There are several bitcoin exchanges on the market that allow you to use the services without proving your identity. This means that you do not need to provide any personal data when registering or using the exchange or if there is no need to verify the information provided. On the anonymous bitcoin exchange, in most cases you just need to enter your email address and password, and you can start trading right away.
Advantages of anonymous exchanges without KYC
Identity verification on bitcoin exchanges The process of identity verification on bitcoin exchanges usually involves the provision of personal data such as name, address, date of birth, and the attachment of identity and residence documents. Most exchanges require an identity verification process for AML (anti-money laundering) purposes and a process called KYC is launched - know your client to meet the standards that may apply in the country where they operate. There may be several reasons why a user wants to avoid disclosing personal information when exchanging bitcoins. Users can hide their credentials so that no authorities, whether government or the tax office, can see their investment, profits and losses in bitcoins. It is also possible that you simply do not trust the platform enough to provide your credentials to the site owner because you are not confident in them to protect your personal information. Then other people just want to hide income from different people, such as creditors, employees or even spouses, for various personal reasons.
On the other hand, the verification process also includes the provision of proof of your identity in the form of a state photo ID and proof of your residence in the form of utility bills. Checking this information can take more time and sometimes weeks in case of increased interest in the platform's services. Although you can start trading immediately after registering on the anonymous bitcoin exchange, because you do not need to wait until the verification process is approved on the platform.
Disadvantages of anonymous exchanges without verification
The biggest limitation of anonymous bitcoin exchange platforms is that they apply a certain threshold to unverified users both in terms of trading volume and in terms of daily or lifetime withdrawals. This can create a potential problem for those who would like to trade anonymously on a large scale.
authority of the exchange
As the number of anti-money laundering regulations in cryptocurrency exchange grows, the demand for anonymous exchanges is constantly growing. More and more people want to buy bitcoins and trade them anonymously, while the number of legitimate places in the sector where you do not need to prove yourself is rapidly declining. This situation creates a basis for fraudulent companies that offer anonymous trading services, but eventually disappear along with the means of their users. Departure fraud is on the rise, as with anonymous exchanges, the government does not control, and there is no real way to find convicts if they have stolen a client's money. Make sure that when you buy bitcoins anonymously, you personally research the platform you are using, and if you use P2P partners, check their track record to minimize the risk of fraud.
Why the confidentiality of bitcoin exchange matters
It is known that information is constantly leaked or lost in hacker systems. If you have a good wealth of cryptocurrency wealth, the information used for KYC (passport, selfie passport and utility bill for the past few months) can be easily used to track who you are and where you live. After several reports that bitcoin traders have already been attacked, tortured and stolen in order to steal their coins, it becomes more than clear that you do not want information about your KYC check to leak, be stolen or published on the Internet or on Darknet Cryptocurrency. It has nothing to do with the fact that you want to engage in illegal activities - you just take your privacy seriously and protect yourself and your family. Due to the recently developed regulatory environment for cryptocurrencies, most jurisdictions around the world have introduced safeguards to prevent money laundering. This means that in most Western European countries, along with the United States, cryptocurrency exchanges must identify their clients through the Know Your Client (KYC) process. However, you can still find legitimate ways to buy and trade bitcoins anonymously, even if you are a resident of the area.
The best anonymous exchanges for bitcoin trading
At several exchanges, you can trade immediately after registration, but the registration process involves providing a phone number. These exchanges often use several levels of verification, where at the first level you do not need to provide too much information about yourself to get started. However, restrictions apply in these cases. BaseFEX introduces its trading platform to the market without promising any KYC process at all. They never require any personal information when you use the site, you only need to provide an email to register. BaseFEX only accepts bitcoin deposits, and similarly, you can only withdraw bitcoins from the platform, they do not work with fiat money at all.
PrimeXBT offers the possibility of margin trading without proof of identity. All you need to do is register your email address and password to register, and your account is ready to trade. It is a platform for cryptocurrency trading, so there is no possibility to deposit or withdraw fiat, but it also means that the verification process is completely non-existent and there are no restrictions on trading or deposit.
SimpleFX lets you trade with a variety of altcoins, bitcoins, forex and indices without verification if you deposit with bitcoins. After registration, you will only be prompted to enter an email and you will receive an email with instructions on how to set a password. However, if you want to deposit or withdraw any fiat money from the platform, you will still have to go through the verification process.
HitBTC has been operating on the bitcoin exchange market for quite some time, where you can trade a large number of different altcoins other than bitcoins. Deposits and withdrawals are only allowed in cryptocurrency, and although the exchange is a verification process, you don't have to go through it. However, by verifying yourself, you will be able to increase your withdrawal restrictions.
