Crypto exchanges charging for inactive accounts . Do you support this ? - page 4.

GreatArkansas

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Quote from: EdenHazard on November 07, 2022, 05:50:15 PM

There always pros and cons.

This time around a policy to charge those people with inactive account to avoid dormant one and get back with million dollars in value after years being dormant.
As in crypto it's something very possible for you to put $100 and turn into million dollars within 10 years , this is a 50:50 policy for me.

Yeah, because there are a lot of users that use centralized exchanges to store their funds just like personal wallets. So it is really bad for the customers that will pay the fee for inactive accounts.
I believe that these centralized exchange got reasons just like "maintenance fees".
I am also curious what if the account got no balance at all in the exchang? Are they closing it?

EdenHazard

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There always pros and cons.

This time around a policy to charge those people with inactive account to avoid dormant one and get back with million dollars in value after years being dormant.
As in crypto it's something very possible for you to put $100 and turn into million dollars within 10 years , this is a 50:50 policy for me.

dunfida

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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 ?

When a certain platform or site or service do charge out something on being inactive or in idle then it does simply imply that these companies arent earning sufficient money or income. Cheesy

How the hell they would really be making up these kind of considerations or actions in charging up someone who had been inactive for so long.Whats the point?

If its blocked or been not used then this simply indicates that people had left and transfer on other place or just simply had forgotten their accounts.
How this one would be impose or implied? Its just no sense.People would really be seeing this thing negatively.

The Cryptovator

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Yea, you should be charged. Because you are holding funds there. Because you are using the shit exchange. So why will not they charge you? We always say don't hold your funds in a centralized exchange and don't use fucking exchange. So why are you guys using this shit? They should loss their customers due to fucking behavior. Just withdraw your funds and forget forever. No one is forcing to use shit exchange at all.

LUCKMCFLY

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Quote from: _BlackStar on November 07, 2022, 12:52:51 PM

Quote from: krishnaverma on November 07, 2022, 11:03:41 AM

Yes the exchanges who have implemented this deduct from balance added in future even though you have no funds there currently.

That's a bonus for them, but if you want to go against it, stay away from such exchanges. I don't know what is behind the imposition of membership fees that are not actively trading something for a certain period of time other than wanting to get double benefits from their members. On the one hand this is good because it will encourage members to no longer use the exchange for coin storage, but obviously it backfires for them ^[exchange] as it will experience a decrease in users.

Well, the way things have gone, I think the Exchanges that establish these policies are doing very poorly, the Exchanges have a lot of competition among themselves, I wouldn't make a move like that just to collect a few dollars, because in my case they do something like that, I would leave that Exchange and I won't come back, in fact I would tell my friends not to go near that Exchange, because it seems to me the last thing they want to charge for it, I would stay with Binance, or with Kucoin, more uqe everything with Kucoin that I know does not kneel to governments or entities that are from governments or police forces, in my case I have many accounts in various Exchanges, in some I have KYC, but something like that would leave me at once.

uneng

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

I was already against exchanges charging abusive withdrawal's fees, but now I see there is something even more absurd going on. Exchanges charging from inactive accounts are being greedy and hostile to crypto adopters. In fact, they should be paying inactive users for letting money idle on their platforms, since they can use it for business, and not charging fees from them. They don't have any expenses by holding customers' funds, it's quite the opposite. People should left those platforms immediately. With so many alternatives nowadays it shouldn't be hard to find a better service provider.

When using exchanges like this, who does need enemies?

Asiska02

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

This is totally unacceptable. It will, as you stated, deter people from being interested in cryptocurrency. If the local fiat banks follow the same path, cryptocurrency exchanges ought to perform better than that and avoid taking advantage of their customers' meager deposits in their accounts. Exchanges like this, which task and restrict their members on what and not what to do, seem to me to be more or less like a local fiat bank.

