Is It Wise To Store Your Funds In Non-Regulated Payment Gateways?

[Good-Guy]

Storing your money or your life savings is a very hotly debated topic. Most of the people may prefer storing their funds in a local bank. The problem is that there are many people who would not like to store their funds into bank accounts and prefer storing their money into online payment processors or wallets. There are a lots of payment wallets available online and some of them are not at all regulated by any government organization or any authority of any country. Even in the past, we have seen many payment processors and gateways getting closed. Some of them were Liberty Reserve, Payza, E-Gold, etc. Even during the current times there are some payment processors that are NOT regulated but still they are very popular. Some example of non-regulated payment systems are Perfect Money and Payeer. Is It Wise To Store Your Funds In Non-Regulated Payment Gateways such as Perfect Money and Payeer?

 

[kayode10]

If I don't have any other place to store or save my cash, I would rather use the vault in my house. But I prefer to keep my money in the bank for easy transaction. The best place I like to keep my savings is to wallet in form of cryptocurrency like bitcoin and other valuable assets.

 

[Mandy96]

I really don’t trust all these online wallets especially when it comes to saving money. Most of these online wallets are usually not meant for saving funds, most of them are created for making transactions like paying bills,sending or receiving money, buying of cryptocurrencies and so on. It is not wise enough to save money in this online wallets.

 

[Good luck]

Preferably,l think it is good to store or keep ones money or valuable goods in the bank.Bank is the best and safer place to keep such.keeping money in your online wallet is not bad but such money should be used to consume or purchase goods from online and one still needs to be careful so as not to fall victim of scammers

 

[btaliat]

Apart from crypto that I save in wallets and exchanges. I don't think I can save money apart from banks. There are some gateways available in my country as well, unregulated at times, most of the time. Though the ones I know are regulated but I won't still use them for some unforseen reasons.

 

[Good-Guy]

Apart from crypto that I save in wallets and exchanges. I don't think I can save money apart from banks. There are some gateways available in my country as well, unregulated at times, most of the time. Though the ones I know are regulated but I won't still use them for some unforseen reasons.

I would not store my life saving in these kinds of non-regulated payment processors either. These kind of payment gateways should only be used to make payments and receive payments from people online. It is far much better to store funds in stablecoins such as USDC, Tether, BUSD (Binance USD), etc. They are stable and they would not affect your funds because they are not volatile.

 

[Alexandoy]

I wonder why you would trust a website than a local bank. The bank is the traditional depository of savings which is guaranteed by the government to be fair and legit. The deposit here is insured up to $10,000 that you can recover when the bank goes bankrupt. I don't think a payment processor has that feature of recovery.