Bitcoin Forum

There comes a time in one's life when a decent amount of cryptocurrency gets accumulated. However, what if there’s a need to swap it? Is processing larger crypto transactions more complicated? How does the process go? What service should one use? In this article, we will try to answer all the topical questions and help in making a choice of an exchange to go with.

Exchanging cryptocurrency without limit
Cryptocurrency exchanges often impose minimum and maximum swap limits for their orders. The minimum exchange limit is there to ensure the coverage of required network fees and punching the crypto transaction through. Since transaction fees may vary, the minimum exchange limit can differ, too. The maximum limit, on the other hand, is there to prevent the possibility of money laundering and other illegal activities. Minimum amounts are here to stay – cryptocurrency users cannot do much to the fact that the network fees need to be paid. Some of the instant crypto exchange services manage to lower the minimum to as little as ~2 USD, which is a great feature to promote crypto adoption and ease of swapping in between the coins. You can check some of the offers available for currency of your choice on Swapzone.

Exchanging large amounts of Bitcoin or other crypto often comes connected with the notion of KYC. KYC, or Know Your Customer procedure, is a standard protocol conducted by trading platforms and exchanges. Usually, the services require IDs, pictures or Proofs of Funds to proceed with the exchange. As larger crypto amounts can potentially be acquired in an unlawful way, the service providers have their own limits of when exactly the checks need to be performed and what personal information there is a need to ask.

Swapzone has the notification on KYC frequency for the platforms we work with along with the tips of passing KYC/AML without hassle. Besides, you can always contact the provider’s customer support for more details on passing the check.

https://swapzone.io/learn/how-to-exchange-large-amounts/

KYC is used to know more of a customer, like on exchanges, it is clear that many exchanges will abide to the rules and regulations of the country of which they are operating and making their users to verify by KYC means in order to know about them. But kyc has been used in negative purposes, on the sites or exchanges you fill KYC, there are possibilities that scammers can get hold of your KYC during data breaches, and know that not all data breaches can we customers know, also people that like to fill KYC like filling it on many sites which makes them more susceptible to hackers and becoming a bad habit for them and make them to be unsafe online and reducing privacy. KYC is dangerous because of the scammers are making use of it to scam people, there are exchanges that require KYC, they are good alternatives if they are trustworthy, reputed and having good trading volume, but for KYC exchnages, I will not recommend.

Oshosondy, how can exchange find out something useful by looking on my passport, ID or drivers license?

Yes, this guy, Andrew from UK looks good. His shirt matches his jacket, nice hairstyle - we wont have troubles with him. But look at Sarah from Italy. Glasses, freckles, greasy hair - we would better terminate her account.

I dont have any idea how passing KYC will help exchange to determine who is good or bad. They only can separate users from restricted to use exchange from others. But they can define these people by IP, while these people can use fake KYC and use VPN.

Kyc is always a scam but kyc for crypto exchange is the exchange or work users often get the wrong information in which case the correct information is sorted through kyc always has a negative effect on the exchange choosing the wrong exchange probably means losing all your coins and money because of a security breach or because the people behind your exchange are fraudulent. Exchange hacks lengthy kyc processes and unregistered account closures occur it is better not to use kyc sites for exchange.

What exactly do you mean by "kyc always a scam"? How is kyc a scam when it is required from the exchange by the Anti-Money Laundering (AML) policy to ensure that all customers are verified, kyc is not limited to exchanges only, other companies also request kyc from their customers to be sure all customers are actually who they they say they are,  exchanges are only abiding by the laws of AML function properly otherwise they will face pressure,
There is nothing exchange can do they are only following procedures,  and it doesn't stop hackers from making attempt, you are misinterpreting the whole process.

KYC (Know Your Costumer) It is like a protocol to find out your identity, so that it is verified. KYC can also make your account more secure and easy to backup in case of problems,Like losing 2FA it will be easy to handle.

That was my problem with the local crypto exchange I use today.
 Apart from the ID I submitted as their verification to be able to avail higher limit transactions such as exchanging coins, they hold my account because they still need to find other requirements to verify my identity as AMLA requirements.

I have settled it now but since you have introduced this kind of platform (swapzone) I manage to visit the site and I found the significant use that I really needed (Exchanging cryptocurrency without limit) especially that I often exchange large amounts of coins.

