about exchanges kyc withdraw! - page 2.

Kasabus

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Quote from: diahsw on July 02, 2019, 06:35:33 PM

in fact, in my opinion, the main function of Kyc is to avoid fraudsters in the crypto world, but the more here I see the more complicated, even I have tried an exchange using Kyc, but it has always been rejected, even though it is in accordance with the previous list if many people are disappointed with the method.

I don't find submitting on the KYC and getting approve is a complicated thing as most of my exchanges accounts are KYC approved.
Maybe you just need to read and follow carefully the requirements, for exchange like Binance, they have a very simply KYC requirements so me and my partner are both verified, other exchange could be different but I don't use them much so I'd go with the one I always use.

DoublerHunter

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Quote from: Dapper on July 02, 2019, 10:38:35 PM

~snip~
It seems shady but from the exchange point of view, it's a cost issue. It's the same thing with real world banks.

^ Completely right, majority of exchanges now were the same on that strategy. They never inform if you deposit but when you are going to withdraw it need to passed KYC. The first thing that we can do to avoid this possible problem is doing your own research first before you deposit. Ask on telegram group or seeking first the FAQ before you use that trading site because of our own responsibility to manage our own risk to trust exchange sites especially if it is newly launched.

Dapper

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It seems shady but from the exchange point of view, it's a cost issue. It's the same thing with real world banks. They break up KYC into tier levels. If you're just putting pocket change with them, it's not worth the cost to process your KYC documents apart from basic identity requirements. It's much more cost effective to KYC (with more in depth requirements) higher net worth customers.

diahsw

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in fact, in my opinion, the main function of Kyc is to avoid fraudsters in the crypto world, but the more here I see the more complicated, even I have tried an exchange using Kyc, but it has always been rejected, even though it is in accordance with the previous list if many people are disappointed with the method.

joshy23

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Quote from: fortunecrypto on June 30, 2019, 09:10:13 AM

Quote from: omer-jamal on January 04, 2019, 04:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Majority of exchange are doing that I can deposit any amount of tokens but will have an issue if I tried to withdraw major cryptocurrency like Bitcoin and Eth, they will not require when you are deposit large amount of tokens that are not in the top 10 you can withdraw, the issue has always been on the top coins.

It's really important to read recommendation coming from legit reviews of those who already used the exchange before depositing your assets, knowing what are the rules and learning personal experiences coming from the traders will help you out avoiding cases like this to happen to your investment.

fortunecrypto

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Quote from: omer-jamal on January 04, 2019, 04:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem

But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem

after that exchange do not allow withdraw Their money !!

why this ?!

Why they allow them to deposit before Complete KYC

They say we follow the law Does the law recommend doing so? Something weird!

Often exchanges hide KYC paragraph (in Privacy Policy or Usage Policy) Or users do not know Only when They want withdraw!!

what I think from like this exchanges They want Attract Volume Without regard to the interest of users

I hope the post on the right place if not Please Tell me right place
Sorry if the translation Incorrect !

Majority of exchange are doing that I can deposit any amount of tokens but will have an issue if I tried to withdraw major cryptocurrency like Bitcoin and Eth, they will not require when you are deposit large amount of tokens that are not in the top 10 you can withdraw, the issue has always been on the top coins.

stadus

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Hhampuz for Campaign management

Quote from: 1Referee on June 15, 2019, 05:08:10 PM

If an exchange doesn't accept users from a certain country they aren't forwarded a registration or login page. They see a message stating that they aren't allowed to use that specific exchange. I haven't heard yet of an exchange not accepting users from X country but still allows them to register. That would be pretty odd, don't you think?

I mentioned in my comment that I witnessed this kind of problem in gambling but have not seen it in exchanges, that was just a recommendation.
I understand that exchanges has a system to check your IP address and if you are prohibited then you are not allowed to trade, however, there are also instance that some will do bypass the IP by using VPN for example, but later, they got caught and that compromise their account.

