Crypto exchanges charging for inactive accounts . Do you support this ? - page 2.

Ben Barubal

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Quote from: krishnaverma on November 06, 2022, 01:31:10 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 ?

- First of all, I did not create an account on the said exchange that was mentioned, then there is an unfairness of that exchange platform if that is their rule for their traders. I think eventually, traders might reduce them on their platform because of such a system.

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.

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Quote from: krishnaverma on November 06, 2022, 01:31:10 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.

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Quote from: Pandu Geddon on December 19, 2022, 01:30:29 AM

Quote from: koang on December 19, 2022, 12:12:19 AM

~ ~ ~

then, why keep our assets on the exchange when we are not trading?
even if our assets were delisted from the exchange, we wouldn't know. What happened to FTX should have made us realize that keeping our assets on the exchange would be very detrimental.
for those active traders, may not get a discount. but it is better to withdraw their assets when finished trading.

Many people do not hold with their keys for a long time to come.
Not your keys, not your coins, That's 100% true.
We are responsible for our own thing, but everyone in crypto shares the blame for not developing secure fiat on-ramp.
There is no dex we can use for super cheap swaps nowadays.

Pandu Geddon

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Quote from: koang on December 19, 2022, 12:12:19 AM

ZebPay has eaten users' money in the name of monthly keeping fees.
And they do not show Proof-of-Reserves and assure users regarding the safety of their funds.
They are not the crypto exchange. It's a fraudster defaming the crypto industry.
Worst Indian Exchange ever. Don't use ZebPay

then, why keep our assets on the exchange when we are not trading?
even if our assets were delisted from the exchange, we wouldn't know. What happened to FTX should have made us realize that keeping our assets on the exchange would be very detrimental.
for those active traders, may not get a discount. but it is better to withdraw their assets when finished trading.

koang

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Quote from: Adbitco on December 16, 2022, 02:55:18 AM

I think they are somehow functioning as bank from the view, you really made a point just like my local bank they kept charging me whether i made deposit / withdrawal or not they kept deducting their monthly fees so i got sucked over everything making me buying bitcoin and hold in my wallet. But realistically they making their exchange uncomfortable to trade and reduces their trust rate.

Yeah. And when we ask a banker how they feel about crypto, it is like asking a dictator how their feel about democracy.
What kind of answer do we expect? lol

ZebPay has eaten users' money in the name of monthly keeping fees.
And they do not show Proof-of-Reserves and assure users regarding the safety of their funds.
They are not the crypto exchange. It's a fraudster defaming the crypto industry.
Worst Indian Exchange ever. Don't use ZebPay

Fatunad

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Quote from: NdaMk on December 18, 2022, 02:14:22 AM

That’s one of the reasons not to fully rely on crypto exchanges with your funds. This is definitely not right and I don’t support it at all. They make a lot of money from transactions made on the use of their platform and they’re not suppose to bill their users just the way they like again for keeping money in their exchange. This will undoubtedly deter people from venturing in cryptocurrency. I'm hoping that this will raise awareness among cryptocurrency users to only store their funds in centralized exchanges and to avoid exchanges like this one.

There are even gambling sites charging dormant or idle accounts which it is really just that too much.Now that exchangers are doing some stuff then i dont really support this one and they are already
charging up everything now which turns out that they are really that milking that much their customers and now they are even charging inactive ones which it shouldnt really be supposed on this way.
Neither those people are just paring out their coins or just totally lost up their interest to logged in or totally forgot that they do still have the account.
Just let people do sit their funds and dont charge up just because they werent active.

NdaMk

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That’s one of the reasons not to fully rely on crypto exchanges with your funds. This is definitely not right and I don’t support it at all. They make a lot of money from transactions made on the use of their platform and they’re not suppose to bill their users just the way they like again for keeping money in their exchange. This will undoubtedly deter people from venturing in cryptocurrency. I'm hoping that this will raise awareness among cryptocurrency users to only store their funds in centralized exchanges and to avoid exchanges like this one.

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Quote from: krishnaverma on November 06, 2022, 01:31:10 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 ?

Absolutely against that, fortunately, both of them cancel the new rules due to the community. If an exchange charge that much every month then that exchange will lose their member and wish to delete their account. Charging that amount not making our funds safe either and people will think that crypto will be the same as a bank that charge our money every month. glad that the community stands against that new rule.

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Quote from: dezoel on December 17, 2022, 04:53:08 PM

Quote from: Obari on December 16, 2022, 10:01:31 PM

I really don't know who gave this exchanges such advice to charge dormant accounts even upto $10 a month for just having to store your coins on their platform?
Well I think they shouldn't back off anytime soon because this will also help people to adapt to use decentralized exchanges.
I see no reason why a centralized exchange should charge a fee for dormant account when they know that people could easily do without them and go for the decentralized exchanges.
This is a greenlight that this exchanges jus want to exploit their customers because they're in charge of their assets and feel they can do anything to it.

