can exchange services sell my personal data?

[zzortyx]

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 )

[accounting 181293]

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.

[magnum cyber]

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.

[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.

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.

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

[masterrex]

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.

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.

[numanoid]

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

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?

He can't since he only shitposting on here.

[TastyChillySauce00]

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.

[sjbi]

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.

[target]

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.

[Msworld83]

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.

[NeuroticFish]

and pay just 0.25% and I think this is pretty weird

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

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

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.

[thiscomm]

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.

[upyem2k]

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.

[Xphenosis]

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.

[javainn]

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

[alexforneus]

Every service can sell your personal data in theory

[Iceblast]

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

[btc_love]

and pay just 0.25% and I think this is pretty weird

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

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

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.

lol I worry about myself

fake volumes are so bad for the industry!

[blackhawkeye1912]

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.

[CryptopreneurBrainboss]

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.

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.