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Hello! What is an average fee you pay to crypto exchanger? I use changelly and pay just 0.25% and I think this is pretty weird. How do they make money? Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

You cannot compare them with exchange, because you cannot define your price for the coins you want to buy or sale.
They are just connecting you with some of the exchanges and act as a middle man for the percentage of the price.

Regarding your question from where are they making  money? You are aware how much trades are executed every second? ;)
Now try to calculate their daily profit and you will get the picture about amounts they are scraping of top.

An exchange site like hitbtc was even charging me more than a few percents. It's not so weird dude. They are taking a little fee from the market and the exchange site is playing on the quantity rather than try to play in the price. This to make sure the users will be feeling confident with it and it will always use that service. It will not happen and don't worry.

Changelly is not a general exchange, it's different. In every transaction they cut a good percent of fees from your wallet, millions of user take Changelly service every day. So making money is not difficult for them. Question about selling data? I don't think reputed exchange or company do these illegal things. I use Changelly too and it is safe, you can trust them.

User data is also available pretty cheap on darkweb o don't think they are here to sell our data and get richer through it but they might sell it as well.

Exchanges also asking for fee when we withdraw any amount which is relatively high so they can make profits from these kind of fee.

I do not think any reputed exchange can do such an unethical thing for some money, but yes risks are always there and smaller exchanges that struggle for volume and revenue can do such things so that is why i always suggest to stick to top quality exchange only.

I think the exchange is more careful with the user's data, although it can happen to sell user data to the dark web. but try to think positively, maybe the exchange asks user data for regulatory purposes or anticipates the security of money laundering.
for the cost of 0.25%, I see the average exchange rate pegged around that. if multiplied by all users and all the transactions there are quite fantastic.

I don't think exchanges sell our data to get some extra income, and i say extra because the 0.25% is enough to make a big profit if the exchange manages a huge volume. And all exchanges have their privacy politics where they say they will not share our data with anyone, our only option is to trust in their words.

The best option is to use a good reputation exchange with big volume.

Hey, imagine that 0.25% is for one user, whereas in this world there must be many users, thousands or even millions. well imagine each of them doing withdrawals, deposits, buy or sell and be charged a 0.25% fee, and even for each person not using it only once, sometimes many times.

think positively, and I think the most reasonable logic is that.

I can't say that exchangers sell data for profit,
it could happen, but we cannot accuse without evidence,
for me, only do KYC in large and well-known exchangers, because it's safe, and avoid exchangers that are still new or even not yet famous.

It's not like you are the only user in the world right? Try to imagine 100 people trading at the same time with 0.25% fee. You'll see the bigger picture that they are making a lot of money just like that. What about withdrawal fee? And also listing fees? They can make a lot of money. If they could sell data, they could but I doubt they'll make money compared to their profit from their exchange.

A word of caution for Changelly as its been linked to fraudulent wallet called freewallet and mining service minergate.
There's no any rules and regulations for an exchange what they can do or not with the data provided by you. If there's a fradulent exchange, they'll gladly sell your personal info for cheap price.
Exchange like Shapeshift and Changelly provides on the spot trading where they take a minimal fees as they have no large expenditures. And the last time I did an exchange from Changelly, they haven't asked for any personal info, don't know about the situation as of now.

ok, I see now. but I'm surprised that they have such low fees. but your words make sense

Unpopular exchanges might do this but for those reputable exchanges, do you think that they are willing to put their reputation at stake for selling their users data?

I don't think that they are doing that.

We have the same opinion, don't trade or pass KYC to unreliable exchanges.

can you make any example?

A well-managed cryptocurrency exchange outfit can make good money even with that charge fee percentage all because they are actually just the in-between in the volume of transactions and there is no need for them to put the capital in running the whole thing. Now, on the question of selling data that can happen anytime anywhere and it does not matter what kind of a platform you are dealing with. Unfortunately, this is something that is beyond our control and laws protecting our data privacy can easily be circumvented.

technically and legally speaking they are making money from the fees they receive from their users. generally exchanges charge two types of fees; trading fees and withdrawal fees. sometimes they also charge deposit fees but it is rare.

but illegally and hidden ways, they are making money through doing different stuff. main thing is market manipulation. both big altcoin exchanges and small ones do that specially the big ones like Binance that control the majority of the trading volume of altcoins.

the personal data sells are so small in comparison but it happens. it is not about whether they can, it is the question of when they decide to do that. all of the altcoin exchanges i know have already sold user data online. you can see that from the scam emails you receive in an email that you only gave the exchange!!!

So you're ok with using Changelly but warn others to stay away? I used Changelly as well back when I traded KIN before it dropped to nothing and stored them in Freewallet because I liked the design better. Personally, I haven't seen any issues and nobody asked me any details.

