Buy Crypto Without ID: Is it Worth it and The General How-To (2024)

If you’ve been around the block for a while now, chances are, you’ve already thought about how one can buy crypto without ID. And no surprise there! There are plenty of legitimate reasons to seek anonymity while managing your digital assets.

While most traders use your usual trusted crypto exchange platforms like Binance or Coinbase, over time, you might face some factors that will make you start looking for additional methods of acquiring crypto. Whether it may be crypto diversity, or even KYC-related factors.

However, before going incognito, you should know all the key factors; just so that you make an informed decision. And if you are here to double-check or reconfirm your choice to try and buy crypto no ID, welcome! In any case, allow me to introduce you to the whys, the hows, and the alternatives.

Why Buy Crypto Without ID?

Let’s start from the beginning and ask ourselves - why do people even want to buy crypto without ID?

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As I’ve already mentioned, there are numerous reasons. Some, you might say, are more valid than others, but the truth is - anonymity is tempting. While cryptocurrency transactions are pseudonymous rather than anonymous, the lack of revealed personal information is one of the reasons crypto is such a big deal in the first place. And it’s no wonder people want to take it further.

Naturally, some of it stems from fear. We fear what we don’t know, and people who are less familiar with the whole idea of a cryptocurrency exchange and how it actually works tend to get nervous about it.

However, as I said, the distrust usually comes from a lack of knowledge. You really shouldn’t get lazy with the research! If you miss out on the fact that most crypto exchanges require KYC processing (Know Your Customer) to verify and monitor the traders for their own safety, you might end up looking to buy crypto without ID for the wrong reasons.

That being said, not all precautions are unjustified. If the main reason for you wanting to buy crypto, no ID, is to protect your privacy and funds, you’re not entirely off-base.

Most of the time, buying crypto without ID verification means you’re using DEXs (decentralized exchanges) for your purchases, and since only non-custodial crypto wallets are available while using DEXs, your assets become basically impervious to hackers.

You should also know that while buying crypto without ID makes it really difficult for your assets to get stolen, buying crypto in a more traditional way using CEXs (centralized exchanges) could eventually lead you to more vulnerability. Let me explain this more thoroughly.

CEXs VS DEXs

Once you know the key differences between CEXs and DEXs, the reasons for people wanting to buy crypto without ID become more reasonable. At least some of them. Now, let’s start with CEXs.

CEXs

Using CEXs, or Centralized Exchanges, means you’re trading your crypto with the help of a third party. The CEX platform is usually privately managed by a central organization facilitating transactions between the seller and the buyer, an intermediary.

In terms of convenience, CEXs certainly take the lead. The platforms are generally easy to use, and the fact that you don’t have to go through some complicated process to trade your crypto is a huge positive.

However. You knew there was a “however” coming! CEX platforms have built-in crypto wallets, meaning they offer a safe place to store your assets, but the wallets are custodial. In a word, the organization has complete control over your funds, which leaves you open and vulnerable to online manipulation and theft in any case of danger on their part.

There is also the debate about a lack of censorship resistance. Not that many, but at least several cases of modified transactions and even government interference have been recorded in CEX platforms.

DEXs

Unlike CEXs, DEXs, or decentralized exchanges, operate without interference from a central authority and a third party, so the traders connect straight to liquidity pools.

While it doesn’t offer you the thorough trader examination that CEXs do, you have much more anonymity. Pay attention - understanding the DEX marketplace leads to a better understanding of why people want to buy crypto without ID in the first place.

A non-custodial wallet and private key ownership you get while using DEXs also protect you against hackers and thieves. Nobody can find out or alter your information, so you, and only you, are responsible for your wallet without any interference. Of course, losing the key, forgetting how to access it, or losing the wallet itself is all on you, too.

Considering censorship resistance, DEXs offer great tools for that. What I said about them being impervious to hackers and thieves goes for the government, authorities, and any other parties as well. You are entirely free to do as you please, without any meddling!

