Trading on Binance Without KYC via Safepal?

[jerry0]

So I read this somewhere that someone mention it but not sure if its true.  But I remember someone said if you use safepal or trustwallet... im pretty certain it was safepal though... they said you could trade on binance without KYC.  Is this true or false?

[RapTarX]

You can do this on both.

On safepal
You can swap, use the exchange service though I'm not sure how exactly this happens; haven't checked out this feature yet. It exactly seems like Binance but I'm not sure if it requires a Binance account or not. I can update this later on.

On Trustwallet
You can have swap service & DEX with BNB pair mostly, probably based on Binance chain. I have to check out that as it has been quite a long time when I last saw that.

[Japinat]

You might wanna check this/ TRADE IN BINANCE WITHOUT KYC – Safepal Wallet... Watch the video and the author explains how it's done. Personally, I have not tried using it to trade with Binance as my account is fully complied with the KYC requirement, but you can always try a new option if you don't want to get verified but I'm afraid there's a risk in doing it.

[suzanne5223]

So I read this somewhere that someone mention it but not sure if its true.  But I remember someone said if you use safepal or trustwallet... im pretty certain it was safepal though... they said you could trade on binance without KYC.  Is this true or false?

I don't know how Safepal wallet operates cause I am not familiar with it so I can't answer if it allows the trading on Binance without KYC, but for Trust wallet. You don't trade on Binance cause you actually trading on 1Inch exchange because the Trust wallet makes use of the 1Inch network to execute their coin swap.

[Jawhead999]

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.

In the “Exchange” tab of SafePal App, you are enjoy decentralize trading experience without any special login to Binance DEX. View market, create order, view trade history and cancel order all on the go!

First of all, the Binance feature integrated on SafePal is exactly the same as the current Binance.com transaction feature. As a partner, we integrate Binance's full set of Spot trading functions in the SafePal wallet.
Therefore, all security terms and service terms are consistent with Binance. More details can be found here.
Binance accounts created in SafePal are indeed managed by Binance. It is a centralized trading account that exists on Binance's centralized trading platform.
The Binance spot trading function integrated on SafePal, only use your BNB address to create an account, not your personal information. （No phone, NO email address）Therefore, Binance does not have your personal information. You can use this feature normally in SafePal. If Binance has any new news, we will promptly notify the community.

“Some might overlook the influence Binance Chain has over Binance Smart Chain’s validator set. BSC has 21 active validators, making it more centralized than most platforms.”

He added that the validator set is determined daily by Binance Chain, a network managed by just 11 validators, and posted an infographic demonstrating the relationships.

[joniboini]

To be fair to them, anyone using a decentralized network needs to trust the chain they're using to some extent. But yeah, having a few of validators sounds a bit worrying if we're talking about 51% attack and stuff like that. That being said their dex is quite okay for most pair, but it is obviously lacking in liquidity compared to their main cex.

OP, if you don't want to do any KYC, maybe you should start getting more familiar with dex trade.

[KaliLinux]

I don't have a problem using Binance as I have been fully verified from the beginning and it is one of the exchanges that has my local currency pair too and I understand why investors keep talking about KYCs with exchanges even though there are other ways our info have been uploaded to the internet.

[terrorJR]

the first one may i suggest you move this thread to trading disscusion https://bitcointalk.org/index.php?board=8.0 because this will relate when discussed there.
regarding safepal and trust wallets, they are actually the same without kyc and both are also facilitated in swaps and exchanges.
and I think both are pretty good especially to be used as token storage options.

[kryptqnick]

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.

This makes sense to me, but the video linked by Japinat seems to suggest otherwise because there it shows a person being able to select a wide range of trading pairs, and claiming that it's Binance spot exchange, accessed via Safepal, not Binance Dex. I don't know if it's legit, and I'm not going to check it, though. Even if it is a workaround that still works, Binance probably will treat using it as a violation of the ToS because they've clearly made verification obligatory for trading on their exchange. That could result in the account being blocked, and I'm not sure if they'll bother to return the money.
I think it's best to make a choice here: if you want to trade on Binance, complete verification. If your privacy's more important to you, withdraw your coins from Binance and choose a different exchange for trading.

[Ararbermas]

To be honest i never heard such thing, and as far as i know binance exchange is one of the most genuine platform around the internet and very strict when it comes cheating. so probably there's no way you can enjoy their full features using another platform to bypass the KYC requirements. In fact a lot of users in binance turn into withdrawal only because they didn't pass the kyc.. So how is that possible to happen? If it's true perhaps they already removed that thing.. Lol

[riskarcher]

I just found out about safepal in this thread which I know is a trustwallet that can access transactions or swaps on the binance smart chain without KYC. different from the Binance application which has many features and is one of the leading platforms with excellent blockchain technology development, which in my opinion KYC at binance must be in accordance with procedures because that is the regulation that users should do

[Fundamentals Of]

While this is a laudible development, my concern however is, how safe is it? Will not be safer to just get verified on Binance and handle your business there directly. If you have nothing to hide and you do have means of verification, pls, just get verified and trade. My thought though.

This is not about you have something or nothing to hide. It is not as if you have secretly committed a crime and that submitting KYC documents will make everything public. This is about your personal information submitted online. And we have enough reason to be afraid that these personal information might either be sold, leaked, or asked by authorities. This is about privacy. We are not hiding but we are not also giving out our personal information. That is for everybody's safety and security.

