Bitcoin Forum

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 ?

Just posting here their official statement:

https://i.imgur.com/jFNA71G.png

https://twitter.com/zebpay/status/1347525568468697093?lang=en


However, Bitstamp have a change of heart,


https://blog.bitstamp.net/post/bitstamp-cancels-plans-to-charge-inactivity-fee/


Of course, who wouldn't want to get charge for just letting your coins stay in their exchange.

But it just put a emphasize to our old adage here, "Not your keys, not your coins". So it's better to just withdraw your crypto to any exchange, regardless if you are very active (just leave enough for trading purpose), or not that active. Because there are possibility that exchanges can be hacked, or they will simply freeze your accounts for no reasons at all. And then there are exchanges that exit scams too. Or worst this, way back in 2018  QuadrigaCX: $190 million locked after founder died in December 2018 (https://bitcointalk.org/index.php?topic=5106159.0).

I personally think that more exchanges should adopt this as long as users don't get charged when they have nothing on their accounts because it seems like something that would encourage users from keeping their funds in off exchanges.

I don't think that's bad.
It encourages people to withdraw their funds from the exchanges and keep them in their own (non-custodial) wallets.
Why should users keep their coins on exchanges if they don't want to trade? Exchanges shouldn't be used as wallets.

Why should you pay for not being active or maintaining a cryptocurrency exchange that may one day expose you to risk by disclosing your personal information when you can be your own bank?
Because privacy is essential, it is always best to use a personal wallet that will not charge you for not being active or may charge you for maintenance; and you will be in control of your cryptos because you have your private keys saved in your custody.
A friendly suggestion is to withdraw all of your coins to a personal wallet where you will have control over your private key and no one will charge you for inactivity or maintenance.


I don't believe it is necessary to use a crypto exchange before adopting Bitcoin or cryptocurrency, which is why it is critical to have adequate knowledge about the entire thing; there are crypto exchanges that do not require KYC before starting trading with them, so why not buy your crypto/Bitcoin from them and then send it to your personal wallets if you don't want to use local P2P transactions?
People must understand the importance of privacy and should avoid such exchanges because they will discourage people who are unfamiliar with cryptocurrency from adopting it.



This policy should instead discourage users from using such exchanges and encourage them to move all of their coins to personal wallets.

I'm also against such "inactive account" charges, but I don't think that this would have any impact over the global crypto adoption.
Only a few crypto exchanges have such policies and I'm sure that they will change their Terms of Service, in order to keep their customers.
Imagine having a bank account and your bank suddenly starts charging you 100 USD per month only because you haven't used your bank account in one month. This seems really sketchy. The crypto industry is competitive enough and such sketchy business tricks will not be tolerated.

You don't have any option other than using centralized services like banks for holding your fiat. When it comes to cryptocurrencies, you have the option to keep your coins in your own non-custodial wallets and be your own bank.
Exchanges have been created for trading cryptocurrencies, not for holding them and it's normal that they want to make profit.

It's nothing new, Bitstamp tried to start charging this half a year ago (https://bitcointalk.org/index.php?topic=5405505), but there are others who have done this for a long time, let me quote my post from May 2020 when some were outage that Latoken will be doing this:




Hmm, let me get this right, a fee for inactivity is discouring people from actively using crypto?
This is like an extra tax on unused office space would discourage owners to rent it.  ;)

It's actually encouraging people to stop using exchanges are wallets and stop leaving all their coins on an a CEX that might get hacked or "hacked" and thus lose all their money.

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.

I read a similar topic on the gambling section about gambling platforms charging users for inactivity in their gambling account, maybe that idea originated from observing crypto exchanges.

Perhaps the reason is because they spend extra reserving that space for you on their server or to encourage you to trade or take your money to a wallet if you won't trade with it.

If you are not comfortable with the practice, you can use another trading services that has not yet taken up that practice of charges for inactivity.

