can exchange services sell my personal data? - page 5.

SistaFista

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Hexhash.xyz

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.

0.25% for fee in cryptocurrency exchange is not high. In my local exchange, i usually paying 0.3% fee on every transactions.
But if 0.25 multiplied by the number of users in the exchange, then they will get a great amount of money.
About the personal data, most exchange usually don't do that, but we don't know if their database get leaked someday.

asder250

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Empowering crypto w/ sustainable energy

0.25% * daily trading volume (several million dollars a day) = enough money to run a good exchange, don´t you think?

3DBrushes

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Quote from: ?? on ??

Perhaps it depends on the exchange, lots of shitty exchange does not deserve doing their kyc, so as not to loose your private information by such exchange selling it, I know that there are some exchanges that are out there just for your kyc information

If an exchange looks shitty or looks unprofessional then one should not start to trade on that exchange. Forget about KYC and run away from them. There are number of exchanges out there.

SquallLeonhart

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Quote from: fulled on August 09, 2019, 12:10:37 AM

They can but they will not do that, because it will make the exchanger no longer trusted, it will reduce their income, because people will avoiding its exchanger

Who said they cannot if they have the opportunity to monetize it, they will only do it secretly that no one will know about it. Look at the case of Facebook, how many years did Facebook practiced that before they were exposed, it took lots of years and I am sure that they would not have been exposed if not for their did that got leaked internally.

Many of these people sell the data to make money. for sometimes now, I have been seeing some projects offering to pay people certain amount of money to drop their data and the last one I saw was even from a reputable exchanger and I began to wonder why, until it dawn on me that they are simply going to make a whole hell of money from it, so this shit happens a lot and we cannot trust anyone no matter how clean they look.

guydin

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www.fintropy.io

Quote from: alexforneus on August 06, 2019, 09:13:31 AM

Every service can sell your personal data in theory

Why should they take such a great risk and sell your personal data? If something like that is found, their reputation will be spoiled. The game will be lost. therefore, you should also work only with the best-0trusted, reliable exchanges, which are in the top-10 at least. In this case, the probability that your information can be available to others will be close to zero.

beerlover

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They can't really sell it in a legal sense but when has it ever stopped a company to do anything illegal.

If money is involved and they are offered enough and they know they are not tested by good people to take their shady business methods into light than they will do it.

If you just mail them "I will give you 1000 btc for personal info" they won't take it definitely, these are sensitive stuff and these companies take it seriously, however if you know the owner and you met them in couple of conferences and you became a bit close to each other in the sense that when you see each other you know the names of each other without reintroducing yourself, than you may start to talk with them about it and eventually lead to buying it. That is how the system works, shady to shady people.

Soberb

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I do not know exactly exchanges will sell personal details of its customers or not. But I have heard that any social media or entities may sell data and personal details of the people for their own personal benefits. Maybe exchanges do the same.

Williams_Leo

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Quote from: ?? on ??

i don't know for changelly but generally with small exchanges the risk that they can sell user data is really real, we have to be careful about who we show our personal data...

I think on the contrary, small exchanges with quite a small number of users, the rate with which they can sell customer information and data is quite low because they need to develop their products, they don't can create bad information, it will greatly affect the way that they newly built, unless they create products for the purposes of fraud, otherwise, they will never sell customer data. Large exchanges are similar, the only risk can be the attack of insiders, hackers, they often do it to earn a large amount of money from exchange

No Pain No blood

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Why not? not only exchanges, even projects that distribute airdrops can sell KYC documents. therefore we must be more selective in providing personal data. do not be too easy to give personal documents to exchanges or projects that ask for KYC.

I even finished with KYC, and will never again provide personal data just for verification and more.

iv4n

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Anyone can sell your personal data, today that`s a huge business. When they do that you will not even know what happened, like in most cases we don`t know. Few days ago we saw news about leaking in Binance, year ago Facebook was accused for selling personal data and they fined with 5 billion dollars. They still operate, they are still in business collecting personal data and doing who knows what with that.
We get burned so many times, that`s why we need support decentralization and when ever we can to avoid KYC!

styca

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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.

As others have said, there are a huge number of transactions that they process, and so the money adds up. I think mentally we are used to bricks-and-mortar companies that have huge overheads maintaining warehouses, shops, staff, logistics etc. With an online exchanger, the overheads are minimal. They don't have a physical presence to maintain, they don't have huge numbers of staff manually processing these transactions. It is all automatic, and the profits pile up quite easily.

fulled

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They can but they will not do that, because it will make the exchanger no longer trusted, it will reduce their income, because people will avoiding its exchanger

March21

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Exchangers that I use, require to pay a fee of 1% of the withdrawal fee. For exchange fees, only 0.1% is charged. They can sell our data, such as e-mail, telephone number. Not an Identity Card. That's if they want to do it. I think if exchangers are already well-known, they save their customer data. To protect their names.

chocopapaya

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When it comes to user data, you need to assume that everything you use tracks data.
For exchanges (or any business) it is buried in the terms or user agreement somewhere.
But no one ever reads those, so most people don't know any better.
Data gathering and selling has become one of the most valuable commodities in the world now.
It's a trillion dollar market and no one even realizes it.

So yes, they make money from our data.
But, you shouldn't underestimate how much money they make off of fees.
In the case of changelly, it is the biggest swap exchange out there.
The trading volume is HUGE

khiholangkang

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Of course an exchange scam can do that, so you need to be careful in choosing an exchange, don't carelessly give your personal data to an exchange

ancafe

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Quote from: ?? on ??

Exchanges will not sell members' personal data just to make money. 0.25% is a big number and if it were multiplied, every person would make a lot of transactions. So there is no exchange that sells data (KYC) just to make money.

most likely KYC is also used for formalities. Well, it's natural if they ask for it. but, I don't think if they will sell that data. I agree if the data we provide can be sold for personal use. but, we know where we do KYC, and we know the team behind it. after all, it would only hurt their own project.

BITDV

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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.

Not weird for fee to trade, they need fee to run their business and also give us support and services. Let say exchange have 100K trade every day so they will have money for 0.25% x 100 K, and this is one of their income.

Can they sell users data?

Before i answer the question, please noted, i don't talk as spesific to changeally. Every exchange or business on the net can sell their data to anyone. But sure they will lose their customer trust and not good for their business if they do this. Except they had plan to this from the beginning, steal user data and also steal user balance

btcholder

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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.

Are you kidding. if it's 0.05% then you have no idea a good exchange earn how much money. Now days on of the easiest earn is exchange business. And your about selling data think it's possible if they want. Good and trust able exchange will not do that because of losing there customer. But which exchange have no future not trust able they might sell customer data for money. It's depend actually on exchange.

KuraJamban

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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.

Ohh.. 0.25% is already much, for every complete order you know.
Imagine, in 1 hour there are 100,000 transactions happen. We assume that every transaction happen is above $50.
$50 x 100,000 x 0.25% = $1,250,000‬ just for paying fees.

I think this already enough to make exchanger rich by doing nothing in just 1 hour lol.

AUruHM

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Quote from: ?? on ??

Changelly is a very reputable exchange and such thoughts of selling user data are baseless. I understand the major reason why you are thinking this way is because of the rumours of Binance data leak (KYC documents dropped in a telegram group) which is old news reawakened. Please have a clear mind, no FUD.

Actually, no one can interfere to sell client details on the Hydra for example. Binance data leak is a fake (as not so far Binance hack). But ICO with KYC did it definitely. Because of too many sellers appeared. And too many offers for sale I can see

Topic: can exchange services sell my personal data? - page 5. (Read 955 times)