I am sure the second exchange to do this, only get an idea on the first one but we don't know if the first one have think of it all by themselves or there's someone that advice them to do this. I won't wonder anymore if there aren't a lot of exchanges follows the same idea as this doesn't look appealing as a customer.

For any types of business, the owners are usually the ones that gives free money, bonus and any other exciting offers to entice their customer. I don't support this kind of act and I do not think that their advocate is purely to help people realize that centralized exchanges are not a good way to store money but maybe they are only using that as an excuse to steal money.

Pretty sure that there would really be advisors for this particular rule or changes and the second one would really be still in idle and waiting up whether such changes do get some positive or negative impessions.
If ever they would be finding that there are lots of criticisms then they would definitely not be rooting on following on what that 1st platform had implemented.If ever this had been making out no
noise then they might be following but in overall its not really something just right on charging into those accounts which arent that active.You dont know if the owner
had completely just leave out and never came back.

dezoel

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Quote from: Obari on December 16, 2022, 10:01:31 PM

I really don't know who gave this exchanges such advice to charge dormant accounts even upto $10 a month for just having to store your coins on their platform?
Well I think they shouldn't back off anytime soon because this will also help people to adapt to use decentralized exchanges.
I see no reason why a centralized exchange should charge a fee for dormant account when they know that people could easily do without them and go for the decentralized exchanges.
This is a greenlight that this exchanges jus want to exploit their customers because they're in charge of their assets and feel they can do anything to it.

I am sure the second exchange to do this, only get an idea on the first one but we don't know if the first one have think of it all by themselves or there's someone that advice them to do this. I won't wonder anymore if there aren't a lot of exchanges follows the same idea as this doesn't look appealing as a customer.

For any types of business, the owners are usually the ones that gives free money, bonus and any other exciting offers to entice their customer. I don't support this kind of act and I do not think that their advocate is purely to help people realize that centralized exchanges are not a good way to store money but maybe they are only using that as an excuse to steal money.

teosanru

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Quote from: krishnaverma on November 06, 2022, 01:31:10 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 ?

Very strange and am totally against this. But if you see in a way it's a really good thing. Because such things will motivate investors to keep their money in the wallets instead of exchange when they it is idle. This makes sure less amount of scams with your money. But to me the rules also sounds a bit strange. Because it's like charging money for not doing anything. If you are so much in need of funds increase the withdrawal fees. Makes no sense to charge this amount of fee.

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Quote from: OmegaStarScream on November 06, 2022, 01:53:10 AM

I personally think that more exchanges should adopt this as long as users don't get charged when they have nothing on their accounts because it seems like something that would encourage users from keeping their funds in off exchanges.

I agree.

It's a win-win for both parties, exchanger won't earn money in inactive accounts and inactive accounts would be force to withdraw their money on a wallet that is much safer. I bet those inactive accounts are (1) traders who quit trading, or (2) hodlers who are storing their cryptocurrency in an exchange since maybe they are just beginners that doesn't have any idea where to keep it while waiting.

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I really don't know who gave this exchanges such advice to charge dormant accounts even upto $10 a month for just having to store your coins on their platform?
Well I think they shouldn't back off anytime soon because this will also help people to adapt to use decentralized exchanges.
I see no reason why a centralized exchange should charge a fee for dormant account when they know that people could easily do without them and go for the decentralized exchanges.
This is a greenlight that this exchanges jus want to exploit their customers because they're in charge of their assets and feel they can do anything to it.

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I don't sure with good ideas when crypto exchange market charging for inactive account, usually when have user not access or log in to their account in long term period have notification about closed permanently by system but they have sent notification early. I think Binance is most friendly exchange market how long you not access to your account never charging fee withdrawing or your account get warning notification.

Quote from: tranthidung on December 16, 2022, 09:07:34 AM

(2) Leaving means you should withdraw all your coins from that account to your own wallets.

Seems its good option leaving the exchange market have crazy rule and withdrawing all fund to own wallet like metamask, trustwallet or hardware wallet.

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Quote from: krishnaverma on November 06, 2022, 01:31:10 AM

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 ?

Support it or not, as a user on a centralized service, you only have option to stay or to leave.

(1) Staying with them means you will be charged fee for your inactive account.
(2) Leaving means you should withdraw all your coins from that account to your own wallets.

The second option is better as "Not your keys, not your coins" that is always a true mantra in cryptocurrency.

With self custody (non-custodial) wallets, no one charge you additional fee because of inactivity. Cheesy

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Quote from: Anguwa on December 15, 2022, 04:29:13 PM

Quote from: krishnaverma on November 06, 2022, 01:31:10 AM

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 ?

In some ways, I disagree with this policy, but in other ways, I think it's a good idea. If they charge the centralised exchanges, people will realize they made a mistake by keeping their coins there, and they will start looking for personal wallets to store their Bitcoin safely without having to pay for the exchange's upkeep since it's free and trustworthy.

