Crypto exchanges charging for inactive accounts . Do you support this ?

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Quote from: uneng on January 05, 2023, 07:10:00 PM

Quote from: kamvreto on January 03, 2023, 04:43:48 PM

Quote from: krishnaverma on January 03, 2023, 11:15:49 AM

Quote from: blockman on December 21, 2022, 05:53:19 PM

If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

binance would never implement such stupid rules. regulations that will only burden inactive users with funds in them. it will just give binance a bad name indeed. Currently, Binance has made a lot of profit from trading fees and that is more than enough. Those who apply fees on inactive accounts are just exchanges that don't have much to gain and are trying to find other advantages. It is better to leave such exchanges and keep them in personal wallets it will be safer and without any cost.

Besides that, exchanges actually make profit from inactive users' funds which are abandoned there. They use this money to lend and generate profit which are partially paid to users who borrow and the other part they get for themselves. It's a very profitable business format already, so exchanges charging from inactive accounts are just being greedy and abusive with their customers. Platforms doing this are going to suffer a very negative impact on long term. There will be lots of users cashing out their funds and deleting accounts. The ones which have friendly features to customers will be the benefited ones.

I will never agree that they charge for inactive accounts, neither in exchanges nor in casinos, this is something that exchanges invent to make profits, this is something I don't like, I have inactive accounts in some exchanges, and I don't I don't even want to enter because if I enter and they are going to charge me then I prefer to make a new account, I will never accept these things.

When an exchange does something like that to me, I think I would not enter again, for now I am only using an exchange and if it does something like that to me, I think I would stop using it, I don't really like these things, I prefer to use my personal wallet and Already.

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Quote from: kamvreto on January 03, 2023, 04:43:48 PM

Quote from: krishnaverma on January 03, 2023, 11:15:49 AM

Quote from: blockman on December 21, 2022, 05:53:19 PM

If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

binance would never implement such stupid rules. regulations that will only burden inactive users with funds in them. it will just give binance a bad name indeed. Currently, Binance has made a lot of profit from trading fees and that is more than enough. Those who apply fees on inactive accounts are just exchanges that don't have much to gain and are trying to find other advantages. It is better to leave such exchanges and keep them in personal wallets it will be safer and without any cost.

Besides that, exchanges actually make profit from inactive users' funds which are abandoned there. They use this money to lend and generate profit which are partially paid to users who borrow and the other part they get for themselves. It's a very profitable business format already, so exchanges charging from inactive accounts are just being greedy and abusive with their customers. Platforms doing this are going to suffer a very negative impact on long term. There will be lots of users cashing out their funds and deleting accounts. The ones which have friendly features to customers will be the benefited ones.

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Quote from: Nrcewker on January 05, 2023, 12:41:32 PM

Quote from: tvplus006 on December 20, 2022, 09:38:51 PM

Quote from: Ben Barubal on December 20, 2022, 01:24:33 AM

...Right now, they won't feel that, if the top exchange platforms don't have that kind of implementation, then it's not included in the top exchange in the market, always if I'm one of those who have an account there, I'll take out all my money from them, and I'll just switch to binance which is more trusted compared to their platform.

There is no point in transferring your money to another exchange, including on the Binance, if you are not going to use it for trading. And considering that after the collapse of FTX, the risks of losing your money on a centralized exchange increased, the best option would be to minimize your funds on CEX by sending them to your wallet.

I guess now after the FTX incident, many have understood when to keep their Bitcoins or coins in an exchange or not. I mean when to keep, when to not. If your plan is for HODL, then stay far from the exchanges, it doesn’t matter if the exchange is Binance or some new exchanges. If you want to trade then only deposit and do the work.
Moreover regarding the question asked in the OP, I don’t think top exchanges will do this tricks, at least the popular ones. I completely disagree with this type of charges.

We have exchange hacks and other related incidents in correlate with these platforms back in the past.People had been alarmed and learn up their lessons but time passes by then they do forget it out already
and trying out to trust up these platforms again and making it as their main wallet until the same scenario or situation happens again and ending up on a disaster.People never ever learn
and these exchangers are highly centralized and now they are making up some charges into those inactive accounts? They are just simply too greedy.
Arent they that contented on what they are making on the current market situation or into those users as of this moment?

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Quote from: tvplus006 on December 20, 2022, 09:38:51 PM

Quote from: Ben Barubal on December 20, 2022, 01:24:33 AM

...Right now, they won't feel that, if the top exchange platforms don't have that kind of implementation, then it's not included in the top exchange in the market, always if I'm one of those who have an account there, I'll take out all my money from them, and I'll just switch to binance which is more trusted compared to their platform.

