can exchange services sell my personal data?

[Mahanton]

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.

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.

[H1N1]

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.

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.

[lobo13hf]

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

[shadowduck]

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

[davinchi]

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.

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.

[ethereumhunter]

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.

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.

[Om.monata]

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.

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%

[coin-investor]

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.

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.

[Ucy]

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.

[AUruHM]

Changelly is a very reputable exchange and such thoughts of selling user data are baseless. I understand the major reason why you are thinking this way is because of the rumours of Binance data leak (KYC documents dropped in a telegram group) which is old news reawakened. Please have a clear mind, no FUD.

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

[KuraJamban]

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.

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.

[btcholder]

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.

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.

[BITDV]

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.

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

[ancafe]

Exchanges will not sell members' personal data just to make money. 0.25% is a big number and if it were multiplied, every person would make a lot of transactions. So there is no exchange that sells data (KYC) just to make money.

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.

[khiholangkang]

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

[chocopapaya]

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

[March21]

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.

[fulled]

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

[styca]

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.

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.

[iv4n]

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!