can exchange services sell my personal data? - page 3.

matt7

newbie

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Quote from: nutella_11 on August 22, 2019, 07:55:49 AM

Cryptocurrency exchanges shouldn't sell your personal data. I want to say that they CAN'T but there is always a risk. So, I recommend you to use only popular and reliable exchanges like Kraken, CoinDeal or KuCoin. It's good to feel safe, I don't even want to imagine that the exchange can sell my personal data! That's just ridiculous!

Yeah, but I think the risk is that personal data would be rather leaked than sold, you will never know if and when it happen. The key is to find reliable and trustworthy exchange, with high level of security. CoinDeal you mentioned recently has reached 1st place in ranking of top 5 trading platforms for EU: https://cryptomag.me

nutella_11

jr. member

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Cryptocurrency exchanges shouldn't sell your personal data. I want to say that they CAN'T but there is always a risk. So, I recommend you to use only popular and reliable exchanges like Kraken, CoinDeal or KuCoin. It's good to feel safe, I don't even want to imagine that the exchange can sell my personal data! That's just ridiculous!

Lexurdania

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Quote from: robelneo on August 22, 2019, 06:33:19 AM

Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

Don't use Changelly and all the others who will read this post, it's a fraud exchange, there are a lot of bad reviews about Changelly in the scam section, not all exchange sell their users data, those legit and government compliant will not allow to sell your data or they will be charged and get their license revoked if they do that.

Some people use changelly because they can use credit cards to buy their favorite crypto. I am still afraid to use credit cards to make online transactions for fear that my data will be stolen, but I am sure that every exchanger will not sell customer data

jcarlo

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Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

I think the exchanger will not dare to sell their customer data because this is a form of violation of the law. Exchangers have many sources to make money and one of them is to charge listing fees for projects that will list on the exchanger. And the biggest source of income is the imposition of fees on each transaction from its customers

robelneo

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Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

Don't use Changelly and all the others who will read this post, it's a fraud exchange, there are a lot of bad reviews about Changelly in the scam section, not all exchange sell their users data, those legit and government compliant will not allow to sell your data or they will be charged and get their license revoked if they do that.

Babyrica0226

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Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

I think all exchange site platform getting their profit through every transaction charge of the individual traders, aside from that they also a quota for every coin listed to their platform too, and lastly they also have average percentage if the exchange will be use for IEO programs I think. Also they have a capability to sell our personal data due to they have access to our accounts once we submit kyc to their site platform.

Distinctin

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No dream is too big and no dreamer is too small

Quote from: bamb on August 22, 2019, 02:23:20 AM

Decentralized exchange is the future of exchange of cryptocurrency, I hope we have more dex for crypto asset as time goes on!

I think that future is not bright anymore, some popular decentralized exchange now are already requiring their user to pass the KYC.
Binance DEX and IDEX are not anymore a fully decentralized exchange, it seems like the purpose of DEX has been defeated due to the strong regulation of the government which is to require a KYC so they can combat illegal activities such as money laundering.

michellee

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🐺Spinarium.com🐺 - iGaming casino

Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

They can sell users data to other people, but I don't think that they will do that as if they do that, they ruin their own reputations. They make money from the fees of trading and listing the new coins on their website, that is what I heard, but I don't know if they have another source. I don't use changelly in my daily or weekly trading because I still like to do that in the exchanges. I don't overthink about the fee because as long as I can get the profit, it means my fees still at a little money.

bamb

sr. member

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We have seen exchange user's data been compromised and to answer your question, yes, rogue exchange can sell your data. But do not compare lower fee as a red flag to the possibility of user's data been sold for profit by the exchange! Decentralized exchange is the future of exchange of cryptocurrency, I hope we have more dex for crypto asset as time goes on!

firmino10

member

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elysian.finance

It is very very unlikely for top crypto exchanges (like Binance, gate. Io, kucoin) to sell your personal data because they are have integrity.
But I can't really speak for these low exchanges because they can be enticed with the money and give up their users personal data.

sieemma

sr. member

Activity: 980

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This is the most dangerous thing in the crypto space because we don't actually know what our data are used for behind the scenes.
If it has to be selling of documents, I think you have to know which site you are submitting your documents. Don't look out for huge promises and submitting your documents to people who can pose a threat to your life.

ATSgrowth

full member

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homt.net

It depends on the exchange, I do not think that big exchanges like Binance or Coinbase will do that. They are earning enough in a legitimate way.
While exchanges that are pretty new could try it to raise enough money as soon as possible because they understand how many competitors are in the market.

Nolimitz84

sr. member

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Quote from: novy on August 21, 2019, 01:47:52 PM

The exchanges can offer your kyc docs to government structures if those will ask for. Regarding the selling docs, I think reputation cost more that docs.

Yes, but what if the exchange doesn’t care about its reputation? Perhaps such an exchange can sell data to third parties. We live in the 21st century, in which everything is possible! And to categorically deny the fact that some kind of exchange can sell data is ridiculous.

novy

full member

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The exchanges can offer your kyc docs to government structures if those will ask for. Regarding the selling docs, I think reputation cost more that docs.

nwosuchristabe2

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Quote from: upyem2k on August 21, 2019, 01:09:10 PM

I don't believe they sell your data. Why will they do that when they make a lot through the transaction charges you pay when you sell or withdraw from their platform? That amount you regard as less charges becomes big money when huge transactions take place or when plenty of people transact on their platform.

Even though there's no prove as to the exchange selling individuals data, and the exchange are expected to be buoyant with the transaction charges which users of the exchange tend to pay, there's still a possibility of data breach which may not be executed by the exchange.

charlop24

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Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

You don't need to pick another exchange simply because of your suspicion. Do you want to pay more fees for your transaction before you'll be comfortable with the exchange, if you consider the amount earned by these exchanges after collecting the fees from various users, you'll marvel at the amount.

upyem2k

jr. member

Activity: 448

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I don't believe they sell your data. Why will they do that when they make a lot through the transaction charges you pay when you sell or withdraw from their platform? That amount you regard as less charges becomes big money when huge transactions take place or when plenty of people transact on their platform.

jumiapaul

copper member

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Quote from: btc_love on August 05, 2019, 12:00:01 PM

Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

The exchange fee of 0.25% isn't small when you multiply it with the number of trades executed on the platform daily. Some exchange even charge much more and have consistent users. On the issue of selling users private information, I'm not certain of its possibility and want to believe several exchanges wouldn't do such.

lolgato1

sr. member

Activity: 793

Merit: 250

People from European Union should be protected, there is a law about GDPR.
But always, you can´t trust anyone, you even can´t know what is happening with your datas.

nicecrypto

member

Activity: 1260

Merit: 21

who knows! they will always tell you that your personal information are safe and secured and will not be shared with any 3rd part company but is it really true what they say? can someone trust their personal information with total strangers you are not familiar with?, or maybe not the exchange will compromise your data but from the hackers who will have access to your personal data will be the real problem.

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