buying and selling cryptocurrency without any restriction, personal data and ID must be provided.
Can cryptocurrencies be bought without ID and KYC answered?
Are you interested to buy cryptocurrency? Then you must be aware that KYC is needed by most of the main centralized exchanges. For buying and selling cryptocurrency without any restriction, personal data and ID must be provided. This is done by exchanges for reducing risks. The process of KYC aids them in preventing fraud and laundering of money. Every cryptocurrency enthusiasts are not eager about it. If any user wishes to be anonymous while buying Bitcoin you must have an idea of all accessible options. More to that, if you are interested to read whether bitcoin mining become unprofitable.
How to buy Bitcoin without ID verification?
Users will be able to buy Bitcoin without ID verification in two ways. One is through decentralized exchanges and another is through Bitcoin ATMs. Both the options will let you buy cryptocurrency without ID verification. However, they work differently compared to the regular process. Mentioned below are some of the exchanges where you can buy cryptocurrency without KYC and ID verification.
Binance:
It is one of the well-known crypto exchanges worldwide that allows trading without KYC.
For spot trading, no KYC is needed.
Users can withdraw till 2 BTC each day.
But in the case of margin trading, KYC is needed.
Coinbase:
This exchange can be used to purchase, sell, transfer and store digital currency.
Coinbase stores a huge variety of digital assets securely in offline storage.
It supports over 100 countries.
After buying and selling digital currency, you will be able to track them in one place.
Trading of currency can be scheduled on a weekly, monthly, and daily basis.
All funds are stored in one vault due to safety purposes.
PrimeXBT
It will let users access many markets using one single account.
It will offer simple access to different cryptocurrencies.
PrimeXBT will help users to copy all experts’ trading activity automatically for receiving the same rewards.
Quickly respond to all changes in market trends. Thus they can profit not only from rising prices but also from falling ones.
Kucoin
This exchange operates using partial KYC.
Most traders do not need to complete any ID verification until there is any suspicious activity.
Also if anyone wishes to exceed the trading limit of 2 BTC every day KYC verification will be required.
Kucoin lists many tokens that are unavailable on main exchanges.
Bitcoin ATMs
It is an ATM for buying and selling cryptocurrency.
Some of them offer only Bitcoin but many others offer different cryptocurrencies.
The exact way of buying and selling cryptocurrency through a Bitcoin ATM will depend on this machine.
For buying a cryptocurrency from a machine, users must enter their cryptocurrency wallet address.
Then they can deposit cash in the Bitcoin ATM and it will send them the cryptocurrency.
For selling using a Bitcoin ATM, receive the address of deposit from the Bitcoin ATM.
It will be providing one QR code for scanning.
Then send the cryptocurrency to this address and the Bitcoin ATM will make payment in cash.
They are very common these days and one can use this method without any KYC or ID verification.
It may not be equally convenient as buying cryptocurrency online as you have to visit the ATM for buying and selling cryptocurrency.
However, with these ATMs, privacy will be coming at a price as they charge costly fees for transactions.
Conclusion
People who do not wish to verify their identity for buying cryptocurrency will have many options. Decentralized exchanges are the perfect place for starting. It will cost less than making use of a Bitcoin ATM. But before opting for any option, people need to consider if it is vital to avoid ID verification. The process of KYC will be slow but convenient. People opting for it must go through this process once with some centralized exchange. Before people sign up for a crypto exchange it is vital to do thorough research. Read all reviews, check the policies by accessing the exchange platform from various countries, understand the customer support’ quality, and so on. Irrespective of KYC, never leave all cryptocurrency on the centralized exchanges. They need to deposit what they require actively for all trading purposes and leave the remaining stack in some non-custodial wallet. Everyone must be trading safely, behave smartly, and avoid exchanges of surveillance for keeping all identities private.