As for the exchanges, pretty much all trading platforms and more and more exchanges are starting to ask for verification. I'm also confident that, with the blockchain's popularity, it will start being regulated pretty soon. All these banks starting to do their own crypto - it's a double edged sword man.

I don't know the truth behind personal data either when verifying in exchange or completing token recipient procedures in a campaign, but I remember that personal data is very important so don't be careless in using your privacy. Use truly legitimate exchanges such as binance, yes I cannot guarantee you fully but I have no doubts about them.

0.25% is already big enough guys. they can get profit from every transaction on their platform. and I think they can continue to operate only by relying on that 0.25%.

but if they want to sell their users' personal data, it can be. they could have sold it but that would only make the exchange's reputation worse. so there is no reason for them to do that.

I think that major exchanges value their reputation and will not do it. The income from the sale of users ' personal data is not comparable to the income from trading. As for the one-day exchangers, no one knows where the database goes )

nothing is impossible, personal data is very important and certainly valuable. there are many people who want to buy it. and I've heard someone sold it on reddit. so it's better to use a trusted exchange.

yes I've heard it too, but I don't remember the link. In my opinion, maybe not only on reddit but on some other sites that we don't know for sure they can also sell the personal data that they have stolen. but whatever it is, we must always protect our personal data properly and never try to give your privacy to anyone or exchange that is not trusted, so far binance is a trusted site in my opinion.

kind of. I just want to be sure they are safe

Thats highly possible if you are not taking any precautionary measure when choosing the right and trusted exchange platform. And when submitting your personal data, just be sure that it was needed. Because some of exchange platforms are not requiring KYC and still you can trade and withdraw with limited amount such as 2 BTC daily. if your withdrawal amount was not exceeding that amount theres no need to supply your personal data. unless the exchange is requiring KYC before you can Trade and withdraw. Beware to those shady exchange specially those newly established and has no regulatory compliance. in terms of exchange fees in my case im using Binance and use BNB as a fee it was discounted so thats why im just paying 0.075% in my transactions.

Which exchange site you think they would sell your personal data, OP? Poloniex, bittrex, binance, olex, gate.io, kucoin, huobi?

He can't since he only shitposting on here.

The fee that you mentioned in the post above is by no means cheap, they are taking advantages of the volume not and individual transactions. But, the fact that there are so many unverified third rate exchanges that have high probability of being manager by irresponsible anonymous they can easily sell your data in the darknet.

Giving personal KYC details to any other is always risky as we do not know how our personal details are being used. The first important point is that any company requiring KYC details needs to be transparent in case of KYC details of people. I cannot exactly say crypto exchanges use KYC details of traders for personal gains. But we should be aware.

Though exchanges are earning a lot through the fees from the traders I think there is still possibilities that they'd be selling the information to the 3rd party. I have been receiving emails from new exchanges lately, I don't know them, never heard of them but suddenly I got some emails introducing themselves and ask if maybe I'd be interested to join.

That is even high compare to other exchange fee as million of people do transaction on daily basis which by the time you accrued all , you will be surprise to see huge some of money being made at end of month, so dont look down on those little fee as they make a lot at the end.

0.25% on large volumes adds up nicely. Don't worry about them.



Maybe some has already done that, at least indirectly (I mean Polo, by being bought).
But normally I don't think they would sell customer data; their image would suffer if getting caught, and for what, for peanuts?
Let's get Polo as example. They show 2400BTC volumes in the last 24h. That would be 6BTC in fees. I'll divide by 10, just because it's said that 90% of volumes are fake. That's still 0.6BTC/day. Yes, per day.

So yes, OP is worrying because he has missed something. Maybe this clears it up.

isn't that already the rule when exchanging a crypto. they don't sell our data, but they use it to boost their popularity. so the more users who use their coins the more they will increase their popularity. they will continue to develop to continue issuing new coins through an ICO or IEO program, and I think from that program they get a money by providing a place for investors to put their money there. when the program is complete and reaches its target they will benefit from it.

I don't doubt that they can do that. I used to receive few emails on daily basis until I join cryptocurrency trading after which I started receiving what can be regarded as junk messages.

Well, the percent you just mentioned is already a fee they could get and look how many users that always do trading, some have multiple exchanges being used. Even that small they can generate more fees and that's making them some money. Don't use those exchanges on the first place they are not reliable one if they'll sell data, find an exchanges with good reviews by the community.

actually exchange can easily do this. but for now I think the exchange will not do something stupid just to get profit, because the bet is the reputation of the exchange. so I think this is a trust for exchange of members and should be wiser in using personal data

Every service can sell your personal data in theory

I hope there is no exchange that trades data for bad purposes, now if there is an exchange that trades data I think it is not a good thing and will harm the exchange itself and harm many parties

lol I worry about myself

fake volumes are so bad for the industry!

