Trading bitcoin without verification is also known as anonymous trading.
When Satoshi Nakamoto launched Bitcoin in 2009, he described it as a “peer-to-peer electronic cash system”. Ironically, today, many crypto whales, hodlers, traders, and investors are relying heavily on various centralized exchanges to act as intermediaries when processing trades.
These centralized exchanges developed as a result of a massive crackdown on decentralized platforms by governments due to fraud, terrorism funding and, money laundering concerns. However, there are still many unregulated decentralized exchanges that are keeping Satoshi’s vision alive today.
What is Anonymous Trading?
For many crypto investors and traders around the world, the main reason they’ve forayed into the crypto world is the prospects of making financial transactions without having to submit a long paper trail of personal data.
Traditional banks, for instance, will request you to submit a long list of personal documents ranging from your passports, home address, references from associates, etc.
If the last few decades have shown us anything, it’s that security of data is very fragile. And that’s, to put it mildly. There have many high-profile cases of IT infrastructure breaches around the world. The Panama papers leak in 2016 further made a case for anonymous financial transactions worldwide.
Many crypto-currency platforms have made this their main value proposition. Trading Bitcoin without Verification is also termed Anonymous trading. It refers to the process where cryptocurrency exchanges allow you to trade and invest in bitcoin without giving away your bio-data as part of some flimsy KYC/AML requirements.
Pervasive government surveillance, identity theft, and phishing are problems that we all face in global finance today. And p2p exchanges are here to solve these problems. They let you trade without giving away much of your private information and bio-data.
Why Anonymous Trading is Important
Many people often wrongly associate the desire to trade anonymously with criminal intent. But this can’t be further from the truth.
As a matter of fact, whenever you give away your data on the internet, there is a risk of that data being intercepted by hackers, sold to marketing agencies, or used in other nefarious ways on Darkweb forums without your consent.
Furthermore, anonymous trading also adds a layer of security to your transactions. Since your identity is unknown, transactions cannot be traced to you and as a result, you cannot be target by hackers or tracked down by government agencies. It is important that you take your privacy seriously especially when you trade on the internet.
Where Can You Trade Bitcoin without Verification?
When it comes to anonymous trading the best types of exchanges that dominate the scene are Peer-to-peer exchanges.
These Peer to peer exchanges (also called p2p exchanges) are the most reliable Crypto exchanges where you can trade bitcoin without KYC/AML verification requirements.
In addition, P2P crypto exchanges remove third-parties from crypto transactions and allow users to buy/sell directly with one another. They also generally charge less gas (transaction fees).
You must be thinking “where can I go to gain access to unrestricted bitcoin trading?” Well, here are a few options that you can look at.
Best Crypto Exchanges to Trade Bitcoin Anonymously
Hodlhodl is a peer-to-peer crypto exchange that allows you to trade bitcoin anonymously. It offers over 200 payment options. You get to trade high volumes of BTC without any form of KYC whatsoever. It is available to crypto traders worldwide except in the US.
LocalCoinSwap is another reliable crypto exchange that allows users to trade high volumes of bitcoin without demanding any KYC requirement. Some of its key features are Instant registration, Escrow protection.
The trading platform is available globally with over 250 payment methods accepted. With Localcoinswap, you get to trade Bitcoin, Ehereum and other popular cryptos without any Verification.
Bitfinex is one of the oldest and most reputable Peer-to-peer Bitcoin exchanges. It also supports a wide range of altcoins. With key features such as low fees, high-level security, and easy registration, Bitfinex has gained the confidence and loyalty of so many Anonymous traders globally.
The platform does not require any KYC as long as you don’t make deposits or withdrawals in FIAT currency. As long as your stay with Crypto, you can trade on Bitfinex completely anonymously.
Whalesheaven is another budding trading platform that every aspiring anonymous crypto trader must pay close attention to. Imagine a platform that charges you nothing on withdrawals, offers a safe and secure way to trade.
And more importantly, allows you to choose your own level of verification requirement. For instance, traders on Whalesheaven can create an account and begin to trade bitcoin with as little as an email address and password.
If you choose to fortify your security measures, you may decide to add a phone number for 2-factor authentication.
How to Trade Bitcoin Without Verification in 5 Easy Steps
Here’s how you can easily trade Bitcoin without any KYC verification using a P2P exchange.
- Choose your desired Crypto Exchange and Register for a free account. Usually, only an email address is sufficient. You may add a phone number to beef up your security with 2-factor authentication.
- Create a wallet address. Use your Public Key to receive payments.
- Pick a seller/buyer that you’d like to trade Crypto with. You can also create a new trading advertisement for anyone that may wish to trade with you.
- You send the payment to an Escrow holding hosted on the platform
- The seller sends Bitcoin straight to your wallet.
While decentralized crypto exchanges and p2p exchanges offer you a secure avenue to trade with the freedom and anonymity that you crave, they are often criticized as unsafe and unregulated. When you make a choice endeavor to weigh your options carefully.