1. If your goal is to actually "use" bitcoin/crypto, you most likely wouldn't have it on an exchange
2. Leaving funds on exchanges if you aren't trading them isn't a smart move in the first place
3. Just stop using such exchanges if you're not a fan of inactivity fees and let them feel the damage

There can be other reasons to keep it on exchange like doing future trading, buying NFTs on an exchange and then trading it and so on.

You will still need an account on an exchange to buy crypto before sending to own device. The point is now some exchanges are charging for this which I think is not cool.


Is this practical ? Where you buy new crypto coins from then ?

If that's what you mean by "using" crypto, then sure. If you want to actually "use" crypto, you'd be using trustless and non-custodial platforms.


Can't charge you if you don't leave funds on the exchange in the first place!


On other exchanges that don't charge inactivity fees?

This is one of the best implementation by exchanges that I have seen online. If this is true, it is purely commendable by the exchanges.

The campaign of not your keys not your coin is indirectly being supported by exchanges. This will be an awakening call to make us understand that it is not ideal to leave our coins in and exchange for a very long period of time
It is a campaign in favour of crypto adoption and not against as opined by Op.

It's obviously just to make more profits. Once they've set up a wallet to receive coins, and then received coins to that wallet, there is no additional cost of maintenance. What are they charging for exactly? Not unlocking the wallet and not making any transactions? ::)

But I don't care if they want to charge this ridiculous fee. The more reasons to turn people off from using centralized exchanges, the better.

Peer to peer via platforms such as Bisq, AgoraDesk, RoboSats, or even the currency exchange board on this forum. You can't be charged a fee by a centralized platform if you don't use one. Not to mention all the privacy and security benefits of not having to hand control of your coins or your personal data over to third parties.

Thus, cryptocurrency exchanges will be able to transfer the remaining funds from accounts that are not used for various reasons, on a "legal" basis to their wallet. In fact, such actions by the cryptocurrency exchange should be regarded as theft.

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

If they have some form of insurance I can see there being a charge to them by the insurance company for the number of accounts not just active ones along with the amount covered. Along with the possibility of other fees. Same if they have their customer service as an external company that charges per number of customers. They don't just care about the number of people who DO call but the amount that CAN call.

Kind of like the FAA requires 1 flight attendant per 50 SEATS on an aircraft, not per 50 passengers. Have 210 seats, you need 5 flight attendants, does not matter if you only sold 9 tickets for the flight and only 8 of them showed up you have 5 attendants working.

So if other places are billing the exchange like that then they are just passing the costs along, and probably adding a lot for even more profit.

-Dave

I find it interesting. I think that those exchanges do/will have an exodus of accounts (and funds) and a liquidity drop too.
At least it helps people keep their money in their own wallets (at least I hope so).

On the other hands, it can cause an even more centralization of users in the few bigger and more active exchanges, which also don't have this kind of fees.
Unfortunately I don't expect many CEX users opt for DEX, not yet. But maybe soon enough...

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.

The more that centralized exchanges pull stuff like this, then the stronger the argument for DEXs become. Already DEXs win hands down on security of your coins, on security of your data, on privacy and not selling your information, on fees, on not being hacked, on not scamming their users, on not being fractional reserve, on not freezing accounts or seizing coins, speed of setting up an account, not requiring KYC, the list goes on. The only thing CEXs have going for them is the speed of individual trades, but continue to alienate users and that one metric becomes less and less important.

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.

Clearly. The platforms get more robust and ... well, everything there goes in the right direction.


I've said it before, CEX is becoming more and more a business similar to the banks (plus forex). Some prefer that, some will go out of that. Not everybody sees crypto in the same way.
And btw, there's something CEX has and DEX doesn't: crypto cards. Again, banking, as I said ;)

Zebpay & Bitstamp, as time goes by, those exchanges will die, crypto users will switch to other exchanges, they should not carry out such practices or burdens, not all crypto users using the Zebpay & Bitstamp exchange make trades, many of them invest in crypto, of course it will burden crypto users in general.