Just think about 0.25% multiplied by thousands of users per second doing trade. That is huge, and that's where their money is coming from. I never thought about exchanges selling our identities. I hope it won't because it will destroy the trust of the community to the whole crypto market. And I think those exchanges won't let that happen.

From just one individual you might consider that small but when you multiple that fee by the thousands and for some reputed exchanges millions of users  that use their exchange, you would understand why that particular fee is even too much.  As for your privacy been sold we can't gaurantee they're not engaging in such act as the big companies also do this (sell our privacy).

You should also understand exchanges don't only charge trading fees, they also have withdrawal and some do have deposit fees therefore there are numerous of ways an exchange can profit from it's customers.

Does changelly already having KYC verification? As i had previously used them it didnt ask me out something like kyc thing.I do make use this instant exchange site when
Shapeshift turns to be a kyc-required one.So if this one do made the same then people would just simply find another option to take.
About making money on that 0.25% fee then thats how it works, and come to think that these percentage is higher compared into casual exchangers in the market.

The fee of the crypto exchange is enough to generate profit for them if they have many active users.
Usually fee not only comes from trading activities, also from withdrawals. With this, the exchange can make enough money to maintaining the exchange.

fake exchange site can sell your personal data and this is why you must do a lot of research before try to use any exchange site because if that exchange is a scam exchange site and you have verified your account through KYC verification and it was true if that exchange site can sell your data. that fees still makes sense and try to use major exchange to give you more guarantee

the problem is that you cannot know in advance which exchange will be a scam. BiteBTC recently turned out to be a scam where there were a lot of users and large volumes. I lost a lot of money and my data there

They don’t have to necessarily sell data to make money, when an exchange becomes established, they usually don’t look at that fee you see there, but they look at the volume they can get from the market. Volume is all that matter, if they have enough volume that percentage you see is very high for them to make as profit in a day.

I am sure that Binance total trade volume in a day might be going to like 3 million dollars if not more than, so at 20 million dollars, it means they will be making up to $50000 per day, which makes it like $1,500,000 per month and that is like 18 million dollars as profit per year, what else do they need to make again that they are not making with that fee? So I think that the percentage is more than enough for any solid exchange to live on comfortably.

The exchanges make money from the fee that is applied to many things. Besides that, I think they make money from listing the new coins in their site, and I think each exchange will have a different fee. It could be possible for the exchanges to sell the users data because we don't know what they will do with the user's data.

I think the 0.25% fee is part of the exchange income, you might think it's too low. but if you think there are a lot of members who are in the exchange and do transaction traffic every day. so it will be a large income even if only 0.25%

If I going to choose between exchange and ICO to undergo KYC I'll definitely pick an exchange, I have done KYC on three exchanges, they are top the exchanges in the market, and I'm comfortable doing KYC to these exchanges because they are compliant and they are regulated.

So far there is no leak from big exchanges that they are selling their members information, compare to ICO's some of them set up ICO not only to accumulate funds but only to collect information that they can sell in the market.

0.25% isn't that small if you consider that the percentage charged on large amounts of money makes it a pretty good fee.

As regards the selling of your data, it depends on the exchange. Guess there is nothing they won't do if they are never punished for breaking the little rules.

Check their Terms of service. This would determine whether they sell your data or not.

Actually, no one can interfere to sell client details on the Hydra for example. Binance data leak is a fake (as not so far Binance hack). But ICO with KYC did it definitely. Because of too many sellers appeared. And too many offers for sale I can see

Ohh.. 0.25% is already much, for every complete order you know.
Imagine, in 1 hour there are 100,000 transactions happen. We assume that every transaction happen is above $50.
$50 x 100,000 x 0.25% = $1,250,000‬ just for paying fees.

I think this already enough to make exchanger rich by doing nothing in just 1 hour lol.

Are you kidding. if it's 0.05% then you have no idea a good exchange earn how much money. Now days on of the easiest earn is exchange business. And your about selling data think it's possible if they want. Good and trust able exchange will not do that because of losing there customer. But which exchange have no future not trust able they might sell customer data for money. It's depend actually on exchange.

Not weird for fee to trade, they need fee to run their business and also give us support and services. Let say exchange have 100K trade every day so they will have money for 0.25% x 100 K, and this is one of their income.

Can they sell users data?

Before i answer the question, please noted, i don't talk as spesific to changeally. Every exchange or business on the net can sell their data to anyone. But sure they will lose their customer trust and not good for their business if they do this. Except they had plan to this from the beginning, steal user data and also steal user balance

most likely KYC is also used for formalities. Well, it's natural if they ask for it. but, I don't think if they will sell that data. I agree if the data we provide can be sold for personal use. but, we know where we do KYC, and we know the team behind it. after all, it would only hurt their own project.