Best Anonymous Exchanges to Buy and Sell Bitcoins
If an exchange offers fiat payment options, in most cases customers need to go through identity verification. You still have two options if you want to remain anonymous when buying bitcoins. Or buy only a small amount of bitcoins as there are certain sites that allow you to get into bitcoin without verifying your purchase amount is limited to a smaller fund. Other options are to use peer-to-peer exchanges where you can buy and sell bitcoins directly to other bitcoin peers. Evonax Evonax is a new cryptocurrency exchange platform where you can instantly exchange a range of cryptocurrencies for each other. The provider even allows the exchange of cryptocurrency for Paypal, which makes the service quite versatile. Therefore, users can even use the cryptocurrency platform to a certain extent. The cryptocurrencies that Evonax supports are Bitcoin, Bitcoin Gold, Bitcoin Cash, Bitcoin SV, Dash, Doge, Ethereum, Litecoin, Monero, and Zcash. A pure crypto-to-crypto exchange can be done anonymously as you need nothing more than wallet addresses.
best decentralized option
HodlHodl (best decentralized option) - The main idea behind bitcoin is to make payment completely decentralized without a central party dealing with transactions. HodlHodl returns to this idea by offering a truly decentralized marketplace where you can buy and sell bitcoins from others while remaining completely anonymous. Localbitcoins (the most respected P2P platform) is the oldest and arguably the most respected P2P exchange where you can buy and sell bitcoins directly on other bitcoins. Some sellers have created a very reputable portfolio of previous reviews so you can be sure your counterparties are legitimate. Unfortunately Localbitcoins recently discontinued the option to pay with cash, but you can still buy bitcoins without proof of identity using other payment methods. BitQuick (best for US customers) offers anonymous purchases for US residents up to $ 400. The buying process is a bit more complicated, as you need to use the local branch of the seller's bank and deposit money in person, but after that, you will receive your bitcoins in a couple of hours. Paxful (best for cash) has recently remained one of the latest P2P trading platforms, where you can still buy bitcoins in exchange for cash from other individuals. There is a wide variety of payment methods, including cash and PayPal, that you won't usually find anywhere else. You only need to verify your ID if the seller asks you to, but always make sure you choose a reliable counterparty for your transaction with a previous track record and feedback.
The best anonymous altcoin exchanges
The good news for those who want to buy or trade altcoins is that buying altcoins anonymously is much easier using bitcoins than fiat currencies. So, if you already have bitcoin or other cryptocurrencies, there will be many options for exchanging bitcoin for altcoins. However, if you want to buy altcoins for fiat currency, for example, using US dollars or euros, you will still have to go through KYC processes, as in the case of buying bitcoins. Binance - Did you know that one of the largest cryptocurrencies offers the possibility of anonymous trading? Binance allows you to register, deposit and trade hundreds of altcoins in your account without requiring confirmation of your account. However, please note that you can only use the platform for up to 2 BTC, in addition, you will be asked to verify your identity with government IDs and address verification, as in the case of any regular exchange. BitMax is a derivative platform for cryptocurrencies that offers altcoin margin trading for much less liquid cryptocurrencies. Registration and registration is quite simple, you only need to specify an e-mail address to open your account. A check is not required, but you can trade up to 1 BTC per day without going through the KYC procedure, and withdrawals in some cases also require a check, so make sure you check the terms before registering.
Tradeogre is a lesser-known cryptocurrency platform that offers truly anonymous options for trading hundreds of altcoins. The 0.2% trading fee is very competitive in the market compared to other anonymous Tumbler, but unfortunately the team also remains anonymous, raising some questions about the integrity and credibility of the platform. In addition, there is no real support only in the Twitter account, leaving many unanswered questions from users on the Internet. Use it at your own discretion. Livecoin - Livecoin.net offers the opportunity to trade altcoins in almost any type of altcoin you can imagine. Note that some coins may have very low liquidity, but this is not necessarily a Livecoin problem, but a coin market. The commission for trading is 0.01% -0.1%, and they accept many different methods of deposits and withdrawals, such as Payeer, OkPay and other similar providers of alternative payments. Although the exchange supports fiat currencies, you only need to go through the verification process if you want to use bank transfers for deposits or withdrawals. Otherwise, you can use the trading platform anonymously only with the az email used for registration. The LocalCoinSwap service is very similar to the P2P offer on the LocalBitcoins market, which simply turns its offer of coins into several (or any) altcoins. Because this is a P2P market, you can buy, sell, and trade altcoins with others, so make sure you choose a vendor who has a good deal of past transaction experience to avoid fraud. No confirmation is required on the platform, but some sellers may ask for your ID in their terms.