We know, nowadays crypto exchanges are competing to show each other the convenience and the best for their customers, practices like those carried out by the two exchanges will have a negative effect on themselves, I believe the exchange will die leaving only names, without users to trade and invest crypto on the exchange.

I also know such exchanges, such as Latoken, Exmo, etc. My personal opinion - just stay away from such exchanges. I find this policy of crypto exchange management inadmissible and simply cheeky

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.

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.

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. :P

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.

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.

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.

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.

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.

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.

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

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.

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?

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.

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.

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.

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?

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.

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.

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.  :D

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.

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?

Maintenance fee charged on dormant accounts will grow their profits in the short run, but will also hit them hard on their custormer base as few will subscribe to this nonsense.
In the first place, why didn't these guys come up with a service which allows users to buy a cold wallet slot which can act as some kind of insurance and security feature that can be used to safe guard a user's coins from theft and the alike....

I wonder why unpopular exchanges are in the forefront of implementing such, is this the new way exchanges are  making their money...

That is the point of bitcoin in the end. If you are buying bitcoin with the hopes that you will sell it for more fiat then you did not learn the main purpose of bitcoin. I believe that the main purpose of bitcoin is exactly how you use it, not needing to cash it out to fiat, but to use it directly.

If I can sell my cash and buy bitcoin and then just stay in the bitcoin world and never invest into anything else, just use bitcoin to buy even a grape, then that means bitcoin reached the level it was supposed to reach. That will take a bit more time, we still have to cash out for many things but in the end we are doing as fine as we possibly could at this moment.

There already is such a thing which gives you the security to protect your coins against theft, insolvency, bad loans, exit scams, ridiculous inactivity fees, and so on. It's called a wallet. Preferably a hardware wallet or a proper cold wallet.

It doesn't matter what product a centralized exchange is offering, or if they offer some sort of separate account for "cold" storage. The bottom line is the coins are not yours, they still belong 100% to the exchange, and the exchange can do anything they like with them, regardless of what type of account they are in or what the exchange claims in regards to their security or whatever.

Take Coinbase as an example. They used to host Coinbase "vaults", which required additional passwords and time delays to be able to move your coins out of them. Great for extra security, right? Until they discontinued these vaults and a bunch of users with coins in the vaults are unable to access them anymore.

They even can write in their ToS that they have full rights to close your account and seize money in it. If I recalled correctly, in the past Poloniex had that point in their ToS.

Disagree or not, if you did not read their ToS or search in FAQs, it means you agree with their terms which will be applied on your account.

Of course you need to stay away when the exchange policy will only harm you in the long term especially when you are required to go through KYC and pay inactivity fees for certain period. I don't have accounts on many centralized exchanges especially those that require KYC from their service users as I believe I should be more aware of my KYC security than with just some of the assets I trade.

It's too bad to expect centralized exchanges to have the services we want because they are subject to the jurisdiction of a country. In fact they can freeze our assets whenever they want and that's why I had to avoid more centralized exchanges until now.

There are a lot of compitions as regards to trading platform. Therefore,this will even discourage a lot of users from using this exchange when they got to know that they will be charged for inactivity on their accounts. We have more than enough Exchanges to do business with that currently do not charge for inactive accounts for those that loves keeping their cryptos on exchanges, in this case they have the choice to choose whether they're to do business with this platform or not.

But who keeps money inside an exchange anyway? If they found some then that accounts were may be abandoned or there are bad things that happened to the owner. Only those who store money inside the exchange are traders but they are actively using it and if they decided to take a rest for quite some time, they will withdraw their money out of the exchange because they know that storing money in there is very risky.

The exchange can be hack or the exchange themselves are the one that will do inappropriate things. At first thought, this is not right but if we think deeper maybe this is their way of saying that people shouldn't treat exchanges like a wallet.

Obviously no customer is going to like to pay a monthly fee for not using their account after some time has passed without making any trade, but this shows once again why centralization is a bad idea.

