Bitcoin Forum

I have a question about coinsbit exchange, can I withdraw without passing it's KYC verification? Is there anyone using this exchange presently I just want to know before making deposit on the exchange

I am not a user of Coinsbit but what I know for sure is that they implement KYC. I am not sure if they have a certain trade or withdrawal allocation for users who have not passed KYC, but since Coinsbit is a centralized exchange, nobody is ever going to be exempted from KYC. Even if the exchange has a certain deposit, trade, and withdrawal allocation for unverified members, it does not mean the exchange won't ever demand a KYC from you.

If you are avoiding KYC, avoid Coinsbit and other centralized exchanges. It is just a matter of time before everybody who uses them will have to pass KYC first.

No, if you haven't done KYC, you won't be able to withdraw on the exchange,
so before using it, it's a good idea to finish KYC matters first so you can feel comfortable when using it.

You can deposit, trade but you cannot withdraw if you have not completed KYC. It is better to first pass KYC. That generally takes a day or two on coinsbit exchange.

I haven't used that exchange.

But those answers will make you really want to follow the KYC process, you have no option but to do it if you want to take out your funds there.

Not a new thing in these exchanges because they really are implementing kyc and limits your account if you don't do so.

If you want to trade without KYC, then use this resource https://kycnot.me/

Or use these services
https://changelly.com/
https://changenow.io/

But I tell everyone that this will not save you from KYC. If you carefully read the user agreement, then the exchange may request a KYC from you at any time.

You have to read their TOS first, but as per my experienced with other exchanges with KYC, somewhat they have a threshold on how much you can withdraw without passing any personal documents and maybe that's what Coinsbit exchange TOS might be. I know most of the time for us crypto users, KYC is really a pain in the ass, but right now most exchanges are requiring it. So if you don't like to pass personal information then there are other methods as well.

I remember coinsbit very well, there was a time when I promoted a bounty project and the token is listed only on coinsbit so I failed to do some research first before making a deposit on the exchange, this was how my tokens was trapped but later I was forced to pass the KYC before I was able to withdraw my USDT, this was in 2020

The first thing you need to know is DON'T MADE ANY DEPOSIT ON COINSBIT because this exchanges previously are ponzi scheme and fake trading volume [1] I wonder why you want to use this exchanges? If KYC is your concern then you need to avoid all centralized exchanges because KYC is mandatory there. Only KuCoin (CEX) can be used for spot trading, you'd better using decentralized exchanges, DEX doesn't ask KYC.

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[1] https://bitcointalk.org/index.php?topic=5195285.0

NO, you can't withdraw your crypto without passing KYC.
from my own experience about cryptoexchange. you should not deposit your own crypto into coinsbit, unless you get a bounty payment using coinsbit.
a lot of weird thing with coinsbit trading volume, store your crypto in your own wallet

I don't think so, KYC is mandatory on that exchange, that's why there's no other way to withdraw your funds without KYC, if it was for bounty then you must do a KYC procedure so that you can withdraw, as you notice there's a lot of new projects that have a bounty campaign with a partnership in CoinsBit exchange and I never joined in anyone of them.

These options are the worst and changelly & changenow are scammers and should be avoided at all cuz of:

 - Based on their TOS: changelly (changenow) ask for KYC^[1] but they only do that when problems start to occur.
 - Selective scammers: There are many scam cases^{[2] [3] [4]} against them.
 - They may blocked you because you use VPN service.
 - Hidden fees: The platform deducts hidden fees that may be different from what appears on the site.
 - They use a third party to conduct transactions.
 - Your transaction may be frozen for several hours and then you can make it at a different rate.

I can list more reasons, but in any case you should avoid changelly & changenow.


[1] Why KYC Is Essential and Why We Might Ask You to Pass It (https://changelly.com/blog/why-pass-kyc/)
[2] https://bitcointalk.org/index.php?topic=5251793.0
[3] https://bitcointalk.org/index.php?topic=5160741.0
[4] https://bitcointalk.org/index.php?topic=5176473.0

Try Fybit, there is no KYC.

You don't get my question, this token that I want to sell is only listed on coinsbit no where else, anyways I've submitted my KYC verification details but it's taking forever to process the verification, it's showing under process till now

I hope you can successfully sell your token. ;)

When have you sent them your ID? just this day? If so, then it will really take a few days before you get the review. Usually it takes 1-3 days if you're not going to follow it up. If it didn't happen in 24 hours then expect it's likely within the next day. This is the normal process of most exchanges when it comes to KYC approval.

You've just mention this now. So expect others to think that you are either asking for a review or feedback on Coinsbit exchange regarding its KYC rules or that you are looking for a non-KYC exchange.

But why raise the question when, in the first place, your token is only listed there? There's no point asking when you have no choice at all. And now that people are saying that you cannot withdraw from the said exchange without passing KYC, not to make a deposit there, your funds could be trapped, and so on, you still created an account and submitted KYC.

I know users are sometimes forced to use a few exchanges due to their holdings. Because at the beginning some projects just choose the worst exchange to list their token. Once you are intending to use a centralized exchange then you should be ready to provide KYC. Because a centralized exchange would change their terms and conditions at any time and require KYC. So it's better to trade on dex if you want your holding swap with some other coins. Coinsbit isn't a much-reputed exchange, so be careful before making a deposit there.

I wanna be honest with you. My own payment is on coinbit.
Yesterday was my first time withdrawal request on coinbit but until now I did not receive the token that I withdrew.
Maybe you should pending your own deposit, i think this exchange is not save

If you're a bounty hunter, there's always a chance that the token you've promoted will be traded in an unknown exchange while waiting for their volume to grow and platform to launch to get them listed in a much better exchange, you have two options, signup to that exchange or wait for a better exchange, once you are in a centralized exchange, the exchange can at anytime ask for KYC and worst is doing KYC in an unknown exchange that you don't know if the reputation is good, I have been into this scenario many times when I was still active in bounty active.

I’ve been in OP’s shoes before. I’ve also made accounts in unknown exchanges simply because I didn’t have much choice. While there seems to be a choice of waiting for a better exchange, the possibility is always there that the token would lose value rather than become popular and be admitted in top exchanges. So there’s no point waiting for that better exchange when the next thing to happen is probably the demise of that token.

Most of the time, it’s not that the token is listed on unknown exchanges while waiting for their volume to grow and platform to launch. The truth is that their project is not that big or successful. The truth is that the project can only afford cheap exchanges because they don’t have the resources. It’s obvious that the token is more likely to fail if right from the start it could only afford a questionable exchange. Most successful tokens have the likes of Binance or Huobi or KuCoin as their first exchange.

It's been more than half a month since your last reply that had registered and submitted KYC but it was not yet clear whether you could finally make a transaction on coinsbit and also make a withdrawal. Op should also be able to update on it and lock this thread.

In my own experience i know it is not possible to Withdraw crypto from coinsbit without passing KYC. and personally i Don't like that exchanger. It gave me a very dry experience. search another exchanger. you can use Kucoin it will work depositing and withdrawal without passing KYC. and it is must trusted exchange

To some extent, I am sure you're a Bounty Hunter. Things like these are things hunters always experience in the system. Most projects will go on listing their coins in some centralized exchange which their reputation is unknown or low, and you imagine giving out your information to an unknown or low reputation company. Most times these happens because the price of this project made some profits and for you not to be left out, you get hooked in this situation, I've had similar experience on different occasions.
Well, coinsbit as a centralized exchange which you cannot do anything to be sure without passing the KYC process. If one can deposit, trade and do all process in an exchange and cannot withdraw funds, then no need of using the exchange without being ready of passing the KYC process.