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Author Topic: All in one learning about binance, KYC, wallets pls guide me  (Read 132 times)
Outhue (OP)
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February 20, 2022, 07:15:21 PM
 #1

This will actually be the first time I will try to buy coins through Binance exchange or other not for holding but for practical purposes only just to understand two things

1. How to do wallet transactions, and how it feels like.
2. How swap takes place in wallet like trust wallet.

This is just for practical purposes to have a better idea about how to make the transaction works but I do have a question, is KYC that important to have coins under your guide? I see that Binance exchange makes this a must and I heard that Binance exchange is one of the most trusted exchange isn't that means that KYC is a serious thing? I have no problem going through verification but I just want to know more.

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hosseinimr93
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February 20, 2022, 07:26:57 PM
 #2

1. How to do wallet transactions, and how it feels like.
I think your question is how to send the fund from binance to your wallet.
In the case I am getting you correctly, you open your wallet, copy your address, go to binance and make a withdrawal to the address you copied from your wallet.


2. How swap takes place in wallet like trust wallet.
Using swap feature in trustwallet, you can trade some tokens.
Just note that both pairs must be on the same network. For example, you can trade two ERC20 tokens or two BEP20 tokens with each other. You can't trade bitcoin with ethereum.

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February 20, 2022, 07:35:07 PM
 #3

There is no reason to undergo KYC on Binance just for learning how to send, deposit, and withdraw Bitcoin. Not to mention that Binance has relatively high withdrawal fees. Because of that, you might actually get the wrong impression about Bitcoin. You will think it's an expensive medium of exchange, while in fact, it isn't. It's just that a centralized service provider, such as Binance, takes a decent cut from the amount you withdraw from their platform.

FTX won't ask you for KYC. I think they only ask for an email address and maybe a valid phone number. It's a decent centralized exchange.
If you want to try how a decentralized exchange works, give Bisq a try. With Bisq, you will remain in control of your coins, not the exchange. 

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JeromeTash
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February 20, 2022, 08:59:51 PM
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 #4

1. How to do wallet transactions, and how it feels like.
This might help - https://www.binance.com/en/support/faq/85a1c394ac1d489fb0bfac0ef2fceafd

Quote
2. How swap takes place in wallet like trust wallet.
There you go
- https://community.trustwallet.com/t/how-to-trade-with-the-built-in-dex-swap-option/169


Quote
This is just for practical purposes to have a better idea about how to make the transaction works but I do have a question, is KYC that important to have coins under your guide? I see that Binance exchange makes this a must and I heard that Binance exchange is one of the most trusted exchange isn't that means that KYC is a serious thing? I have no problem going through verification but I just want to know more.
Binance made KYC verification mandatory not so long ago, so you might want to look at exchanges where KYC isn't mandatory for now, but it isn't a guarantee that this will be the same forever.



If you want to try how a decentralized exchange works, give Bisq a try. With Bisq, you will remain in control of your coins, not the exchange. 
Bisq needs an initial deposit of coins as security, so I don't think it would work for a first timer like OP.

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PrivacyG
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February 21, 2022, 01:01:31 AM
 #5

If you want to buy Cryptocurrencies, do not use Binance.  It has been a good choice until they added mandatory Know Your Customer procedures.  I advice you to stay away from KYC and to choose an exchange from the top of kycnot.me's ranked list.  Binance may be the most trusted exchange today, but this does not mean it is worth giving up your personal documents for the creation of an account.

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Regards,
PrivacyG

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Darker45
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February 21, 2022, 01:59:37 AM
 #6

If you have no business in an exchange platform other than buying, doing KYC is an unnecessary thing to do. You don't have to reveal your name, address, phone number, and so on just to buy Bitcoin. I guess Binance used to be one of the most trusted until shit happened. There was a hack. There was a leak. There was compulsory KYC for everyone. I'd rather use this forum for buying.

Anyway, you might want to check out Bestchange. They have a wide array of exchanges where you could make a purchase with the best price possible. They also have a button per exchange indicating whether it requires KYC or not. That would be more convenient I guess.

