libert19 (OP)
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February 22, 2023, 04:56:29 AM |
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I like them for their no-fuss swaps but how far does their trustworthiness go? What's highest amount have you swapped with them?
Would you agree that it's better to do several small transactions rather than one big one? Giving up bit of convenience for safety of your assets?
Let me know your opinion and personal experience, if any.
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mk4
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February 22, 2023, 05:45:43 AM Merited by Charles-Tim (1) |
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I don't think there's a single no-KYC swaps exchange that I currently trust even a bit lol. Even Changelly which was pretty reputable back then(if I remember correctly?) now forces AML/KYC.
Personally, I just use the typical spot exchange like KuCoin as they currently don't enforce AML/KYC. Been using it for years now without submitting AML/KYC; but of course don't expect it to be like this forever.
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Charles-Tim
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February 22, 2023, 06:16:59 AM |
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What do you mean as trust? The amount of money you will want to exchange when they can request for KYC? Or the amount of money you will want to exchange when they will go away with your money or making it inconvenient for you? No matter how low the money is, if they see your coin as a tainted coin, they will force you to provide KYC documents. But aside that, I think they are trustworthy exchange, I mean the one like ChangeNow and Changelly. But as for forcing KYC, do not trust any of them because they are centralized and they have control over your coins once you send to their address given you. Personally, I just use the typical spot exchange like KuCoin as they currently don't enforce AML/KYC. Been using it for years now without submitting AML/KYC; but of course don't expect it to be like this forever.
That is just it, Kucoin is a centralized exchange, they can ask for KYC documents at anytime too, but the fee is lower than on instant exchanges. Also not good to leave coins on exchanges like Kucoin if not using it to trade.
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OmegaStarScream
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February 22, 2023, 11:23:02 AM |
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Would you agree that it's better to do several small transactions rather than one big one? Giving up bit of convenience for safety of your assets?
I'm guessing you want to use them because you don't want to go through KYC? If so, then as mentioned above, it's probably better to go with Kucoin, or if you want higher limits, OKX.com where the KYC and withdrawal policies are more clear. Although, there have been some new "privacy-focused" instant exchanges showing up lately: https://kycnot.me/They probably wouldn't do the job because they're mainly focusing on a Bitcoin, monero and a few other currencies, and they probably don't have enough liquidity to handle large amounts.
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Eternad
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February 22, 2023, 11:28:47 AM |
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I like them for their no-fuss swaps but how far does their trustworthiness go? What's highest amount have you swapped with them?
Would you agree that it's better to do several small transactions rather than one big one? Giving up bit of convenience for safety of your assets?
Let me know your opinion and personal experience, if any.
I undergo KYC on my exchange account which makes my limit a bit higher but my highest withdrawal that I made on exchange in one transaction is around 20,000$ when Bitcoin first hit that amount last bull run. Honestly, I don’t trust exchange and I’m not comfortable sending my balance in there but the lack of trusted alternative push me to do this kind of transaction. In reality, I don’t trust exchange even a penny. In regards with the withdrawal amount. Having a bulk or multiple transaction doesn’t make sense at all as long as you didn’t reach your limit because exchange measure your total balance and not the amount you are withdrawing out.
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Rikafip
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February 22, 2023, 12:00:51 PM |
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Personally, I just use the typical spot exchange like KuCoin as they currently don't enforce AML/KYC. Been using it for years now without submitting AML/KYC; but of course don't expect it to be like this forever.
I have also been using Kucoin for years without KYC done (very occasionally though, 3-4 times per year max) but I never sent more than a few hundreds of dollars worth of crypto there because I know that they can ask for it anytime so I basically send only the amount I am willing to lose as I have no intention to go through KYC there. What's your plan in case they ask for KYC?
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joniboini
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February 22, 2023, 02:31:52 PM |
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I used different instant exchanges in the past but never go past $100 per transaction. Personally, I also don't trust any of them even if they claim no KYC for any trades, no auto-lock, etc. Whenever I trade using this kind of service, I always assume my money is gone if they don't send the promised coins/tokens I trade within 1 hour. You should not follow this. I think what I did was a bad practice if security and reliability are major concerns. I stop using them after most services that I use support BTC. Would you agree that it's better to do several small transactions rather than one big one? Giving up bit of convenience for safety of your assets?
