Trading on Binance Without KYC via Safepal?

[OmegaStarScream]

@noorman0 You're welcome. If you managed to trade, you should be fine withdrawing because IIRC, even a few weeks prior to the KYC policy, users were not able to trade and place orders. Anyway, keep us posted, please.

Just something to keep in mind, when you created that account, you agreed to Binance's TOS so there is always that risk that KYC will be asked in the future, or they might even lock your funds.

[hugeblack]

They may leave this "Safepal bug" to incrase hardware wallet sells but I don't think it will be discontinued soon unless many people start using it. in the end when you use Binance you must know that they will ask for identity verification at some point so I don't think it's worth the risk Especially with so many alternatives.

Anyway, I found this:

I also talk about it with someone at the safepal telegram group. But no admin or mod answer it. Lastly i get banned by them with no concrete baned reason. I don't know why.

Source --> https://www.reddit.com/r/safePal/comments/p6syq7/will_binance_withdrawal_limit_take_effect_with/

So, Admin may know about this non-Kyc 2 BTC limit.

[OmegaStarScream]

They may leave this "Safepal bug" to incrase hardware wallet sells but I don't think it will be discontinued soon unless many people start using it. in the end when you use Binance you must know that they will ask for identity verification at some point so I don't think it's worth the risk Especially with so many alternatives.

-snip-

I don't doubt for a second that the developers are not aware of this, and I'm almost certain that it was done on purpose, but I don't think it has anything to do with the hardware wallet, since that feature can still be used even without the device.

[noorman0]

-snip-

Just something to keep in mind, when you created that account, you agreed to Binance's TOS so there is always that risk that KYC will be asked in the future, or they might even lock your funds.

I understand the risks, and I specifically do not recommend anyone to use the savings feature.

-snip-

in the end when you use Binance you must know that they will ask for identity verification at some point so I don't think it's worth the risk Especially with so many alternatives.

Having alternative accounts may not be very profitable here, except for manipulating trades or something. Binance's DAPP doesn't offer anything special like regular Binance users like joining launchpad events. It only serves you trading (spot/futures) and savings.

There're some misunderstanding here.

You're not trading on Binance spot exchange, but you're trade on Binance DEX where they only allow you to trade ETH and BSC chain only. What you need to know is Binance DEX aren't 100% decentralized because ETH and BSC chain is centralized. It's true Binance DEX didn't ask you KYC (now) but we didn't know in the future. There's no way it can be said as decentralized when you need to trust their chain instead of using the trully decentralized chain, don't trust, verify.

I forgot to reply to this.

I honestly assumed it was integrated into binance CEX after checking out the exact same coin pairs on the "Markets", not just limited to ETH and BSC based token pairs. As seen in my test results, I traded with TRX tokens. And more clearly, there is futures trading there.

[jerry0]

Few questions on this then.


So safepal is a hardware wallet but you don't need to buy this hardware wallet to use it?  Is that correct?  So is it like a wallet you download like electrum or its more like an online wallet like blockchain where you log into the website?


Trustwallet is more like online wallet like blockchain as oppose to electrum right?


So the person that posted pictures of using safepal, you bought and sold and withdrew with no issue but did it with tiny amount.  But i got to assume the fees are a lot higher than compared to using binance normally?  Because binance fees are 0.1% correct?  So how much are the fees when using safepal?  And is it always flat fee?  Asking this because i like to buy certain coins on binance but can't do it anymore.


Now you mention they currently have a 2 btc withdraw limit.  So they always had that or it went down to that once binance changed their KYC?


So does this mean you could buy literally any coin on binance on safepal? 


Are there people trade there on safepal actively?  But what if someone put a lot of money there?  Like imagine someone put 2 btc there and put that balance there to trade.  If safepal then does KYC, that mean that person would only be able to withdraw 0.06 btc max each time and get hit with a lot of fees?  But not only that, since they can't trade anymore and convert their btc to another coin to cut down on fees, they going to pay ton of fees?  So basically anyone that put a huge amount there, its risky if one day they ask for KYC and then you can't withdraw it all at once>?

[OmegaStarScream]

-snip-
So safepal is a hardware wallet but you don't need to buy this hardware wallet to use it?  Is that correct?  So is it like a wallet you download like electrum or its more like an online wallet like blockchain where you log into the website?

Yes. It's an app[1] that you can download. It can work with or without the hardware wallet[3].

Trustwallet is more like online wallet like blockchain as oppose to electrum right?

It's actually closer to Electrum than it is to Blockchain.com. It's still a closed source wallet though.

So the person that posted pictures of using safepal, you bought and sold and withdrew with no issue but did it with tiny amount.  But i got to assume the fees are a lot higher than compared to using binance normally?  Because binance fees are 0.1% correct?  So how much are the fees when using safepal?  And is it always flat fee?  Asking this because i like to buy certain coins on binance but can't do it anymore.

AFAIK no, the same fees should apply. Safepal doesn't take anything extra.

Now you mention they currently have a 2 btc withdraw limit.  So they always had that or it went down to that once binance changed their KYC?
So does this mean you could buy literally any coin on binance on safepal? 

I've been using Binance for quiet sometime (before the KYC policy) and AFAIK, they never lowered it. It has always been 2 BTC per day.

And yes, you should be able to buy any coin from Binance but not using fiat though.

Are there people trade there on safepal actively?  But what if someone put a lot of money there?  Like imagine someone put 2 btc there and put that balance there to trade.  If safepal then does KYC, that mean that person would only be able to withdraw 0.06 btc max each time and get hit with a lot of fees?  But not only that, since they can't trade anymore and convert their btc to another coin to cut down on fees, they going to pay ton of fees?  So basically anyone that put a huge amount there, its risky if one day they ask for KYC and then you can't withdraw it all at once>?

I doubt that Binance would lock user's funds but as I said above, there is always that risk. No one can answer that question. My advice to you would be to deposit funds to trade and withdraw as soon as you're finished. It doesn't hurt to withdraw them your Safepal address, just make sure to keep them out of the exchange interface.

[1] https://safepal.io/download
[2] https://shop.safepal.io/products/safepal-hardware-wallet-s1-bitcoin-wallet

[hosseinimr93]

Safepal (as a VIP user of binance) is probably using the sub-accounts feature in binance. (Click here to see the guide provided by binance)

According to the guide, the master account (which is owned by safepal here) is able to create the sub-accounts using virtual emails. In this case, withdrawals can be made only by the master account.
So, once a safepal user requests a withdrawal, that's actually requested by safepal to binance.

Assuming Sapefal account on binance is VIP9, a single account can have up to 200 sub-accounts [Ref.]
So, anyone using binance on safepal is actually using one of those sub-accounts.

Since there are definitely more than 200 people using binance on safepal, there are two possibilities:
1. Safepal has many verified accounts in binance.
2. Binance is allowing safepal (as a corporate account user) to have more sub-accounts.