There is no point in transferring your money to another exchange, including on the Binance, if you are not going to use it for trading. And considering that after the collapse of FTX, the risks of losing your money on a centralized exchange increased, the best option would be to minimize your funds on CEX by sending them to your wallet.

I guess now after the FTX incident, many have understood when to keep their Bitcoins or coins in an exchange or not. I mean when to keep, when to not. If your plan is for HODL, then stay far from the exchanges, it doesn’t matter if the exchange is Binance or some new exchanges. If you want to trade then only deposit and do the work.
Moreover regarding the question asked in the OP, I don’t think top exchanges will do this tricks, at least the popular ones. I completely disagree with this type of charges.

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Quote from: South Park on January 04, 2023, 03:32:23 PM

Recently there has been a lot of money leaving binance as a result of the FUD exchanges in general are suffering due to the events that transpired with the FTX exchange, if they were to implement such policy then even more money will leave binance, as no one is going to like that they are being charged over this when we know that such a thing does not really generate an additional cost to the exchange, and once that money is out there is no guarantee the client will ever use their services again.

Trust is important. Binance likes to think long term and thus it has not implemented this feature so far.

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Quote from: kamvreto on January 03, 2023, 04:43:48 PM

Quote from: krishnaverma on January 03, 2023, 11:15:49 AM

Quote from: blockman on December 21, 2022, 05:53:19 PM

If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

binance would never implement such stupid rules. regulations that will only burden inactive users with funds in them. it will just give binance a bad name indeed. Currently, Binance has made a lot of profit from trading fees and that is more than enough. Those who apply fees on inactive accounts are just exchanges that don't have much to gain and are trying to find other advantages. It is better to leave such exchanges and keep them in personal wallets it will be safer and without any cost.

Recently there has been a lot of money leaving binance as a result of the FUD exchanges in general are suffering due to the events that transpired with the FTX exchange, if they were to implement such policy then even more money will leave binance, as no one is going to like that they are being charged over this when we know that such a thing does not really generate an additional cost to the exchange, and once that money is out there is no guarantee the client will ever use their services again.

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Quote from: Oilacris on January 03, 2023, 07:57:17 PM

~snip~It is really just too much on having this kind of concept which it is really just showing on how greedy these platform are.
They are making that much money out of those trading fees and they shouldnt really be adding up the burden.

therefore, such a stupid rule that the Op asked about is a rule that will only benefit CEX, but will have a bad impact and be marked as an Exchange that is very greedy and wants more profit. It is not supposed to increase the burden on inactive accounts or even active accounts. The source of profit is only on trading and withdrawal fees, nothing more.
Any exchange that tries this dirty trick will be distrusted and abandoned, and perhaps worse than the distrust of traders with CEX as a result of this FTX incident.

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Quote from: kamvreto on January 03, 2023, 04:43:48 PM

Quote from: krishnaverma on January 03, 2023, 11:15:49 AM

Quote from: blockman on December 21, 2022, 05:53:19 PM

If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

binance would never implement such stupid rules. regulations that will only burden inactive users with funds in them. it will just give binance a bad name indeed. Currently, Binance has made a lot of profit from trading fees and that is more than enough. Those who apply fees on inactive accounts are just exchanges that don't have much to gain and are trying to find other advantages. It is better to leave such exchanges and keep them in personal wallets it will be safer and without any cost.

If Binance would be ending up with this kind of integration and if people would be finding out other platforms which doesnt ask out or implement those rules then pretty sure that they would flocked away.

We know that regulation do becomes strict and becomes tighter as years passing by which it would be understandable on having these changes but charging up some dormant accounts?
It is really just too much on having this kind of concept which it is really just showing on how greedy these platform are.
They are making that much money out of those trading fees and they shouldnt really be adding up the burden.

kamvreto

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Quote from: krishnaverma on January 03, 2023, 11:15:49 AM

Quote from: blockman on December 21, 2022, 05:53:19 PM

If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

binance would never implement such stupid rules. regulations that will only burden inactive users with funds in them. it will just give binance a bad name indeed. Currently, Binance has made a lot of profit from trading fees and that is more than enough. Those who apply fees on inactive accounts are just exchanges that don't have much to gain and are trying to find other advantages. It is better to leave such exchanges and keep them in personal wallets it will be safer and without any cost.