[Coin_trader]

I just found out about safepal in this thread which I know is a trustwallet that can access transactions or swaps on the binance smart chain without KYC. different from the Binance application which has many features and is one of the leading platforms with excellent blockchain technology development, which in my opinion KYC at binance must be in accordance with procedures because that is the regulation that users should do

Maybe you should visit Safepal wallet again and try it's exchange function. Safepal is partner with Binance since its a product of Binance Launchpad. You can literally access the Binance Exchange using the wallet as your account and trade there. Its confirmed that you didn't need KYC but there's a limitation on the trading volume which I don't know since I didn't view the ToS for that. You can access the real Binance Exchange and place order using Safepal wallet but the benefits is still the same for the user that didn't undergo on Binance exchange.


You can actually trade on Binance without doing KYC but there is just a daily limit for your trading volume which is same with Safepal wallet user.

[batang_bitcoin]

I've done that through trustwallet but I don't feel doing it again.

You can actually trade on Binance without doing KYC but there is just a daily limit for your trading volume which is same with Safepal wallet user.

Not anymore. Binance has imposed the forcing of KYC to every user into their exchange. If you don't send your verification, you're only allowed to withdraw.

[jerry0]

Okay so apparently safepal is a hardware wallet you need to buy.


Trustwallet is an online wallet like blockchain?  Or is it software like electrum?



But can you use either of them right now if you want to trade on binance?  Back then I could use binance because I was using it outside the US even though I am a US citizen until they required you to submit documents.  Thus I never once logged into my binance account once in the US when I was there.  But if i use trustwallet now, i could use binance?  But are the fees much more than with the regular binance?

[FinneysTrueVision]

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.

Binance has two different blockchains. Binance Chain (BEP-2 version) and Binance Smart Chain (BEP-20 version). Binance DEX is based on Binance Chain, not the Smart Chain which is compatible with Ethereum Virtual Machine.

[OmegaStarScream]

Okay so apparently safepal is a hardware wallet you need to buy.

Trustwallet is an online wallet like blockchain?  Or is it software like electrum?

-snip-

No, there is a software version that is available for both Android and iOS devices. It's meant to be the official software for their hardware wallet but you can still use it without the hardware.

Now, for the trading process, it's identical to the one in Binance.com. You cannot trade directly from your SafePal funds. You will have to deposit funds into the built-in binance interface first. I can't speak about the KYC part, but I don't think it's enforced. I tried to deposit on Binance, and I was asked to KYC, but when I try the same thing on the safepal app, I wasn't asked for anything and they provided me with the deposit address.

And also, no. This feature is not available on the Trustwallet app. Yes, you have a swap and exchange feature there, but it's not the same thing.

[The Cryptovator]

You will have to deposit funds into the built-in binance interface first. I can't speak about the KYC part, but I don't think it's enforced. I tried to deposit on Binance, and I was asked to KYC, but when I try the same thing on the safepal app, I wasn't asked for anything and they provided me with the deposit address.

I am a little curious here. Where do you deposit exactly? Inside of trust wallet, right? Where Binance ask you for KYC but Safepal didn't. So I am interested to know after you deposit can you trade in the centralized interface? Or do you have to trade on the decentralized interface? Just I am not getting where Binance required KYC to trade in their Centralized exchange but how can you trade there without KYC through just a tool or apps. I think it shouldn't happen and we are missing something. I haven't been using Safepal wallet so I don't know exactly how is the process.

If it's possible to trade on the centralized interface from safepal wallet without KYC then everyone will do that instead of using KYC in Binance.

[OmegaStarScream]

I am a little curious here. Where do you deposit exactly? Inside of trust wallet, right? Where Binance ask you for KYC but Safepal didn't. So I am interested to know after you deposit can you trade in the centralized interface? Or do you have to trade on the decentralized interface? Just I am not getting where Binance required KYC to trade in their Centralized exchange but how can you trade there without KYC through just a tool or apps. I think it shouldn't happen and we are missing something. I haven't been using Safepal wallet so I don't know exactly how is the process.

If it's possible to trade on the centralized interface from safepal wallet without KYC then everyone will do that instead of using KYC in Binance.

Trustwallet doesn't have the built-in Binance I was referring to, SafePal does. AFAIK, when you're using that, you're interacting with the CEX and not their DEX. Spot trading, futures, savings are all available. I could be wrong though. Here are a few pictures of it[1][2].

As I said though, I can't say that for a fact that KYC is not required as I haven't tried to deposit and then withdraw yet, but it appears that it's not. If you click on "deposit" while using the Binance exchange now, you will be asked to verify your identity before giving you an address to send funds to. However, if you do the exact same thing through Safepal, no pop-ups appear.

[1] http://epvpimg.com/rTeDcab
[2] http://epvpimg.com/MkBIbab

[noorman0]

Thanks @OmegaStarScream for bringing this information.
I recently used $10 bnb for this research. I'm really interested if safepal can avoid KYC trading on binance.

Smooth deposit process from safepal wallet.


I've done a few spot trades with no problems.


Unfortunately for withdrawals, Binance still enforces the old conditions. So I have to wait another 8 hours.


There really doesn't seem to be a KYC page for this Binance DAPP, so there's no way to do it. What bothers me so far is the problem of slow access, even though I have no problems with internet connection..
I will update the results tomorrow.

update:

@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.

You guessed right, mate.
I managed to withdraw funds.


Withdrawal terms are currently limited to 2BTC, a huge amount in my opinion.