Like other financial institutions, leading cryptocurrency exchanges around the world require clients to complete a mandatory verification Know Your Customer (KYC) procedure in order to receive permanent access to services.
But why is verification needed? What does this procedure give to crypto traders? Is it possible to exchange crypto coins without KYC? Find answers to these and other important questions below.
What Is KYC: Main Advantages and Disadvantages
KYC is a process used by financial institutions and other regulated entities to verify the identity of their customers. This is usually required when trading cryptocurrencies on an exchange as it helps reduce the risk of fraud or money laundering.
Among the main advantages of verification for users and crypto platforms are the following:
- Increasing confidence and security;
- Increasing compliance and regulatory requirements;
- The best user experience.
Practice shows that different methods can be used to verify identity during TRX to USDT exchange—for example, face recognition technology, biometric scanning, etc. However, there is no single standard method that all online exchanges use. As a result, the process can often be time-consuming and frustrating for clients.
In addition, most of the crypto community believes that the crypto verification procedure is destructive. It deprives the cryptocurrency of one of its main features – anonymity.
The main disadvantage for users undergoing the KYC procedure is the provision of their personal data to third parties. Many people don’t care about extra security. They use cryptocurrency due to its anonymity and therefore prefer to avoid sites that require KYC for privacy.
6 Best Exchanges Where You Can Swap Crypto with No KYC
If you want to exchange crypto coins without KYC, choose one of the top platforms for this:
- LetsExchange. This service will help you realize a profitable and safe crypto exchange in the shortest possible time. It guarantees the anonymity and efficiency of transactions, security of the exchange, and currency conversion on favorable terms. Follow the link https://letsexchange.io/exchange/usdt-to-eth and exchange USDT to ETH or any other coins with no KYC.
- PrimeXBT is a universal trading platform. It supports trading in cryptocurrencies, most major stock indices, commodities, and foreign currencies. PrimeXBT does not charge an entrance fee. It charges only trading commissions.
- Changelly. It is an instant cryptocurrency exchange with the best exchange rates for BTC, ETH, XRP, ADA, and 500+ other digital assets. The service is easy to use. Therefore, it is great for beginners.
- ChangeNOW. This is a convenient platform for buying and exchanging cryptocurrencies, which conducts transactions quickly, without registration and restrictions on the volume of transactions. It allows the exchange of more than 200 cryptocurrencies, thus covering the main players of the crypto market. Exchange of coins is available at the classic and fixed rates.
- Fixedfloat. This is a fully automated exchange of digital assets, thanks to which users can swap cryptocurrencies and tokens on favorable terms.
- Paybis. This is a reliable online platform that allows you to exchange the most popular cryptocurrencies (11 cryptocurrencies) and fiat (43 currencies). The big advantage of the platform is the open development team. This indicates the reliability of Paybis and unconditional trust in its users.
KYC is a significant security step for crypto trading platforms. It is designed to verify the identity of users to ensure that their funds and information are protected from intruders.
On the one hand, KYC provides additional security for both service providers and users. But on the other hand, it completely eliminates the idea of cryptocurrency anonymity, which is vital for many people.
If you decide to swap crypto coins with no KYC, be sure that it is possible today. There are many platforms ready to provide such services. In this article, we have told you about the top 6 websites. So choose one of them and enjoy simple and convenient transactions already today!