If you had that bitcoin in your wallet not only no one could charge you those ridiculous fees but you will also have complete control over your coins, something you do not have when your coins are at a centralized exchange, so it is important to read the terms of the exchange in which you trade and if you do not like them then you need to keep your coins out of the exchange or look for another exchange without such policy.

It makes no difference whether you keep coins in exchange or not. If you do not do trade in a month, there is a fixed charge for this. It does not gets affected by the fact that you bought a lot of coins through the exchange in past and are storing it now in a hardware wallet.

What happens if my account runs out of money? Will my balance show a negative value? If this is the case, then such actions of the exchange are more like fraud, since they require payment for services not provided. And you should stay away from such exchanges.

    -  If the top 60 exchanges in this industry such as Binance, Kucoin, and others do not have such practices or rules, why would I agree to such rules of an exchange? It would be okay if that exchange can ensure that the assets of their clients are 100% secure if there is ever hacking or others that are not expected to happen.

As it turns out, a trader had extra billings because of that kind of policy. Zebpay and bitstamp are not even included in the top 60 exchanges in coinmarketcap. Although I am an active individual trader, I do not agree with such a policy of exchange.

Keeping our funds secured against hack or any other attempts is their basic responsibilities but charging us for unnecessary reasons cannot be an excuse for fulfilling one of their main responsibility. When they are not generating enough income from trading fees or listing fees, I guess they are not fit to run an exchange business.

Yeah, but these days crypto beginners have lots of options to get into adapting cryptocurrencies hence one or two exchanges having such practice in my opinion may not have any deep impact on the rate of adaption of cryptocurrencies.

This is not an appreciating condition. I do not support such type of activities by exchanges. Here we have thousands of traders who are investing for the long term profit. I'm one among them. we do not trade almost 3 month to year cause we purchase in cheap price and wait till bull run. So how should we support this?

As these exchangers are applicable to a local country, they act like a central bank, ie if you have a bank account, maintenance charges and SMS charges and some other charges are deducted every year for your account.  In this case, you may or may not have money in your account.  So maybe these exchangers work in such an algorithm that a certain amount will be charged to your account every month.  Whether you use the account for trading or not. I am not completely sure about this.  But I think it happens because of this

So after the FTX implosion and a few others that went down with it I cannot believe that we are still taking about this and people are still leaving coins on exchanges for any period of time. Seriously put your coins in, do what you have to do and then pull them out.

If you are worried about some fees and not worried about the exchange going away and taking ALL your coins / funds down with it then you are worried about the wrong thing.

Not your keys....not your coins.

-Dave

An inactive account means that most traders will quickly avoid such exchanges. Never mind paying fees for being inactive, precisely because they are not active because they don't have assets to trade. There are many other exchanges with zero fees and you are free to be active or not, there are many exchanges that will not cost you anything. Such a rule would only lead to a massive reduction in users. Because for users, this rule is clearly an unfair rule. But the plus side, as many people have said, so you should never leave assets on the exchange if they are not being used.

I agreeing with your words  I think they are locally applicable and with that may they have some extra facility for those users. Even then I think it would be better to avoid those exchangers because  if you hold your crypto fund there and stop trading for a while then you have to pay extra free again to retrieve that fund.  I think it's kind of putting pressure on the users.  Moreover, there are many good exchangers available through which you can exchange crypto directly to your bank. I don't support those kinds of terms and I also think that those exchangers will lose their users because of these terms.

Yes, ZebPay is like a local exchange in India. It caters to people in India and is one of the first exchanges in the country. People from one country are kind of forced to use these local exchanges because it is very easy to add funds there.

