Topic: can exchange services sell my personal data? - page 7. (Read 955 times)
Though exchanges are earning a lot through the fees from the traders I think there is still possibilities that they'd be selling the information to the 3rd party. I have been receiving emails from new exchanges lately, I don't know them, never heard of them but suddenly I got some emails introducing themselves and ask if maybe I'd be interested to join.
Giving personal KYC details to any other is always risky as we do not know how our personal details are being used. The first important point is that any company requiring KYC details needs to be transparent in case of KYC details of people. I cannot exactly say crypto exchanges use KYC details of traders for personal gains. But we should be aware.
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The fee that you mentioned in the post above is by no means cheap, they are taking advantages of the volume not and individual transactions. But, the fact that there are so many unverified third rate exchanges that have high probability of being manager by irresponsible anonymous they can easily sell your data in the darknet.
Which exchange site you think they would sell your personal data, OP? Poloniex, bittrex, binance, olex, gate.io, kucoin, huobi?
if the exchanges or exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges
can you make any example?
He can't since he only shitposting on here.
if the exchanges or exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges
can you make any example?
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.
Thats highly possible if you are not taking any precautionary measure when choosing the right and trusted exchange platform. And when submitting your personal data, just be sure that it was needed. Because some of exchange platforms are not requiring KYC and still you can trade and withdraw with limited amount such as 2 BTC daily. if your withdrawal amount was not exceeding that amount theres no need to supply your personal data. unless the exchange is requiring KYC before you can Trade and withdraw. Beware to those shady exchange specially those newly established and has no regulatory compliance. in terms of exchange fees in my case im using Binance and use BNB as a fee it was discounted so thats why im just paying 0.075% in my transactions. 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.
A word of caution for Changelly as its been linked to fraudulent wallet called freewallet and mining service minergate.
There's no any rules and regulations for an exchange what they can do or not with the data provided by you. If there's a fradulent exchange, they'll gladly sell your personal info for cheap price.
Exchange like Shapeshift and Changelly provides on the spot trading where they take a minimal fees as they have no large expenditures. And the last time I did an exchange from Changelly, they haven't asked for any personal info, don't know about the situation as of now.
So you're ok with using Changelly but warn others to stay away? I used Changelly as well back when I traded KIN before it dropped to nothing and stored them in Freewallet because I liked the design better. Personally, I haven't seen any issues and nobody asked me any details.
As for the exchanges, pretty much all trading platforms and more and more exchanges are starting to ask for verification. I'm also confident that, with the blockchain's popularity, it will start being regulated pretty soon. All these banks starting to do their own crypto - it's a double edged sword man.
kind of. I just want to be sure they are safe
nothing is impossible, personal data is very important and certainly valuable. there are many people who want to buy it. and I've heard someone sold it on reddit. so it's better to use a trusted exchange.
yes I've heard it too, but I don't remember the link. In my opinion, maybe not only on reddit but on some other sites that we don't know for sure they can also sell the personal data that they have stolen. but whatever it is, we must always protect our personal data properly and never try to give your privacy to anyone or exchange that is not trusted, so far binance is a trusted site in my opinion.
nothing is impossible, personal data is very important and certainly valuable. there are many people who want to buy it. and I've heard someone sold it on reddit. so it's better to use a trusted exchange.
I think that major exchanges value their reputation and will not do it. The income from the sale of users ' personal data is not comparable to the income from trading. As for the one-day exchangers, no one knows where the database goes )
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% is already big enough guys. they can get profit from every transaction on their platform. and I think they can continue to operate only by relying on that 0.25%.but if they want to sell their users' personal data, it can be. they could have sold it but that would only make the exchange's reputation worse. so there is no reason for them to do that.
I don't know the truth behind personal data either when verifying in exchange or completing token recipient procedures in a campaign, but I remember that personal data is very important so don't be careless in using your privacy. Use truly legitimate exchanges such as binance, yes I cannot guarantee you fully but I have no doubts about them.