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cryptoaddictchie
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February 21, 2022, 03:38:23 AM
 #7

I heard that Binance exchange is one of the most trusted exchange isn't that means that KYC is a serious thing? I have no problem going through verification but I just want to know more.
For centralized exchange out there I could vouch Binance as overall trusted. But as they say, you dont want to keep your big chunks of funds here and only put your funds that youve used on trading and selling. KYC is a serious stuff, yes it is. Some dont favor it as their identity exposed through the exchange however, this is done to also avoid money laundering of some users who tend to put funds there. Anyway, its always your choice to do it or not.
PrivacyG
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February 21, 2022, 08:40:18 AM
 #8

KYC is a serious stuff, yes it is. Some dont favor it as their identity exposed through the exchange however, this is done to also avoid money laundering of some users who tend to put funds there. Anyway, its always your choice to do it or not.
Know Your Customer is malicious by definition, the amount of people laundering money vs victims of identity theft and the number of possible future victims is crazy!  KYC does not only leave a big jackpot for hackers since it stores personal documents of so many customers.  It has the capacity to put you in a situation you could avoid by simply avoiding KYC at all.  Identity theft is only one of the bad sides of it.  Take a look at Free Wallet.  It is present everywhere on Google's app store, yet they are selectively scamming their own users.  Not only do they get to illegally seize your funds, but they also get to steal so many documents from you by taking advantage of your desperate attempt to recover your own funds that you are left broke with a possibly future stolen identity.

I have witnessed how a KYC enabled website functions and I was creeped out.  May be on a case by case basis but one thing is certain.  If they want more documents from you than you initially wanted to share, you will be stuck in a situation where your funds are frozen or seized, you have given up some of your personal information and documents so you now either give up more documents HOPING that would be the end of it or you accept the loss and run away with empty pockets.

In consequence, I would rather use a less known exchange that could end up hacked or as a scam without KYC than freely give away my personal data only to find out I have been scammed on multiple levels.  Run away from Know Your Customer.  It is not against money laundering.  Only stupid people will go to Binance to launder money.  You will end up giving your documents while money launderers will just find other ways to avoid KYC.

-
Regards,
PrivacyG

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cryptoaddictchie
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February 21, 2022, 09:45:11 AM
 #9

Only stupid people will go to Binance to launder money.  You will end up giving your documents while money launderers will just find other ways to avoid KYC.
Well thats a thing. If they can bypass a relative constraint process for kyc then they are good hackers. Actually its not that hard to bypass since they could hired someone to do kyc for them but the one will be at risk is the one got paid. We cant blame those guys for the sake of money cause maybe they badly needed and those hackers are takign advantage of that.

There are plenty of people using binance, ad much as we wanted to avoid it well conveniency is a reason plus a lot of factor. If you are a trader then youll understand others.
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February 21, 2022, 10:54:52 AM
 #10

I have no problem going through verification but I just want to know more.
What do you mean by saying that? You mean you have all the necessary documents that are usually required to successfully pass the said verification, which also implies that you currently live in a country that is not under US sanctions or you mean you have no problems with giving up your identity because you're not a criminal, you have nothing to hide or you did nothing wrong to be scared of revealing your real identity? You're gravely mistaken if you think that privacy (which is, in case you don't know, is the basic human right to selectively reveal the information about yourself) is only for those who had done something illegal and that normies shouldn't try to escape the massive surveillance and that they shouldn't avoid the prying eyes of anyone who demand identity information. Your financial transactions are your business, when you share that information with whoever asks for it, you are risking that it may well be shared with or sold to real criminals who may attack you and seize all your wealth. Think twice before giving up your identity.

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sunsilk
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February 21, 2022, 11:19:45 AM
 #11

is KYC that important to have coins under your guide?
No.

It's for the exchanges that you're going to use. They're the ones that are requiring their users to provide KYC so that they can keep on enjoying the features and the use of their platform.

But if it's just solely for holding, you're good with any wallet that you own that have provided you your private keys. There's no need for any kyc for using non-custodial wallets.

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February 21, 2022, 10:48:08 PM
 #12

Mobile wallets work by using Near-Field Communications (NFC)-enabled technology or QR code technology. They digitally store payment-related information in an encoded format for security reasons. There may be many variations of how payment information is stored and this varies from wallet to wallet.

https://www.bankbazaar.com/ifsc/mobile-wallet.html

How swap works on trust wallet click on this link and check it out

https://youtu.be/6M7sjZwIcMA
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February 22, 2022, 07:07:50 AM
 #13

I'm using CoinEX this exchange have lowest withdrawal fee and transaction happens in minute you don't have to pass KYC verification to withdraw every 24hours a day or you can just avoid all centralized exchanges and use pancakeswap or paraswap.

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