Fiat-to-crypto: is it safe? - page 3.

semobo

full member

Activity: 1498

Merit: 146

Quote from: xen1oph on September 25, 2019, 08:31:27 AM

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Most exchanges will ask for KYC when your withdrawal limit is high but you mentioned buying with credit card then you maybe asked for KYC when the limit is low.So you can go with anonymous exchange if you don't care about the high fee.

No one can assure your documents will be safe forever because you are uploading that in internet.

hugeblack

legendary

Activity: 2702

Merit: 4002

Even Facebook sells your data, so if you want privacy, stop using them.
I am not saying that they are doing this, but Binance will not risk her reputation for selling your identity since they are making a good profit.
This data may be given to governments and the platform may be hacked, but the likelihood that you will be at risk from sharing your data with them seems minimal.

You should read the Terms of Service and hire a lawyer to file a case against them if your data is leaked.

xen1oph

member

Activity: 253

Merit: 11

Quote

I think you should go through the exchanges Terms of Service or FAQ to understand how they handle your private information...Not like they will be very transparent about it though but little explanation is better than nothing.
If you want anonymity/privacy you could use decentralized exchanges like Bisq.

Sure, Terms of Service or FAQ may be useful, but at the same time lack of transparency gives service an opportunity to use the it in their favor.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: xen1oph on September 25, 2019, 08:31:27 AM

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

The only way in which you are going to be 100% sure that your information is not up for sell somewhere or that hackers are unable to obtain it is to never give up your information on the first place, I know that it sounds very convenient to be able to use an electronic form of fiat to buy a decentralized and electronic form of money, and it is, but it comes with some drawbacks because once your information is out there you have no way to control where it goes.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Quote from: xen1oph on September 25, 2019, 08:31:27 AM

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

I think you should go through the exchanges Terms of Service or FAQ to understand how they handle your private information...Not like they will be very transparent about it though but little explanation is better than nothing.
If you want anonymity/privacy you could use decentralized exchanges like Bisq.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Personally, I believe that both fiat centralized exchanges and bitcoin debit cards providers defeat the whole purpose of crypto, and I would rather use on decentralized/P2P platforms instead. But there are many people who don't mind going through these KYC procedures just because using these exchanges is more convenient and much faster.

These platforms are clearly not safe, because you never know what your data are being used for and even If nothing malicious is being done from the service's part, there is always a possibility of your data being hacked/leaked.

xen1oph

member

Activity: 253

Merit: 11

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Topic: Fiat-to-crypto: is it safe? - page 3. (Read 634 times)