Bybit Cryptocurrency Exchange
- 300+ cryptos listed
- Bybit Learn - crypto education platform
- Currently, 0 fees on all spot pairs to celebrate 10 million Bybit users
- Derivatives platform with copy trading functionality
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Bybit Cryptocurrency Exchange
Buying cryptocurrency without ID has become increasingly difficult, but not impossible.
If you don’t have suitable proof of ID or if you simply value your privacy, there are still some ways you can buy cryptocurrency without completing a verification process.
There is still a range of options for buying cryptocurrency without ID, compare some of them below.
Some exchanges have different thresholds for verification requirements. For example:
If you want to buy cryptocurrency without ID verification, there are only a few options to choose from:
These platforms, such as LocalBitcoins and Paxful, allow you to interact directly with other users who want to sell their crypto. Many sellers don’t require you to provide any ID before you buy, so you can arrange to meet up in person and pay cash to a local seller. Online trades are also available, but many of the payment methods used for these trades may be linked to your identity.
Another option is to load a prepaid card with cash and then use it to trade on a platform that doesn’t require proof of ID. These cards are similar to a Visa gift card you can buy at a supermarket or convenience store without verifying your identity.
On the vast majority of cryptocurrency exchanges, using fiat currency to buy cryptocurrency without ID is impossible. However, there are several platforms where you can exchange one cryptocurrency for another without needing to verify your ID.
Some of these sites offer “shifting” services that essentially let you trade altcoins with yourself. In fact, some crypto wallets allow you to complete the exchange of coins within your wallet, saving you the hassle of transferring your coins to a third-party exchange.
There are also some crypto exchanges that allow you to trade altcoins without verifying your ID. However, you may need to provide your email address or phone number to sign up for an account. For example, Binance users can deposit, trade and withdraw cryptocurrencies without supplying proof of ID, although this means accepting a much lower withdrawal limit than would otherwise be available should you go through the ID verification process. There are also some decentralised exchanges that don’t require any ID verification.
However, remember that if you want to trade with complete anonymity, you’ll first need to find a way to anonymously obtain crypto using fiat currency before you can start exchanging from one crypto to another.
There’s a widespread misconception that cryptocurrencies are simple to purchase anonymously, but this simply isn’t true for a couple of reasons:
Regulators in Malaysia and around the world are gradually introducing legislation that governs digital currency exchanges and the buying and selling of cryptocurrencies. These laws regularly include a requirement for exchange operators to identify their customers in line with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.
For example, digital currency exchanges in Malaysia have been required to:
As a result of this sort of legislation in Malaysia and several other countries, many exchanges will now require you to provide proof of ID before you can start trading.
Because it’s possible for Bitcoin users to send and receive BTC to one another without providing proof of ID, the currency is sometimes described as being anonymous. However, a more accurate way to refer to Bitcoin is as a pseudonymous currency.
One commonly repeated comparison likens transacting with Bitcoin to an author writing under a pseudonym – if their true identity is ever discovered, anything they wrote while using the pseudonym can be linked directly to them.
Your Bitcoin address is like an author’s pseudonym, and every BTC transaction you make is stored for all eternity in a public ledger known as the blockchain. So if your Bitcoin address is ever linked to your identity – something cybersecurity researchers say is quite straightforward to do – all your transactions could be traced back to you.
In the court of public opinion, there’s a widely held belief that the main reason anyone might want to buy cryptocurrency anonymously is so they can pay for all manner of illicit goods and services in the hidden corners of the dark web.
But while there’s definitely some truth in this idea – after all, anyone involved in illegal activities would have good reason to want to cover their tracks – there are also plenty of legitimate reasons why someone might want to buy Bitcoin or some other crypto without any ID.
Finally, there’s also the simple fact that the ID verification process on some platforms can be frustratingly slow, particularly during times of increased demand. If you want to purchase crypto as fast as possible to take advantage of an anticipated price change before it occurs, buying without ID verification might be a quicker option.
If privacy is important to you, there are several steps you can take to protect your identity when sending and receiving cryptocurrency. These include:
Whatever your reason for wanting to buy crypto without ID, there are several options available. However, each of those methods comes with a varying level of risk and its own pros and cons, and you’ll usually need to pay an additional premium to get the privacy you want. Make sure you research all of your options before deciding on the safest approach.
Disclosure: As of October 2018 the author holds ADA, ICX, IOTA, POWR and XLM.
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