Bitcoin Forum

Yes, so where can I store USD / Euro without being verified?

Bitfinex lets you do that, but you have to make a certain minimum deposit to start your account. I think it's about one bitcoin minimum deposit.

You have to verify if you want to withdraw as USD but not if you only withdraw bitcoins. Converting to USD then back to bitcoins is OK without verifying.

Okay thanks, that's worth to look at.
However I've heard that there's been a lot of problems around Bitfinex lately, are there any other alternatives?

Yes there are people worried it could go bankrupt if it hasn't enough money to back all the tethers it created.

https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/

There must be other exchanges that offer USD storage without verification, but I don't know of any. There's a lot of new exchanges opened that I'm not familiar with.

You could bypass storing USD and just store USDT on cryptopia. You can withdraw upto 5000$ a day without ID.
When you want to withdraw, exchange them to a cryptocurrency with low transaction fee, for example LTC and go to Bitpanda.com There you can sell several cryptocurrencies without ID verification up to a certain amount.
www.bitpanda.com/limits

Yes, I've thought about that, however I'm a bit hesitant to using Bitfiniex or USDT since they both seem unable to show their balance sheets.
Any other alternatives than Bitfinex or USDT?
There have to be some place.

Stay out of Bitfinex. That exchange will be collapsing sooner or later. They have been printing USDT without fiat USD backing and they are taking advantage of the fact that the large altcoin exchanges like Poloniex and Bittrex have altcoin/USDT listings.

What they plan to do with all that unbacked USDT, we dont know. But I think the regulators will be giving them a cease and desist order for issuing an unregulated currency.

It depends what you mean by "verified." You can deposit/withdraw cryptocurrency and trade against fiat currencies on Kraken with no documents and limited info (name/DOB/country/phone number). People have been known to use fake names for Tier 1 verification. It's not my favorite exchange, but I've used it to store USD during corrections. Here (https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers) is the info on verification.


We don't know for sure that the Tether printing is un-backed, although it's pretty likely. Bitfinex has already lost its Polish bank account, so how exactly is Tether getting $100 million wires on a daily basis? It's obvious what they're doing with the USDT injections. Every Tether grant gets sent directly to Bitfinex and large BTC markets buys usually happen shortly after. I remember 2013, and watching USDT is a bit like watching the Willy bot.

Great, I think I'll put atleast one part on Kraken.
The withdraw limit was quite low though.
It would be optimal if the withdraw limit was atleast around 20 000 USD / day.

Thanks for the tip though!

Until theres an audit of the $2.3 billion that Bitfinex claims thats backing the issuance of all those USDT, I wont trust their word for it.

Having that said, I also heard that their auditor left lol. That doesnt look good.

Basically every single exchange that accepts tether deposits and withdrawals. Obviously if you consider tether to be a valid form of USD anyways. But bitfinex does allow you to store USD with them without verification(they are heavily involved in tether, however).

Also, on kraken you are able to trade fiat currencies and store fiat currencies as long as you are tier 1 verified. And tier 1 pretty much is going to be just providing a name and a country, there isn't really that much substance involved.

Storing fiat on exchanges are definitely not the best way to do it. You're getting no interest, but still carrying the risk of the exchange collapsing.

I don't trust tether atm.

I don't understand what's the purpose of storing your fiat money on exchange...  ???

With some logical thinking there are various reasons as to why people are looking to do so.

-- people want to have funds available on exchange to strike when the price falls down hard.
-- people have various sources of income that they want to *temporarily* store on exchanges without disclosing their own identity to the sender of the funds.
-- people look to launder illegally obtained money by using exchanges to buy Bitcoin or whatever altcoins to withdraw that later on (not saying OP has these intentions).

Other than that it has no real benefit, and is even dangerous as some people have also stated, especially so because an exchange at any time could force you to still verify yourself. If you for whatever reason can't prove that the deposits are not 'earnings' from illegal activities, you can basically kiss your money goodbye. It's like you are playing Russian roulette with your money, which is just stupid in times where exchanges have far stricter regulations to abide by than ever before. Purely based on that, I don't even know if it's possible to withdraw fiat without verification....

Isn't tether the only option for this?  Like someone mentioned... it seems having usd or usdt is a way to buy the dips.  Because if you have btc... well even the altcoin you want to buy dips... so does btc.

Also is the usdt on bittrex the same as on bitfinex or there is something im missing here?

Nope. You can literally store USD/EUR on 70-80%% of the fiat exchanges out there. They don't mind that but you will not be able to withdraw or deposit any, you are only able to trade it to other cryptos or get it from trading other cryptos.

e.g., kraken, bitfinex, are the two major exchanges that do this.

Of course though if you stored money on bitfinex it'll pretty much be the same as storing USDT, since Bitfinex is operating USDT in the first place.

There are also other "pegged" cryptos such as nubits, or bitusd. But their values tend to fluctuate wildly.