measures. New users are looking for clear, upfront demonstrations of protection to feel confident in their decision to engage with cryptocurrency.

How Platforms Can Build Trust

To address these concerns, crypto platforms must focus on visible and transparent security measures. Key strategies include:

  • Implementing user-friendly fraud detection tools
  • Clearly outlining compliance with regulatory authorities
  • Offering educational resources to explain safety protocols
  • Ensuring seamless account verification processes

Ramp Network, which is registered with FinCEN, the FCA, and the Central Bank of Ireland, has built its platform around compliance and fraud prevention. By prioritizing transparency, the company aims to help bridge the gap between early adopters and mainstream users in the financial sector.

As the cryptocurrency industry continues to grow, platforms that take steps to address security concerns and build trust will be better positioned to attract and retain new users.

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