This is not a good idea of charging inactive account, why would they implement such to their platform do they know if actually those users having any funds to trade or exchange their coin?
Basically from the view of things, someone like me would hardly leave my funds into such exchange, now my question is what if someone have funds inside the exchange and decided not to trade with it rather than just using it to store their funds would they still charged such user if I may know or they still not charge.
They are really discouraging people not to use their exchange anymore to trade because naturally I would suggest that they should give a bonus to attract people to claim it maybe at time of claiming it they would now say for them to withdraw it individual has to make a minimal deposit of $10 and trade to make withdrawal this would have attracted more of their inactive account to fund their exchange in other to receive bonuses.

While I think this is undoubtedly a mistake on their part as it is a bad idea to try to charge money for inactive accounts, at the same time is not as if I like exchanges too much, so the more mistakes they make the more people will realize they are just like banks and then people will begin to avoid them just as we have began to avoid banks years ago due to their ridiculous policies, so even if it is counterintuitive I love they are making these kind of mistakes.

Dont know on why they do really end up with this kind of consideration on charging up those inactive accounts which we know that most of them are definitely just leaving out the exchanges and its only a few

to those people who had just remember that they do have some account on said platform and just been idle.Therefore, charging up something like this would really be pointless.
Its true that once the community would able to get enough with these things they will surely be leaving out these platforms and would really be looking
into something which doesnt really charge out on being just idle.

In some ways, I disagree with this policy, but in other ways, I think it's a good idea. If they charge the centralised exchanges, people will realize they made a mistake by keeping their coins there, and they will start looking for personal wallets to store their Bitcoin safely without having to pay for the exchange's upkeep since it's free and trustworthy.

I think they are somehow functioning as bank from the view, you really made a point just like my local bank they kept charging me whether i made deposit / withdrawal or not they kept deducting their monthly fees so i got sucked over everything making me buying bitcoin and hold in my wallet. But realistically they making their exchange uncomfortable to trade and reduces their trust rate.

Although local exchangers charge some fees . However, local exchangers are very easy to use and easy to cash out.  But in this case, the problem of TAX also remains.  Since the local exchanges are government approved and regulated by banks, government TAX will be mandatory.

You have a point but I think it should be a common habit for a crypto user to have a personal wallet. The one who will be most affected to this kind of charging policy is the one who forgot that they have a balance on that certain trading platform. Mostly that kind of policy is a disadvantage for most users. Imagine a user intended to leave a sh*tcoin in that exchange because it's not worth it to transfer because of the current value, after months of being stored; the exchange sweep all the remaining balance as a penalty of being inactive. And miraculously the sh*tcoin that were collected by the exchange blew up 300x. Obviously it's a loss for the exchange customer because of the potential profit he got from that scenario.

Support it or not, as a user on a centralized service, you only have option to stay or to leave.

(1) Staying with them means you will be charged fee for your inactive account.
(2) Leaving means you should withdraw all your coins from that account to your own wallets.

The second option is better as "Not your keys, not your coins" that is always a true mantra in cryptocurrency.

With self custody (non-custodial) wallets, no one charge you additional fee because of inactivity.  :D

I don't sure with good ideas when crypto exchange market charging for inactive account, usually when have user not access or log in to their account in long term period have notification about closed permanently by system but they have sent notification early. I think Binance is most friendly exchange market how long you not access to your account never charging fee withdrawing or your account get warning notification.

Seems its good option leaving the exchange market have crazy rule and withdrawing all fund to own wallet like metamask, trustwallet or hardware wallet.

I really don't know who gave this exchanges such advice to charge dormant accounts even upto $10 a month for just having to store your coins on their platform?
Well I think they shouldn't back off anytime soon because this will also help people to adapt to use decentralized exchanges.
I see no reason why a centralized exchange should charge a fee for dormant account when they know that people could easily do without them and go for the decentralized exchanges.
This is a greenlight that this exchanges jus want to exploit their customers because they're in charge of their assets and feel they can do anything to it.

I agree.

It's a win-win for both parties, exchanger won't earn money in inactive accounts and inactive accounts would be force to withdraw their money on a wallet that is much safer. I bet those inactive accounts are (1) traders who quit trading, or (2) hodlers who are storing their cryptocurrency in an exchange since maybe they are just beginners that doesn't have any idea where to keep it while waiting.

