Changelly & Magnum Wallet partnership

Tamilson

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Quote from: hugeblack on March 12, 2019, 06:22:22 AM

Do not use a closed source wallet to store your money, even if it is not scamming there is no difference between them and exchange platforms.
Read more ----> WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

Yeah, been also replying in his thread and already transfer my funds. I really thought coinomi is safe until then.

Quote

I do not know what you mean by what happened to shapeshift, but so far they have not imposed any restrictions on transactions "KYC" [It’s Ok for now].

Like I used shapeshift before and will buy some eth then but I waited for long but still don't receive my eth. I checked my bitcoin thus it's been received by their system. Anyways, I don't mind it since it's just few 0.01 eth but never use it since then.

dunfida

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Quote from: TravelMug on March 12, 2019, 11:04:52 AM

Quote from: figmentofmyass on January 18, 2019, 01:11:19 AM

they claim that 99.5% of all transactions are still processed anonymously. be careful though. whether you use changelly directly or through a third party wallet like magnum wallet, there's a chance you could have funds frozen by changelly and will need to complete KYC. there have been some pretty bad horror stories lasting months (if they were ever resolved at all).

Like this news? https://thenextweb.com/hardfork/2018/09/04/monero-profiled-suspicious-exchange/

I haven't read any follow though if this issues have been resolved by changelly or not. Anyways, I'd stop using changelly though, no offense but I try to look at other alternatives specially exchanging my coins without KYC.

I don't want to sound like a some nay sayer here, but I'm sure with government pressures around the corner, it might possible that changelly will have a mandatory KYC in the future.

Just simply look at to those services/exchangers before which we do believe that would able to last long without KYC but all of them do go in the same path.Changing everything and implying everything and as long
there's Government who would pressure these service they wont really have any choice but to follow but if not then they would face such big problem.

TravelMug

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Quote from: figmentofmyass on January 18, 2019, 01:11:19 AM

they claim that 99.5% of all transactions are still processed anonymously. be careful though. whether you use changelly directly or through a third party wallet like magnum wallet, there's a chance you could have funds frozen by changelly and will need to complete KYC. there have been some pretty bad horror stories lasting months (if they were ever resolved at all).

Like this news? https://thenextweb.com/hardfork/2018/09/04/monero-profiled-suspicious-exchange/

I haven't read any follow though if this issues have been resolved by changelly or not. Anyways, I'd stop using changelly though, no offense but I try to look at other alternatives specially exchanging my coins without KYC.

I don't want to sound like a some nay sayer here, but I'm sure with government pressures around the corner, it might possible that changelly will have a mandatory KYC in the future.

hugeblack

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Quote from: Tamilson on March 10, 2019, 03:34:41 AM

It just happened that coinomi also use changelly in their wallet so I became an instant fan of it. But I also wouldn't use their own platform since I'm afraid of what happened on shapeshift can also happen in changelly.

Do not use a closed source wallet to store your money, even if it is not scamming there is no difference between them and exchange platforms.
Read more ----> WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings
I do not know what you mean by what happened to shapeshift, but so far they have not imposed any restrictions on transactions "KYC" [It’s Ok for now].

I will try this wallet, edit this reply later.

Tamilson

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Activity: 1022

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Quote from: TryNinja on March 09, 2019, 08:40:04 PM

Quote from: Tamilson on March 09, 2019, 08:35:48 PM

I'm sorry, is changenow and changelly is connected to each other? Like having one developer? I love changelly but if it's related to changenow then it will be another story.

IIRC, ChangeNow uses Changelly's API to do most of their exchanges.

So it's basically just some kind of "middleman" between you and Changelly. I wouldn't use either of them.

It just happened that coinomi also use changelly in their wallet so I became an instant fan of it. But I also wouldn't use their own platform since I'm afraid of what happened on shapeshift can also happen in changelly.

TryNinja

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Quote from: Tamilson on March 09, 2019, 08:35:48 PM

I'm sorry, is changenow and changelly is connected to each other? Like having one developer? I love changelly but if it's related to changenow then it will be another story.

IIRC, ChangeNow uses Changelly's API to do most of their exchanges.

So it's basically just some kind of "middleman" between you and Changelly. I wouldn't use neither of them.

Tamilson

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Activity: 1022

Merit: 503

Quote from: joniboini on March 02, 2019, 12:07:16 AM

Quote from: Zalaster on February 26, 2019, 02:16:04 AM

This is true, but you can avoid KYC, of course, if your address is not blacklisted. You can make several small exchanges, Changelly has something up to 1 BTC without KYC. Alternatively, you can use ChangeNOW, they process exchanges without KYC up to 10 BTC.

