There are many crypto exchanges coming out in a market. And they are being an entity in between the crypto and the end user. In that process they seem to be creating a gap which is not transparent to the end users. I am going to point you out to the same issue in this post.  Image Credit: Canva App and Author Design ### Low Cost Coin Purchase Schemes We all know how much ETH costs with gas fees included. So when any exchange or startup company with app tells you to buy 10 dollar worth of ETH would you see the problem? You may notice that the gas fee often consumes those 10 dollar. And most apps don't tell you that, they would just take your 10 dollar and show you artificial value of 10 dollar worth of ETH in the account. But when it comes withdrawing that they would create the gas fee error. Isn't this a scam? ### KYC and AML If you earn or buy the crypto on your own and store it in the desktop wallet. No amount of KYC and AML is applicable on you. But the exchanges are forcing the KYC and the AML on you even for minute amount of the crypto. Like imagine 5 dollar worth crypto holding would require Poloniex and Bittrex to do your KYC and AML. Isn't that data harvesting scam which includes private monitoring and govt monitoring? ### Private Keys I have also noticed one trend with the exchanges that they are not offering the private keys. You only have access to the memo and the address of the crypto. So basically you are not in control of your funds either. This makes you wonder if you are in exchange or some sort of the mafia that has more control over your money than you. ### What Can be done about this? Hold your crypto into desktop wallet. Like larger the amount, desktop and hardware based wallets are good option. Make sure to double check hardware wallets before putting in money into them as there are lot of cases of hacks coming lately. Avoid web based wallets. If any exchange or wallet says no access to private keys, time to move your funds. ## Conclusion When most of the crypto experts tell you that "Not your Key, not your crypto". There is a strong truth to that. Never trust any exchange wallet. For that matter even Binance and Coinbase can be pretty risky. So if you plan on storing your crypto in exchange wallet or any web wallet, be careful. You never know what type of web is spun out there to grab your money. Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@esmeesmith/kyc-aml-and-private-keys)
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