Of course an exchange scam can do that, so you need to be careful in choosing an exchange, don't carelessly give your personal data to an exchange

When it comes to user data, you need to assume that everything you use tracks data.
For exchanges (or any business) it is buried in the terms or user agreement somewhere.
But no one ever reads those, so most people don't know any better.
Data gathering and selling has become one of the most valuable commodities in the world now.
It's a trillion dollar market and no one even realizes it.

So yes, they make money from our data.
But, you shouldn't underestimate how much money they make off of fees.
In the case of changelly, it is the biggest swap exchange out there.
The trading volume is HUGE

Exchangers that I use, require to pay a fee of 1% of the withdrawal fee. For exchange fees, only 0.1% is charged. They can sell our data, such as e-mail, telephone number. Not an Identity Card. That's if they want to do it. I think if exchangers are already well-known, they save their customer data. To protect their names.

They can but they will not do that, because it will make the exchanger no longer trusted, it will reduce their income, because people will avoiding its exchanger

As others have said, there are a huge number of transactions that they process, and so the money adds up. I think mentally we are used to bricks-and-mortar companies that have huge overheads maintaining warehouses, shops, staff, logistics etc. With an online exchanger, the overheads are minimal. They don't have a physical presence to maintain, they don't have huge numbers of staff manually processing these transactions. It is all automatic, and the profits pile up quite easily.

Anyone can sell your personal data, today that`s a huge business. When they do that you will not even know what happened, like in most cases we don`t know. Few days ago we saw news about leaking in Binance, year ago Facebook was accused for selling personal data and they fined with 5 billion dollars. They still operate, they are still in business collecting personal data and doing who knows what with that.
We get burned so many times, that`s why we need support decentralization and when ever we can to avoid KYC!

Why not? not only exchanges, even projects that distribute airdrops can sell KYC documents. therefore we must be more selective in providing personal data. do not be too easy to give personal documents to exchanges or projects that ask for KYC.

I even finished with KYC, and will never again provide personal data just for verification and more.

I think on the contrary, small exchanges with quite a small number of users, the rate with which they can sell customer information and data is quite low because they need to develop their products, they don't can create bad information, it will greatly affect the way that they newly built, unless they create products for the purposes of fraud, otherwise, they will never sell customer data. Large exchanges are similar, the only risk can be the attack of insiders, hackers, they often do it to earn a large amount of money from exchange

I do not know exactly exchanges will sell personal details of its customers or not. But I have heard that any social media or entities may sell data and personal details of the people for their own personal benefits. Maybe exchanges do the same.

They can't really sell it in a legal sense but when has it ever stopped a company to do anything illegal.

If money is involved and they are offered enough and they know they are not tested by good people to take their shady business methods into light than they will do it.

If you just mail them "I will give you 1000 btc for personal info" they won't take it definitely, these are sensitive stuff and these companies take it seriously, however if you know the owner and you met them in couple of conferences and you became a bit close to each other in the sense that when you see each other you know the names of each other without reintroducing yourself, than you may start to talk with them about it and eventually lead to buying it. That is how the system works, shady to shady people.

Why should they take such a great risk and sell your personal data? If something like that is found, their reputation will be spoiled. The game will be lost. therefore, you should also work only with the best-0trusted, reliable exchanges, which are in the top-10 at least. In this case, the probability that your information can be available to others will be close to zero.

Who said they cannot if they have the opportunity to monetize it, they will only do it secretly that no one will know about it. Look at the case of Facebook, how many years did Facebook practiced that before they were exposed, it took lots of years and I am sure that they would not have been exposed if not for their did that got leaked internally.

Many of these people sell the data to make money. for sometimes now, I have been seeing some projects offering to pay people certain amount of money to drop their data and the last one I saw was even from a reputable exchanger and I began to wonder why, until it dawn on me that they are simply going to make a whole hell of money from it, so this shit happens a lot and we cannot trust anyone no matter how clean they look.

If an exchange looks shitty or looks unprofessional then one should not start to trade on that exchange. Forget about KYC and run away from them. There are number of exchanges out there.

0.25% * daily trading volume (several million dollars a day) = enough money to run a good exchange, don´t you think?

0.25% for fee in cryptocurrency exchange is not high. In my local exchange, i usually paying 0.3% fee on every transactions.
But if 0.25 multiplied by the number of users in the exchange, then they will get a great amount of money.
About the personal data, most exchange usually don't do that, but we don't know if their database get leaked someday.

Seriously you are using Changelly, there are a lot of bad reports about Changelly, in fact, some of them are not yet resolved, go to the scam section and see for yourself, you should be careful promoting or posting this dubious exchange or you will be tagged.