ChangeNOW has some stories of selective scam iirc, one of the victims is Privy I think.
Anyway, it is still not possible to use ChangeNOW directly from Magnum, so I guess if somebody wants to use ChangeNow they need extra steps.

I'm sorry, is changenow and changelly is connected to each other? Like having one developer? I love changelly but if it's related to changenow then it will be another story.

Quote from: magnumwallet on January 18, 2019, 08:01:06 AM

In case Changelly frozes a transaction, the user has two ways: 1/ to pass KYC verification (an address will be included in the whitelist) 2/ to stop the exchange, Changelly will bring back all funds

read more on https://changelly.com/aml-kyc

Thanks. This is relief.

joniboini

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Quote from: Zalaster on February 26, 2019, 02:16:04 AM

This is true, but you can avoid KYC, of course, if your address is not blacklisted. You can make several small exchanges, Changelly has something up to 1 BTC without KYC. Alternatively, you can use ChangeNOW, they process exchanges without KYC up to 10 BTC.

ChangeNOW has some stories of selective scam iirc, one of the victims is Privy I think.
Anyway, it is still not possible to use ChangeNOW directly from Magnum, so I guess if somebody wants to use ChangeNow they need extra steps.

Zalaster

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Activity: 308

Merit: 13

Quote from: magnumwallet on January 18, 2019, 08:01:06 AM

Quote from: figmentofmyass on January 18, 2019, 01:11:19 AM

Quote from: elda34b on January 17, 2019, 10:47:18 PM

IIRC Changelly implement KYC for their users right? But after I check your wallet, it seems there's no KYC/AML implementation.

unlike shapeshift, changelly hasn't mandated KYC yet. their current policy is laid out here:

Quote

Changelly service has a risk scoring system that is able to spot suspicious activity. If a transaction is flagged by the system, it is put on hold and the User is asked to pass AML & KYC verification. For the reasons of security, we are not able to disclose specific criteria of our system, however, it has proven to be very effective against money launderers, scammers etc.

they claim that 99.5% of all transactions are still processed anonymously. be careful though. whether you use changelly directly or through a third party wallet like magnum wallet, there's a chance you could have funds frozen by changelly and will need to complete KYC. there have been some pretty bad horror stories lasting months (if they were ever resolved at all).

In case Changelly frozes a transaction, the user has two ways: 1/ to pass KYC verification (an address will be included in the whitelist) 2/ to stop the exchange, Changelly will bring back all funds

read more on https://changelly.com/aml-kyc

This is true, but you can avoid KYC, of course, if your address is not blacklisted. You can make several small exchanges, Changelly has something up to 1 BTC without KYC. Alternatively, you can use ChangeNOW, they process exchanges without KYC up to 10 BTC.

magnumwallet

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Activity: 57

Merit: 5

Quote from: elda34b on January 21, 2019, 09:55:18 AM

Quote from: magnumwallet on January 18, 2019, 08:01:06 AM

2/ to stop the exchange, Changelly will bring back all funds

I see, so if I use Magnum to exchange my crypto (integrated with Changelly), there will be some kind of "cancel" button if it's being flagged as suspicious right? I'll check it out later.

Exactly! Please, check it on https://changelly.com/aml-kyc

elda34b

sr. member

Activity: 910

Merit: 351

Quote from: magnumwallet on January 18, 2019, 08:01:06 AM

2/ to stop the exchange, Changelly will bring back all funds

I see, so if I use Magnum to exchange my crypto (integrated with Changelly), there will be some kind of "cancel" button if it's being flagged as suspicious right? I'll check it out later.

magnumwallet

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Activity: 57

Merit: 5

Quote from: figmentofmyass on January 18, 2019, 01:11:19 AM

Quote from: elda34b on January 17, 2019, 10:47:18 PM

IIRC Changelly implement KYC for their users right? But after I check your wallet, it seems there's no KYC/AML implementation.

unlike shapeshift, changelly hasn't mandated KYC yet. their current policy is laid out here:

Quote

Changelly service has a risk scoring system that is able to spot suspicious activity. If a transaction is flagged by the system, it is put on hold and the User is asked to pass AML & KYC verification. For the reasons of security, we are not able to disclose specific criteria of our system, however, it has proven to be very effective against money launderers, scammers etc.

they claim that 99.5% of all transactions are still processed anonymously. be careful though. whether you use changelly directly or through a third party wallet like magnum wallet, there's a chance you could have funds frozen by changelly and will need to complete KYC. there have been some pretty bad horror stories lasting months (if they were ever resolved at all).

