Topic: No need to look for Exchanges anymore. (Read 328 times)
the exchange you mentioned in thread is an item that is directly bought or sold without having to make an order, if you are thinking of making an order I think you tried the market at https://coinmarketcap.com/rankings/exchanges/
Seems like a neat concept to me except for the fact that I would never touch Changelly due to the many, many negative threads and posts I've read about them (mostly with higher amount trades though) and support's handled solely by the exchange site chosen. I would much rather use an exchange like Binance to trade my coins to whatever I need, likely with better rates as well. Hopefully things don't go bad for those who use these services.
These are options that were available for a long time to users already in platforms like Exodus. It's not a new concept.
Just because Trezor has partnered with their services doesn't mean that there are all of a sudden no risks to using them. There are still problems with these services in the past that would render them untrustworthy, at least in my opinion, such as Changelly holding customer funds while executing orders at a less favourable rate.
Also, this is not a trustless process which I think people can be misled into thinking. You have to trust the third party to do its job, and Trezor can't do anything to help you if something goes wrong.
I would personally still research all of my exchanges before I conduct one to ensure that I understand all the implications, all the reviews, and all the policies which are in place for that particular exchange. I also wouldn't simply settle for this kind of service simply because I want convenience. Furthermore, understand the rates are going to be worse than what market orders are going to give you in general on major exchanges.
Just because Trezor has partnered with their services doesn't mean that there are all of a sudden no risks to using them. There are still problems with these services in the past that would render them untrustworthy, at least in my opinion, such as Changelly holding customer funds while executing orders at a less favourable rate.
Also, this is not a trustless process which I think people can be misled into thinking. You have to trust the third party to do its job, and Trezor can't do anything to help you if something goes wrong.
I would personally still research all of my exchanges before I conduct one to ensure that I understand all the implications, all the reviews, and all the policies which are in place for that particular exchange. I also wouldn't simply settle for this kind of service simply because I want convenience. Furthermore, understand the rates are going to be worse than what market orders are going to give you in general on major exchanges.
The idea with an exchange is that you choose when to buy or sell and for what price. The Trezor OP recommended will just buy and sell to whatever price it can find, this will make it more expensive to trade cryptos. But if those few percents don't matter, then Trezor seems like a great product.
There are still so many altcoins that are listed on sites like Hitbtc, Kucoin etc and these sites don't require KYC but those sites that required KYC have almost no trades going on and sites like Liqui that were famous back in 2018 have shut down. If they partner with exchanges like Binance and Coinbase, it would be better as they are reputed and safe.
I'm pretty sure they went insolvent because they didn't have enough volume, not necessarily because they implemented KYC. Coinbase also requires you to do KYC, don't they?
I think they won't be able to partner with Binance or something similar because most centralized exchange requires creating an account, while Changelly and the rest use swap (you send token to an address, receive another token in return).
Coinbase has insurance which makes us believe that if they are hacked or there are any problems, we can get our money back. Binance too is trusted but I am not sure about Changelly. I lost my coins on Cryptopia and hence don't trust much exchanges except these two.
There are still so many altcoins that are listed on sites like Hitbtc, Kucoin etc and these sites don't require KYC but those sites that required KYC have almost no trades going on and sites like Liqui that were famous back in 2018 have shut down. If they partner with exchanges like Binance and Coinbase, it would be better as they are reputed and safe.
I'm pretty sure they went insolvent because they didn't have enough volume, not necessarily because they implemented KYC. Coinbase also requires you to do KYC, don't they?
I think they won't be able to partner with Binance or something similar because most centralized exchange requires creating an account, while Changelly and the rest use swap (you send token to an address, receive another token in return).
There are still so many altcoins that are listed on sites like Hitbtc, Kucoin etc and these sites don't require KYC but those sites that required KYC have almost no trades going on and sites like Liqui that were famous back in 2018 have shut down. If they partner with exchanges like Binance and Coinbase, it would be better as they are reputed and safe.
That's a no for me dawg. Using this instant exchange feature, fees will be higher. I'd rather spend a bit of effort to get better deals and to be able to set my own offers on exchanges.
And yes, wouldn't be surprised if AML/KYC is suddenly needed.
And yes, wouldn't be surprised if AML/KYC is suddenly needed.
I haven't heard of either of the other two. Trezor should stick to coin storage and not endorse anything that could potentially fuck their customers.
I completely agree. But this is definitely a smart move for them in a business perspective. The potential money they could make from this is quite high.I checked out all three sites mentioned in the first post, did not find any fee related details on Changenow and changelly but CoinSwitch has mentioned their fee on there site: https://coinswitch.co/#What-is-CoinSwitch-transaction-fees. which is too low.
And KYC documents that we submit are sold after the exchange hack https://www.cryptolinenews.com/exchange-news/hacked-kyc-data/
For me I think it is better to store my funds in Wallet like trezor where my private key is with me and also non of my documents are shared. Better than losing funds and id proof.
