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At first glance, crypto trading is nothing but beneficial. Yet, this activity hides a lot of surprises, and some of them are unpleasant. Have you ever thought of how online casinos are similar to trading platforms? One of the similar characteristics is that they both can cause addiction that can negatively influence people’s lives. Trading has never been as easy and accessible as it is now. It’s a significant benefit, although it causes new industry challenges. Is the expression “Trading is like betting” relevant?
It’s already proven that trading can be addictive, but many would be surprised by this point. While poker and other casino games are known as activities that can lead to negative consequences, trading is considered an investment business with huge funds. However, both industries have something in common – an adrenaline rush that a person gets when achieving the desired goals. Such behaviour can be addictive, leading to significant problems in social life and other aspects. This is why you can hear talks about the implementation of tools similar to GamStop (a program which blocks users on all gambling sites) for crypto traders. GamStop has already influenced the crypto market a great deal, and it looks like the further, the more pressing is the need for self-exclusion software for crypto traders.
How to Identify Problem Trading?
Timely identification and implementation of appropriate measures is the key to treating the disease. Therefore, knowing the sights and symptoms is essential. Have a look at some, as forewarned is forearmed!
- Trading turns into an obsession; a person can only think about analysing the market.
- Even a stable profit doesn’t bring satisfaction, and the person constantly increases the transaction volume.
- A trader experiences anxiety or even depression when distracted from trading.
- A person loses interest in everything except trading and has no hobbies.
- Trading helps reduce stress levels and helps to get rid of all negative emotions.
Of course, all these symptoms are usually complemented with constant investment. If a trader loses their money, they continue putting more money into the business. Trading addiction not only leads to social, behavioural, and financial problems. It can also cause numerous mental health issues that affect them and their close ones.
Evaluating GamStop Efficiency
Due to the increase in addiction instances, people face the need to implement appropriate mechanisms for coping with the disease. Even though problem trading is not on the list of addictions, this condition requires assistance. Compulsive gambling already has proper treatment protocols with proven efficiency, although casino players who prefer gambling sites without GamStop can scramble its therapeutic effect.
For instance, GamStop is the most renowned self-exclusion program. It has already shown positive results on financial health, as around 80% of users reported reduced risk appetite. However, not all operators have implemented this program. On the other hand, there are good alternative self-exclusion tools, such as BetBlocker, for instance. Many think such software will also be beneficial for trading addicts.
GamCare is the main body in the UK regulating gambling activities and working on addiction prevention, and it also considers trading as a potential problem. Many say this problem can hit even more severely than playing online casinos. Therefore, GamCare authority has already raised the question about crypto trading addiction, which should be addressed as soon as possible.
Should Self-Exclusion Be Implemented for Problem Traders?
Considering the signs of addiction displayed by both gamblers and avid traders, the connection between crypto trading and the need for GamStop analogues becomes obvious. As well as gambling addiction, this issue should be resolved, too. Crypto trading addicts need timely help, so providing access to a blocking program is essential. Of course, blocking gambling transactions is not the same as blocking crypto trading, so it’s important to evaluate everything from both sides. Let’s first see all the benefits:
- Restricted access to trading platforms for a particular period.
- The service is absolutely free for users, covering thousands of websites.
- The program also offers support lines and therapies for future treatment.
However, the GamStop program has disadvantages that could be shared by any of its analogues developed for the crypto trading sphere. First, it cannot be stopped or suspended – once a player has activated the tool, it will restrict access to gambling and betting platforms for a period from 6 months to 5 years. In addition, some casinos can still blacklist players even after the self-exclusion is over.
Another disadvantage is that GamStop doesn’t cover all casinos and sportsbooks, so the addicted can still find ways to access risky websites. Therefore, some operators implement other self-exclusion tools to help their members prevent gambling addiction. In any case, such software brings numerous benefits to affected people, so implementing it for crypto traders is predicted to be fruitful.
Our Verdict
It’s believed that trading addiction can be even stronger than compulsive gambling. So, there’s a need for the implementation of similar self-exclusion platforms. Responsible gambling initiatives such as GamCare highlight that this question is on the agenda. Crypto trading is a considerably new niche, lacking regulation mechanisms, but changes are about to come.
It’s predicted that GamStop will broaden its influence in the future, as it has already shown positive results with problem gamblers. Otherwise, new self-exclusion software will be developed. Coping with trading addiction is one of the challenges the market is yet to overcome, but the basis for appropriate mechanisms is already on the way.
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