In case Changelly frozes a transaction, the user has two ways: 1/ to pass KYC verification (an address will be included in the whitelist) 2/ to stop the exchange, Changelly will bring back all funds

read more on https://changelly.com/aml-kyc

elda34b

sr. member

Activity: 910

Merit: 351

Quote from: figmentofmyass on January 18, 2019, 01:11:19 AM

unlike shapeshift, changelly hasn't mandated KYC yet. their current policy is laid out here:

Ah, I see. Missed that. I though it is already mandatory.

Quote from: figmentofmyass on January 18, 2019, 01:11:19 AM

they claim that 99.5% of all transactions are still processed anonymously. be careful though. whether you use changelly directly or through a third party wallet like magnum wallet, there's a chance you could have funds frozen by changelly and will need to complete KYC.

Yeah, and it seems they use some kind of database to determine whether our transactions is malicious or not.

Quote

”‘KYC checks take place quite rarely, and only for the very first time when a user exchanges money into untraceable currencies. In fact, there is no fixed amount required for KYC. The check depends on a range of factors, such as a user’s transaction history, destination wallet and even time when they initiate a transaction. There is a database of suspicious wallet addresses that may be linked to malicious activities. It is shared among other crypto services and trading platforms that run KYC.”

Source: https://ambcrypto.com/changelly-clarifies-scamming-accusation-made-against-platform/

Seems like we should be safe if there's no TX connecting our wallet address to a malicious address. But better safe than sorry. It would be great if they at least re-send the money when they demand it's too suspicious and the user don't want to do any KYC.

figmentofmyass

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Quote from: elda34b on January 17, 2019, 10:47:18 PM

IIRC Changelly implement KYC for their users right? But after I check your wallet, it seems there's no KYC/AML implementation.

unlike shapeshift, changelly hasn't mandated KYC yet. their current policy is laid out here:

Quote

Changelly service has a risk scoring system that is able to spot suspicious activity. If a transaction is flagged by the system, it is put on hold and the User is asked to pass AML & KYC verification. For the reasons of security, we are not able to disclose specific criteria of our system, however, it has proven to be very effective against money launderers, scammers etc.

they claim that 99.5% of all transactions are still processed anonymously. be careful though. whether you use changelly directly or through a third party wallet like magnum wallet, there's a chance you could have funds frozen by changelly and will need to complete KYC. there have been some pretty bad horror stories lasting months (if they were ever resolved at all).

elda34b

sr. member

Activity: 910

Merit: 351

IIRC Changelly implement KYC for their users right? But after I check your wallet, it seems there's no KYC/AML implementation. Does this mean Magnum did the KYC and use it for every transaction made by the users? I'll check it out and try this inbuilt exchange when I can btw, looks cool.

magnumwallet

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The safest way to exchange coins: Changelly & Magnum Wallet collaboration

We are glad to announce the Changelly & Magnum partnership. A new outstanding option for Magnum Wallet users is available: exchange coins and tokens on Ledger directly in Magnum Wallet using the Changelly’s exchange tool. Magnum Wallet is continuously improving the user experience and broadening the options: forks claiming and staking income models, the support of hardware wallets and now exchange — all in one safe wallet.

The benefits of the Magnum & Changelly partnership are apparent since it provides users with a great opportunity not only to manage their digital assets in a particular blockchain network but also to exchange one coin to another. Moreover, there is a supreme option to exchange coins using hardware wallets and to be on the safest side.

About Magnum Wallet

Magnum is a light and anonymous web wallet for managing more than 700 crypto assets. Magnum desires to provide users with the opportunities to earn passive income on their digital assets. The passive income models provided by Magnum Wallet can be interesting for all kinds of users. Magnum regularly lists the forks of Bitcoin, Ethereum and other cryptocurrencies to allow users to claim these forks and earn extra funds safely. Another way to receive a passive income is to participate in DPOS like networks. One can earn interest on delegating or staking coins in the Tezos and Komodo networks. Magnum keeps observing the market to include as many safe and profitable features as possible in order to allow users to increase their income.

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Topic: Changelly & Magnum Wallet partnership (Read 229 times)