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Quote from: blockman on December 21, 2022, 05:53:19 PM

If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

South Park

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Quote from: Cantsay on December 21, 2022, 04:57:34 PM

Quote from: Ben Barubal on December 20, 2022, 01:24:33 AM

Right now, they won't feel that, if the top exchange platforms don't have that kind of implementation, then it's not included in the top exchange in the market, always if I'm one of those who have an account there, I'll take out all my money from them, and I'll just switch to binance which is more trusted compared to their platform.

Instead if bothering yourself with transferring your funds from one exchange to another while not just move everything to a non-custodial wallet. At least you'll have control over your funds rather letting it just stay in centralized exchange and right now no one knows what might happen tomorrow so it always better to have your funds store in your wallet so as to avoid story that touches the heart.
Binance might be doing well today to no one knows what might be of it tomorrow, FTX has taught us a lesson that we shouldn't take lightly.

It is important to remember this, binance may be doing fine right now but we do not now if that will still be the case in the future, in fact it is almost a sure thing that binance will at some point int the future collapse as it is the case for the majority of the companies around the world, and when that happens you do not want to have your money there as we know you are never going to recover it, so our only option is to hold our coins by ourselves.

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Quote from: bittraffic on December 21, 2022, 05:30:45 PM

Quote from: blockman on December 21, 2022, 04:51:33 PM

They just have to put a feature to make accounts active but if someone doesn't want to trade within a month, they shouldn't force their customers in doing it.
These capitalists really are making themselves rich and putting some rules that many won't like it. It's not a common rule but if that's what they're going to enforce then be prepared that they'll get lesser customers soon. They will for sure going to see a decline in their active accounts and more withdrawals.

Sure they have seen the effect of it since Bitstamp already sent out emails to its users to come back and deposit on them. $10 a month for using thier exchange as storage of coin investment I guess is just not making them worth the storage of choice.

I would be avoiding even if it's binance if they ask monthly fees. They should be grateful for the people using them. But this is also something that exchanges do to learn whether users are still alive.

If it's just for storing a coin, then those people are spending their money wrongly. They can just keep their coins on their own while having no problem about an exchange becoming potentially bankrupt soon.
If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

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Quote from: blockman on December 21, 2022, 04:51:33 PM

They just have to put a feature to make accounts active but if someone doesn't want to trade within a month, they shouldn't force their customers in doing it.
These capitalists really are making themselves rich and putting some rules that many won't like it. It's not a common rule but if that's what they're going to enforce then be prepared that they'll get lesser customers soon. They will for sure going to see a decline in their active accounts and more withdrawals.

\

Sure they have seen the effect of it since Bitstamp already sent out emails to its users to come back and deposit on them. $10 a month for using thier exchange as storage of coin investment I guess is just not making them worth the storage of choice.

I would be avoiding even if it's binance if they ask monthly fees. They should be grateful for the people using them. But this is also something that exchanges do to learn whether users are still alive.

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Quote from: Ben Barubal on December 20, 2022, 01:24:33 AM

Right now, they won't feel that, if the top exchange platforms don't have that kind of implementation, then it's not included in the top exchange in the market, always if I'm one of those who have an account there, I'll take out all my money from them, and I'll just switch to binance which is more trusted compared to their platform.

Instead if bothering yourself with transferring your funds from one exchange to another while not just move everything to a non-custodial wallet. At least you'll have control over your funds rather letting it just stay in centralized exchange and right now no one knows what might happen tomorrow so it always better to have your funds store in your wallet so as to avoid story that touches the heart.
Binance might be doing well today to no one knows what might be of it tomorrow, FTX has taught us a lesson that we shouldn't take lightly.

blockman

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They just have to put a feature to make accounts active but if someone doesn't want to trade within a month, they shouldn't force their customers in doing it.
These capitalists really are making themselves rich and putting some rules that many won't like it. It's not a common rule but if that's what they're going to enforce then be prepared that they'll get lesser customers soon. They will for sure going to see a decline in their active accounts and more withdrawals.

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Quote from: Crypto Library on December 21, 2022, 03:45:26 PM

Quote from: GigaBit on December 20, 2022, 01:02:46 AM

Crypto exchanges ‍are usually get some commission from the active users which are considered of their profit. But when a user does not do any trade or transaction on an exchange for a long time i.e. is inactive, there is no benefit to that exchange. As a result, some of the mentioned exchangers have imposed additional charges on inactive users. While these rules are good for them, no one will support them as an investor. Because the number of crypto exchangers are huge. Moreover, when the big exchanges are providing users with free benefits, it is not a very good initiative for some relatively unknown exchangers to take such a step, even it will bring back a negative attitude towards that crypto exchange. I personally would never support of such charges.