Key Differences

• CEXs handle your transactions while using a third party, while DEXs allow you to transact without an intermediary;
• CEXs have all of your ID information and do a thorough background check, while DEXs offer complete anonymity;
• CEXs are more vulnerable to outside alterations and unwanted involvement; DEXs are often more difficult to breach.

Keep these in mind - if you're planning to stay in the crypto world, you'll face CEXs and DEXs all the time.

Other Reasons to Buy Crypto Without ID

Of course, let’s not forget those who have more basic motives for wanting to stay off the grid. Perhaps you’re having trouble with your ID documentation, maybe it’s not valid at the moment, or it may just be that you don’t even have one right now.

Some traders are also sure that if you don’t have to verify your identity, the exchange happens at the speed of light, and you save plenty of time.

Well, you’re both wrong and right in this. While the first transaction can go by a lot faster than it would by using CEXs, all the difficulties come after.

However, I promised to introduce you to all the key factors before making a decision, so check out the advantages and disadvantages of buying crypto without ID.

Advantages

• Privacy: It’s all quite self-explanatory, right? Buy crypto without ID - stay anonymous. No one will know your business or have transaction records, no one will know your name, nor will they have any copy of your sensitive information. To the crypto world - you are incognito.

All you need is a username and a password, which can be anything you want without any way of tracing it back to you.

• Asset ownership: The users can maintain complete custody of their funds, stored in their personal, non-custodial wallets, protected by unique keys that are only available to the owner. You don’t have to have any other security system or protective services to take care of your access. Well, you can, but there’s no need.

The fact that your wallet is so difficult to hack makes your funds very hard to steal. So it’s safe to say that if you decide to buy crypto without ID, security is one of its most advantageous features.

• Low Fees: Like with any other transaction method, buying crypto without ID charges a fee. However, since you’re using decentralized exchanges, it costs you relatively less, as you don’t have to pay the fee to the third party to carry out the transaction. Without the middleman, DEXs become more affordable, so if you decide to buy crypto without ID, it might even save you money.
• Takes less time: Generally, it’s not that easy to learn how to use DEXs, which then allows you to buy crypto without ID, so the statement is slippery. Sure, since the exchange doesn’t require any KYC or AML (Anti-Money Laundering) documentation, which can sometimes take up to five days to process, the assets reach the target much quicker.

However, time consumption falls under both pros and cons. I’ll elaborate in the following subchapter.

Disadvantages

• Takes more time (to learn): Once you’ve gotten the hang of it, you can use DEXs without many difficulties. However, it takes time to learn how to navigate through the transactions.

Doing business without interference sounds like a dream come true, but it comes with certain lessons and steps. Downloading a software crypto wallet compatible with the exchange is not that difficult, but you’ll also have to learn about Automated Market Making and liquidity pools. Takes quite a while.

• Only Crypto: It’s cool that you can trade and buy crypto without ID and the help of a third party, making it your own thing altogether. However, the lack of a centralized position is precisely why DEXs do not support fiat-to-crypto exchanges.

While it can sound advantageous, the complete detachment from your usual financial system is not as positive as it seems. Currently, DEXs don’t allow you to directly exchange cryptocurrency into fiat currency, which can be a problem for some.

• Problems With Liquidity: When you buy cryptocurrencies more typically through traditional exchange platforms, liquidity is not really an issue, especially if you’re using the bigger exchanges. You see, CEXs achieve liquidity with enormous capital, so you’re in the clear.

However, DEXs can only rely on the number of active traders on the platform, and while plenty of them now provide liquidity pools, it’s still considered an issue. One that can halt your transactions.

So, there’s some stuff to consider, right? Keep all of that in mind, but for now, let’s move on to the actual platforms where you can buy crypto without ID.

Where to Buy Crypto Without ID?

