Bitcoin Forum

Hi everyone.I have some bitcoins that i want to switch into my bank account,but i have only found websites that require ID verification... Can anyone help me find some solution or recommend me some website?

You can use decentralized exchanges, no verification needed, this are the few ones that are reputed:

https://bisq.network/
https://hodlhodl.com/
https://localcryptos.com/

I think this depends on how much bitcoin you want to sell. I don't advice you to use P2P exchanges for large amounts, instead you can split them into smaller transactions.
I also think that transfering to a bank account requires an ID verification for security measures. If the amount you to sell in btc is not that big, why don't you sell it to a trusted local buyer (depends on your location) then deposit the money manually to your bank account?

For your own safety, it might be better just to kyc with a known exchange - especially for larger amounts.

Most non kyc exchanges limit you on how much you're able to transfer over a certain time period and you're likely going to have to give someone your name too.(for a bank account).

Of course if there was a reason you don't want to use kyc (for traceability for example) the community might be able to help you more specifically with that.

How many dollars (in bitcoin) you want to convert into your bank account? Is your country is based on European union? If you tell me the name of the country of you, amount of dollars, name of your bank account and either it accepts card transfer then I may help you to convert the fund.

Depending on where you reside, there may be local services available. For example, I live in a city where there is a physical exchange office and we can exchange cryptocurrencies for fiat up to a certain amount without requiring personal identification. Why not ask the same question in the local section for your country?

It is Correct that not need any kyc verification for Decentralized exchange but it maybe not helpful for him, becouse we know the transaction fees of sending bitcoin from one exchange to others, so it Will costly for him.       

Ways to privacy can be costly. On some centralized exchanges, you can even convert to fiat with zero fee, like on binance and many other centralized exchanges which this is very possible with p2p trading, but some people do not make use of privacy and pseudonymity to joke, they prefer it than looking for ways to reduce transaction fee.

Check bestchange.com, (I and many members promote them on signature here). It is a currency exchanger monitor, you will surely find someone on the list who does not request additional verification during the exchange.
mostly they are all reliable and have passed some form of control by Bestchange service.
I will also suggest you if you need to change a larger amount, do so through two or three trades.

You want to sell the bitcoin and you want the money to go into your bank account. Bank accounts are already verified and every relevant authority will know that you have the fiat money transferred into your account.

So what's the purpose of hiding the identity at the exchange in this case?

Using peer-to-peer trading can be beneficial because you don't need ID verification, but on the other hand, there are a lot of drawbacks:

• Scam: P2P platforms provide security by verifying identity or sending some necessary data.
  
• Use of illegal funds: Many people who run illegal activities are on these platforms.
  
• Money laundering: It is one of the risks, although its potential is not great.
  
• Stolen money: If you search the Internet, you will find many people whose bank accounts have been frozen because they received stolen money and sent Bitcoin to the other party.

You should know that dealing with the bank means identity verification.
You can sell Bitcoin for cash and then deposit it into your bank account.

Few exchage site offer sepa transfer and they does not require any identity verification for a fixed amount. And in this case the user might night fall on any risk as they are well reputed and they will not scam any fund as well as there is no risk to be frozen their bank account.

All depends on your country as that will be dependent on the response you are currently getting from members here. As for me, P2P will be fine only if you have someone that want to buy your Bitcoin or if there is a reputable platform you can get someone to buy your Bitcoin. Remitano is one of the best place for P2P exchange.

https://www.coinex.com/ - doesn't require verification and offers a lot of unique services and investments.  It's the go-to place to purchase Namecoin and they also allow you to provide liquidity pairs or just collect interest on your coins.  I don't know the owners personally or anything, but I've never had any complains with their offerings.  If you're looking for a simple small trade and don't want to wait days for KYC verification, or you're looking for an exchange that offers more services, I think coinex is a decent choice.

PM me if you want a referral code and if you sign up using it you'll get a % kickback on your fees.

Sorry for the off-topic but if anyone from PH country already has experienced using the service? What banks are supported?

Honestly, I'm quite surprised that in today's status, there's still a way to do a P2P even without undergoing a KYC. Just thinking in case of fraud-related cases or alarm, or something along those lines, how the banks, as a receiver, will be able to determine if those incoming transactions as legit since the source has no identity, private and is hidden.

You can check this payment page (https://docs.bisq.network/payment-methods), it is about Bisq payment method.

Also centralized exchanges wth kyc required are not left out, there are many fake verification, scammers are so cunning, or did you think centralized exchanges can not be used to scam also? There are a lot of scam activities also linked to centralized exchanges.

Is it available to withdraw fund to bank account from coinex? I am asking it as the OP is asking something from where the OP can take the money to his/her bank account. If it does not allow to withdraw to the bank account then it will not be any worth to the op.

I know some sellers on localbitcoins will take BTC without requiring full KYC, since the risk is far less as you will deliver first via escrow it should be possible to find a few who will offer this service in some country or currency.   Or exchange for tokens of some kind is another path.

Even though bank accounts are already verified the money he will receive from the btc trade will not display it as payment from btc transaction, it will only reflect as money received from one party to the other without any detailed information,  the only issue here is for him  to find a trusted platform to exchange without kyc requirements.

I think you are unaware of the KYC policy change in the recent days, LBC made KYC as mandatory to start trading there so even if you are registered there you still have to provide basic KYC like upload any national identity for verification so yiu can have upto 20K euros per annum, if your limit exceeds then you have more intense verification criteria there.