I stand more by this thought: https://bitcointalksearch.org/topic/m.50199705
its a good alternative to exchanges but you have 3 problems here:
- Maybe KYC in the future
- Not everybody can afford a trezor device
- You are limited by the supported coins
Yeah KYC will be more possible than buying the expensive wallet. As for now, to which cryptocurrency is still growing then possibly the number of users also will and to which it will be needing to just have 1 account per user. We know that many of the users here have alt account do there is nothing wrong with that since it is allowed by the admins. However, I am in favor of KYC with the conditions that all users should undergone KYC. - Maybe KYC in the future
- Not everybody can afford a trezor device
- You are limited by the supported coins
That's a no for me dawg. Using this instant exchange feature, fees will be higher. I'd rather spend a bit of effort to get better deals and to be able to set my own offers on exchanges.
And yes, wouldn't be surprised if AML/KYC is suddenly needed.
And yes, wouldn't be surprised if AML/KYC is suddenly needed.
I haven't heard of either of the other two. Trezor should stick to coin storage and not endorse anything that could potentially fuck their customers.
I completely agree. But this is definitely a smart move for them in a business perspective. The potential money they could make from this is quite high. 
I think it was a very stupid move for Slush to invite third parties into their wallets. I've heard enough horror about Changelly to never want to touch it. Trezor are saying that if an exchange fails the coins will be reverted. That is not Changelly's policy. They say that if you 'fail' KYC they'll keep the coins until the rightful owner turns up.
I haven't heard of either of the other two. Trezor should stick to coin storage and not endorse anything that could potentially fuck their customers.
I haven't heard of either of the other two. Trezor should stick to coin storage and not endorse anything that could potentially fuck their customers.
its a good alternative to exchanges but you have 3 problems here:
- Maybe KYC in the future
- Not everybody can afford a trezor device
- You are limited by the supported coins
- Maybe KYC in the future
- Not everybody can afford a trezor device
- You are limited by the supported coins
Quite old news. Anyway, thinking that they might demand KYC anytime is worrisome. I wonder if how long would it take before the transaction be reverted and if refusing the KYC is as easy as clicking a button 
Did they explain things like these in other blogs?
Positive that there's an exchange feature
Negative that they are provided by third parties and SatoshiLabs aren't liable for whatever happens
Did they explain things like these in other blogs?Positive that there's an exchange feature
Negative that they are provided by third parties and SatoshiLabs aren't liable for whatever happens
Exchanges are indeed until people considering cryptos as an investment,those anonymous exchanges are not going to help for making trade order with expected price.
I don't think that this is still an updated guide since they have not talk about any KYC procedures. Everything looks automatic and the only thing you need to do is to compare which offer is the best for you when the truth is those exchanges now require KYC especially ShapeShift.io because I remembered them announcing last year that they have been required to ask KYC in their service. So trezor's service might only be good when you are comparing prices but it miggt still redirect you to these exchanges' websites in order to completely finish the transaction.
Using Trezor you can seamlessly exchange between different cryptocurrencies without ever needing to leave the Wallet site. The entire exchange process can be initiated and observed directly in the Wallet interface.
The exchange feature is provided by various third parties; SatoshiLabs bears no responsibility for the process, exchange rates, fees, or functionality. Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enforce KYC, registration and verification will be done by them. If you refuse to KYC, the transaction should be reverted. Your personal information will not be processed by Trezor Wallet / SatoshiLabs, nor will it ever be requested by the company. Customer support for exchanges will be serviced by the partners.
Guide: https://wiki.trezor.io/User_manual:Exchange
Trezor partner Exchanges:
Article Source: https://blog.trezor.io/cryptocurrency-coins-tokens-exchange-trezor-wallet-77a7b92e879
The exchange feature is provided by various third parties; SatoshiLabs bears no responsibility for the process, exchange rates, fees, or functionality. Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enforce KYC, registration and verification will be done by them. If you refuse to KYC, the transaction should be reverted. Your personal information will not be processed by Trezor Wallet / SatoshiLabs, nor will it ever be requested by the company. Customer support for exchanges will be serviced by the partners.
Guide: https://wiki.trezor.io/User_manual:Exchange
Trezor partner Exchanges:
- Changelly is a leading instant cryptocurrency swap platform which acts as a mediator between trading cryptocurrency platforms and users, providing a wide range of digital assets for a seamless exchange. Changelly mission is making a frictionless exchange process for everyone who wants to invest in cryptocurrency. The platform provides its API integration for wallets, other exchanges and platforms to empower their functionality with Changelly exchange features.
- CoinSwitch is a leading exchange aggregator backed by Sequoia Capital. It aggregates over 10+ exchange for users to compare price and buy coins at best rates without having to create an account at any of the aggregated exchanges. It is an instantaneous non-custodial exchange service. It currently supports over 400+ coins and 45,000+ exchange pairs. CoinSwitch provides its APIs to wallets and other businesses to use its exchange feature within their services.
- ChangeNOW is a limitless non-custodial cryptocurrency exchange service with a reputation of a trusted and reliable platform with great cryptocurrency rates. Besides, ChangeNOW does not require registration to start working. ChangeNOW makes sure that the use of our service is smooth even for those new to crypto — our main goal is the convenience for our clients. Our platform offers both standard flow as well as fixed rate crypto swaps, pioneering the market of the instant exchanges with more than 150 cryptocurrency coins and tokens listed.
Article Source: https://blog.trezor.io/cryptocurrency-coins-tokens-exchange-trezor-wallet-77a7b92e879
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