can exchange services sell my personal data?

[btc_love]

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.

[Boriss]

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.

[bittick]

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.

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.

[Ferris419]

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.

[semobo]

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.

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.

[qazgroup]

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.

[crustycrab666]

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.

[seoincorporation]

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.

[fuer44]

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.

[btc-facebook]

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.

[meanwords]

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.

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.

[tsaroz]

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.

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.

[btc_love]

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.

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.

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

[jossiel]

Sometimes I think that they sell users data and I'm thinking to pick another exchanger.

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.

if the exchanges or  exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges

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

[btc_love]

if the exchanges or  exchange services are not reliable, then yes, they can resell your personal data
Therefore, choose only reliable exchanges

can you make any example?

[joelsamuya]

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.

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.

[Red-Apple]

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!!!

[Honnet43]

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.

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.

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.

[Kezacky]

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.

[Nivia1st]

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.

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.