Nothing is impossible as we are all human so it might not be the exchange decision but the person that handle the data might be a very compromise person which in one or other hand has turn the situation into an option of selling or not .

selling our personal data to earn extra money? I don't think so, they can make thousands or millions of dollars in their exchange if many users using it, well I don't know who knows if they really did that.

Yes exchange services  can sell your personal  data like KYC details thats why many have been warned to stay away from new exchanges because  thats what scammers can use to easily get the job done and dont invest on IEO projects from new exchanges as well because  you can easily lose your money to scammers

You can keep using changelly because their fee is very cheap if you compare it to other exchanges and with changelly you dont have to go through KYC process or even create a profile

They are not doing that or they will not do that because that is against the law.

Of course you all have the option to use other exchange if you feel you have to trust anymore on your current exchange but I tell you, selling your personal data is against the law and they could go to jail for that if it's proven they violated the law.

If you are in worries about your personal data ever getting exposed to danger or darkweb i suggest you keep using changelly or dex exchanges,you wont have to go through any identification  process that will demand for your I.D or home address,i clearly understand  why but we still have exchanges that you can still trade on without submitting  any form of KYC for example

Stex exchange
TradeOgre

I'm also curious about this, how safe is our data on the exchange?
Is there any guarantee that our data wouldn't be sell?
especially on new exchanges that hold airdrops but require KYC to participate

I don't think they sell users data, I don't think they do that. They make their money from the fees and if there is another thing they do I don't know of. You want to choose another exchange because changely charge low fee and you keep p wondering why? So you need an exchange that charges you high fee and that's what I called a wired thinking

Not all of the exchange sites are having the multi-million dollar as the fees and you can't even argue if the majority of them are real volumes. This is why this possibility will always there whatever if you can earn million dollars from the fees but that's only for the major exchange site dude.

But the truth is they can, let alone they have no regulation or a regulator watching them. Even in my place who has its own regulation can do such a thing, when money is involved and integrity is not worth something for you. Everything is possible. You can not underestimated human nature, greed is life.

have you never thought about it before, when you joined some exchanges? You get random emails even though you do not remember subscribing to their site. And that is your first time using it. I experienced it.

Exchanges make a lot of money from all the transactions on their platform. For BTC pairs the rate is very high while that of ETH pair is much cheaper (0.1%). If u multiply this percentage by the trading volume, you will realize they make a lot of money.

There are no guarantees anywhere and a recent case at the Binance exchange confirms this. The hacker was able to send to the network the data of the users of the Binance who were passed KYC at the exchange

I think you are too paranoid, though caution is needed but thinking so far is not a good thing
my advice if you don't have proof it's better not to say something too excessive, just stopping using it is enough, because maybe they are doing a big promo to attract the user's interest

I don't think so. They sell our data on another exchange. Not less than .25%. With that they can profit. They may have another curriculum. I think they have other ways of earning. They don't share it. Somewhere else.

They did but they're not  public trades so you have no evidence impeach them. Below is a part of customer personal data they offer to sell.
https://i.imgur.com/AqX41ir.jpg

You will be shocked by hearing the fact that world best exchange binance is selling the kyc information in dark web recently there is also a news about that in coingaco you can search that in there

idk if that fee is small or expensive but they dont sell your personal datas or kyc if they are legit   . only fraud exchanges will only do that and they will still sell your infos for extra cash even if they already have an expensive fees  .

 if your still concerned about the current exchange that your using you can use other exchanges that are more safer  , there are tons of them so dont hesitate to move out before its too late . i also heard bad feedbacks on the exchange that  you are using  .

Easey, trade service can sell your data if it not so good exchange and even if good. They can sell because they own of your data and when you registering : you agree to share your data.

Before registering the exchange you do the inspection and it will be better. There are some cases that customer data has been offered through Facebook. This kind of thing will surely harm customers and make confidence in the decline of exchanges. I better sign up on an exchange that already has a large volume.

All exchanges play with the volume and they charge a very low fee. If we calculate the daily volume of an exchange than we get the real picture. Exchanges have a good reputation and they never sell your data for small gains.

who knows! they will always tell you that your personal information are safe and secured and will not be shared with any 3rd part company but is it really true what they say? can someone trust their personal information with total strangers you are not familiar with?, or maybe not the exchange will compromise your data but from the hackers who will have access to your personal data will be the real problem.

People from European Union should be protected, there is a law about GDPR.
But always, you can´t trust anyone, you even can´t know what is happening with your datas.

The exchange fee of 0.25% isn't small when you multiply it with the number of trades executed on the platform daily. Some exchange even charge much more and have consistent users. On the issue of selling users private information, I'm not certain of its possibility and want to believe several exchanges wouldn't do such.

