Perfect Money aims to provide fast and easy ways to access financial services. The organization offers a platform to purchase different assets including gold and Bitcoin. While it offers a means of purchasing cryptocurrency, investigations put into question whether Perfect Money is a good platform for trading Bitcoin.
Perfect Money payment processor added Bitcoin accounts which were meant to allow users to purchase the apex cryptocurrency. The addition of the feature was met with many questions from users. Many users were concerned about the high costs of buying Bitcoin through Perfect Money and how the Bitcoin has to be converted into Perfect Money.
A user notes several roadblocks to making purchases of Bitcoin with Perfect Money. One of the major roadblocks is that one has to be able to convert the Bitcoin purchased into Perfect Money. Also, a user may not be able to access the site for their Bitcoin if they are not using the correct browser. In addition to these challenges, a higher percentage of users’ money is taken away in fees if they purchase their Bitcoin through Perfect Money than if they purchase directly through a real cryptocurrency exchange.
The AML (Anti-Money Laundering) document of Perfect Money showed that they were located in Panama.
“Perfect Money complies with the legal requirements of the Republic of Panama for anti-money laundering. In cases set forth in the relevant legal enactments, we co-operates with officials and government institutions of the Republic of Panama, as well as other countries.”
This can present some unforeseen risks in relation to the transparency of Perfect Money’s operations and accountability to users, in cases where users seek legal redress.
Perfect Money appears to operate in a similar fashion to traditional banks which for most users may mean that they bear the burden of higher costs of transactions, relatively low transparency, and poor customer service. Users of real cryptocurrency exchanges typically benefit from greater security, faster transactions, more freedom, lower costs and superior customer service.