- ACCESSING USER DATA
Like any other genuine app or online platform, this app also needs related information to provide services. The app, on its official website, states that none of the user’s data is utilized for unlawful, unfair, or illegitimate purposes. As it is obvious that for getting started with this trading platform, any individual or company would need an account, and it may require the user to input the understated information along with some automatically saved information such as:
Details regarding transactions (Sales/Purchases of bitcoins)
Website Navigation Footsteps
Search terms entered by the user for directing to the page
In addition to this, the app might use the information that may or may not be available publicly through social media platforms as well, which generally regards the search interests of the users that relate with the content of the same area. This information is shared with some third-party apps that’ll process it to make it easy to use for the users. Nevertheless, this utilization of data revolves around explicit, specified, and legit purposes.
The platform provides users with the right to restrict data processing, work around data portability, and even request to erase the data. However, it might hinder access to some of the benefits.
- DATA PROCESSING & DATA DISCLOSURE
The information provided by the user is processed to provide services to the users, assist them in accessing several benefits, keeping up with the site’s promotional activities, and make them aware of necessary changes made to upgrade the platform and to receive consent for them. Users can withdraw the consent for a particular service that might result in ceasing him/her to further get benefitted by that or even deactivation of the account. The platform is required to share the data with third-party apps as it has the business of providing service to the clients, but it still doesn’t make a compromise with the confidentiality of user’s data. It safeguards the personal data of the users in compliance with the Data Protection Act 1998 or such a standard that is identical or equivalent to the same degree.
The app lets the users decide if they wish to delete any particular detail or stop the data processing and take necessary actions accordingly. The list of rights provided by the Bitcoin Prime App goes a long way, including Right To Information, Access & Erasure, Right To Object To Processing, Complaint to a Supervisory Authority, Data Portability, and Withdraw Consent. You can request your concern that will be acknowledged within 72 hours or so and will get responded to in about 30 days. In case of specific conditions like governmental intervention and/or take over, the platform retains the right to process and share user information to the third party with or without consent as applicable by the law.
- SAFEGUARDING MINOR’S DATA
- PRIVACY SETTINGS
The app incorporates a three-level data encryption system and ensures data safety through access controls at each network point and authorization controls. Together with this, it also uses firewalls that work against the interest of any unauthorized access. A Data Protection Officer (DPO) has been appointed to look into such matters. Though, the app doesn’t claim full-fledged protection of data due to some reasons, including attacks arising out of an act of a hacker or any activity of the user on any other app.
- RETENTION AND TRANSFER OF DATA
The platform takes into account its responsibility for user’s data and enforces strict data security measures electronically and physically. Whilst it has to share the data with some third-party apps and platforms which may or may not operate under European Economic Area (EEA) and uses it for further processing or delivery of services, it also makes sure to keep a check on the activities using identity proof system, encryption, and highly advanced security standards. However, the risk of data being stolen might not be kept totally at bay due to certain unavoidable reasons.
In today’s digital era, it’s not surprising that any information that is stored electronically can be stolen and used by hackers for their benefits, and especially in the case of finance, this becomes more severe. Bitcoin Prime App, which happens to be a name among one of the most sought trading platforms, has realized the sensitivity of this concern and has gone to every possible extent to ensure the safety and privacy of user’s data. The above article has explained what information you’ll be providing while agreeing to the platform’s terms and conditions and the way it is processed. The rise in cyber security issues has made it the need of the hour to choose wisely the extent of information you share with the apps while using them. Although this risk can’t be eliminated to 100% nevertheless, taking certain measures can surely reduce the extent and severity of such attacks.