1Referee

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Quote from: stadus on June 15, 2019, 08:29:07 AM

A trader needs to read the TOS of the exchange

Isn't going to happen. Most of the 'research' people conduct is based on searching through Google whether or not there are withdrawal problems and whatnot.

Quote from: stadus on June 15, 2019, 08:29:07 AM

don't try to trade if your country is prohibited as this would likely happen.

If an exchange doesn't accept users from a certain country they aren't forwarded a registration or login page. They see a message stating that they aren't allowed to use that specific exchange. I haven't heard yet of an exchange not accepting users from X country but still allows them to register. That would be pretty odd, don't you think?

stadus

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Hhampuz for Campaign management

A trader needs to read the TOS of the exchange, don't try to trade if your country is prohibited as this would likely happen.
It will only cause inconvenient on your part and you might loss your money, I never heard complains about exchanges, most of the complain like this are from gambling sites where gamblers are allowed to gamble but in the end money is held because KYC is required.

Caladonian

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Quote from: Vishnu.Reang on June 11, 2019, 11:57:05 AM

Quote from: ene1980 on June 04, 2019, 10:19:09 AM

Quote from: omer-jamal on January 04, 2019, 04:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem
But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem
after that exchange do not allow withdraw Their money !!
why this ?!

It is an age old trick to lure the users, some users will turn away if they ask for the KYC when they try to register and they will know the trap only when they try to withdraw the coin, even if the amount of coins you are withdrawing is less than $100 they will collect all your details and there is nothing you can do about it. Once we provide all the details we will come again so that they have a customer and that is the strategy some exchange has.

This happened to me with Cryptopia. When I created an account with them, they never mentioned about KYC. Then I deposited some altcoins and got them converted to Bitcoin and Ethereum. But while withdrawing, they asked for KYC. Fortunately, I found someone who would do the KYC for me, in exchange for a monetary payment.

Lucky for you that even you don't want to comply with this requirement you manage to find someone to deal it for you, it would be a bad thing
if you didn't find someone as you'll be force doing things that you really don't like to be done, your coins will be at stake since the exchange is
requiring you to deal with KYC.

Ridwan Fauzi

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Quote from: marcbitcoins on May 20, 2019, 11:18:50 PM

We should avoid this kind of exchanges because of the way they required KYC. Their system of KYC is unfair in which for sure many assets will be hold in their favor as they will just charge it technically over disqualified KYC. This is cleary a stealing in disguise i hope the regulation is against this process to protect the crypto users.

Most exchange on cryptocurrency market are centralized which mean there is someone or a group who set in order to make the exchange will run properly. As you may know, if you deal with a system who has a centralized system then you need to give your identity to them. It's not far such as you make a bank account in your country where you are required to provide your identity in order all activities that you do will be known by them. As for cryptocurrency exchange such binance, bittrex and local bitcoin need an identity from their user.

Vishnu.Reang

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Activity: 1988

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Quote from: ene1980 on June 04, 2019, 10:19:09 AM

Quote from: omer-jamal on January 04, 2019, 04:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem
But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem
after that exchange do not allow withdraw Their money !!
why this ?!

It is an age old trick to lure the users, some users will turn away if they ask for the KYC when they try to register and they will know the trap only when they try to withdraw the coin, even if the amount of coins you are withdrawing is less than $100 they will collect all your details and there is nothing you can do about it. Once we provide all the details we will come again so that they have a customer and that is the strategy some exchange has.

This happened to me with Cryptopia. When I created an account with them, they never mentioned about KYC. Then I deposited some altcoins and got them converted to Bitcoin and Ethereum. But while withdrawing, they asked for KYC. Fortunately, I found someone who would do the KYC for me, in exchange for a monetary payment.

maxreish

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Activity: 1330

Merit: 326

Can you provide what exchanges to that? As far as I know, some reputable exchanges like binance, bitmex doesn't require kyc for depositing and withdrawing. My transactions are fine with them. Maybe you can consider exchanges that are already trusted so that you can prevent these kind of tricks. Somehow, I tried to understand this kind of protocol in some exchanges like not requiring kyc for depositing but strictly required kyc for withdrawing.

ene1980

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Quote from: omer-jamal on January 04, 2019, 04:49:56 PM

I noticed Strange thing Some or most of the exchanges (require KYC to withdraw) - This is no problem
But Allow users to Deposit Even if they are not Complete KYC (in exchange require KYC) - Here the problem
after that exchange do not allow withdraw Their money !!
why this ?!

