What is KYC (Know your Customer?)
KYC or (Know your Customer) is a process where Cryptocurrency exchanges request the identity of a customer to verify that they are a genuine person. This identity verification request generally required personal documentation like a passport, driver's license, and utility bill.
KYC is generally put in place to minimize the potential of criminal behavior like money laundering and terrorism financing.
What is the Best No KYC Crypto Exchange?
The best no KYC cryptocurrency trading platform in the world is Bybit. They allow users to sign up and trade over 400 cryptocurrencies with an email address and password only. The only limitation of signing up without KYC on Bybit is that your maximum daily withdrawal amount is 2 Bitcoin (BTC).
Their exchange also offers other features you can get access to without KYC such as Crypto Staking, NFT Marketplace, NFT Wallet, and much more.
How to Buy Crypto with no KYC
The easiest way to buy Cryptocurrencies without KYC is by signing up to the Bybit exchange with a Gmail Account and password. Users are allowed to buy or trade any of the 400+ digital assets listed on their platform anonymously with Crypto deposits, or a Bank Transfer and Credit Card/Debit Card deposit.
You can get started with this simple guide:
- Visit the Bybit trading platform.
- Sign up with your email & password, and verify your email address.
- Deposit fiat (bank transfer & debit card/credit card) or cryptocurrency.
- Find the asset you want to buy and execute your trade.
Are No KYC Crypto Exchange Safe?
Trading on a no-KYC (know your customer) crypto exchange can be considered less safe than trading on a regulated exchange that requires KYC.
KYC is a process used to verify the identity of a user and is typically required by regulated exchanges to comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. This process helps to prevent illegal activities such as money laundering and terrorist financing.
No-KYC exchanges, on the other hand, do not require users to provide personal information, and as a result, they may be more susceptible to these types of activities. Additionally, no-KYC exchanges may not have the same level of security and protections in place to safeguard user funds.
In addition to that, no-KYC exchanges might also be more vulnerable to hacking and other security breaches, since they may not have the same level of resources as larger, regulated exchanges to invest in security measures.
It is important to note that regulations of crypto-assets and exchange may vary by jurisdiction, It is always important to check the regulations and laws of the specific country you reside in.
Bybit is one of the few exchanges in the industry that allows users to buy and trade cryptocurrencies without KYC. This makes it a great option for people who value their privacy and want to remain anonymous while trading cryptos. The platform offers 24/7 customer support, a user-friendly interface, and up to 100x leverage.