Fiat-to-crypto: is it safe?

[xen1oph]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

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[OmegaStarScream]

Personally, I believe that both fiat centralized exchanges and bitcoin debit cards providers defeat the whole purpose of crypto, and I would rather use on decentralized/P2P platforms instead. But there are many people who don't mind going through these KYC procedures just because using these exchanges is more convenient and much faster.

These platforms are clearly not safe, because you never know what your data are being used for and even If nothing malicious is being done from the service's part, there is always a possibility of your data being hacked/leaked.

[Ucy]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

I think you should go through the exchanges Terms of Service or FAQ to understand how they handle your private information...Not like they will be very transparent about it though but little explanation is better than nothing.
If you want anonymity/privacy you could use decentralized exchanges like Bisq.

[South Park]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

The only way in which you are going to be 100% sure that your information is not up for sell somewhere or that hackers are unable to obtain it is to never give up your information on the first place, I know that it sounds very convenient to be able to use an electronic form of fiat to buy a decentralized and electronic form of money, and it is, but it comes with some drawbacks because once your information is out there you have no way to control where it goes.

[xen1oph]

I think you should go through the exchanges Terms of Service or FAQ to understand how they handle your private information...Not like they will be very transparent about it though but little explanation is better than nothing.
If you want anonymity/privacy you could use decentralized exchanges like Bisq.

Sure, Terms of Service or FAQ may be useful, but at the same time lack of transparency gives service an opportunity to use the it in their favor.

[hugeblack]

Even Facebook sells your data, so if you want privacy, stop using them.
I am not saying that they are doing this, but Binance will not risk her reputation for selling your identity since they are making a good profit.
This data may be given to governments and the platform may be hacked, but the likelihood that you will be at risk from sharing your data with them seems minimal.

You should read the Terms of Service and hire a lawyer to file a case against them if your data is leaked.

[semobo]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Most exchanges will ask for KYC when your withdrawal limit is high but you mentioned buying with credit card then you maybe asked for KYC when the limit is low.So you can go with anonymous exchange if you don't care about the high fee.

No one can assure your documents will be safe forever because you are uploading that in internet.

[dunfida]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

It depends because if we do talk on purchasing up crypto using up fiat then you would end up into those platforms like binance or similar ones that most likely
needed up credit/debit accounts to buy some.On instant exchangers- Changelly already have that option on buying btc with bank card so this do basically means
either both ways you would end up on requiring to comply kyc.

[Reid]

No, they are not selling your information.
There is a terms of agreement and you could use that to sue them if ever you want to have some lots of money one day. Let me help you with that.

Banks are supposed to be trusted, they cannot just let anyone take money from them.
Once they knew you are paying for an unreliable industry then they will not continue and you will have problems.

Your anonymityis your issue. Then, dont go just buying anything using your credit card because all your information is there.
Just look for a person near your place whom you could buy using fiat. Make it a large transaction so we wont see this question again.

[harizen]

Sure, Terms of Service or FAQ may be useful, but at the same time lack of transparency gives service an opportunity to use the it in their favor.

That's the risks even for a centralized and reputable exchange especially to those users who are taking their privacy and anonymity concern to the highest level. On the other hand, your credit card provider might question you too if they are sensitive at crypto-related transactions.

Since you are worried to the point that you want an exact answer which the fact no one can answer here as a user, then disregard your plan to used your credit card and find an alternative instead.

[Ararbermas]

It doesn't matter if they demand alot of things about you because indeed that's how they process stuff just to secured everything.  but make sure that it's reputable and trustworthy exchange before giving such information because  you know there are still fake and scam exchange.  So be aware! And of course always make search and obtain certain information  as well to assure it's totally safe.

[Periodik]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

I do not use it but it is widely used nowadays. That is perhaps one of the most convenient ways to buy Bitcoin and other cryptocurrencies. However, if you have other options such as buying through peer-to-peer or through outlets that do not require you to submit personal identification information, you better choose it. It is always safer to buy it anonymously rather than with your identity exposed.

