What is a cryptocurrency exchange?
If you are interested in trading with cryptocurrencies, then you might be well aware of crypto exchanges. Crypto exchanges are common platforms that allow investors to buy and sell cryptos for alternate assets. Alternate assets here refer to either digital currency or fiat currencies. In short crypto exchange allows you to buy and sell cryptos using fiat currencies. Or you could buy another crypto in exchange for an already available crypto coin. For example, you could use Bitcoin to buy an Ethereum or Shiba Inu. The crypto exchanges facilitate these options for an investor. And charge commissions or brokerage for enabling these transactions. You can check bitcoin-up.live. to learn more about bitcoin trading.
However, enrolling and opening a key account with an exchange may not look easy as it sounds. Most crypto exchanges need you to complete many levels of authentication. This will allow you to complete the account setup. This includes verification of Know Your Customer (KYC) records as well.
Now, assuming you are a small-time investor, updating KYC doesn’t interest you. Then you can look at investing using exchanges that eliminate the KYC process.
Let us look at 5 cryptocurrencies that do not ask for KYC verification.
Binance
Binance is a better choice with minimal KYC authentication. Binance is the best choice for small-time investors who are looking for a casual investment as compared to serious trading.
Binance allows you to undertake a minimum of 2 transactions per day without undertaking any KYC activity. You just need to enroll in the account using your email address. Binance exchange can be downloaded directly to your phone using an Android or iOS-based application.
Kraken
Kraken is another US-based exchange. This application enables investors to trade on many cryptocurrencies. The application was first launched in 2014. It provides users with the latest news in the industry and other features. Another attractive factor of the Kraken exchange is its ability to manage personal information. Kraken has more than three levels of authentication. This allows you to enable your account opening with the exchange. As a tier 0 customer, you need to update only your email address. If you are looking to upgrade to other Tiers, then you need to update certain personal records. This includes your DOB, present and permanent address, phone number, and other relevant details as applicable.
ShapeShift
If you are looking to trade even without registering your email address, then ShapeShift is your solution. There are no personal records collected from any user and all orders are kept intact for up to 90 days. You can simply start your transaction to buy and sell cryptos including Bitcoin just in a few mouse clicks.
Changelly
If you are looking to transfer funds from one crypto to another, then Changelly is the best pick for you. The exchange does not demand any personal data of clients. As an investor, you need to update your email address. The current algorithm in Changelly does not confirm if the email id as entered is correct or wrong. Changelly is not available as a direct app in the iOS store. However, it is compatible with another app called Stratis and may be used for transaction purposes.
Crypto ATMs
This is another popular model of exchange gaining popularity in recent days. Most countries have installed Bitcoin or crypto ATMs across the country. In the case of undertaking a transaction using an ATM, you do not need to provide any KYC details. This is a comprehensive approach and allows for regulated transactions. A simple Google search can help you get access to an ATM to undertake the transaction.
Advantages of using crypto exchanges for your transaction
Most crypto exchanges offer users a user-friendly platform. There is the latest market news updated on a timely basis including new investment opportunities. Another important advantage is getting a view of market trend analysis. Crypto exchanges also allow you to make easy payments to other users’ accounts. There are also many layers of security including dual authentication to confirm the transaction. While choosing your exchange make sure that you download the best in the market. Check for transaction charges so that your profits are not hampered.
