Privacy and BTC: How to Buy Bitcoins Without ID VerificationApr 8, 2022, 3:21PM
Launched in 2009, Bitcoin remains the best-known digital currency. It is the first cryptocurrency that comes to mind for investing or trading.
In addition, lots of people, for whatever reason, would prefer to buy bitcoins anonymously, i.e., without revealing their true identities. They are looking for places to buy bitcoin without verification, which are legal and secure enough.
Well, is it possible to purchase bitcoins anonymously, legally, and safely?
Why People Have to Confirm Their Identities
To begin with, the largest part of reputable centralized exchanges requires verifying your identity before allowing you to buy any cryptocurrency, including BTC. Whether you like it or not, you will have to submit your personal information. These web resources have long adopted the practice called Know Your Customer, KYC for short. It is routinely applied to keep customers safe from fraudsters, as well as to combat money laundering.
‘Dirty money,' i.e., the funds generated by illicit activities and crimes, is a grave problem all over the globe. Financial institutions do their best to prevent hiding traces of money. Unfortunately, bad guys might use trading cryptocurrencies for bad purposes. According to the report by Chainalysis, in 2021 $8.6 billion in cryptocurrency was laundered, which is 30% more than in 2020.
That is why, if you are looking for a crypto exchange without id verification, many trading platforms don’t offer this option.
So, you’ll have to seek other ways to buy crypto anonymously.
There are even two offline variants. First, a good old person-to-person purchase. You can well find somebody who owns Bitcoin and won’t mind selling it to you directly at the price close to that at exchanges. In fact, the sellers benefit from such a face-to-face deal, saving money on tax; it means that they could offer you an attractive price.
Second, some Bitcoin ATMs (if you have any nearby) enable you to buy BTC with cash. Although there are machines that require facial or fingerprint identification, a good share of them still don’t.
And, of course, there is a wide variety of web resources, such as peer-to-peer marketplaces, decentralized exchanges, multi-chain dex aggregators, etc. Submitting your personal data when buying BTC isn’t compulsory there.
Here are just some of them: Bitcoin.com, Pionex, BitQuick, Binance, CoinSmart, ECOS, Coinmama, Coingate, Crypto.com, ShapeShift, Lobstr, Rango, Paybis, DameCoins, LocalCryptos, Localbitcoins.com, Bisq, Paxful, to name a few.
BTC at WunderTrading: Just Stay Within the Limit
However, there are well-known, secure platforms that usually exercise KYC practices but won’t require ID verification if you buy BTC under a certain maximum. For example, at WunderTrading (formerly Wunderbit) you may purchase Bitcoin with your credit or debit card without even revealing your name. There is a limit, though: the sum you spend should not exceed $300.
Besides, this platform is an excellent choice if you would like to take advantage of automated bots and copy trading. Advanced bots from WunderTrading save plenty of time and effort, that is why the platform’s users, novices and experts alike, appreciate these tools. It takes only a few minutes to create one; if you choose the right strategies and configure this software correctly, you’ll benefit from it a lot. As to copy trading, this function is especially popular with beginners, although professional crypto traders also make use of it.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.