In my personal opinion I also think that why I would also need to necessary use these exchanger for trading where we find many more good exchangers are still available. For the exchangers who are imposing these terms and conditions, I think it will bring loss for them. Because users will go where they have more freedom from these things. A custodial wallet is taking away the freedom of the user and it is an additional condition on it. In custodial wallet, the consumer is already getting less freedom and these terms and conditions seem to be taking complete freedom. My suggestion will be always avoid those exchangers for the security of your fund.

Nothing surprising for any centralized platforms on which they could really put up some rules and conditions everytime they want which includes this which i would say that it is really just already too much,

Its true that it is really already getting the complete freedom considering that we are using up a certain platform then we are already prone to kyc or personal identity exposure

and now they're trying out to charge up something for those who hadn't been using up their accounts for long time? It is really just too much, they are really trying out to abuse
their power and terms which i wont be surprised if one day that popularity would be gone.If the community would able to see that it isnt really that right anymore
then they would be flocking into those exchangers which doesnt really charge up on being idle or dormant account.It doesnt really just make no sense imho.

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Quote from: GigaBit on December 20, 2022, 01:02:46 AM

Crypto exchanges ‍are usually get some commission from the active users which are considered of their profit. But when a user does not do any trade or transaction on an exchange for a long time i.e. is inactive, there is no benefit to that exchange. As a result, some of the mentioned exchangers have imposed additional charges on inactive users. While these rules are good for them, no one will support them as an investor. Because the number of crypto exchangers are huge. Moreover, when the big exchanges are providing users with free benefits, it is not a very good initiative for some relatively unknown exchangers to take such a step, even it will bring back a negative attitude towards that crypto exchange. I personally would never support of such charges.

In my personal opinion I also think that why I would also need to necessary use these exchanger for trading where we find many more good exchangers are still available. For the exchangers who are imposing these terms and conditions, I think it will bring loss for them. Because users will go where they have more freedom from these things. A custodial wallet is taking away the freedom of the user and it is an additional condition on it. In custodial wallet, the consumer is already getting less freedom and these terms and conditions seem to be taking complete freedom. My suggestion will be always avoid those exchangers for the security of your fund.

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this is certainly not correct, but I think in this way the exchange is trying to weed out inactive users and also find users who may have lost access to their funds. And thus, after a certain time, according to the new rules, all funds will legally become the property of the exchange. This is certainly not correct, but what do you want from centralized exchanges? Not your keys, not your coins.

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Quote from: GigaBit on December 20, 2022, 01:02:46 AM

Quote from: krishnaverma on November 06, 2022, 02:31:10 AM

There is a new practice among crypto exchanges to charge its users if they are inactive on the exchange. Some f the examples are

1) Zebpay: It is an Indian exchange that charges some fees from users if they have not done any trade in any month. It is still having this rule on the platform.

2)Bitstamp: Another exchange which added this rule was Bitstamp. It planned to charge 10 euros ($10.27) per month for inactive accounts.

Personally, I am against these charges and it affects the rate of crypto adoption. It discourages people from starting to use crypto. What is your opinion about this practice ?

Crypto exchanges ‍are usually get some commission from the active users which are considered of their profit. But when a user does not do any trade or transaction on an exchange for a long time i.e. is inactive, there is no benefit to that exchange. As a result, some of the mentioned exchangers have imposed additional charges on inactive users. While these rules are good for them, no one will support them as an investor. Because the number of crypto exchangers are huge. Moreover, when the big exchanges are providing users with free benefits, it is not a very good initiative for some relatively unknown exchangers to take such a step, even it will bring back a negative attitude towards that crypto exchange. I personally would never support of such charges.

it looks like a bank where we put money. there will usually be charged to us as a fee for us to leave money there.
but now there will be more active traders visiting exchanges and not keeping assets for a long time on exchanges. like the exchange said, are there still traders who put their money on the exchange and leave for a long time?
now some investors and traders will prefer to withdraw their money from the exchange and keep their money in their wallets.

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Quote from: Ben Barubal on December 20, 2022, 01:24:33 AM

...Right now, they won't feel that, if the top exchange platforms don't have that kind of implementation, then it's not included in the top exchange in the market, always if I'm one of those who have an account there, I'll take out all my money from them, and I'll just switch to binance which is more trusted compared to their platform.

There is no point in transferring your money to another exchange, including on the Binance, if you are not going to use it for trading. And considering that after the collapse of FTX, the risks of losing your money on a centralized exchange increased, the best option would be to minimize your funds on CEX by sending them to your wallet.

Topic: Crypto exchanges charging for inactive accounts . Do you support this ? (Read 855 times)