KYC( Know Your Customer) in crypto-exchange is a requirement for their business in the country where they are located and operating. And some crypto-exchanges required all of the users to pass a valid I.D and if you don't have a valid I.D or you don't want to provide it to them. You can't withdraw your funds, or they will limit your withdrawal. If you have a large amount of crypto, the best option is to pass a valid I. D to withdraw all of your funds from that crypto-exchange.

I think disadvantage using our identity to upload on many exchange market because we can't know how long some exchange market keep exist and how many years later will run an exchange market, learning from what happen with exchange market like cryptopia, gopax they have close their exchange market and exactly have many member document, will safety and the owner not publish their document identity? who will give guarantee our document keep safety without showing to public, we don't know.

There is no bing difference with the exchanges and your local banks. Both are platforms for saving though, the exchange is not where you can comfortably store your cryptos as, it doesn't come with a private key and it's often targeted by hackers but then, a few persons do this and surely, your not going to be asked to take back your coin after the days activities, both does exchanges for cryptos (exchanges) and local banks (fiat) as the case may be. These local banks comes with minimum and maximum withdrawal and transfers do,
Why shouldn't an exchange...! All these are for a reason and to control the cryptos in circulation and relatively ensure volatility.
KYC for exchanges helps to keep records and track of withdrawals but then, it's very dangerous when issues of exchange hacks arise as, your details could be duplicated or sold of for criminal purposes.

KYC means to know your customer. That means anyone knows the process of identifying and verifying the identity of the client or their customer when opening an account and start transaction money.Nowadays most of the people stolen other asset or hack account so KYC help to find the original owner of the asset.KYC is the most important part of the exchangers and some exchanger cannot star  transaction without KYC.

Thanks for telling us about SwapZone and thanks for letting people who do not like kyc know that KYC is almost important on SwapZone. We really appreciate.
You didn't even mention the real meaning of KYC

While its true that KYC is really not necessary for cryptocurrency, its still meant for monitoring laundering and illegal activities.
Exchanges are mandated by the government to collect these data from the users of the decentralized markets. They are going to make it like it's a crime to use services without sending them the documents and you won't be able to withdraw funds.

And most of the time, local crypto exchanges are asking for KYC so if you want to convert your crypto to your fiat, you have no other option but to submit your docs unless you will use p2p services. Anyway, make sure that you are sending your info to legit crypto-exchanges. But for other exchanges, you can still enjoy trading crypto without submitting your KYC if you withdraw below their max daily limit, usually 2 - 3 bitcoin. Which for me is already good amount especially for those small traders. We need to understand that legit crypto exchanges are requiring KYC as part of their license.

2-3 Bitcoin/day max withdrawal for a day is already sufficient enough for most traders but there are indeed users who do transact way more than with that amount which it isnt
really surprising that they would really ask out for further verification yet platform are regulated with government which does mean that theyre still included
into those terms which had been mandated for them to follow and as a user then you wont really have any options or choice but to comply on whats being asked.
Lastly, this is just some obvious swapzone.io advertisement.  :)

KYC is used for human verification mostly the exhcnage requires this kind of verification to the people who made a lot of transactions AFAIK in Binance if you are a trader with 1-2 BTC above you need to verify your account to make sure you are a legit user and not just a dummy making an anonymous transaction to their platform.  Also, not all of the exchanges are safe and trustworthy because even there is a KYC  on their platform some of these are just a phishing website or a clone of a website that might get your information and just into bad activities. Always be conscious about the things you are doing  to prevent getting damage to your self and assets.

Crypto exchanges implement KYC to make sure their users are not doing illegal things. You need to submit some personal info to them to make sure you are clean.
This may be risky so it's better to do it on reputated exchanges. We know that it's easy to launder money via cryptocurrencies so if we have nothing to hide then we should comply on that policy to make our future transactions smooth.

In certain countries the exchange services shouldn't be accessed. To overcome that, crypto exchanges request each and everyone to fullfill the KYC. Different exchanges have got different KYC process and the benefits associated with it. Based on the level of KYC we'll be allowed to do more volume of trades per day. Everytime KYC won't get verified in a day, few exchanges take time to verify.