Very strange and am totally against this. But if you see in a way it's a really good thing. Because such things will motivate investors to keep their money in the wallets instead of exchange when they it is idle. This makes sure less amount of scams with your money. But to me the rules also sounds a bit strange. Because it's like charging money for not doing anything. If you are so much in need of funds increase the withdrawal fees. Makes no sense to charge this amount of fee.

I am sure the second exchange to do this, only get an idea on the first one but we don't know if the first one have think of it all by themselves or there's someone that advice them to do this. I won't wonder anymore if there aren't a lot of exchanges follows the same idea as this doesn't look appealing as a customer.

For any types of business, the owners are usually the ones that gives free money, bonus and any other exciting offers to entice their customer. I don't support this kind of act and I do not think that their advocate is purely to help people realize that centralized exchanges are not a good way to store money but maybe they are only using that as an excuse to steal money.

Pretty sure that there would really be advisors for this particular rule or changes and the second one would really be still in idle and waiting up whether such changes do get some positive or negative impessions.
If ever they would be finding that there are lots of criticisms then they would definitely not be rooting on following on what that 1st platform had implemented.If ever this had been making out no
noise then they might be following but in overall its not really something just right on charging into those accounts which arent that active.You dont know if the owner
had completely just leave out and never came back.

Absolutely against that, fortunately, both of them cancel the new rules due to the community. If an exchange charge that much every month then that exchange will lose their member and wish to delete their account. Charging that amount not making our funds safe either and people will think that crypto will be the same as a bank that charge our money every month. glad that the community stands against that new rule.

That’s one of the reasons not to fully rely on crypto exchanges with your funds. This is definitely not right and I don’t support it at all. They make a lot of money from transactions made on the use of their platform and they’re not suppose to bill their users just the way they like again for keeping money in their exchange. This will undoubtedly deter people from venturing in cryptocurrency. I'm hoping that this will raise awareness among cryptocurrency users to only store their funds in centralized exchanges and to avoid exchanges like this one.

There are even gambling sites charging dormant or idle accounts which it is really just that too much.Now that exchangers are doing some stuff then i dont really support this one and they are already
charging up everything now which turns out that they are really that milking that much their customers and now they are even charging inactive ones which it shouldnt really be supposed on this way.
Neither those people are just paring out their coins or just totally lost up their interest to logged in or totally forgot that they do still have the account.
Just let people do sit their funds and dont charge up just because they werent active.

Yeah. And when we ask a banker how they feel about crypto, it is like asking a dictator how their feel about democracy.
What kind of answer do we expect? lol

ZebPay has eaten users' money in the name of monthly keeping fees.
And they do not show Proof-of-Reserves and assure users regarding the safety of their funds.
They are not the crypto exchange. It's a fraudster defaming the crypto industry.
Worst Indian Exchange ever. Don't use ZebPay

then, why keep our assets on the exchange when we are not trading?
even if our assets were delisted from the exchange, we wouldn't know. What happened to FTX should have made us realize that keeping our assets on the exchange would be very detrimental.
for those active traders, may not get a discount. but it is better to withdraw their assets when finished trading.

Many people do not hold with their keys for a long time to come.
Not your keys, not your coins, That's 100% true.
We are responsible for our own thing, but everyone in crypto shares the blame for not developing secure fiat on-ramp.
There is no dex we can use for super cheap swaps nowadays.

Crypto exchanges ‍are usually get some commission from the active users which are considered of their profit. But when a user does not do any trade or transaction on an exchange for a long time i.e. is inactive, there is no benefit to that exchange. As a result, some of the mentioned exchangers have imposed additional charges on inactive users. While these rules are good for them, no one will support them as an investor. Because the number of crypto exchangers are huge. Moreover, when the big exchanges are providing users with free benefits, it is not a very good initiative for some relatively unknown exchangers to take such a step, even it will bring back a negative attitude towards that crypto exchange. I personally would never support of such charges.