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.
A word of caution for Changelly as its been linked to fraudulent wallet called freewallet and mining service minergate.
There's no any rules and regulations for an exchange what they can do or not with the data provided by you. If there's a fradulent exchange, they'll gladly sell your personal info for cheap price.
Exchange like Shapeshift and Changelly provides on the spot trading where they take a minimal fees as they have no large expenditures. And the last time I did an exchange from Changelly, they haven't asked for any personal info, don't know about the situation as of now.
So you're ok with using Changelly but warn others to stay away? I used Changelly as well back when I traded KIN before it dropped to nothing and stored them in Freewallet because I liked the design better. Personally, I haven't seen any issues and nobody asked me any details.
As for the exchanges, pretty much all trading platforms and more and more exchanges are starting to ask for verification. I'm also confident that, with the blockchain's popularity, it will start being regulated pretty soon. All these banks starting to do their own crypto - it's a double edged sword man.
if the exchanges or exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges
technically and legally speaking they are making money from the fees they receive from their users. generally exchanges charge two types of fees; trading fees and withdrawal fees. sometimes they also charge deposit fees but it is rare.
but illegally and hidden ways, they are making money through doing different stuff. main thing is market manipulation. both big altcoin exchanges and small ones do that specially the big ones like Binance that control the majority of the trading volume of altcoins.
the personal data sells are so small in comparison but it happens. it is not about whether they can, it is the question of when they decide to do that. all of the altcoin exchanges i know have already sold user data online. you can see that from the scam emails you receive in an email that you only gave the exchange!!!
but illegally and hidden ways, they are making money through doing different stuff. main thing is market manipulation. both big altcoin exchanges and small ones do that specially the big ones like Binance that control the majority of the trading volume of altcoins.
the personal data sells are so small in comparison but it happens. it is not about whether they can, it is the question of when they decide to do that. all of the altcoin exchanges i know have already sold user data online. you can see that from the scam emails you receive in an email that you only gave 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.
A well-managed cryptocurrency exchange outfit can make good money even with that charge fee percentage all because they are actually just the in-between in the volume of transactions and there is no need for them to put the capital in running the whole thing. Now, on the question of selling data that can happen anytime anywhere and it does not matter what kind of a platform you are dealing with. Unfortunately, this is something that is beyond our control and laws protecting our data privacy can easily be circumvented.
if the exchanges or exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges
can you make any example?
Sometimes I think that they sell users data and I'm thinking to pick another exchanger.
Unpopular exchanges might do this but for those reputable exchanges, do you think that they are willing to put their reputation at stake for selling their users data?I don't think that they are doing that.
if the exchanges or exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges
We have the same opinion, don't trade or pass KYC to unreliable exchanges. Therefore, choose only reliable exchanges
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.
It's not like you are the only user in the world right? Try to imagine 100 people trading at the same time with 0.25% fee. You'll see the bigger picture that they are making a lot of money just like that. What about withdrawal fee? And also listing fees? They can make a lot of money. If they could sell data, they could but I doubt they'll make money compared to their profit from their exchange.
ok, I see now. but I'm surprised that they have such low fees. but your words make sense
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.
A word of caution for Changelly as its been linked to fraudulent wallet called freewallet and mining service minergate.
There's no any rules and regulations for an exchange what they can do or not with the data provided by you. If there's a fradulent exchange, they'll gladly sell your personal info for cheap price.
Exchange like Shapeshift and Changelly provides on the spot trading where they take a minimal fees as they have no large expenditures. And the last time I did an exchange from Changelly, they haven't asked for any personal info, don't know about the situation as of now.
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.
It's not like you are the only user in the world right? Try to imagine 100 people trading at the same time with 0.25% fee. You'll see the bigger picture that they are making a lot of money just like that. What about withdrawal fee? And also listing fees? They can make a lot of money. If they could sell data, they could but I doubt they'll make money compared to their profit from their exchange.
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