They are needed if they want to operate legally. The KYC and AML policies depends on the country where the exchange is operating from. They have to do KYC if they wish to continue their business. The information are mainly collected to inform legal authorities if someone makes a huge transaction or is kind of suspicious. The information is also used by them to track crypto users and tax them. The exchange would get into trouble if they fail to report someone who committed a crime.
Kinda looks like you are advertising for your platform. Make proper announcement thread.

Sometimes these exchanges are making it difficult by including procedures that are very stressful.
Some of them will tell you to send a photo of your ID card and then a short video of you, like doing all these things can be stressful. I can remember going through the long process for the stupid exchange to tell me that they are not yet available in my country, like I was so pissed that if was there I would have slapped some faces.

Well, if not that they are doing it for some good reasons. Some people don’t like the idea of KYC that’s why so many have opted for DEX.

If the KYC procedure is done properly, I don't think it will stress you out. and never KYC on a stupid exchange that is clearly not reputable. KYC is required for popular and trustworthy Exchange platforms such as Binance and other major exchang platforms. they will be safer. Like it or not, the KYC idea is your right. DEX exchanges are without KYC, but they are not necessarily safer than exchanges that need KYC verification.

There are reasons why most exchanges asking for KYC and actually, this is not a problem anyway if the the intent is good but because some exchanges have evil purposes makes people to hate it and never trust any. The exist of scam exchanges and scammershave brought something into troublesome. Hence, we also do KYC if we know that this site is legit as required especially when we do a transafer with huge amount. We made our choice and it is our call if we do it, no one is forcing us. Because if that is a need or a must, we have to follow it, there is no problem with that provided that we know that it is in good hands.

KYC stand for Know Your Customer have the function how to increase your daily withdrawing limit, without pass KYC you only have 2 btc withdraw every day in Binance and not available for withdrawing at the exchange like Bittrex, Huobi and Gate io without success pass your KYC. So what for have to pass KYC on exchange market account, will our document uploaded keep safety or not? I think this the rule how to make an exchange keep security and they know if some one get fraud with their account, almost an exchange always check detail how your document uploaded and never approved if you use fake document and I think always safety with our identity uploaded. I have success KYC on Binance, Bittrex and I think is not have to worry because both exchange are trusted and most safety.

Basing my reply on your question and not in any way in support of the sensitive information taken from us in the name of KYC verification as I feel the Industry can do without these regulations. We seek for government approval that's why we got pushed to the wall and now have to compile with all their requirements. Best we can do in keeping that reputation of a decentralized system is keeping the government out of our business by not seeking for their approval.

This information we give are matched to each other and been used against us especially in the advertising industry. All major big firms are guilty of this crime. Since there are information like your age and other information that can be used in determining where you might have interest in, it can be used in selecting best ads to bring your way that must likely will interest you.

It seems. I see some members created topics and they come from that site.

About KYC and its risks, 1miau has a topic Why KYC is extremely dangerous – and useless (https://bitcointalk.org/index.php?topic=5221497.msg53726647#msg53726647). It is a good topic to read and get knowledge on the risk of KYC that is dangerous, useless for exchange users.

There was an interesting article in Coindesk today - Money Reimagined: ‘They Starve’: The Ugly Side of the US’ KYC-AML Obsession (https://www.coindesk.com/money-reimagined-ugly-side-kyc-aml-obsession). It explains in great detail why KYC laws exist and how they are actually counterproductive because they don't prevent crime and negatively affect marginalized communities. There is also a podcast episode that goes along with the article that is worth listening to.

The presence of a KYC when registering on an exchange - I perceive this fact in two ways. On the one hand, this means that the exchange is legal and complies with the laws, it can also help improve the security of my account.

On the other hand, if my data leaks into the network due to hacking of the exchange by hackers, then later it can turn into the fact that anyone will use my documents. And potentially this can lead to the fact that I will become a participant in some illegal financial manipulations as a result of which the authorities may have claims against me.

For this reason, if there is an alternative, then I prefer decentralized exchanges, for registration on which I do not need to provide my documents.

Know Your Customer or KYC process is obliged by different crypto exchanges when you have large amount of money to be withdrawn in their exchange. It is intended for anti-money laundering and other criminals that might compromise the exchange. It is good for the security of exchange and people but it has also its disadvantages in the part of users.

