As cryptocurrencies evolve and slip into the mainstream, more and more regulators seem to be getting involved. Naturally, they can’t police cryptocurrencies themselves due to their decentralized nature, so they found a different mark. Namely, since exchanges and crypto service providers have to be localized, they’re also bound by local laws.
One of the first things these laws do is erase anonymity via KYC requirements. This means that companies may require you to do some identity verification to use their services
If we look at the two biggest crypto exchanges worldwide, Coinbase and Binance, they both limit their services severely until you pass KYC. With Coinbase, you can’t even start trading, while Binance does allow some slight crypto purchasing. Even with the latter, the limit is far under what any aspiring crypto trader or investor should accept.
As a forerunner in the cryptocurrency world, Bitcoin was conceived as a means of financial liberation. It was meant to put power back in the hands of the people and omit the meddling of various institutions. One of its core pillars is and has always been anonymity. The extensive KYC checks have erased that to a large extent, restricting the possibility of buying bitcoin anonymously.
When we buy or sell Bitcoin without KYC, we utilize its true nature as a peer-to-peer currency of the people. Luckily, some service providers have managed to escape the greedy clutches of banks and countries trying to get their cut. While you may still be doubtful, there are still ways of becoming fiat-free and committing yourself to crypto. Today, we’ll teach you how to do just that.
Starting Out
If you’re brand-new to cryptocurrencies, you will still have to use your bank account. Before you can solely use other cryptos as your payment method, you will need to buy some. Usually, you’ll do that with fiat currency via a card or direct bank transfer.
That means your bank will register the purchase, but that’s a necessary evil. There are some services like ByBit and Paxful that will allow you to do that without KYC processes. However, such services are a temporary solution, and it won’t be long before your bank comes knocking.
Admittedly, there are some roundabout things you can do. You can give cash to a friend and have them buy crypto for you. However, you’re trading your anonymity for your friends in that scenario. Needless to say, using other people’s crypto wallets for your personal transactions is risky and depends highly on trust.
Another option is to use a bitcoin atm – a physical terminal that lets you buy bitcoins with cash and make transfers between accounts. Bitcoin atms, however, can be hard to come across and can can incur higher fees than you would see on an online crypto exchange.
However, once you did purchase your first batch of cryptocurrencies, there is a simple solution. You can start using peer-to-peer exchanges that don’t require KYC or any other sort of identification. Currently, the best way to do that is undoubtedly via WhalesHeaven.
How Does it Work?
While cryptocurrency exchanges can be complicated, buying Bitcoin without KYC via WhalesHeaven exchange is actually simple. You can finish the entire preparation process in minutes and be ready to start your crypto journey free of any constraints.
First, you need to download the WH Cypher extension. It’s a powerful multisignature, multichain tool that’s entirely noncustodial. You can use it as a Bitcoin wallet, but it also supports Bitcoin Cash, Ethereum, Binance Chain, and numerous other coins. Functionally, it allows for a much easier way of controlling your funds and cooperating with trading partners.
Once you set it up, you can go ahead and take a look at WhalesHeaven’s list of offers. You can simply scroll through and find one that suits your liking. The actual purchasing process is simple; you click the deal you like and press proceed. WhalesHeaven actually does all the work for you and even sends the funds to whichever wallet you prefer – just enter the required bitcoin address and click proceed.
After that, you create a multisig wallet with the platform and initiate the trade. The great thing is that you don’t deposit directly to the person you’re trading with. Instead, WhalesHeaven ensures both parties have their funds deposited before starting the transaction. There’s even an additional confirmation step where both participants need to affirm their willingness. Only then will the transfer process actually begin.
That eliminates the chance of foul play from either side and guarantees quick, simple, and anonymous crypto-to-crypto trading.
Why WhalesHeaven?
Some of you may wonder how we can be so confident that WhalesHeaven is the best option to buy cryptocurrency without KYC. We’ve been in the market long enough to be aware of all possible options. In order to substantiate our claims, we’ll gladly run a comparison. That way, we’ll remove any doubt about the truthfulness of our statements.
