Cryptocurrency has become so popular because it offers anonymity to those who buy and sell crypto coins. However, in an effort to control the cryptocurrency flow, many governments impose some requirements on cryptocurrency exchanges.
One of such requirements is an obligatory KYC procedure. When you need to buy or sell crypto coins, most exchanges will ask you to fill in several forms. In the forms, you will be required to provide some sensitive data such as your name & surname, residence address, and similar. The more you buy and sell coins, the more information they will want from you, including such data as proof of income, or a tax receipt, and similar.
It is annoying, but along with that, your information is exposed online. If there is a data leak or if the platform is hacked, all your data can be stolen and misused. That’s why many traders are looking for an opportunity to swap coins without a need to provide loads of information online. and they find options.
Cryptocurrency Exchanges That Don’t Require Registration
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This is one of the main reasons why many exchanges have moved to offer services without registration or verification. For example, if you want to exchange crypto online – LetsExchange offers exchange services without registration. Usually, such exchanges don’t charge fees for transactions, and the rates are at the market level, thus, you can even save some money if you use the service.
Peer-to-Peer Purchases
You can directly ask a person who owns coins to sell them. Take care to get the needed cryptocurrency wallet. Then, check who has the needed coins, and ask them whether they don’t want to sell some. You will be surprised when you find out how many people out there are willing to buy or sell cryptocurrency at the market price or even lower because this way, they can save on taxes and transaction fees.
Another option is also to check p2p cryptocurrency exchanges. Make sure you get acquainted with the cryptocurrency list price before placing your exchange request there though.
Use a Bitcoin ATM
Purchasing crypto coins via a Bitcoin ATM is not very common but still, in some places, this option exists. However, despite this drawback, a Bitcoin ATM offers a number of benefits:
- It is one of the safest and the most convenient ways to purchase Bitcoins without an ID.
- You can buy there Bitcoins with fiat money.
- The purchase process is simple. All you need to do is to pay for your coins, and to provide the public address. If you don’t have the public address, choose the option “don’t have an address”. The ATM will generate for you a paper wallet (make sure the ATM supports this function for you though).
Final Thoughts
Before deciding on one or another option, check all the pros and cons that you get. In the first case, you might run into the risk of purchasing coins that were involved in some fraudulent activities. In the case of an exchange, this risk is eliminated because most exchanges deploy top security measures to ensure all the coins traded on the platform are clean. However, you might pay a small transaction fee or the rate might be not so convenient. Finally, in the case of a Bitcoin ATM, they are still not available everywhere. In the very end, you choose an option that is convenient and available.