I don't believe they sell your data. Why will they do that when they make a lot through the transaction charges you pay when you sell or withdraw from their platform? That amount you regard as less charges becomes big money when huge transactions take place or when plenty of people transact on their platform.

You don't need to pick another exchange simply because of your suspicion. Do you want to pay more fees for your transaction before you'll be comfortable with the exchange, if you consider the amount earned by these exchanges after collecting the fees from various users, you'll marvel at the amount.

Even though there's no prove as to the exchange selling individuals data, and the exchange are expected to be buoyant with the transaction charges which users of the exchange tend to pay, there's still a possibility of data breach which may not be executed by the exchange.

The exchanges can offer your kyc docs to government structures if those will ask for. Regarding the selling docs, I think reputation cost more that docs.

Yes, but what if the exchange doesn’t care about its reputation? Perhaps such an exchange can sell data to third parties. We live in the 21st century, in which everything is possible! And to categorically deny the fact that some kind of exchange can sell data is ridiculous.

It depends on the exchange, I do not think that big exchanges like Binance or Coinbase will do that. They are earning enough in a legitimate way.
While exchanges that are pretty new could try it to raise enough money as soon as possible because they understand how many competitors are in the market.

This is the most dangerous thing in the crypto space because we don't actually know what our data are used for behind the scenes.
If it has to be selling of documents, I think you have to know which site you are submitting your documents. Don't look out for huge promises and submitting your documents to people who can pose a threat to your life.

It is very very unlikely for top crypto exchanges (like Binance, gate. Io, kucoin) to sell your personal data because they are have integrity.
But I can't really speak for these low exchanges because they can be enticed with the money and give up their users personal data.

We have seen exchange  user's data been compromised and to answer your question, yes, rogue exchange can sell your data. But do not compare lower fee  as a red flag to  the possibility of user's data been sold for profit by the exchange! Decentralized exchange is the future of exchange of cryptocurrency, I hope we have more dex for crypto asset as time goes on!

They can sell users data to other people, but I don't think that they will do that as if they do that, they ruin their own reputations. They make money from the fees of trading and listing the new coins on their website, that is what I heard, but I don't know if they have another source. I don't use changelly in my daily or weekly trading because I still like to do that in the exchanges. I don't overthink about the fee because as long as I can get the profit, it means my fees still at a little money.

I think that future is not bright anymore, some popular decentralized exchange now are already requiring their user to pass the KYC.
Binance DEX and IDEX are not anymore a fully decentralized exchange, it seems like the purpose of DEX has been defeated due to the strong regulation of the government which is to require a KYC so they can combat illegal activities such as money laundering.

I think all exchange site platform getting their profit through every transaction charge of the individual traders, aside from that they also a quota for every coin listed to their platform too, and lastly they also have average percentage if the exchange will be use for IEO programs I think. Also they have a capability to sell our personal data due to they have access to our accounts once we submit kyc to their site platform.

Don't use Changelly and all the others who will read this post, it's a fraud exchange, there are a lot of bad reviews about Changelly in the scam section, not all exchange sell their users data, those legit and government compliant will not allow to sell your data or they will be charged and get their license revoked if they do that.

I think the exchanger will not dare to sell their customer data because this is a form of violation of the law. Exchangers have many sources to make money and one of them is to charge listing fees for projects that will list on the exchanger. And the biggest source of income is the imposition of fees on each transaction from its customers

Some people use changelly because they can use credit cards to buy their favorite crypto. I am still afraid to use credit cards to make online transactions for fear that my data will be stolen, but I am sure that every exchanger will not sell customer data

Cryptocurrency exchanges shouldn't sell your personal data. I want to say that they CAN'T but there is always a risk. So, I recommend you to use only popular and reliable exchanges like Kraken, CoinDeal (https://coindeal.com/) or KuCoin. It's good to feel safe, I don't even want to imagine that the exchange can sell my personal data! That's just ridiculous!

Yeah, but I think the risk is that personal data would be rather leaked than sold, you will never know if and when it happen. The key is to find reliable and trustworthy exchange, with high level of security. CoinDeal you mentioned recently has reached 1st place in ranking of top 5 trading platforms for EU: https://cryptomag.me

Of course this violates the rules because our personal data is not to be misused as sales to other parties. this is quite high risk if the data itself is traded. therefore as a custumer it should be more careful in conducting verification especially those related to personal data

only reputable exchanges that will keep their customer personal data.kraken , kucoin , binance be one from many exchanges in crypto market that able to keep this data.we have to use exchanges carefully or we will loss our money when their exchanges hacked.as we know in few months ago many exchanges hacked and millions dollars stolen.its possible that our data will stolen too.

