Anonymity is a scarce commodity. It’s getting harder and harder to get it and keep it, and let’s face it, less and less people care about it. Even so, the cryptocurrency community still believes that providing cryptocurrency exchange opportunities without document verification or disclosure of personal information is imperative. Despite the fact that most users choose exchanges that require sending an ID card, passport, and sometimes even a bank account, anonymous cryptocurrency exchange services are closest to the original idea of social exchange where trust is delegated to a computer algorithm.
Why is the emphasis on privacy so important? A popular scheme: sending an ID card to the exchange, bank transfer, investing in cryptocurrencies, converting to national currency, withdrawing to a bank account is a safe way, but it has several disadvantages. We provide all our basic data so that the transaction is visible to those interested in our behavior, our finances and interests. Hence, it is only a step away from selling information about profiled users to marketers, banks and, even worse, broadly understood administration. It is worth thinking about it in advance.
The bubble invited investors to put money into blockchain projects without much scrutiny. Then only the investors started the process in which those who had already bought wondered where to invest cryptocurrencies (soon in time).
On the wave of popularity of cryptocurrencies, fewer and fewer investors pay attention to an extremely important factor that may affect future success. It’s about anonymity, often overlooked aspect. The mainstream entering the crypto chooses the route: cryptocurrency exchange account, top up with bank transfer, investment in cryptocurrencies, payment to dollars, back to a bank account. This is a safe way, but has several drawbacks: investment in cryptocurrencies becomes clear to big data operators, who immediately sell information about profiled users to marketers, banks and, what’s worse, government agencies. Can you avoid this?
Is privacy the risk most crypto investors avoid?
If you accept a higher risk to achieve anonymity and also buy for long-term holding, use the stock exchange where there is no document verification. You do not need to send ID, passport or driving license, which is often required by the western crypto exchange or ICO. It is obvious to state that such Bitcoin exchanges without verification are going to be used for trading only. Right after making transaction all cryptocurrency is going to be withdrawn to safe, offline wallet.
What makes an exchange anonymous?
The anonymous cryptocurrency exchange is characterized by the fact that it allows you to make transactions, deposits and withdrawals without the need to send them documents. Just sharing your ID card, passport or driving license with the cryptocurrency exchange is at least as risky as with any other private business.
Cryptocurrency exchanges are required to reasonably process personal data under the complex legal provisions of the jurisdictions in which they are located. Often times, large document databases are a great asset of companies operating stock exchanges, and they face many temptations. Anonymous cryptocurrency exchanges do not have these problems.
Anonymous cryptocurrency exchange sites list
Binance is the most popular choice among no verification required exchanges, mostly because huge incentive: trading fee promotion 0.15% instead of 0.2%, which is already very low. The other advantages are: no verification, website is fairly easy to use, mentioned before lowest commissions (0.15%, check special offer with lower fees) and availability of rare cryptocurrencies. It is still possible to register quickly and easily in Binance. Remember that after buying cryptocurrencies, move your portfolio to a secure wallet under your control.
It is the fastest growing cryptocurrency center in the world. The exchange has attracted millions of users who use both the most popular currency pairs and many additional services. A charismatic leader, an honest way of settling the internal cryptocurrency Binance Coin (with the possibility of receiving discounts on trading) and the selection of available projects are the most important factors that speak for setting up an account without verification.
Binance is offering a trade with leverage on its Futures market and opened the possibility of earning money just for owning cryptocurrencies (borrowing at interest and staking cryptocurrencies such as Algorand, Bitcoin or Tether). Commissions on Binance are among the lowest in the market. Remember, however, that cryptocurrencies should be kept under your own control.
Binance is located in Hong Kong. Daily withdrawal limit for non-verified users equals 2 BTC. Exchange provides also tools for traders, API and offers and deals, especially promoting new tokens with potential.
BitFinex is an exchange that returns to our list after re-opening the registration after a temporary break. Too high popularity of the exchange meant that it was unable to handle the increased influx of customers. The problems have now been resolved and the infrastructure has been improved. The BitFinex exchange boasts the highest liquidity in the world. A huge number of users trade in the Bitcoin, Ethereum, EOS, Ripple, NEO markets, so you can always find the other side of a transaction or speculative bet. The exchange is also prepared for the requirements of more advanced traders, offering various types of orders and mechanisms to take advantage of the market situation. Create a free BitFinex account without verification.
What about other anonymous CeFi exchanges?
CryptoExchange Mercatox offers many really niche cryptocurrencies with potential. This is the first stock exchange that offered RaiBlocks, a cryptocurrency let investors cash in big profits (later it has been rebranded to Nano), and then similar story that investor could achieve with Tron coin. This UK’s exchange is quite old school now, but still doesn’t require authentication or documents to buy and sell coins. Register for free on Mercatox.
Cryptocurrency Exchange KuCoin offers not only anonymous trading, but also very interesting crypto passive income opportunity. On the other hand, they don’t even try to hide with their motto, which is “People’s Cryptocurrency Exchange”, which immediately reminds us about political climate of China. What are the advantages of KuCoin? No verification, anonymity, simplicity of the site and registration, the lowest commission (0.1%) among serious exchanges. Make sure you learn about KuCoin Shares, native KCS token, which allows users to participate in exchange’s profits. Free registration is opened at KuCoin.
Anonymous cryptocurrency exchange sites summary
It is worth remembering that if you have an account on the cryptocurrency exchange without verification, our only confirmation of ownership is an e-mail address (and possibly a phone number, if we have provided it). In case of problems, we are left with the legal rules of the country in which the company operating the stock exchange operates. Please note that when we need to enforce the law, it may be related to travel to that country, legal representation, or other inconvenience. The easiest way is to buy small amounts of cryptocurrencies in a Bitcoin ATM, and then start your adventure on the exchange, getting to know the world of cryptocurrencies deeper and deeper. By applying common sense and safety, most risks can be avoided.
If you are planning to regularly buy and sell Bitcoins, Ethereum, Litecoin and other cryptocurrencies, you should seriously consider how are you going to manager your personal data. Due to increased interest of governments and offices, several laws like AML (Anti Money Laundering) or KYC (Know Your Customer) has been applied to the framework of cryptocurrency exchanges. Make sure you are following the line of law of your origin, but also keep in mind your portfolio’s security. It is considerably better to share personal documents with as few organizations as possible, right?