You have a point but I think it should be a common habit for a crypto user to have a personal wallet. The one who will be most affected to this kind of charging policy is the one who forgot that they have a balance on that certain trading platform. Mostly that kind of policy is a disadvantage for most users. Imagine a user intended to leave a sh*tcoin in that exchange because it's not worth it to transfer because of the current value, after months of being stored; the exchange sweep all the remaining balance as a penalty of being inactive. And miraculously the sh*tcoin that were collected by the exchange blew up 300x. Obviously it's a loss for the exchange customer because of the potential profit he got from that scenario.

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Quote from: krishnaverma on December 15, 2022, 07:14:32 AM

Quote from: |MINER| on December 11, 2022, 09:15:52 AM

Quote from: coinerer on December 11, 2022, 06:43:25 AM

As these exchangers are applicable to a local country, they act like a central bank, ie if you have a bank account, maintenance charges and SMS charges and some other charges are deducted every year for your account. In this case, you may or may not have money in your account. So maybe these exchangers work in such an algorithm that a certain amount will be charged to your account every month. Whether you use the account for trading or not. I am not completely sure about this. But I think it happens because of this

I agreeing with your words I think they are locally applicable and with that may they have some extra facility for those users. Even then I think it would be better to avoid those exchangers because if you hold your crypto fund there and stop trading for a while then you have to pay extra free again to retrieve that fund. I think it's kind of putting pressure on the users. Moreover, there are many good exchangers available through which you can exchange crypto directly to your bank. I don't support those kinds of terms and I also think that those exchangers will lose their users because of these terms.

Yes, ZebPay is like a local exchange in India. It caters to people in India and is one of the first exchanges in the country. People from one country are kind of forced to use these local exchanges because it is very easy to add funds there.

Although local exchangers charge some fees . However, local exchangers are very easy to use and easy to cash out. But in this case, the problem of TAX also remains. Since the local exchanges are government approved and regulated by banks, government TAX will be mandatory.

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Quote from: South Park on December 15, 2022, 12:52:34 PM

Quote from: Adbitco on December 15, 2022, 08:17:19 AM

snip

While I think this is undoubtedly a mistake on their part as it is a bad idea to try to charge money for inactive accounts, at the same time is not as if I like exchanges too much, so the more mistakes they make the more people will realize they are just like banks and then people will begin to avoid them just as we have began to avoid banks years ago due to their ridiculous policies, so even if it is counterintuitive I love they are making these kind of mistakes.

I think they are somehow functioning as bank from the view, you really made a point just like my local bank they kept charging me whether i made deposit / withdrawal or not they kept deducting their monthly fees so i got sucked over everything making me buying bitcoin and hold in my wallet. But realistically they making their exchange uncomfortable to trade and reduces their trust rate.

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Quote from: krishnaverma on November 06, 2022, 01:31:10 AM

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 ?

In some ways, I disagree with this policy, but in other ways, I think it's a good idea. If they charge the centralised exchanges, people will realize they made a mistake by keeping their coins there, and they will start looking for personal wallets to store their Bitcoin safely without having to pay for the exchange's upkeep since it's free and trustworthy.

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Quote from: South Park on December 15, 2022, 12:52:34 PM

Quote from: Adbitco on December 15, 2022, 08:17:19 AM

This is not a good idea of charging inactive account, why would they implement such to their platform do they know if actually those users having any funds to trade or exchange their coin?
Basically from the view of things, someone like me would hardly leave my funds into such exchange, now my question is what if someone have funds inside the exchange and decided not to trade with it rather than just using it to store their funds would they still charged such user if I may know or they still not charge.
They are really discouraging people not to use their exchange anymore to trade because naturally I would suggest that they should give a bonus to attract people to claim it maybe at time of claiming it they would now say for them to withdraw it individual has to make a minimal deposit of $10 and trade to make withdrawal this would have attracted more of their inactive account to fund their exchange in other to receive bonuses.

While I think this is undoubtedly a mistake on their part as it is a bad idea to try to charge money for inactive accounts, at the same time is not as if I like exchanges too much, so the more mistakes they make the more people will realize they are just like banks and then people will begin to avoid them just as we have began to avoid banks years ago due to their ridiculous policies, so even if it is counterintuitive I love they are making these kind of mistakes.

Dont know on why they do really end up with this kind of consideration on charging up those inactive accounts which we know that most of them are definitely just leaving out the exchanges and its only a few

to those people who had just remember that they do have some account on said platform and just been idle.Therefore, charging up something like this would really be pointless.
Its true that once the community would able to get enough with these things they will surely be leaving out these platforms and would really be looking
into something which doesnt really charge out on being just idle.

Topic: Crypto exchanges charging for inactive accounts . Do you support this ? - page 2. (Read 937 times)