Ramp Network’s study demonstrates that 80% of first-time crypto users prioritise visible security over fees and user interface. Security concerns significantly hinder new adopters, with 46.8% stating it as their main frustration during crypto purchases. The report indicates a need for platforms to provide clear communication about security features to gain user trust and support broader crypto adoption.
Ramp Network’s recent study indicates that security is a crucial concern for first-time crypto users, surpassing considerations such as fees and user interface. Approximately 46.8% of respondents identified security concerns as their primary frustration when attempting to purchase cryptocurrency. The results reveal that 80% of these users consider the assurance of fraud protection and account security essential for making their initial transaction in the crypto market.
The findings highlight a disconnect between advanced users and newcomers regarding the importance of security. While seasoned users tend to focus on the design and efficiency of the platform, first-time users emphasise visible safety measures. Key features these users look for include two-factor authentication, fraud detection tools, regulatory licenses, and early-stage Know Your Customer (KYC) procedures.
According to Ramp’s internal data, nearly 33% of users who engaged in multiple transactions initially started with amounts lower than $100. This behaviour illustrates what Ramp refers to as the “trust test,” where users make a small transaction to establish the platform’s reliability before committing larger sums.
The study further reveals that user trust is influenced, not just by strong security systems, but also by effective communication of these measures. As stated in the report, it is insufficient for platforms to possess security; they must transparently showcase these features to users. Ramp Network is committed to compliance and fraud prevention, being registered with FinCEN, the FCA, and the Central Bank of Ireland. The firm aims to promote transparency and security, aspiring to transition crypto adoption from early adopters to a broader financial audience.