GeorgeJohn

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I think we don't have to blame them because i believe that they have enshrined such in their platforms, but except such platform that they know that charge, is their any other exchange platform that can work immensely in the india, because it's very obvious that binance exchange is everywhere and no matter how long you are adamant in the platform of binance that will prompt them to charge you, i believe that those platforms are the kinds of exchange that is interested in sucking their clients. From my perspective is encouraging for adding additional changes base on long stays before trading with them.

Beparanf

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It's ok as long as only small exchange use it. They are are just keeping away all there users on using there exchange by forcing them to do trade to avoid fees. Big exchange doesn't do this so how the heck they come up to this stupid idea while the competition on exchange is very tough these days.

But user on this exchange should practice not to keep coins on those exchange because these exchange decided to introduce this crazy rules because they knew that users is storing there coin on there exchange wallet without doing any trade.

Nrcewker

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Some crypto exchanges are following this trend, but guess what we can just simply stop using it and move to other reputable exchanges. This is the best way to avoid this problem. I am not supporting this or not against it. I mean they have done it in order to protect user’s account from theft and data loss etc, so yes they may not be blamed here. If we have problem, then better we should stop using those exchanges. I have an inactive account at Binance for couple of months. They don’t charge me for this, have you tried it?

_BlackStar

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Quote from: krishnaverma on November 07, 2022, 11:03:41 AM

Yes the exchanges who have implemented this deduct from balance added in future even though you have no funds there currently.

That's a bonus for them, but if you want to go against it, stay away from such exchanges. I don't know what is behind the imposition of membership fees that are not actively trading something for a certain period of time other than wanting to get double benefits from their members. On the one hand this is good because it will encourage members to no longer use the exchange for coin storage, but obviously it backfires for them ^[exchange] as it will experience a decrease in users.

krishnaverma

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Quote from: rat03gopoh on November 06, 2022, 09:49:34 AM

I think I heard about one of the exchanges enacting this policy a few years ago.
The policy doesn't specify inactive accounts. I just imagine if that includes accounts with empty balances, if users arrive back a few months later and it will deduct their deposit according to the period of inactivity.

Yes the exchanges who have implemented this deduct from balance added in future even though you have no funds there currently.

DaveF

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Quote from: o_e_l_e_o on November 06, 2022, 08:51:49 AM

Quote from: DaveF on November 06, 2022, 08:35:52 AM

I can also see it happening more on larger / regulated / insured exchanges.

Given that exchange insurance only protects against the exchange themselves being hacked, and not against individual accounts being hacked, then the insurance provider should really be charging based on the value of assets the exchange holds rather than the absolute number of accounts. I take the point regarding customer service, but no customer service provider anywhere is charging $10 per month per account, so obviously most of the charge is just pure profiteering by the exchange as you rightly point out.

Thinking about it more, here in the US, banks have been doing charging inactive fees forever.
Makes you wonder if either the exchanges saw that and decided to make some money following their lead OR if there are people from the banking industry controlling some of these exchanges and just want to move them more in line with what they know / how they do business.

If they don't want people who are not actively trading as customers, they only have a couple of options.

They can just close their accounts, which will generate who knows how much grief of people complaining that their account with BTC0.00000001 that has been inactive for 6 years was closed for no reason.

They can change account levels and costs to make it pointless for small people to stay if they are not trading, but that may stop new people from coming in.

Or they just charge fees till the people they don't want leave on their own.

-Dave

o_e_l_e_o

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Quote from: NeuroticFish on November 06, 2022, 03:50:03 PM

I beg to differ, for this only case. With banks being picky in many countries about where the money comes from, this can easily become a problem if one sells Bitcoin.

I've never used one, given my well known stance on KYC and privacy, but my point was I don't want to sell my bitcoin at all. I want to spend it directly with merchants and retailers, so what the banks think is irrelevant.

Quote from: adaseb on November 06, 2022, 11:40:00 PM

Most forex exchanges actually already do this.

Yup. And plenty of fiat banks or other fiat payment apps, accounts, cards, and whatnot do this too. Don't spend your funds or don't use your account or your card and start paying an inactivity fee. But the whole idea behind bitcoin is to get away from this kind of predatory behavior by third parties who exercise complete control over your money. Centralized exchanges are more and more turning in to the very banks we are trying to get away from. Time to stop using them entirely. DEXs plus your own wallet is much better set up.

adaseb

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Most forex exchanges actually already do this. Basically they are betting that you gave up trading and won’t even notice the funds missing.