- First of all, I did not create an account on the said exchange that was mentioned, then there is an unfairness of that exchange platform if that is their rule for their traders. I think eventually, traders might reduce them on their platform because of such a system.

Right now, they won't feel that, if the top exchange platforms don't have that kind of implementation, then it's not included in the top exchange in the market, always if I'm one of those who have an account there, I'll take out all my money from them, and I'll just switch to binance which is more trusted compared to their platform.

There is no point in transferring your money to another exchange, including on the Binance, if you are not going to use it for trading. And considering that after the collapse of FTX, the risks of losing your money on a centralized exchange increased, the best option would be to minimize your funds on CEX by sending them to your wallet.

it looks like a bank where we put money. there will usually be charged to us as a fee for us to leave money there.
but now there will be more active traders visiting exchanges and not keeping assets for a long time on exchanges. like the exchange said, are there still traders who put their money on the exchange and leave for a long time?
now some investors and traders will prefer to withdraw their money from the exchange and keep their money in their wallets.

this is certainly not correct, but I think in this way the exchange is trying to weed out inactive users and also find users who may have lost access to their funds. And thus, after a certain time, according to the new rules, all funds will legally become the property of the exchange. This is certainly not correct, but what do you want from centralized exchanges? Not your keys, not your coins.

In my personal opinion I also think that why I would also need to necessary use these exchanger for trading where we find many more good exchangers are still available. For the exchangers who are imposing these terms and conditions, I think it will bring loss for them. Because users will go where they have more freedom from these things.  A custodial wallet is taking away the freedom of the user and it is an additional condition on it. In custodial wallet, the consumer is already getting less freedom and these terms and conditions seem to be taking complete freedom. My suggestion will be always avoid those exchangers for the security of your fund.

Nothing surprising for any centralized platforms on which they could really put up some rules and conditions everytime they want which includes this which i would say that it is really just already too much,

Its true that it is really already getting the complete freedom considering that we are using up a certain platform then we are already prone to kyc or personal identity exposure

and now they're trying  out to charge up something for those who hadn't been using up their accounts for long time? It is really just too much, they are really trying out to abuse
their power and terms which i wont be surprised if one day that popularity would be gone.If the community would able to see that it isnt really that right anymore
then they would be flocking into those exchangers which doesnt really charge up on being idle or dormant account.It doesnt really just make no sense imho.

They just have to put a feature to make accounts active but if someone doesn't want to trade within a month, they shouldn't force their customers in doing it.
These capitalists really are making themselves rich and putting some rules that many won't like it. It's not a common rule but if that's what they're going to enforce then be prepared that they'll get lesser customers soon. They will for sure going to see a decline in their active accounts and more withdrawals.

Instead if bothering yourself with transferring your funds from one exchange to another while not just move everything to a non-custodial wallet. At least you'll have control over your funds rather letting it just stay in centralized exchange and right now no one knows what might happen tomorrow so it always better to have your funds store in your wallet so as to avoid story that touches the heart.
Binance might be doing well today to no one knows what might be of it tomorrow, FTX has taught us a lesson that we shouldn't take lightly.

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Sure they have seen the effect of it since Bitstamp already sent out emails to its users to come back and deposit on them. $10 a month for using thier exchange as storage of coin investment I guess is just not making them worth the storage of choice.

I would be avoiding even if it's binance if they ask monthly fees. They should be grateful for the people using them. But this is also something that exchanges do to learn whether users are still alive.

If it's just for storing a coin, then those people are spending their money wrongly. They can just keep their coins on their own while having no problem about an exchange becoming potentially bankrupt soon.
If Binance starts doing this soon, I'll sure be pulling out most of my funds there even the pennies that I've got or should I just be generous on them and keep it there for a while.

