We all know that most platforms ask you to pass a rigorous KYC process to start using crypto services. That’s why, even though the main idea of crypto is anonymity, KYC is already associated with the majority of crypto transactions.
However, passing KYC takes at least several days and involves submitting plenty of personal and financial data. If the market conditions are the best for trading, if a coin emerges that you need to buy asap, or if you see that your assets are going to collapse, you may not be able to manage your funds on time if you need to handle all the KYC procedures first.
That’s why it is important to know where and how you can perform crypto transactions without KYC.
What Is KYC?
KYC stands for “Know Your Customer”. It is a practice used by financial institutions to verify the identities of their customers. It is frequently used to measure the financial capabilities of a customer or connected risks.
Normally, the KYC verification consists of the following components:
- ID verification - a customer is requested to send a scan of his ID (it can be a passport, a residence permit, or a driving license, depending on the institution) to the institution.
- Facial or/and biometric scanning.
- Verification of actual residence address when the customer is asked to provide a scan of a recent electricity or phone bill.
- Verification of payment method.
Some platforms perform KYC automatically while others involve humans checking the data correctness. If a transaction is suspicious, the entire process may be even more complex and take some days if not weeks, until all the information is verified. But such cases are very rare, and won’t affect the majority of users.
Why KYC Is Needed?
KYC is required by regulators. With crypto going mainstream, the number of scams and crimes related to this field increased. KYC helps platforms to ensure that all the funds they operate don’t belong to people involved in criminal activities connected with finance, especially crypto, to prevent users from avoiding paying taxes in places where it is applicable, and in general to create a clearer, more transparent, and safer environment.
KYC helps platforms to keep safe from scammers and criminals and prevent using “dirty” funds.
All in all, KYC, even if it is criticized, is needed to keep the field safe. However, this process takes time and requires the provision of a lot of confidential data. This is what many users prefer to avoid.
For these users, there are options to buy crypto without KYC.
How to Buy Crypto without KYC
First of all, you can do it through a peer-to-peer platform. Such platforms connect purchasers and sellers without interfering with their communications.
But peer-to-peer platforms have significant drawbacks such as a limited number of coins, low liquidity, and a very long transaction execution time.
Top Instant Exchanges
Many users prefer using instant exchanges to get the coins they need. Luckily, the selection is sufficient, with the most comfortable instant exchange platforms as follows.
LetsExchange
LetsExchange is one of the leaders among instant exchange services. Our platform supports over 4,500 coins and tokens, doesn’t have upper limits on swaps, and doesn’t require KYC or mandatory account registration.
When you are buying crypto for fiat, you need to complete all the KYC procedures requested by our partners - fiat transaction processing services.
ByBit
This platform offers pretty transparent conditions and doesn’t require a mandatory KYC to begin trading. To advance with the platform functionality and the trading limits, you will have to pass KYC. Withdrawals are also limited for clients without a KYC.
PrimeBTX
It is a fully-functional crypto trading and exchange platform. It doesn’t limit its customers without KYC to a specific set of trading functionalities or transfers in crypto. But to deal with fiat, passing a KYC is mandatory.
FAQ
Where can one buy crypto without KYC?
It is possible to buy crypto without KYC on an instant exchange platform or by purchasing it directly from somebody (a P2P transaction). Other options, even though they may be advertised as no KYC, are less private and still require passing a basic verification procedure or to provide confidential information.
Is it possible to remain anonymous in crypto?
Yes, it is possible even though over time, it is becoming increasingly difficult. The best way to remain anonymous is to use no-KYC services and to deal with crypto only. Once fiat is involved, KYC becomes mandatory.
What is the best place to buy crypto without KYC?
LetsExchange offers an opportunity to swap over 4,500 coins without KYC and verification, with no upper limits. ByBit and PrimeBTX are great for trading with crypto.
When KYC may be triggered?
It depends on the requirements set by a platform. But if a user creates multiple accounts, or if the funds used for a transaction were involved in criminal activities, it can trigger a KYC request.
Is swapping crypto on a no-KYC exchange safe?
If you use a reputable platform, swapping crypto is safe even if you don’t need to pass KYC.