Topic: inactivity fee (Read 552 times)
That’s right - an exchange provides information to its user, but not everyone reads these long texts - that’s the essence of people.
Not that it’s a typical branded Exchange, but eToro does apply an inactivity fee of 10$/month for accounts that have been inactive for over a year (see https://brokerchooser.com/broker-reviews/etoro-review/etoro-fees).
Their "advanced" crypto Exchange, eToroX, plays around with two notions of time for considering an account inactive, depending of your deposits:
Not a trend to follow, but just wait for a more mature and stable market and things may spread.
Their "advanced" crypto Exchange, eToroX, plays around with two notions of time for considering an account inactive, depending of your deposits:
Quote
12.5.Inactive Account. If your Account is defined as an Inactive Account (defined below), an Inactivity Fee may be payable by you. Once an Account is deemed Inactive, we may deduct an Inactivity Fee in the amount set out on our Fees Page, out of you available Supported Digital Assets available in your Account. Such monthly fees shall be deducted until thevalue of the Supported Cryptocurrencies in the Account has reached zero and dormant Account with abalance ofzero Supported Cryptocurrencies may be closed by us. You can avoid the deduction of the Inactivity Fee if you log into your Account and eToro X will cease to deduct the Inactivity Fee unless your Account shall become Inactive again, but we shall not refund any Inactivity Fees already deducted from the Account prior to such log in. For the purpose of these Terms, the term “Inactive Account” shall mean: (a) if you have not deposited Supported Digital Assets into your Account and have not logged into your Account for a period of at least 120 days; and (b) if you have deposited Supported Digital Assets into your Account and have not logged into your Account for a period of at least 12 months.
https://etorox.com/wp-content/uploads/2019/03/etoro-x-limited-exchange-terms-of-use-31.12.18.pdfNot a trend to follow, but just wait for a more mature and stable market and things may spread.
Before I used an exchange I read their terms and conditions and a lot of rules requires understanding and base on my experience most of the exchange I've ever used they don't give an inactive fee so it's good to me but again.
It's not recommended to store most of your funds to exchange because anything can happen and they have the right to close their application or service but for sure they will release a notice to their users before they do this.
It's not recommended to store most of your funds to exchange because anything can happen and they have the right to close their application or service but for sure they will release a notice to their users before they do this.
What happens to your money if you leave it on the exchange and forget about it? Will they write off the money for inactivity?
Currently there is no such policy in majority of the exchanges but if they got this idea, they will surely implement it. The exchanges don't let go any money making opportunity.
By the way, are there still people around us who would like to keep money on the exchanges ? It's been taught everywhere not to keep any extra money on exchanges on which you are not trading.
It’s not about you wanting to keep money on the stock market, it’s about letting it go and not using the stock market for a while.
What happens to your money if you leave it on the exchange and forget about it? Will they write off the money for inactivity?
Currently there is no such policy in majority of the exchanges but if they got this idea, they will surely implement it. The exchanges don't let go any money making opportunity.
By the way, are there still people around us who would like to keep money on the exchanges ? It's been taught everywhere not to keep any extra money on exchanges on which you are not trading.
Are you sure about it?
As I was saying before, a lot of people were surprised when they found out even bitfinex or crypto.com are charging such fees and many others.
It’s gonna be stupid for an exchange to impose inactivity fees like the case of LAToken.
If that truly exist, then that's purely a centralised bank acting to be decentralized, keeping funds in a wallet untouched is the purpose of the decentralized system. This incidence will cause a very deep loss of customers from using Latoken, The only way reduction of coins value occured is when delisting token from an exchange shortening portfolio especially when you weren't aware of the update of delisting the coin in possession.
~~~
That's the most appropriate thing anybody should do but let's consider the below scenario
Assuming I left some BTC on the exchange when it was worth $50 and I don't feel like trading anymore.
So I take a break and come back after 2 years to find out bitcoin spiked up to 15x times.
Considering BTC spiked from $3000 to $58000 in last 12 months it is quite a possible scenario.
So now my $50 turned into $750 but when I login into my account it's not there or may be the exchange charged a hefty fees for inactivity.
$50 would not have been a big amount back then which is why I would not have considered to transfer it to a non-custodial wallet.
What should be best thing to do in such a scenario ? @stompix
Sorry for the late reply, I wasn't active that much the last two weeks
I can tell you from the start, assume every penny left on any exchnge as lost when you do that for long periods of time.
If you think that 50$ is just change now, then you shouldn't look back when it grows to 1000$, what you have done by leaving that there is just like looking at a Batm 5 years ago and saying, it's just 10 dollars I would rather have a beer.
If the fee for withdrawing is too big and it eats all the sum change to LTC or another coin and withdraw that.
I have never left anything more than dust which I couldn't withdraw anyhow on any exchange gambling site or whatever, not because I'm counting every penny but because they've fleeced me already with fees, why should I be giving them tips?
There is no such kind of fees collected in any exchanges I traded until now, you can still access the funds after years with no worries and no debit but I heard that some local exchanges have such fee like wallet maintenance fee which is similar to we pay year credit debit card fees to banks but I never met such exchanges yet.
Are you sure about it?
As I was saying before, a lot of people were surprised when they found out even bitfinex or crypto.com are charging such fees and many others.
Everyone should go with tier 1 exchanges.This exchanges are safe and secure than any others.But always keep your eyes on their terms and conditions.safest way is to take a note of users feedbacks about them.most feedbacks are genuine so we can trust.
Considering social engineering - feedback can be paid, so everything is known only through personal experience. In author case - EXMO have different feedback, but I trying this exchange and was satisfied.
It depends on the rules of the exchange.