It is important to remember this, binance may be doing fine right now but we do not now if that will still be the case in the future, in fact it is almost a sure thing that binance will at some point int the future collapse as it is the case for the majority of the companies around the world, and when that happens you do not want to have your money there as we know you are never going to recover it, so our only option is to hold our coins by ourselves.

I doubt that an exchange like Binance is going to do this. They are making huge profit from the activity of users there in fees. They will not start charging for inactive accounts, that will in fact give bad name to them that they do not want.
This practice is being followed by small exchanges who are trying to remain profitable in bad times.

binance would never implement such stupid rules. regulations that will only burden inactive users with funds in them. it will just give binance a bad name indeed. Currently, Binance has made a lot of profit from trading fees and that is more than enough. Those who apply fees on inactive accounts are just exchanges that don't have much to gain and are trying to find other advantages. It is better to leave such exchanges and keep them in personal wallets it will be safer and without any cost.

If Binance would be ending up with this kind of integration and if people would be finding out other platforms  which doesnt ask out or implement those rules then pretty sure that they would flocked away.

We know that regulation do becomes strict and becomes tighter as years passing by which it would be understandable on having these changes but charging up some dormant accounts?
It is really just too much on having this kind of concept which it is really just showing on how greedy these platform are.
They are making that much money out of those trading fees and they shouldnt really be adding up the burden.

therefore, such a stupid rule that the Op asked about is a rule that will only benefit CEX, but will have a bad impact and be marked as an Exchange that is very greedy and wants more profit. It is not supposed to increase the burden on inactive accounts or even active accounts. The source of profit is only on trading and withdrawal fees, nothing more.
Any exchange that tries this dirty trick will be distrusted and abandoned, and perhaps worse than the distrust of traders with CEX as a result of this FTX incident.

Recently there has been a lot of money leaving binance as a result of the FUD exchanges in general are suffering due to the events that transpired with the FTX exchange, if they were to implement such policy then even more money will leave binance, as no one is going to like that they are being charged over this when we know that such a thing does not really generate an additional cost to the exchange, and once that money is out there is no guarantee the client will ever use their services again.

Trust is important. Binance likes to think long term and thus it has not implemented this feature so far.

I guess now after the FTX incident, many have understood when to keep their Bitcoins or coins in an exchange or not. I mean when to keep, when to not. If your plan is for HODL, then stay far from the exchanges, it doesn’t matter if the exchange is Binance or some new exchanges. If you want to trade then only deposit and do the work.
Moreover regarding the question asked in the OP, I don’t think top exchanges will do this tricks, at least the popular ones. I completely disagree with this type of charges.

We have exchange hacks and other related incidents in correlate with these platforms back in the past.People had been alarmed and learn up their lessons but time passes by then they do forget it out already
and trying out to trust up these platforms again and making it as their main wallet until the same scenario or situation happens again and ending up on a disaster.People never ever learn
and these exchangers are highly centralized and now they are making up some charges into those inactive  accounts? They are just simply too greedy.
Arent they that contented on what they are making on the current market situation or into those users as of this moment?

Besides that, exchanges actually make profit from inactive users' funds which are abandoned there. They use this money to lend and generate profit which are partially paid to users who borrow and the other part they get for themselves. It's a very profitable business format already, so exchanges charging from inactive accounts are just being greedy and abusive with their customers. Platforms doing this are going to suffer a very negative impact on long term. There will be lots of users cashing out their funds and deleting accounts. The ones which have friendly features to customers will be the benefited ones.

I will never agree that they charge for inactive accounts, neither in exchanges nor in casinos, this is something that exchanges invent to make profits, this is something I don't like, I have inactive accounts in some exchanges, and I don't I don't even want to enter because if I enter and they are going to charge me then I prefer to make a new account, I will never accept these things.

When an exchange does something like that to me, I think I would not enter again, for now I am only using an exchange and if it does something like that to me, I think I would stop using it, I don't really like these things, I prefer to use my personal wallet and Already.