Benefits and Dangers of Using No KYC Crypto Exchange Platform

• Posted by aidan cox December 31, 2021 Filed in Arts & Culture 415 views
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  KYC also known as the Know Your Customer is a procedure in crypto exchange that involves verifying a user’s identity before any kind of transaction is made. The procedure transcends beyond cryptocurrency exchange, financial institutions and services like banks and stockbrokers also make use of KYC. In a way, you could say that the procedure is a security measure against all kinds of fraudulent transactions. You can also say that it is important for transparency. But a lot of crypto users are not fond of the KYC procedure and are always thinking of a way to dodge the stringent conditionalities. Here’s why.

   

  First off, the procedure requires personal information like name, address, email, physical address, government-issued ID, and in some scenarios a photo. It only gets worse. Sometimes, the KYC process takes hours. Sometimes it takes several working days. However, no KYC crypto platforms serve as alternatives to the difficult conditionalities. But it does come with perks and downsides which we will be looking at shortly.

   

  The real question is this. Does the good of crypto exchange no kyc platforms outweigh the bad? Or is the reverse the case? After this read, you will be judged on that.

   

  

   

  Benefits of Using No KYC Crypto Exchange Platforms

  • No KYC crypto exchange platforms allow users to enjoy full privacy and anonymity in every transaction they make.
  • The platforms are backed by a decentralized P2P ecosystem.
  • The registration process is said to be secure and anonymous.
  • With no KYC crypto exchange platforms, there is no limit to the number of withdrawals you can make.
  • You won’t need to deal with the harsh conditionalities that come with KYC procedures.
  • The fees charged on the platforms are very low.
  • Most of these platforms work perfectly with widely accepted cryptocurrencies like Ethereum, Litecoin, Ripple, EOS, and Bitcoin.
  • The functionalities of the platforms transcend beyond crypto exchanges. Some have functionalities that include margin trading, mining pool, derivatives, lending, staking, spot trading, and more.
  • You stand a chance to enjoy a great interface and good customer service.
  • Prevents leakage of financial transaction
  • Unlike centralized cryptocurrency exchanges, there are high chances of getting scammed or losing money on no KYC crypto exchange platforms.
  • No crypto exchange platform comes with a lot of risks.
  • Not all these platforms allow the buying of cryptocurrency.
  • Falls short of transparency and accountability.

  
  Dangers of Using No KYC Crypto Exchange Platforms

  Conclusion - Deciding on the Best No KYC Crypto Exchange Platforms

  By now, I know you will agree that even though the dangers of using no KYC crypto exchange platforms are valid points. The benefits outweigh the dangers.