It is really hard to tell. Who knows, maybe they implement a volume policy without giving you any notice, so that if you hit that $1k mark, or whatever number that they set, you'll need to undergo KYC, or your address get flagged for malicious purposes. It means even if you only send them $10 per trading activity, you can still get flagged. I'd suggest following other methods suggested above, especially if the instant exchange service that you use is new or has a terrible track record.
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Synchronice
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February 22, 2023, 06:23:48 PM |
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I like them for their no-fuss swaps but how far does their trustworthiness go? What's highest amount have you swapped with them?
Would you agree that it's better to do several small transactions rather than one big one? Giving up bit of convenience for safety of your assets?
Let me know your opinion and personal experience, if any.
Well-established instant exchanges won't kill their reputation for some thousand dollars, at least I think so. Also, several small transactions in a short time-frame may look suspicious. If you don't want to submit your KYC documents in case they request them, then I suggest you to never exchange instantly more than you can afford to lose. You can find a good list of instant exchanges at Bestchange.com | They have a good list with reviews from users. Some instant exchanges have lower limits, like the max amount to exchange instantly is 0.6312228 on FixedFloat but the max amount on EasyBit is 100.84 BTC. Definitely, no sane one would trust them with that much BTC. FixedFloat's max amount looks logical and honest for me.
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Potato Chips
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February 22, 2023, 07:44:34 PM |
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Would you agree that it's better to do several small transactions rather than one big one?
Yes but it's only to make it less risky for you. As you already know, most instant exchanges are centralized and can freeze your funds. The idea is that when they do, only a portion of what you're trying to swap gets locked as you did not send them all at once and did a one by one exchange. Further, there's a notion that the higher the amount, the more likely for it to move up on their radar. However, do remember these exchanges also collects user information e.g. addresses connected, IP, etc. that could identify related transactions so I'd say make it different each time.
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mk4
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February 22, 2023, 10:00:04 PM |
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What's your plan in case they ask for KYC?
Depends how much money I get 'caught' with. If the amount money I have on the exchange was too high for me to take a loss, then I'd be forced to submit AML/KYC. On the other hand if I can handle the loss, then I'd definitely wouldn't submit AML/KYC. While I do deposit -> exchange -> withdraw in the span of minutes, I can still get screwed if they suddenly asked for AML/KYC at deposit/withdrawal request.
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Darker45
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February 23, 2023, 02:23:40 AM |
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I was a user of Shapeshift before. That was way back when the platform was a lot simpler and straightforward. I cannot remember the maximum amount I transacted with them, but it was a few hundreds of dollars. I started using it with small amounts. Everything went smooth and quick. I eventually trusted them with relatively large amounts. Nothing untoward ever happened.
I also got significant amounts parked in centralized exchanges before. I experienced a number of incidents. As a matter of fact, I only got lucky with Cryptopia because it reopened very quickly before it went dead for good. I got my Bitcoin back. The rest of the coins sunk with the exchange.
I don't actually trust any of these platforms. Even P2P trades are not worth trusting. Escrows and other security mechanisms should be in place every time.
I prefer to have a number of small transactions rather than a single large one, and for obvious reasons.
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Husires
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February 23, 2023, 09:50:56 AM |
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all instant exchanges are use API of other platforms or they have verified accounts (a lot of non-KYC accounts) and all they do is they provide a cheaper service in return for taking a commission for them. There is rarely a platform that is complete and has enough liquidity to cover customer requests, and therefore the amount that they can transfer is limited compared to KYC CEXs. As for the maximum amount, if we compare the fees, you will find that using CEXs is better with the higher amount,the lower fees, and vice versa. Also, some CEXs such as OKX have low withdrawal fees. https://withdrawalfees.com/coins/bitcointhere is no logical reason for you to use them with amounts more than $ 500.
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Rikafip
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February 23, 2023, 03:46:48 PM |
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Depends how much money I get 'caught' with. If the amount money I have on the exchange was too high for me to take a loss, then I'd be forced to submit AML/KYC. On the other hand if I can handle the loss, then I'd definitely wouldn't submit AML/KYC.
While I do deposit -> exchange -> withdraw in the span of minutes, I can still get screwed if they suddenly asked for AML/KYC at deposit/withdrawal request.
