Introduction
Privacy has always been a major concern in the world of finance, more especially digital finance. Of course, so many people would prefer to have their investments or transactions discreet without the risk of the transaction details falling into a third-party’s possession or even the authorities that facilitate the transaction.
More worrisome has been the alarming rate of privacy breaches and cyber-attacks being meted on the fast-rising revolutionary crypto space.
Many cryptocurrency exchanges that we have around today have incorporated the (Know your customer) KYC to their system, which means that you provide your personal details such as name, D.O.B, address, proof of identity, etc. to access their services.
Although these defeats the principle of privacy and anonymity, they do this in order to maintain good relationships with their users and also for their users to be compliant with the regulations guiding them against criminal activities. This is no good news for users who for several reasons would avoid exposing their personal information.
However, with the rising numbers of data breaches and privacy violations, there’s a relatively increasing demand for crypto exchanges without ID verification. There are now several crypto exchanges that allow users to buy bitcoin without requiring account verification.
Can you buy Bitcoin without verifying your identity?
As mentioned above, it is possible to get cryptocurrencies without identity verification, there are two common ways to do that, they are:
- Crypto exchanges
- Bitcoin ATM
Crypto Exchanges
DEXs (decentralized crypto exchanges) link buyers and sellers without the need for a middleman or identity verification. Whalesheaven, Uniswap, Sushiswap, and other such sites are fantastic examples.
A partial or no ID verification method is also required by some Centralized exchanges.
Bitcoin ATM
A bitcoin ATM functions similarly to a traditional ATM machine, with the exception that bitcoin ATMs only allow for the buy and sell of cryptocurrency. This is another fantastic approach to trade Bitcoin without disclosing personal information or proving your identity. You don’t need a bank account to withdraw your bitcoin, instead, all you need is your bitcoin wallet.
Major reasons why people want crypto exchanges without account
Provided there are alternative organisations that offer anonymity, why would anyone entrust the details of their personal life and financial affairs to authority or someone else other than their selves? This happens to be the main question that crypto traders and investors ask when trying to go for a suitable crypto exchange.
There are many reasons why crypto traders and investors would not choose cryptocurrency exchange that requires ID.
For example:
1. Some users do not have a single trust for the government, and since their government ID card will be used as proof of verification, they believe the government can gain access to their financial information.
2. Some users doubt the credibility of the crypto exchange and would not like to take a chance releasing any vital personal information to them.
3. Some believe that they automatically become susceptible to cyber theft and attacks considering the huge amount of assets they have.
4. Also, the fact that the verification process can be frustratingly slow and sometimes lengthy due to the malfunctioning of the verification system, some users would rather go for an exchange that allows a straightforward login.
5. There are over 1billion estimated people in the world without proof of identity, as a result, they can not access crypto exchanges that require ID verification.
Amidst all these, however, there are some beliefs that people avoid account verification solely because they can easily perpetuate any illegal activities without being caught.
Benefits and drawbacks of crypto exchange without ID verification
Benefits
• Anyone with or without proof of identity can have access to trade and invest in cryptocurrency assets.
• Your financial information and details of your identity remains private.
• You don’t need to go through a time-consuming ID verification process.
Drawbacks
• Sometimes, you might need to settle for a higher price
• There are limits to your transactions and trading volume with most crypto exchanges before you are being asked to provide your identity.
How to trade crypto without verification
There are some crypto exchanges that allow users to trade without requesting ID verification of any type. Decentralized exchanges such as Whalesheaven allows users to trade and invest in cryptocurrency assets without requesting your personal information during the registration process also allowing users to trade any volume of crypto without limitations.
Crypto exchanges that do not require ID verification
There are some crypto exchanges that allow you to trade not just without ID verification, they also offer no limitation to the extent of a user’s trade. Let’s dive into the list of some.
WhalesHeaven
If you are looking for a crypto exchange that offers full cryptocurrency trading capabilities to its users without limitations, while also providing solutions to the drawbacks of other crypto exchanges, then Whalesheaven is your answer.
Whalesheaven is one of the best crypto exchanges with an affordable trading fee that allows users to trade Bitcoin anonymously.
Whalesheaven is without the control of a third party. This means that we neither hold your funds nor decide on who you trade with, at any point in time. Users are not asked to share any personal data, set up an account or pass mandatory registration.
It is a Peer-to-Peer and non-custodial trading platform which allows users to exchange crypto in a secure and fair environment. It is designed to offer protection to both small and large volume traders. Whalesheaven opens up a world of the best rates available on the markets.
Whalesheaven allows high volume traders to exchange bitcoin for other cryptos without worrying about it interfering with the price in the market or lack of volatility.
Users can keep their interest, not minding the direction that the market goes. Automating trades is an important element of Whalesheaven that attracts both individual and institutional traders. The trading platform allows users to automate their trade by enabling WH Cypher.
Furthermore, trade takes place through multisig wallets, in which both you and the platform must agree to the fund being released. This process safeguards your transactions against any type of hacker or scammer.
Shapeshift
Shapeshift is for those who are looking to swap one crypto instantly for another easily and at the lowest trading fees, without any ID verification. The exchange was founded in 2013 and is based in Switzerland. It also supports integration with hardware wallets such as Jaxx.
The exchange service allows users to quickly participate in ICOs. They can simply convert BTC or other cryptos into ETH easily and quickly without a middleman exchange and then buy the token by simply sending ETH to a smart contract address.
The exchange stores majority of crypto in cold crypto wallets to reduce the risk of theft.
Features:
It helps you to keep control of your financial privacy, transparency, and security.
Allows you to create a digital wallet in seconds to store your Crypto
Bitfinex
It is one of the oldest crypto markets and most respected Bitcoin and altcoin trading platforms. They still don’t require KYC as long as you don’t deposit or withdraw FIAT currency — you may trade completely anonymously if you stick to crypto.
Bitfinex offers a wide range of tradable crypto assets, as well as Futures, Margin Trading, and the ability to stake your coins to earn interest on them. Bitfinex is a fantastic option for all of your crypto requirements, and it remains one of the best and most dependable trading platforms available. It has many methods for fiat currencies.
Ecos
This is also a popular site for traders who are concerned about their privacy. It allows you to buy bitcoin without having to verify your identity with only one click. ECOS provides a variety of crypto investment instruments, including exchanges, cloud mining, ASIC mining, and investment portfolios.
Ecos is one of the most useful applications since it is a full-fledged crypto investing platform. You may use this platform to purchase, mine, store, and exchange crypto assets all in one spot.
DameCoins
DameCoins allows consumers to buy and sell about 100 cryptocurrencies using credit or debit cards without requiring verification, as long as the transaction does not exceed $50,000 USD. Depending on the jurisdiction, the maximum amount that may be purchased without verification is $20,000.
Wrapping up
There are various ways accessible if you wish to acquire crypto without providing ID verification for whatever reason.
However, each of these techniques has a different amount of danger and has its own set of advantages and disadvantages, and you may need to pay a premium to have the privacy you need.
Also, always read the terms and policies carefully before enrolling with any exchange, especially the deposit and withdrawal limits. It’s also a question of safety for you not to disclose any of your personal information with any unregulated business.