It might lead your life in danger. It is really harmful when you don`t know where will your identity goes on. Even they kept on saying that the data of the customers will be secured to the site, there are still a chance that you will be harmed when you present your identity through online. It might also steal your identity by someone else and use it as a front for the crimes that they will do. There are a lot of reason why KYC is extremely dangerous and it was dictated in this thread made by 1miau.

https://bitcointalk.org/index.php?topic=5221497.msg53726647#msg53726647 (https://bitcointalk.org/index.php?topic=5221497.msg53726647#msg53726647)

Most of the KYC on exchanges are only intended to increase the number of withdrawals...
for some reason I think KYC is bad, especially in new exchanges, it's possible that in the future your data will be traded. but KYC has a good function, which is to prevent criminal acts such as money laundering or transactions.

Exactly with trusted and have good reputation exchange what have stress thinking their KYC system because our data keep safety and never publish and giving to other platform, but when finding with bad and haven't good reputation exchange we must carefully how to submit our data by passing KYC trough. Right now we know which one exchange market have submit KYC and not, for bigger exchange like Binance, Bittrex and Huobi why have to afraid to submit KYC. Now you can check reputation first time before submitting your exchange account and then you will review how trusted with an exchange account. Many exchange account take benefit for KYC to get our data ID and use for fraud criminality and giving bad reputation for other exchange to get rule have submit KYC.

KYC is necessary but it is also prone to abuse, choosing reputable exchanges and only offering KYC on these exchanges. Many scam bounty campaigns of previous time also required KYC, many people too easily offer it to get their rewards without thinking of the risk.

You're right, KYC will do little to differentiate and avoid the bad guys. Although crypto exchanges are aware of this and do not want to implement it because it is too weak or because almost all customers are uncomfortable with KYC, that is the security standard that must be applied where the service is subject to the law. KYC has been around for a long time in financial services and even local banks but it cannot avoid criminal behavior.

Moreover, dishonest bank employees can sell databases, that personal data of customers can be transferred to fraudsters. Nobody is immune from this. That is why no one wants to go through a KYC, no one wants his personal data to be transferred to scammers. I don't think passing KYC will help improve security, or anything else.

Any particular reason why your company doesn't have any kind kyc? Since these types of kyc in the crypto exchanges we have are mostly triggered by the max threshold for AML compliances when it comes to the maximum worth of each transactions happening in the crypto exchange, once you trigger one it makes the company require you to have KYC as a requirement for the AML procedures needed, so I am wondering why your exchange doesn't have one when most of the crypto exchange has a kyc requirement now.

Those time in bounties were KYC is required is mostly a requirement set by the government during that time crypto were having names as BTC price were increasing and prone to abuse by many users or people who may get money illegally and to avoid anti money laundering, companies were required to do KYC, all we need to do is to check the companies credibility.

This is a means by which the exchanges have a clue knowledge about their traders. Though many of them are scam becasue after requesting for KYC they will take an exit scam, there are cases when some bad reputable cryptocurrency exchnage collect KYc to take an exit and the disadvantage of this will be that, those KYC will be use for illegal acts which can land KYC owners into trouble.

KYC process is mainly known as the most secure way of verifying the customer's identity. It is used whole over the world for getting secured. In crypto exchange, many of them offered the customer to complete the kyc process for verifying and abide by the country's rules and regulations.

The risk of providing your personal data after filling the KYC, for the reason that exchange can runaway without any notice after having your details as they can sell it out in the marker and used your file for any illegal transactions.


This reason is the most known as exchange also needs to comply with government rules, implementing KYC to prevent being tag as a tool for money laundering or any illegal activities, exchangers are force to provide this requirements.

Yes that is what I want to mean. Many rich people and mostly political leaders or unethical persons choose these types of a chance for going outside with all their funds. And they just do it because they can not escape with all their money legally then they have done it securely. In this process, the kyc system isn't friendly to them because it has been created to stop forcibly money laundering, or illegal activities. It is a verification system that can be biased.

What is the difference between your local shop and an exchange, if they both sell your their services. Why in first case you dont need to pass KYC when you are buying a pack of chips, but in second you need to pass KYC on exchange? While buying a pack of chips, you could be using fiat  money obtained from selling drugs and just perform an act of money laundering. No one asks you to show your ID when you buy Lays, then why should you show it when you buy crypto?

"Country rules and regulations" - usually there are restrictions for US citizens, but who forbid them to select "any country except United States" when choosing country from ?

Passing KYC wont help to verify customer at all. This is just basics that can easily be get round.