Many exchanges and exchange projects use KYC. Before submitting your personal data, it is better to check. Not all exchanges are real and there are some exchanges that are used for fraud. I have personally read on social media, that there are people who offer photos of personal data. And photos of personal data are very much at all, I hope we all have to be vigilant.

Changelly has a very bad reputation, you should never use that exchange, I have this feeling that you just trying to hype this exchange because you include the transaction fee to invite people to use Changelly, an exchange with a bad reputation like Changelly can sell your data, because they don't care about their reputation.

everything can happen. we are not safe to the leak of our data and the leak of documents from the Binance exchange this month confirms this. if you are in the cryptocurrency market get ready for anything

Beware of exchanges asking for fees to new users. If exchanges are not always real they will provide the user personal data to their advantage. Maybe they can also sell your personal data to others because many people need personal data to their advantage. I am always cautious in choosing exchanges and it is better to choose a great exchange and have a large volume.

Therefore we should use exchangers who already have good reputations. Exchangers nowadays appear a lot and in my opinion not all of them are good places to do transactions. Therefore I think it is possible for exchangers to sell or use our data for other purposes, even though it seems unlikely

No, do you know how many transactions take place daily?
0.25% is a lot for 1 trade. If an exchange had more than 1 million transactions a day, how big would you think it would be?
Besides, they also get the coins of some coins that they want to list on their exchanges. There are many sources of income and they will not sell our personal information.

Yeah, when you multiply 0.25% by the millions of transactions process daily then you will know that the fee is not ridiculous  at all looking at it from multiple transactions perspective, believe me nobody wants to run a business at loss, they are profit making body and as such have done all the required calculations regarding what profit they will earn when they charge  such percentage.

They can not make money with this way, user data is not expensive than you expected considering the total registered customers on small exchanges. Exchanges, which are contemptible can do it, but honorable exchanges can not do it. The reputation is important thing for reliable exchanges. We have to be wide awake about unreliable exchanges,there are also a lot of bad news about the fraud activity of exchanges on social media.

It is as easy as ABC. That is the more reason why you must trade on secured and insured exchanges. Many of these much room exchanges and projects conducting KYCs are merely doing so to sell it to a third party for private you. I mean even Facebook once did that and its a cash cow for them

Even a 0.01 percent will be a good profit, it is about the number of transactions daily.
Once you put all small amount together it can be millions of amount.

About personal data, anyone can sell our identity with out our permission and knowledge.

KYC nowadays is unavoidable because every company wants to have your details as probably requested by government or effective to their drafted policy, so we just need to take your advice and then be careful with the way we just submit our details. We cannot stop them from asking for KYC but we can stop giving details to companies that we are not completely comfortable with.

KYC could be very risky, especially those who are requesting for very deep detail from us like our passport and we all know the implication of what our passport would be when it gets to the hand of terrorist. They could use our face on the passport for their various atrocities and this is one reason why we have some people that are very careful about their KYC details with strangers.

Charging clients for trading and withdrawing is a source of income of crypto exchanges. They charge a minimal fees from each clients and the charged amounts become huge when there are many clients charged. I have not experienced that any exchange has misused personal details of clients for their personal gains.

Changelly is just a platform to exchange cryptos from one coin to another , it’s not generally for buying , selling and liaising of projects ! So they won’t charge much ! Which is why their fees is low ! Unlike the main and full functional exchange like binance , kucoin ! Exchanges dosent have right to sell users data and they would not do that !

Yes, for higher withdrawals more than 2 BTC per day we need to submit our details to exchanges. Without taking a transaction fee, it is impossible for the exchanges to survive in the market, I hope more client will help them to get more transaction fee on the transaction they are doing. Till now, I never anything negative about the exchange misused our personal details.

I doubt if they sell users personal data. For big exchange, how they make their money is in the volume of trades per day. If they have active traders who make active trades on a daily basis, when it gets compounded you see its huge. But when you make reference to individual transactions fees that's when it seems small.

Yes and No
I saw recently on Bitcointalk a individual who was asking people to contact him for the business of selling 150,000 cryptocurrency related emails,a big question is where did they get the emails from

Trading fees is clearly the bread and butter of an exchange and they need more clients in order for them to earn good trading fees as their income.
Selling clients personal information is them destroying their reputation, no exchange would do that.

Look at Binance, they don't sell KYC information from clients but the data were leaked, and because they area a big exchange, everyone knows what happen, they maybe still one of the best exchange now but their negligence will remain forever in the minds of the people, if only there's a big exchange close to Binance quality, people would surely leave this exchange.