Bybit, Paxful, and other Fiat-Crypto Services
We already mentioned the ways you can buy crypto with fiat currencies earlier in this text. Whether they require KYC or not, they always contain the same issue of involving bank transfers. That, by its very nature, means someone else knows that you’re purchasing Bitcoin or whatever your cryptocurrency of choice is.
But let’s say you don’t care about privacy. In that case, you may be inclined to think there’s no difference between buying crypto with other crypto or with fiat. However, you’re sorely mistaken, as banks don’t like losing their monopoly over money.
There have been numerous historical instances of banks suddenly forbidding or limiting crypto trade. Historically, central banks, such as the Reserve Bank of India or People’s Bank of China, have issued sweeping crypto banks. That instantaneously bans any banks within the respected countries from processing crypto transactions.
But let’s say your country has a crypto-friendly stance. You might think you’re in the clear, but even that’s wrong. Particular banks, such as Italy’s UniCredit bank, have threatened to close the accounts of crypto users.
The truth is that you’re never entirely safe on the fiat-crypto relation. Banks and countries may change their minds on a whim, locking you out of your hard-earned money. Buying crypto P2P over websites like WhalesHeaven will always be the superior option.
Binance, Coinbase, and Other Major Exchanges With KYC
The advantage of Whalesheaven exchange over other brokers with KYC is fairly apparent. Using KYC exchanges always leaves you vulnerable to tracking, government inquiries and overall slashes anonymity down drastically.
Cryptocurrency exchanges with KYC, like Binance and Coinbase, are always aware of your transaction. And since they’re centralized entities, they are subject to local laws and regulations. That means they can decide to deny you service at any time or otherwise turn in your transaction data to other entities.
That’s an especially significant risk if you live in a crypto-hostile country. Because of this it is advisable for you to use a decentralized exchange for your trading whenever possible.
Other Peer-to-Peer No KYC Exchanges Vs. WhalesHeaven
When comparing other no KYC P2P exchanges with WhalesHeaven, the advantages become a bit less apparent. However, that doesn’t make them any less significant.
One issue that many of these companies, for example, KuCoin, suffer from is that you need to submit your funds to them. That means your funds actually reside with your service provider while you’re searching for a trade. That leaves you vulnerable to untrustworthy providers that can run away with your money. Otherwise, they can charge their trading fees and say a trade didn’t go through. KuCoin particularly also limits how much Bitcoin you can transfer – 5 BTC per day as far as withdrawals go, limiting you in terms of purchasing capacity.
On the other hand, all of WhalesHeaven‘s features are fully accessible without the need to provide any documentation. You can perform anonymous transactions of any amount without any limitations. Furthermore, the service itself never has access to your funds. It simply connects you to the person you want to trade with and oversees the process. That guarantees complete safety for both parties and shuts the door for those trying to misuse your trust.
Even if you look at fairly similar services, such as the meme-inspired Hodl Hodl, WhalesHeaven takes the cake. Hodl Hodl does offer a lot of the same functionality, but it’s also more expensive. WhalesHeaven’s fees range between 0.5% for smaller traders and 0.125% for bigger ones. Meanwhile, Hodl Hodl has 0.6% for freshly-registered users and requires you to pass KYC to get to 0.5%, which is baseline at WhalesHeaven. Also, the very fact that Hodl requires KYC is a privacy risk on its own.
Conclusion
The only way you can truly be safe when buying Bitcoin without KYC is with a company that’s entirely devoted to that idea. You’re still at risk with service providers that enable some features without KYC but still strongly encourage it. In the blink of an eye, they might change their mind, and you may find out you don’t have access to your money. That’s especially true with exchanges that require you to deposit crypto assets into your account and then allow gradual withdrawals. There is no other cryptocurrency exchange as friendly towards no-KYC crypto purchasing as WhalesHeaven is.
WhalesHeaven provides you with a fully secure, noncustodial service, giving you complete control over your money. It’s by far the cheapest company that does so, minimizing the money you lose while trading cryptocurrencies. If you want a safe and fully free crypto trading experience, you can’t settle with using VPNs or exchanges that falsely promise anonymity. WhalesHeaven respects its customers, protects them, and remains true to the original cryptocurrency philosophy. Make the right choice and trade crypto incognito while remaining secure at WhalesHeaven.