Many retail traders basically don’t know what they are doing. Lose 80% of their funds and give up. Then the exchange takes the rest in inactive fees.

For crypto it would be something new however.

Oceat

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Quote from: Despairo on November 06, 2022, 04:19:39 AM

This is the reason why you need to avoid all of centralized exchanges and use P2P trading or decentralized exchange, too many things that make me prefer to choose P2P and decentralized exchange rather than centralized exchange.

I can't say anything about this centralized exchange rule, they're just want to take an advantage of inactive accounts to generate more money. It's not a red flag or the exchange is scam, because anything has been explained on their terms of service. Actually before you create a new account, you're already agree with their terms of service.

Well, I think it's kinda best practice or a reason to not leave your coins on an exchanges. Just use exchange if you are doing some trading and pull out if aren't going to trade but personally I don't like the idea of charging inactive accounts since they were starting to act like banks. But whatever it's all on their ToS and someone has to agree with it if they want to use the exchange but it's not a good idea to leave your crypto to them. Not your keys, not your coins.

NeuroticFish

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Quote from: o_e_l_e_o on November 06, 2022, 03:11:55 PM

Quote from: NeuroticFish on November 06, 2022, 09:52:22 AM

And btw, there's something CEX has and DEX doesn't: crypto cards. Again, banking, as I said Wink

That's a good point. Still better to use DEXs and spend bitcoin directly though, rather than using yet another centralized third party to switch to fiat on the go. Tongue

I beg to differ, for this only case. With banks being picky in many countries about where the money comes from, this can easily become a problem if one sells Bitcoin.
I find crypto cards useful for those who can't use Skrill and similar.

But maybe I am missing something, my experience is limited.

o_e_l_e_o

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Quote from: NeuroticFish on November 06, 2022, 09:52:22 AM

And btw, there's something CEX has and DEX doesn't: crypto cards. Again, banking, as I said Wink

That's a good point. Still better to use DEXs and spend bitcoin directly though, rather than using yet another centralized third party to switch to fiat on the go. Tongue

Quote from: deathcode on November 06, 2022, 01:40:25 PM

Not everyone can trade within a month, right?. Everyone has their own plans.

I would suggest that if you aren't making a trade in the next one or two days, then you should be withdrawing your coins to your own wallet and not leaving them in the hands of third parties. If you aren't making a single trade in the next month, then your coins should absolutely be in your own wallets.

Any coins you store with a centralized exchange do not belong to you - they belong to the exchange. They can freeze or seize them at any time. An inactivity fee is just an extension of this.

Flexystar

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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 ?

Zebpay was the first exchanger in India (ideally) to launch and give crypto services. It is really sad that they were tangled up with the Government and had issues associated with their practices. They have very strict rules for the use of ZebPay exchanger. Unfortunately they are also not doing great in the current market and lost the good relationship with the banks. They are already facing financial charges too. They invested way way heavily into the marketing also but sadly they were taken down by legalities for misconduct.

This was supposed to happen with them. It's stupidest thing to charge inactive accounts. They could either block the access if they can't handle the hosting charges. But obviously they have to recover their losses from the past so they would go far beyond to do so.

deathcode

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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 ?

There must be a lot of people who swear by this policy.
Yes, maybe they want their users to be more active in trading.
But I don't think this platform is friendly for beginners who still want to learn and just want to start trading.
Even though they say that you have to make at least 1 transaction within a month to be free of charge.
I think this will be very annoying with users who already have their assets stored on the platform.
Not everyone can trade within a month, right?. Everyone has their own plans.
Everyone will be more comfortable to trade without having to set it up.
It is better to withdraw all assets and keep them in their wallets or switch to another exchange platform.

Topic: Crypto exchanges charging for inactive accounts . Do you support this ? - page 4. (Read 855 times)