About my safety on exchange

[albon]

Hello 👋  how can I buy coins from a exchange without submitting my national Identity card or BVN number? As for those who did this how safe is it? I don't have anything against verification but I am not sure its safe or am I wrong about its safety?.

Most of the exchange platforms require that you pass KYC to buy cryptocurrencies and to trade and there is no harm to you, the exchanges do this to prevent money laundering and to prevent scams so do not worry at all and submit documents while you are assured, or you can deal on decentralized platforms such as Bisq.Network or you can deal through escrow in this Forum and buy from people, or if you want to buy bitcoin then you must have altcoins where you can buy bitcoin through ShapeShift without verification.

[PowerGlove]

[...] there is no harm to you, the exchanges do this to prevent money laundering and to prevent scams so do not worry at all and submit documents [...]

That's potentially harmful advice to give, IMO. As pointed out earlier in this thread, there are very serious risks associated with sharing PII (see Why KYC is extremely dangerous – and useless).

[...] or you can deal on centralized platforms such as Bisq.Network [...]

I think you mean decentralized platforms. Bisq is great and that's a fine suggestion!

[o_e_l_e_o]

To be able to use P2P, all must KYC, this is to prevent money laundering and trade fraud.

That's not accurate at all. There are a number of peer to peer platforms which not only don't collect KYC, but don't even have a mechanism in which they could collect KYC even if they wanted to since there are no accounts or registration required. Check out Bisq or RoboSats for example, or others available here: https://kycnot.me/.

Further, there is no evidence that KYC is effective at preventing money laundering. KYC is about surveillance and control, nothing else.

As for buying bitcoins on Kucoin exchange, I don't think it is too bad since they do not force you to do KYC

Until you trigger one of their unknown algorithms and they lock your account and demand KYC.

If am wrong pls you can list atleast one exchange which you can use their P2P without submitting kyc.

Bisq, RoboSats, LocalCryptos, HodlHodl, LocalMonero, AgoraDesk. More here: https://kycnot.me/

There's nothing really wrong with KYC

Apart from the complete lack of privacy. And the risk of your details being hacked/stolen/leaked/sold. And the risk of identity theft literally ruining your life. No, nothing wrong at all.

[Coin_trader]

Hello 👋  how can I buy coins from a exchange without submitting my national Identity card or BVN number? As for those who did this how safe is it? I don't have anything against verification but I am not sure its safe or am I wrong about its safety?.

Most of the exchange platforms require that you pass KYC to buy cryptocurrencies and to trade and there is no harm to you, the exchanges do this to prevent money laundering and to prevent scams so do not worry at all and submit documents while you are assured, or you can deal on decentralized platforms such as Bisq.Network or you can deal through escrow in this Forum and buy from people, or if you want to buy bitcoin then you must have altcoins where you can buy bitcoin through ShapeShift without verification.

Exchange like Kucoin doesn’t require users to KYC but with limit amount per day. But the limited amount is already enough for normal traders that has a normal balance. It’s true that KYC purpose is for the AML requirements of the exchange that needs to be submit on regulators that provides them license to operate. Buying P2P here in the forum is very hassle unless you are very trusted and other party can send you directly first the token to save escrow fee but it’s not advisable on buying and selling to stranger because it’s very hassle base on my experience before.

Kucoin is my preferred exchange when it comes on trading without KYC.  I’m only comfortable submitting KYC on huge exchange since some mediocre exchange already have a reputation on leaking KYC info to sell in the deepweb market.

[o_e_l_e_o]

I’m only comfortable submitting KYC on huge exchange since some mediocre exchange already have a reputation on leaking KYC info to sell in the deepweb market.

Huge exchanges like Coinbase, which admitted to selling customer data to third parties? Or like Binance, which have been hacked for KYC data which then appear across various darknet markets? Or maybe other huge platforms like OpenSea, Robinhood, Coinmarketcap, or BlockFi, all of which have had data breaches resulting in user data being strewn across the internet?

It doesn't matter how big, how well known, how long established, or how reputable any platform is. Every single time you complete KYC you are taking a significant risk. The only safe KYC is no KYC at all.

[Solosanz]

I’m only comfortable submitting KYC on huge exchange since some mediocre exchange already have a reputation on leaking KYC info to sell in the deepweb market.

Huge exchanges like Coinbase, which admitted to selling customer data to third parties? Or like Binance, which have been hacked for KYC data which then appear across various darknet markets? Or maybe other huge platforms like OpenSea, Robinhood, Coinmarketcap, or BlockFi, all of which have had data breaches resulting in user data being strewn across the internet?

It doesn't matter how big, how well known, how long established, or how reputable any platform is. Every single time you complete KYC you are taking a significant risk. The only safe KYC is no KYC at all.

What can I say is most people either doesn't understand what is privacy concern or doesn't care with their privacy. People usually say they're have high privacy concern and would protect their privacy, but they're submit their KYC to an exchange which is kill their own words.

They're only look from the past history where the exchanges have very high popularity and no KYC leaked so far, but the future is different and you can't predict the future with the past history. They thought as long as now there's no problem, why should I care about it? but when the exchange got hacked, they will regret what they've done.

[2stout]

Unless things have changed recently, I would suggest to try KuCoin as they didn't have KYC requirements.  It could depend on your country, but give it a shot and see if it works for you.