0.25% isn't that small if you consider that the percentage charged on large amounts of money makes it a pretty good fee.
As regards the selling of your data, it depends on the exchange. Guess there is nothing they won't do if they are never punished for breaking the little rules.
Check their Terms of service. This would determine whether they sell your data or not.
Topic: can exchange services sell my personal data? - page 6. (Read 955 times)
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.
If I going to choose between exchange and ICO to undergo KYC I'll definitely pick an exchange, I have done KYC on three exchanges, they are top the exchanges in the market, and I'm comfortable doing KYC to these exchanges because they are compliant and they are regulated.
So far there is no leak from big exchanges that they are selling their members information, compare to ICO's some of them set up ICO not only to accumulate funds but only to collect information that they can sell in the market.
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 0.25% fee is part of the exchange income, you might think it's too low. but if you think there are a lot of members who are in the exchange and do transaction traffic every day. so it will be a large income even if only 0.25% hero member
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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 exchanges make money from the fee that is applied to many things. Besides that, I think they make money from listing the new coins in their site, and I think each exchange will have a different fee. It could be possible for the exchanges to sell the users data because we don't know what they will do with the user's data.
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 don’t have to necessarily sell data to make money, when an exchange becomes established, they usually don’t look at that fee you see there, but they look at the volume they can get from the market. Volume is all that matter, if they have enough volume that percentage you see is very high for them to make as profit in a day. I am sure that Binance total trade volume in a day might be going to like 3 million dollars if not more than, so at 20 million dollars, it means they will be making up to $50000 per day, which makes it like $1,500,000 per month and that is like 18 million dollars as profit per year, what else do they need to make again that they are not making with that fee? So I think that the percentage is more than enough for any solid exchange to live on comfortably.
fake exchange site can sell your personal data and this is why you must do a lot of research before try to use any exchange site because if that exchange is a scam exchange site and you have verified your account through KYC verification and it was true if that exchange site can sell your data. that fees still makes sense and try to use major exchange to give you more guarantee
the problem is that you cannot know in advance which exchange will be a scam. BiteBTC recently turned out to be a scam where there were a lot of users and large volumes. I lost a lot of money and my data there 
fake exchange site can sell your personal data and this is why you must do a lot of research before try to use any exchange site because if that exchange is a scam exchange site and you have verified your account through KYC verification and it was true if that exchange site can sell your data. that fees still makes sense and try to use major exchange to give you more guarantee
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 fee of the crypto exchange is enough to generate profit for them if they have many active users.
Usually fee not only comes from trading activities, also from withdrawals. With this, the exchange can make enough money to maintaining the exchange.
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.
Does changelly already having KYC verification? As i had previously used them it didnt ask me out something like kyc thing.I do make use this instant exchange site whenShapeshift turns to be a kyc-required one.So if this one do made the same then people would just simply find another option to take.
About making money on that 0.25% fee then thats how it works, and come to think that these percentage is higher compared into casual exchangers in the market.
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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.
From just one individual you might consider that small but when you multiple that fee by the thousands and for some reputed exchanges millions of users that use their exchange, you would understand why that particular fee is even too much. As for your privacy been sold we can't gaurantee they're not engaging in such act as the big companies also do this (sell our privacy).
You should also understand exchanges don't only charge trading fees, they also have withdrawal and some do have deposit fees therefore there are numerous of ways an exchange can profit from it's customers.
Just think about 0.25% multiplied by thousands of users per second doing trade. That is huge, and that's where their money is coming from. I never thought about exchanges selling our identities. I hope it won't because it will destroy the trust of the community to the whole crypto market. And I think those exchanges won't let that happen.
and pay just 0.25% and I think this is pretty weird
0.25% on large volumes adds up nicely. Don't worry about them.
Which exchange site you think they would sell your personal data, OP? Poloniex, bittrex, binance, olex, gate.io, kucoin, huobi?
Maybe some has already done that, at least indirectly (I mean Polo, by being bought).
But normally I don't think they would sell customer data; their image would suffer if getting caught, and for what, for peanuts?
Let's get Polo as example. They show 2400BTC volumes in the last 24h. That would be 6BTC in fees. I'll divide by 10, just because it's said that 90% of volumes are fake. That's still 0.6BTC/day. Yes, per day.
So yes, OP is worrying because he has missed something. Maybe this clears it up.
lol I worry about myself
fake volumes are so bad for the industry!
I hope there is no exchange that trades data for bad purposes, now if there is an exchange that trades data I think it is not a good thing and will harm the exchange itself and harm many parties
Every service can sell your personal data in theory
actually exchange can easily do this. but for now I think the exchange will not do something stupid just to get profit, because the bet is the reputation of the exchange. so I think this is a trust for exchange of members and should be wiser in using personal data
Well, the percent you just mentioned is already a fee they could get and look how many users that always do trading, some have multiple exchanges being used. Even that small they can generate more fees and that's making them some money. Don't use those exchanges on the first place they are not reliable one if they'll sell data, find an exchanges with good reviews by the community.
I don't doubt that they can do that. I used to receive few emails on daily basis until I join cryptocurrency trading after which I started receiving what can be regarded as junk messages.
isn't that already the rule when exchanging a crypto. they don't sell our data, but they use it to boost their popularity. so the more users who use their coins the more they will increase their popularity. they will continue to develop to continue issuing new coins through an ICO or IEO program, and I think from that program they get a money by providing a place for investors to put their money there. when the program is complete and reaches its target they will benefit from it.
and pay just 0.25% and I think this is pretty weird
0.25% on large volumes adds up nicely. Don't worry about them.
Which exchange site you think they would sell your personal data, OP? Poloniex, bittrex, binance, olex, gate.io, kucoin, huobi?
Maybe some has already done that, at least indirectly (I mean Polo, by being bought).
But normally I don't think they would sell customer data; their image would suffer if getting caught, and for what, for peanuts?
Let's get Polo as example. They show 2400BTC volumes in the last 24h. That would be 6BTC in fees. I'll divide by 10, just because it's said that 90% of volumes are fake. That's still 0.6BTC/day. Yes, per day.
So yes, OP is worrying because he has missed something. Maybe this clears it up.
That is even high compare to other exchange fee as million of people do transaction on daily basis which by the time you accrued all , you will be surprise to see huge some of money being made at end of month, so dont look down on those little fee as they make a lot at the end.
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