Card Reader on Exchange

[KeMac16]

I have recently joined an exchange and linked it to my bank account. When I tried to deposit some money from my account it asks me to enter details into a card reader. I don't understand this. Why would I need to use a card if the money is being transferred directly from my account to the exchange? Thanks for any guidance

[Charles-Tim]

What is the name of the exchanges that you are referring to?

I have not seen any exchanges that requested for card reader details before. It might be a scam exchange that wants to steal information from you.

[dkbit98]

I have recently joined an exchange and linked it to my bank account. When I tried to deposit some money from my account it asks me to enter details into a card reader. I don't understand this. Why would I need to use a card if the money is being transferred directly from my account to the exchange? Thanks for any guidance

You didn't say what exchange you registered on, but this sounds like a typical scam tactics trying to steal card details from you.
I hope you didn't send them any personal information, or you can expect to receive a bunch of emails and phone calls in future.

[KeMac16]

What is the name of the exchanges that you are referring to?

I have not seen any exchanges that requested for card reader details before. It might be a scam exchange that wants to steal information from you.

It is Kraken - I downloaded the APP and it seems like the gen app and I have also been asked for card reader details on Coinbase which I have been a member of for a couple of years


Charles-Tim & dkbit98 - I owe you both an apology. The card reader is on my bank account and it is only for higher amounts. Sorry to have wasted your time - I am slowly learning. Brgds

[Dunamisx]

I have recently joined an exchange and linked it to my bank account. When I tried to deposit some money from my account it asks me to enter details into a card reader. I don't understand this. Why would I need to use a card if the money is being transferred directly from my account to the exchange? Thanks for any guidance

As you have been asked already, which exchange make such demand from you, and with he way of how am seeing this, it seems like you're on the wrong platform which is totally different from the intended one, i will only advise that you make decision on using a reputable exchange like Binance or Bybit to avoid being under attack by scammers, if you're not on the right platform of the intended exchange.

[Smartvirus]

Charles-Tim & dkbit98 - I owe you both an apology. The card reader is on my bank account and it is only for higher amounts. Sorry to have wasted your time - I am slowly learning. Brgds

Had things to say on a session time out but, it’s good you get it now that, it’s your bank and not the exchange in particular.

No exchange would require you of your card details or even enable a link to your bank for a direct purchase of cryptocurrency. Don’t forget, banks deal on fiats and haven’t been any friendly with cryptocurrencies just yet. Find an exchange somewhere that requires your card details to buy cryptocurrency, you should be weary and worried.

It’s okay however for banks to seek extra verification when you’re doing large sums, it’s for your own protection.

[tabas]

Charles-Tim & dkbit98 - I owe you both an apology. The card reader is on my bank account and it is only for higher amounts. Sorry to have wasted your time - I am slowly learning. Brgds

Had things to say on a session time out but, it’s good you get it now that, it’s your bank and not the exchange in particular.

No exchange would require you of your card details or even enable a link to your bank for a direct purchase of cryptocurrency. Don’t forget, banks deal on fiats and haven’t been any friendly with cryptocurrencies just yet. Find an exchange somewhere that requires your card details to buy cryptocurrency, you should be weary and worried.

It’s okay however for banks to seek extra verification when you’re doing large sums, it’s for your own protection.

Kemac, smartvirus is correct. When I read this thread of yours, this is the first thing that came to my mind which I've placed in bold. The majority of them if not all are giving a hard time to their customers who are using their bank accounts and even credit cards to buy and sell cryptocurrencies from any exchanges. And if that requires a higher amount, I'd advise you to look for a local community crypto group of yours to simply buy P2P or through other means except that if that won't work for you.