The cryptocurrency trading world is full of ways to buy and sell Bitcoin (BTC), Ethereum (ETH), and top-rated altcoins such as Litecoin (LTC) and Ripple (XRP). In the same way, there are multiple ways to trade, with just as many exchanges out there ready to accept your money.
Many of these are known as non-verification platforms. Put simply, Bitcoin exchanges with no verification keep the registration process simple. By asking you for very little personal information, these exchanges not only make it easy to sign up, but they also stay true to the fundamentals of digital currencies.
The providers below offer the easiest verification processes on the market. Whilst some it can take weeks before you can buy bitcoin on the platform, the exchanges below are quick, easy and can get you to the market almost immediately.
Understanding anonymity in the cryptocurrency world
To understand Bitcoin exchanges with no verification, you need to understand cryptos. When Satoshi Nakamoto published the whitepaper on BTC, one of the core concepts outlined was anonymity. By decentralising everything and swapping personal IDs for sequences of letters and numbers, cryptos were designed to be anonymous. As the industry has evolved, the concept of anonymity has shifted and, today, certain digital coins are more anonymous than others.
The main point to remember, however, is that anonymity is a fundamental part of the industry. Because of that, crypto-to-crypto exchanges, i.e. those that only deal in cryptocurrencies, don’t need any personal details. Because you don’t have to include your name, address, or other personal information when you send/receive digital tokens, it follows that exchanges don’t need this information. Now, because businesses need to keep certain records, you’ll find that some exchanges ask for certain personal details. However, the reality is that sites don’t need much more than your email address and crypto wallet address.
Why some exchanges don’t ask for ID verification
As we’ve said, some crypto exchanges don’t ask for ID verification because they want to stay in line with the ethos of the industry. Beyond that, there’s the sense that online trading should be a universal process. In other words, a Bitcoin exchange with no verification is open to everyone around the world. That was the reason Nakamoto created Bitcoin and, subsequently, those like him have continued to innovate. By not asking for or verifying your identity, exchanges can remain open to the world at large.
Are exchanges without verification safe?
In a word, yes. The reason we can say that with a certain degree of confidence is that there’s nothing fundamentally unsafe with remaining anonymous. What’s more, the mechanics of sending/receiving cryptos is designed to keep you safe. Now, the one thing that’s important to note is that many of the non-verification Bitcoin exchanges do ask you to verify your identity if you want to increase your trading limits. For example, if you read our Kraken review, you’ll notice that you can create an account and trade without any personal details. However, if you want to deposit, buy and withdraw larger sums of money, you’ll need to provide some form of identification.
This is more of an internal security measure designed to protect the exchange from fraud. Another thing that’s important to note is that ID verification is likely to become more common across the industry. Online brokers already do this because they have to comply with financial regulations. As agencies such as the Financial Conduct Authority (FCA) introduce their own rules for cryptocurrencies, leading exchanges may be forced to fall into line. If that happens, ID verification will become necessary. For now, however, Bitcoin exchanges with no verification are safe and secure.