To sell btc you should not need kyc to provide to the buyers of bitcoin on localbitcoin but you have to verify your identity on the site to make transaction. And as further as I know you would not be able to get your bitcoin wallet ID before verifying your identity on localbitcoin.

I tend to agree and in short, Localbitcoin isn't safe if you want to sell Bitcoin without identity verification or it's an anonymous way.

It's already suggested on the first page and I think the best way to buy Bitcoin is on P2P services that never hold buyer/seller's fund.  It's usually held in 2-of-2 multi-sig wallets which is considerable it's safe between two parties, the buyer and the seller.

Bisq (https://bisq.network/) platform is my bet.

You have some bitcoins? I guess you may know that 1 bitcoin costs more than 60K USD and if you sell not only one but some of them and get deposit on your bank account, I guess you may receive call from your bank and get asked about who paid you that amount of money and why. If I were you, I would be more careful and would go with Binance, Coinbase or with any other reputable exchange and submit KYC. If the reason behind non-KYC is personal that you don't want to state there, then my suggestion is to not exchange all the money immediately or you'll turn red alarm on yourself from the bank/government.

It depends on the buyers you are going to trade with, traders using high risky payment modes aka anything other than banking transactions may ask you to verify your ID and also they will check the account name and your payment account belongs to the same or not.

Yeah, anti money-laundering protocol is really a pain in the ass for crypto assets. Even if OP is able to hide most of his personal ID when making the trade, the bank will need to check and verify where is that amount of money coming from and was it 'clean'. Worst, he could get himself to some dirty money come from a dubious source and get his balance frozen for further investigation. Or maybe OP just simply want to avoid tax on crypto assets so he can't submit KYC to the reputable exchange.

Just No, No, & No


If you receive 10 transfers of $50k each, you will be considered more suspicious compared to 1 transfer of $500k. Common sense

 
If I want to hide something from the bank, I would rather prefer to receive a bank transfer from an unknown person than a company related to cryptocurrencies. You have also more chances to trigger the ring bell when you receive a transfer from coinbase, binance & co than from a random individual


A bank is not a police station. While they can ask for details about a transfer received, the customer is not forced to reply. It's the law. And the bank can't do much more, other than to decide to close business with you (in extreme cases).
So many banks around so it's not a problem.

They can't freeze your money, they're forced to give it back to you, it's also the law. They can't fire you without a notice 30 or 60 days before.
99% of the time, when they ask a few questions, they don't really care about the replies. They ask because they need to write something. Nothing more. Everyone can reply it comes from their cousin living in another country or whatever you want.

People overdramatize with the banks but there are laws and rights

You dont need to submit KYC documents to sell bitcoin. But which platform do you want to use, That varies here? I suggest you use the P2P marketplace to sell Bitcoin. Binance P2P market is now popular and you can use it by submitting your KYC document. There are a ton of payment gateway to sell your Bitcoin.

Dont cash all of your Bitcoin at once. Try to do it slowly and use some other payment gateway also. You can also use your friends and family account for it(if they are trusted). There are a ton of ways to get cash by selling Bitcoin. You just need to spend some time to find out the suitable one.

Do you see the nonsense you're talking about? The original poster is asking where can he sell bitcoins without ID verification
I reapeat:
without ID verification

and you suggest him to use the binance p2p market by submitting his KYC documents. The irony continues when your first sentence says You don't need to submit KYC documents to sell BTC

Most of the users suggested peer-to-peer exchange to selling your Bitcoin and of course this is the only way if you wanna go without KYC. Better if you can discover trusted reseller groups in your country. I am selling this way since Bitcoin isn't supported by my bank or government. But if you go peer to peer, then just make sure buyers have enough rating and trust you are dealing with. Often I have seen a story where a buyer sends black money to the seller. As a result, the bank froze the funds and arrest the seller. Make sure you aren't gonna fall into this type of problem. Or look for someone from the forum currency exchange section and use a trusted escrow to complete the deal.

OP doesn't respond to a scammer if they PM'd you to exchange Bitcoin. Many scammers would contact you via forum or Telegram which would lead to being a scam. Don't deal without forum escrow if the deal going to happen on the forum.

Depending on the volumes you are talking about - you might want to look into alternative solution which our service offers: https://bitcointalk.org/index.php?topic=5244746.0

It's hard to anyone especially if they don't have any trusted person to rely on regarding on this kind of transaction and its dangerous to do P2p knowing that there are so many scammers everywhere, also its hard to sue them since for sure we don't know their identity since anyone can create fake profiles here.

So if I where the OP better he should do KYC since this is more convenient rather than doing a risky trade and there's nothing we should worry about our data since for sure the legal platform will handle it well without giving it to other which can cause harm to us.

Well, I think what you captured there is "an ideal situation" and not what can be taken as general like the arbitrary situation in some countries where banks close and ban accounts on the directives of top politicians.

Yes, I think people are just being unnecessarily over apprehensive about the privacy thing. There's no way one can completely process and spend cryptos (Bitcoin et al) without revealing a name (as in bank transfers) even when we make transfers of cryptos to others, it still won't be completed until one of the parties decides to withdraw and use it or to an address (for mailing products bought with cryptocurrencies). So, I don't see how one escapes all that privacy thing. The best would be to get a trusted exchange and do a KYC with them so you can do your trades easily.

Is it not self contradictory post as well as is it not the post which is against the post of the op. The Op is searching a site where op can sell bitcoin without identity verification and you are telling to use binance which require id verification. So, how the help you done by providing the name of binance.