Binance, for example, may be trusted and relatively safe but it has already experienced KYC data leak. Incidents like this could actually expose your personal information to the wide public.

[udidrone]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

I think, about that every exchanges will have their reason. Some people in past i heard said that exchanges did that to prevent people's credit card is used by "bad people" and then to buy bitcoin. Maybe because of that they are ask people's data to make sure it is the owner or maybe they have another reason. In my local exchanges in my country, i do KYC too because i can't do anything if not get verified.

[Julian ogan]

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Almost every exchange will ask the personal information like date-of-birth, identity proofs, card details for buying with credit or debit card. It is important to search a legit exchange where your personal information are safe. I personally use few exchanges like Coinbase, Simplex, Coinswitch etc.

[supertester]

They don't sale your personal data but using it for their own marketing purposes. Also every exchange have legal obligation to store data of any customer so that they can answer on any request from authorities if law enforcement happen in one day. Its known as Know Your Customer and Anti money laundering acts.

[michellee]

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Almost every exchange will ask the personal information like date-of-birth, identity proofs, card details for buying with credit or debit card. It is important to search a legit exchange where your personal information are safe. I personally use few exchanges like Coinbase, Simplex, Coinswitch etc.

Then, if that is the case, we can use binance and use the free member as they offer people not to do KYC. I use binance, bittrex, and poloniex from a long time ago. Poloniex was the first exchange that I use for trading, and I don't have any problem with all of those exchanges. So far, I feel safe to use the exchanges I mention, and I could trade in every day although, in fact, I don't make daily trade. If you don't want to use the exchange because of KYC verification, then you should search for the exchange that you want.

[gantez]

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Almost every exchange will ask the personal information like date-of-birth, identity proofs, card details for buying with credit or debit card. It is important to search a legit exchange where your personal information are safe. I personally use few exchanges like Coinbase, Simplex, Coinswitch etc.

I think that is becoming the trend now and this is getting investors worried. The good thing about it is that it is a choice as other exchanges exit that won't require such rigorous KYC, just little like verification of email. Example, coin exchange does not require such KYC as such.

[cosmofly]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

I think this trading is quite safe, because I traded a lot at binance and Huobi, everything works very well. For large exchanges, you don't need to worry about selling their information. Because they already have too much money to grow their business, they do not need the change from KYC and it is easy to hurt their reputation.

[shield132]

Personally, I believe that both fiat centralized exchanges and bitcoin debit cards providers defeat the whole purpose of crypto, and I would rather use on decentralized/P2P platforms instead. But there are many people who don't mind going through these KYC procedures just because using these exchanges is more convenient and much faster.

These platforms are clearly not safe, because you never know what your data are being used for and even If nothing malicious is being done from the service's part, there is always a possibility of your data being hacked/leaked.

Cmon man, you can't run official exchange without requesting KYC documents from your clients, also it's better for governments and financial institutes to have imagination about how money moves from their exchange which mostly includes illegal things too. Just see, almost every official exchange (if not 100%) requires KYC, otherwise you can't run that business.
Still that's not safe OP, your data may be leaked and a lot of exchanges have that issues, I don't know why but seems their security isn't still good.
For getting fiat without KYC, better to ask people there fiat/btc exchange, for example skrill, paypal and etc, you will find someone with whom you'll negotiate.

[dark08]

Hey everyone. I'm new to crypto and I wanted to ask if there's a point of buying crypto with a credit card.
I found a lot of exchanges where users can easily (as they say) buy cryptocurrencies with their bank card. I mean, at binance they request like a lot of data about me, including my phone number or date of birth.
Aren't they selling my private info (that would explain 0,25$ fee on changelly for example), and doesn't that conflicts with the statement about my anonymity?

That would be fair for every fiat-to-crypto exchange, so my question is: do you use it and is it really safe?

Yes you can buy crypto  by using credit card but before purchasing an altcoin make sure you really know/understand the policy of exchange site to avoid asking any question, like if its required a kyc that provide your identity, Binance is one of a secured to buy altcoin.