Alt Exchanges - Verification Process?

[virtualdn]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

[itovault]

Centeralized exchanges have been taken over by long onboarding processes.  DEXes are still good for onboarding quickly.

[ryzaadit]

Each exchange has its own policy.

Some exchanges sometimes need to ask you to do make a verification ID but some exchange example like binance doenst required any ID for doing a trade. So, when you want to trade without doing a verification account you can do that. Verification ID just for add some extra feature like you got more money to be withdrawl, this would be help a whale trade to do transaction.

[Kabul]

Exchanges now have their own policies and are found in specific countries. In those countries, laws and regulations may restrict their businesses if they do not follow the order of the authorized organization. Therefore, exchanges, especially in the US, must collect customers data so as to operate smoothly

No one forces you to use those exchanges. That is why DEXs are born. DEXs are decentralized exchanges where you can sell your coins immediately p2p with others if they need your coins. No KYC is needed and the rate can be high as fuck or lower than zero lol

[Baofeng]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

Welcome back first of all, yes times are different, now you can open an account but if you are going to withdraw huge amount, then you have to undergo KYC process, it's mandatory for some. So you have to submit your personal documentation + selfie.

And there are occasion that centralised exchange might confiscate your alts without warning and will just throw a lot excuses in your face. So don't open account on those mid to small tier exchanges as most likely they are faking their volumes or worst do exit scams.

[Clement Kaliyar]

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

You will find many exchanges for you to start trading in an instant. There will be a limit in the amount of money you can trade or withdraw according to different exchanges and once you cross those limit you will be forced to complete your KYC to continue trading as usual. 

[cryptoaddictchie]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

There are some exchanges that instill doing verification and shady KYC process. But lately, most of traders are fond of using decentralized exchange. Well maybe you been hybernate for so long that this trend of defi is now becoming mainstream from chain to chain. Right now, the most commonly used is the Uniswap. I've been seeing a lot of other dex becoming noticed and maybe later on there will be more to come. Welcome back from long time sleeping.

[Brindez_kromo]

At least you've been born again with a new regulation and you don't know,,, developments in recent years may seem complicated if you're not familiar with the look of the exchange
Each exchange developer has its own rules with surveys or KYC conducted,,you can open your old exchange account if you still keep the login data and password..you can still do it the old way but with the new dashboard view

[ethereumhunter]

The verification process will need you to send your document to them to check and verify your account. If your account gets verified, you will allow trade, deposit, and withdraw bitcoin in a large amount. But you can use DEX to trade, and in that exchanges, you do not need to verify your account. Besides DEX, you can try to visit Binance, and you can trade in that exchange without verifying your account, but they have limitations for 2 bitcoin daily to withdraw. I think that will be more than enough to trade on that exchange.

[Willitivity]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

For most exchanges, you can hit the ground running in no time typically less than 5 minutes but your account will be restricted to certain limits until you're able to do your KYC verification check.  I use different exchanges to trade depending on the altcoins and pairs they do have listed on their site and most of those times, there wasn't a need to do kyc. As far a ms you respect your limits, you will be fine. If you don't like being limited and don't want to share your data with KYC, then use a DEX. Only problem now is that ETH DEXes have high fees.

[Gozie51]

I think exchanges have really changed from what they use to be in the past when you just want to open into an exchange to transfer your coins to hodl. I realize that some exchange require that you start an initial activation of KYC by even a 2FA .

[Strongkored]

Currently there are many changes, it happened when Crypto began to be widely known by people, and many governments began to regulate crypto exchanges, one of the reasons was to prevent money laundering, if you feel objected to providing personal documents then DEX is the choice, but for me CEX still better especially for trading volume.
As far as I know there are still some exchanges that don't ask for documents or KYC isn't mandatory but the withdrawal limit will be limited if you want to withdraw more than the limit, you must do KYC.

[zeingrind777]

This is because many governments want to regulate bitcoin so that some CEXs require ID verification. DEX is the right choice to keep your identity confidential. Although some CEX such as Binance does not require ID verification, the amount of withdrawal must be limited, unless you do ID verification, you can withdraw more money.

[flagpara]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

I know still so many people don't know about the Hitbtc exchange KYC process. Anyone can open an account within 5 minutes, so I did. But now I see that Hitbtc exchange needs utility or electric bill identification process, if you don't use it for a long time. Deposit is always open so that you are stuck there and being forced to submit KYC. Stay away from this exchange.

[Zackgeno96]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

They have different process but I think Binance is one of the best known you can able to trade around 1-2 BTC without verification but I think it would just limit your account to withdraw 1-2 BTC per day.

[serjent05]

I see there are still some small and shady ones out there. Or at least very small in volume.

How's the verification process for them?

I'm asking because I've been away for some years and I remember the times when you could open an exchange account in 5 minutes and start trading.

Are those times long gone now with the big guys?

Thanks.

You can still register and open an account to alt exchanges and trade as soon as you are done depositing funds.  The thing is, when you start to withdraw, other exchanges implement KYC, while others have a low-cap withdrawal for non verified client.  It is still the same thing for centralized exchanges except for the mandatory implementation of KYC.