I asked because a couple of years ago I had to make that decision, whether to go through KYC or not but circumstances were a little bit different. So, back in early 2019 I deposited stablecoin on Binance with the intention to buy bitcoin as price was close to the bottom of that cycle (iirc ~3500) and while waiting for a couple of days for the right moment to catch bitcoin as low as possible (noob move ofc), my mobile phone suddenly died and I couldn't find Google authenticator recovery code and the only way to regain access to my account was KYC. After few days of self-deliberation I eventually went through with it as amount was far from negligible and I simply couldn't pass this opportunity to buy dirt cheap btc Lesson learned though so now on non-KYC exchanges I send only the money I am willing to lose and ofc I am extra careful with 2fa recovery codes.
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hugeblack
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February 24, 2023, 01:13:51 PM |
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I do not use these platforms unless I am lazy from logging in to my account on the platform, or I want to exchange using phone, and I cannot access PC and thus use these platforms from my mobile phone. It is easy, send my cryptos to them and receives altcoins/anycoin directly to your wallet. About trust, I do not think I will spread more than 250 dollars with them. You can click on my signature to compare them.
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The Cryptovator
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February 24, 2023, 07:00:29 PM |
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Why are you wondering to use instant exchange when the amount is big? Can't you use any dex or is the token not tradeable into the dex? If so and you want to avoid KYC then like others suggest you may proceed with Kucoin for now. But keep in mind, when you are using a centralized exchange please be ready to provide KYC. Because they have the right to their terms & condition at any time for any reason. This is about your safety before exchanging your funds.
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February 25, 2023, 02:16:19 AM |
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I have used Fixedfloat for some swaps before and usually those were around of 20$-50$ in value. I would not trust an instant exchange for more than 100$ at the time, in my opinion.
If wanted to go for more than 100$, I would open several orders.
I have been trying to find other instant exchanges of good reputation but for now I have not found any or I have not looked enough for them.
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LoyceV
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February 25, 2023, 02:47:37 PM |
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What's highest amount have you swapped with them? Around $300. I think it was on SimpleSwap, when dealing with someone's Forkcoins that I couldn't exchange anywhere else. Would you agree that it's better to do several small transactions rather than one big one? Yes. I always do that. Giving up bit of convenience for safety of your assets? No. But there's a balance between the risk and total fees paid: making many small transactions means you end up with less.
Trust works both ways: I once had an instant exchange that sent me my money before my deposit was confirmed. That was unexpected, but made the process faster: sending many small transactions and waiting for confirmations and receiving funds in return is quite time consuming.
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virasog
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February 26, 2023, 09:41:01 AM |
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I like them for their no-fuss swaps but how far does their trustworthiness go? What's highest amount have you swapped with them?
Would you agree that it's better to do several small transactions rather than one big one? Giving up bit of convenience for safety of your assets?
Let me know your opinion and personal experience, if any.
I do not use the swap service unless and until the coin which i need to swap is not available on the exchanges to trade/swap. The main reason is that usually you have to pay a higher price for a swap as compared if you just trade in on the centralized exchange with lot less fee. Yeah, it's a hassle to make an account on an exchange, and the KYC stuff, but we all have accounts on the exchanges so better use them to swap and then move the funds out of the exchange instantly.
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libert19 (OP)
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February 26, 2023, 10:20:24 AM |
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I do not use the swap service unless and until the coin which i need to swap is not available on the exchanges to trade/swap. The main reason is that usually you have to pay a higher price for a swap as compared if you just trade in on the centralized exchange with lot less fee.
Do you count withdrawal fees in this?
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LoyceV
Legendary
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Thick-Skinned Gang Leader and Golden Feather 2021
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February 26, 2023, 10:35:46 AM |
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The main reason is that usually you have to pay a higher price for a swap as compared if you just trade in on the centralized exchange with lot less fee. Do you count withdrawal fees in this? In my experience, many instant exchanges are cheaper for small exchanges than "classic" exchanges. Especially back in the days when they charged ridiculous withdrawal fees, I sometimes withdrew a low-fee altcoin and used an instant exchange to get Bitcoin again. As a test: try to exchange 0.1 LTC from your wallet into Bitcoin in your wallet, and see which exchange gets you the most. Many "classic" exchanges won't even let you withdraw the Bitcoin because it's under their minimum amount to withdraw. For large amounts, instant exchanges are usually more expensive than "classic" exchanges.
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