Are you talking about crypto exchange services or about crypto exchanges for trading? because there are a lot of doubtful crypto exchanges not to be trusted

Possible it is yes, there are crypto exchanges not to be trusted. Most especially those crypto exchanges that newly launched and don't have enough trust. Avoid those IEO/CEO projects that required KYC verification because they are not safe if they are going to be successful or not. Nevertheless, as much as you can avoid passing KYC then do it. Unless they had built a good brand name that deserves to be trusted.

It is possible for an exchanger to sell its customer data because many exchangers are established in countries without clear regulations. It's best if we avoid exchangers like this because our documents will be sold but it would be better if many countries regulate exchangers and the cryptocurrency market for the safety of customer funds and documents

An Exchange lives from a lot of users and a lot of trades, not only one user. Just do the math and calculate 0.25% x 10000 trades. ;) Exchanges also make money by listing fees, your personal datas can be sold by every company and the point that an exchange charges low fees isn't an indicator that they sell your datas to make additional money. exchanges have a lot of competitors, they have to charge low fees to gain users.

AS long as they hold your KYC or any documents from you they can.
Though it is illegal but how sure we are that they are not doing that?
As long as possible i am not giving away any infromation to any team or website.

A lot of exchanges sell user data, which is terrible

If you have suspicions of dishonesty of any exchange, you should not use it. But fees can't be the deciding factor. The above people have explained that even with a small fee, but large volumes, the exchange can earn excellent. Look at the reputation of the exchange, the reviews of people about it and based on this form your opinion.

i think your words are true, if we feel they are suspicious, we can leave them.
but we cannot accuse them and suspect them without reason. we should first look at people's reviews before using the exchange.

there may be some exchanges that sell our personal data, but i still haven't seen clear evidence of that. but that does not mean we must always trust all sites and exchanges, check first before we take action to trust them.

I think the exchange is progressively cautious with the user's data, in spite of the fact that it can happen to sell user data to the dim web. be that as it may, attempt to think positively, perhaps the exchange asks user data for administrative purposes or anticipates the security of tax evasion.

for the cost of 0.25%, I see the normal exchange rate pegged around that. whenever duplicated by all users and every one of the transactions there are very fantastic

Grab yourself a calculator and calculate that 0.25% in million places and transactions are been made every single day, still think they are making too little money? rethink pal changelly can take good care of themselves because they are making awhole lots of money every damn day

Its possible that exchanges can sell your data especially your KYC details can get leaked to darkweb that is why i prefer decentralized exchanges, some centralized exchanges like binance still allow users to exchange and trade without KYC with limitations so you can use binance or other exchanges like it

As for the sale of personal data, you won’t earn much from it, and yes, there have been such cases (Binance, Bittrex). But I think that some employees of the exchange are trying to make money on this.
All exchanges pay for is server rental, in other words, for hosting. Therefore, in the presence of a large number of trading volumes, a figure of 0.25% with a constant turnover can bring good income.

for the problem of selling personal data I think the exchange can do it because some time ago there was one exchange that offered their tokens for free to the public, it's just that this exchange was very evil because it only offered airdrops to lure people to fill in the data and then they collected the data of the victims and sell it in several marketplaces on the internet

We live in the 21st century so I think all the information is for sale. Large companies and exchanges are also doing this.

Most of the exchanges that exist only to gather data and sell them are third level exchanges. The big exchange I assume will not just sell all of their users data otherwise the people will lost their trust toward that exchange.
Personally I will never submit my data to even a big exchange but without proper regulation let alone newly created exchange with not userbase.

If you register and use small and unreliable exchanges. Certainly your data will be sold and is very dangerous if bad guys buy it

Because the scammer created a fake exchange to lure new people to use it but it's very difficult to identify which is the real exchange site and which is not.
this time there was a possibility for small and fully manipulated exchange site like p2pb2b to sell our data.
These small exchange site can't be trusted.

Exchanges that I see can sell data are those exchanges that are of low duality grade and does not have any solid profit base to back them up. Exchanges like Binance will never  do such a thing because they have tried as much as possible to maintain their reputation a lot and moreover, those platform that sells data are those one that are similar to ecommerce, where they can sell to some of their business clients so that they also will be able to market their product to those people and I am referring to platforms like Facebook, Instagram, and other social media platforms, but these exchanges, I do not see exactly where they want to sell the data to or who they want to sell it too as their own business does not involve marketing much.

the worst thing is when the exchange has existed for a long time and then just closes and disappears with all the money and your personal data. it happened with BiteBTC

Solution: don't use unknown exchanges because they don't care about the privacy of their users.
Large exchanges has responsibility of taking their customer's data and privacy but it's up to them if they will also market it. Share or sell it to the advertisers just like what facebook is doing.
Is there any report that an exchange did this before?

They should not selling their customers personal data to other peoples, but in reality we don't know what happening behind them.
Or their database may can get leaked because some hackers attack their platform. Exchange security must be at 1st priority.