Trading digital assets on a crypto exchange without verification is something that every user craves. Anonymity is an element of cryptocurrency that attracts people because they can carry out transactions without worrying about jumping through hoops. With the coming of KYC exchanges, people have to undergo ID verification before they can carry out any transaction. This defeats the principles of privacy and anonymity. Those that want to buy bitcoin anonymously tend to opt for a crypto exchange without verification. At the moment, many centralized exchanges request that before users can trade bitcoin or buy bitcoin on the crypto wallet address that they have to do ID verification. Those centralized Bitcoin exchanges that allow enthusiasts to trade without verification add some restrictions to force them to verify their identity. Custodial crypto exchanges request for verification in one way or the other.
Can you exchange crypto without verification?
With the demand for personal details by crypto exchanges, some users believe that it is impossible to trade virtual currencies without undergoing a verification process. They erroneously hold the notion that they can’t buy bitcoin anonymously with fiat currency or trade bitcoin for other cryptocurrencies.
A centralized crypto exchange like Coinbase demands that potential users follow the KYC process before they can carry out account creation, access wallet addresses, buy bitcoins and other cryptocurrencies, trade cryptos, undergo margin trading activities, and enjoy other perks.
On the other hand, there are crypto exchanges like WhalesHeaven that don’t require personal information during the registration process and don’t add restrictions when the user wants to sell crypto, buy crypto, or trade. Using peer-to-peer exchanges allows users to buy Bitcoin without ID.
Traders can transfer their virtual currencies from crypto wallets like WH Cypher to the other party in the transaction. Usually, this type of non-custodial exchange has a high trading volume because traders hold their private keys themselves, making it a favourable option.
Can I use Binance without verification?
Initially, Binance allowed its users to trade on the exchange without meeting any KYC requirement, though some restrictions were incorporated to convince them to release their private details. This has changed, as Binance requires KYC from every user, both existing and new users. The announcement was made in 2021, and this made the centralized exchange lose over 3% of its clientele base, while the remaining customers started exploring other options.
At the moment, no one can use Binance without verification. Trading Bitcoin anonymously on this centralized exchange is now a thing of the past. With its quest to be in the good books of local authorities, Binance can unveil the identity and details of a user if requested by the government. As a centralized exchange, it has the authority to freeze assets on the wallet addresses of a user.
How to buy Bitcoin anonymously?
Buying Bitcoin anonymously is only possible when the person uses an exchange that does not need verification of any type. Decentralized exchanges such as our exchange, Whalesheaven allow users to buy Bitcoin, Ether and similar cryptos without exposing their identity.
Will I get the Bitcoin immediately if I purchase it without KYC?
Yes. When a crypto enthusiast uses a decentralized exchange like Whalesheaven, they get their Bitcoin immediately.
Which bitcoin wallet does not need ID verification?
Crypto wallets hold the coins like Bitcoin of a user. Using a crypto wallet in a centralized exchange means that the trading platform is holding both the private keys and funds for the user. Usually, this type of wallet requires KYC processes like in the case of Binance.
Crypto enthusiasts that do not fancy revealing their personal information opt for decentralized and non-custodial wallets like WH Cypher and Trust Wallet. This type of wallet does not require any ID verification.
Should you leave your crypto on a centralized anonymous exchange?
One reason that people crave decentralized exchanges is because of their non-custodial features. If a decentralized exchange is hacked, the users do not lose their funds because the trading platform is not holding the funds of users. The same can’t be said for a centralized exchange. It is advisable to leave only the trading amount on a centralized exchange and move the rest to a non-custodial wallet.
What are the examples of crypto exchanges that trade bitcoin anonymously?
As earlier mentioned, there are crypto exchanges that allow their users to trade anonymously. These exchanges tend to offer Peer-to-Peer services, and they may be non-custodial. Below are some of them.
• Whalesheaven
Traders love the services of our exchange, Whalesheaven because it is a crypto exchange without verification requirements. This is one of the best bitcoin exchanges with affordable trading fees that allows users to trade Bitcoin and other cryptos.
The Peer-to-Peer trading platform allows users to exchange crypto in a secure and fair environment. It is designed to offer protection to both small and large volume traders. Trading on our exchange, Whalesheaven opens up a world of the best rates available on the markets. Crypto enthusiasts can trade private and stable coins against Ether or Bitcoin while accessing the best rates.
As a non-custodial exchange, the user holds both their private keys and cryptocurrencies. WhalesHeaven does not have access to any funds during the trading process, meaning that users do not have to worry about a hack attack on the platform affecting their funds.
At the moment, our exchange boasts of the cheapest commission in the crypto market. Sometimes, the trading fees may be cheap, especially when our exchange is marking a milestone. Withdrawal fees on Whalesheaven are non-existent, meaning do not have to pay a dime to withdraw. We are unlike other exchanges that charge withdrawal fees that eat into the profits or withdrawal amount. On Whalesheaven, there is no withdrawal limit, and nor is there a KYC requirement. We are unlike other exchanges that add restrictions in services to cajole users to verify their identity.
Volatility is not an issue on Whalesheaven, allowing large volume traders to exchange their tokens for other cryptos without worrying about it interfering with the price in the market. Users can keep their interest, not minding the direction that the market takes. Automating trades is an important element of Whalesheaven that attracts both individual and institutional traders to our exchanges. The trading platform allows users to automate their trade by enabling WH Cypher. Whalesheaven has an excellent customer support service with professionals that are available to solve issues and make the process seamless.
The trading platform’s user interface is top-notch and designed to make it easy for users to trade, not minding their level of expertise in the field.
• Pionex
Another crypto exchange without verification processes is Pionex. It has trading bots that automate the process, making trading a lot easier. The trading fee is quite low, and is designed to allow users to trade cryptocurrencies without spending a lot in transaction costs. Pionex has a great customer support team, with a feature that allows users to set the parameters for trading bots. The trading platform aggregate liquidity from Binance and Huobi.
• Shapeshift
Another trading platform that allows users to buy crypto anonymously is Shapeshift. With this crypto exchange, users can swap one crypto for another without paying exorbitant fees. It is a non-custodial crypto exchange where people can exchange tokens without an intermediary. The exchange can also work with hardware wallets. Crypto enthusiasts have to deal with the $10,000 transaction limit that is pegged for transactions.
• Paxful
This is a p2p exchange that is designed for users to trade with others, exchanging crypto for fiat currencies and vice versa. Usually, a trade follows some steps before it is confirmed.
A seller will send the crypto to escrow. After the buyer sends the first currency to the seller, the crypto is released to the wallet. Any of the participants are allowed to annul the transaction, and the crypto is sent back to the seller.
Though this exchange may be popular, its transaction fees are high compared to others on this list. Sellers have to pay 1% of the crypto to Paxful. There are restrictions to the amount that can be exchanged based on the user ranking level. This service works only in a few countries. Users have complained about being scammed by unscrupulous elements in the exchange.
• KuCoin
KuCoin is partially KYC-free, as it possesses restrictions for users that refuse to verify their identity. Anyone can register with their email address on KuCoin exchange, and use its features while refusing to verify their identity. By doing this, they have to deal with withdrawal restrictions and daily trading limits. KuCoin has affordable trading fees and offers fee discounts to KuCoin Shares holders. Its user interface is seamless and designed to make it easy for anyone to trade. This is a custodial exchange that holds the crypto of users.
Conclusion
When looking to trade Bitcoin or other cryptocurrencies anonymously, it is crucial to opt for those that do not request the KYC process. Some have a nonexistent KYC process, while others have a partial requirement with restrictions.