In general, it's not a good idea to keep your crypto in an exchange for a lot of time, crypto word is pretty and many things can happen in a short time (exchange can disappear or fail, or introduce suprise-KYC etc...). Exchange are good for...exhange assets, not to store them.
Also, on a "big scale" it's not good for the crypto-world to store money on exchanges, you can find a deeper analysis here: https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881
In general, it's not a good idea to keep your crypto in an exchange for a lot of time, crypto word is pretty and many things can happen in a short time (exchange can disappear or fail, or introduce suprise-KYC etc...). Exchange are good for...exhange assets, not to store them.
Also, on a "big scale" it's not good for the crypto-world to store money on exchanges, you can find a deeper analysis here: https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881
Maybe it depends on the exchange site you placed your money in, but so far out of the exchange sites I’ve used and there have been some already inactive; I didn’t get any inactivity fee although there are some who froze my account but you can just unfroze it whenever there is a meed for you to check back that exchange site. Just make sure the exchange site doesn’t close.
Everyone should go with tier 1 exchanges.This exchanges are safe and secure than any others.But always keep your eyes on their terms and conditions.safest way is to take a note of users feedbacks about them.most feedbacks are genuine so we can trust.
How do you define a tier 1 exchange? If it's determined by volume, then you'll already have some really bad exchanges sitting in the top.I'm also quite skeptical about user feedbacks. Many of them are either paid promotions or exchange sockpuppets. Large business =/= user safety.
Yeah you are absolutely right.In my opinion use hardware wallets to store funds they are safest.Only deposit that funds which you need to trade. All other assets should be in hardware wallet.
This might be a bit off-topic, but it would be great if bitcointalk would charge inactivity fee for being inactive on the forum. Like every 10 days you lose 1 activity. Part of sleeping accounts, that are made for sale or scam bounty promotion will disappear.
As to inactivity fee - I dont support that. Even though exchanges are not banks and dont have to keep your funds safe, but charging inactivity fees is wrong. How ever, it is better not to keep funds on exchange for a long time at all. It is safe to keep funds, that you use for trading and later withdraw them to personal wallet.
As to inactivity fee - I dont support that. Even though exchanges are not banks and dont have to keep your funds safe, but charging inactivity fees is wrong. How ever, it is better not to keep funds on exchange for a long time at all. It is safe to keep funds, that you use for trading and later withdraw them to personal wallet.
Everyone should go with tier 1 exchanges.This exchanges are safe and secure than any others.But always keep your eyes on their terms and conditions.safest way is to take a note of users feedbacks about them.most feedbacks are genuine so we can trust.
How do you define a tier 1 exchange? If it's determined by volume, then you'll already have some really bad exchanges sitting in the top.I'm also quite skeptical about user feedbacks. Many of them are either paid promotions or exchange sockpuppets. Large business =/= user safety.
Everyone should go with tier 1 exchanges.This exchanges are safe and secure than any others.But always keep your eyes on their terms and conditions.safest way is to take a note of users feedbacks about them.most feedbacks are genuine so we can trust.
What happens to your money if you leave it on the exchange and forget about it?
Depends from exchange to exchange
I remember how people were surprised and angry at Latoken announcing they will charge a 5$ per month for inactive accounts but so few of them knew a lot more exchanges do so, like bitfinex or cryptocom.
So read the terms and services of your exchange before you start using it if you're concerned about it.
Or far better, don't leave any funds on an exchange at all.
At the end of 2017, he used an account, but after dump in 2018 decided to go on hold
Hold by keeping your funds on an exchange, that's the worse thing one can do, when the price finally goes up you might find out the exchange is no longer there!
That's the most appropriate thing anybody should do but let's consider the below scenario
Assuming I left some BTC on the exchange when it was worth $50 and I don't feel like trading anymore.
So I take a break and come back after 2 years to find out bitcoin spiked up to 15x times.
Considering BTC spiked from $3000 to $58000 in last 12 months it is quite a possible scenario.
So now my $50 turned into $750 but when I login into my account it's not there or may be the exchange charged a hefty fees for inactivity.
$50 would not have been a big amount back then which is why I would not have considered to transfer it to a non-custodial wallet.
What should be best thing to do in such a scenario ? @stompix
There is no such kind of fees collected in any exchanges I traded until now, you can still access the funds after years with no worries and no debit but I heard that some local exchanges have such fee like wallet maintenance fee which is similar to we pay year credit debit card fees to banks but I never met such exchanges yet.
It’s gonna be stupid for an exchange to impose inactivity fees like the case of LAToken. Some of my coins and tokens from Binance since 2018 are still there and not charged even a single centavo.
This is why I prefer to store my money into crypto than in banks. No disrespect, I usually store crypto in DEXs and CEXs.
This is why I prefer to store my money into crypto than in banks. No disrespect, I usually store crypto in DEXs and CEXs.
Some exchanges will arbitrarily drop a coin/token from their roster - users are given a certain period of time to withdraw their funds before the wallet is removed (some wallets will be put in cold storage, others, the wallet is just simply wiped. If an exchange has done it's job properly, they will have sent out an email warning of the impending removal. (Better ones more than one email).
Some wallets go "off line" due to no addnodes for an extended period - exchanges might just pull the plug and count their losses without warning.
These days with the number of hacks, thefts, exit scams and the like you really need to evaluate just how many coins you want to leave on an exchange (especially bitcoin hoping to buy a coin/token if/when the price crashes).
Some wallets go "off line" due to no addnodes for an extended period - exchanges might just pull the plug and count their losses without warning.
These days with the number of hacks, thefts, exit scams and the like you really need to evaluate just how many coins you want to leave on an exchange (especially bitcoin hoping to buy a coin/token if/when the price crashes).
My personal opinion is that the commission’s for inactivity is perfectly normal. You just have to know and remember the exchange rules.
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