It is an age old trick to lure the users, some users will turn away if they ask for the KYC when they try to register and they will know the trap only when they try to withdraw the coin, even if the amount of coins you are withdrawing is less than $100 they will collect all your details and there is nothing you can do about it. Once we provide all the details we will come again so that they have a customer and that is the strategy some exchange has.

imstillthebest

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Quote from: lepbagong on June 03, 2019, 09:57:22 PM

Quote from: dark1234 on May 01, 2019, 05:55:27 PM

in general, kyc is needed for exchanges that use open systems while for neutralized matches this is not needed and for the time being kyc is not something to fear because 85% already use KYC so there is no problem for that ...

actually the problem of kyc is still a problem when behind the new information about the kyc, not from the beginning when someone starts. like there are intentions that are not good behind that because there are still many who have not accepted with certainty about the Kyc.
maybe you are right that there are many who use kyc and maybe there is no problem, but for me what is needed from the beginning is there is openness, so if someone does not like being able to avoid.

I am tryring to understand what you explain above . you mean the site needs to give notice that they will need a kyc ? Because some sites and some projects dont give any notice and the users will only be shock at the middle or at the end that they will be ask for a kyc .

aside from those , you also need to chose a site or a project that is already proven and tested to be safe and legit before you do a kyc just be extra sure that your infos will be safe from exploits

lepbagong

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Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: dark1234 on May 01, 2019, 05:55:27 PM

in general, kyc is needed for exchanges that use open systems while for neutralized matches this is not needed and for the time being kyc is not something to fear because 85% already use KYC so there is no problem for that ...

actually the problem of kyc is still a problem when behind the new information about the kyc, not from the beginning when someone starts. like there are intentions that are not good behind that because there are still many who have not accepted with certainty about the Kyc.
maybe you are right that there are many who use kyc and maybe there is no problem, but for me what is needed from the beginning is there is openness, so if someone does not like being able to avoid.

Kasabus

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Unfortunately that's their rule, they are talking advantage on our lack of knowledge so they can play around.

To make sure things remain working on your part, just comply with the KYC, that's the trend now, we are not dealing with decentralized exchange here.
I have centralized exchanges accounts and some are fully verified while some are not, but I made sure when it comes to big transaction, I use my verified account.

To avoid inconvenience on your part, you need to read the rules and policy of the exchange you are using.

Falgorn

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The exchanges are interested in people contributing their funds to them, as well as in keeping them in the accounts of the exchange. Therefore, favorable conditions are created for depositing funds on the exchange, however, when withdrawing funds from the exchange, various obstacles are created, including by requiring the KYC check. Of course, first of all, you need to require that the exchanges name the documents on the basis of which they require passing the KYC check and what information about yourself must be provided. Exchanges in this matter may abuse their rights. At the same time, it is better to find out everything before you deposit your cryptocurrency to the exchange.
I think that checking KYC should be only in respect of individuals who trade with significant amounts.

goaldigger

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Same as banks. Banks can make you open a savings account even with just one valid ID or even secondary IDs because they need your deposit. On the other hand, if you withdraw your account, they will ask for two or more IDs to verify. KYC isnt bad if thats the case. I agree with this for security.

marcbitcoins

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We should avoid this kind of exchanges because of the way they required KYC. Their system of KYC is unfair in which for sure many assets will be hold in their favor as they will just charge it technically over disqualified KYC. This is cleary a stealing in disguise i hope the regulation is against this process to protect the crypto users.

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