There are several comfortable methods for you to buy crypto - no ID required. Basically, you just have to look for DEX marketplaces and choose what’s best for you. After deciding that you will buy crypto without ID, that’s the first step to take.

Crypto Exchanges That Don’t Require Verification

Let's take a look at the top crypto exchanges without ID verification and see if anything fits your needs!

Uniswap

Ever since 2018, Uniswap has been the market's number one decentralized exchange platform.

The exchange runs on the Ethereum blockchain and, according to its users, is easy to use, reliable, and straightforward with the essential features plus additional ones. Uniswap allows you to swap various digital assets via existing markets, create liquidity pools, and new markets.

However, while Uniswap is probably the most popular crypto exchange without ID verification, you should know that it only allows you to exchange Ethereum-compatible cryptocurrencies.

PancakeSwap

A sisterly version to Uniswap, PancakeSwap is also one of the better DEXs at the moment, and even though it was created using the exact same code as Uniswap, there is one key difference that will make you choose one or another.

While Uniswap operates on the Ethereum blockchain, Pancake Swap is based on the Binance Smart Chain, which may work for you. And if you’re looking for BSC-based DEXs, you won’t find anything better than PancakeSwap.

Luckily, it’s easy to use and manage, especially if you’re somewhat familiar with Uniswap already. It’s recommended for both beginners who’ve never used DEXs before and avid users who are already comfortable with the system and looking for crypto exchange without ID.

1Inch Network

One of the most unique and attractive in unexpected ways, 1inch Network is not an exchange, but a DEX aggregation platform, which is even cooler!

Since the platform does all the heavy work, its primary purpose is to make the transaction process as easy as possible for you. 1inch Network is designed to find you the best possible decentralized exchange with the best prices and fees, depending on what tokens you want to trade.

It also doesn’t charge you anything for finding the platform that’s best suited for you. Like many DEX platforms, 1inch Network is non-custodial, meaning it doesn’t hold any of your assets in its possession.

Crypto Apps That Don’t Require ID

If you’re looking to buy crypto without ID quickly and easily, you’d probably prefer to do that on your smartphone or tablet. Sadly, not all exchanges that don’t require an ID have mobile applications available, so let’s look at those that do, and a couple of additional ones.

Uniswap Exchange Mobile App

All the features that make trading so user-friendly on Uniswap’s web version have been accommodated into a smartphone application. The design is attractive and up-to-date, so you shouldn’t have any problems. The application is available for both iOS and Android!

KLAYswap

Even relatively primitive, KLAYswap is one of the most popular crypto apps that don’t require ID.

While KLAYswap fits for instant token swapping and liquidity mining, you should be aware that you’ll need KLAY or KCT-type token cryptocurrency to start with the liquidity process or to earn anything.

That being said, the app has a very user-friendly interface, making it more enjoyable and easy to trade your assets anonymously.

Shapeshift

Sure, Shapeshift is one of the crypto apps that don't require an ID, however, upon registering, it asks for an email address. Don’t worry, though - it doesn’t collect any personal data or information.

There’s a 0.5% fee on all transactions, which is somewhat high. That said, the app is stillfavored by people looking for apps that don’t require ID.

After paying the fee and completing the trade, new coins appear in your wallet after approximately 20 seconds, making your transactions quick and easy. However, like other decentralized exchange apps, Shapeshift is better suited to more advanced users than beginners.

Unfortunately, neither PancakeSwap nor the 1Inch network currently has available mobile applications. Both of these have available wallets for smartphones to store and manage your tokens and NFTs, but no exchange apps as of yet.

For now, you can only access them by web, either on your phone or computer. So, if you see offerings for downloadable apps or programs, beware of scammers!

Crypto Wallets That Don’t Require ID

Crypto wallets that don’t require verification are a vital part of your plan to buy crypto without ID.

Before starting your DEX processing, you should have a non-custodial wallet to store your assets. There’s really no other way for you to stay anonymous while buying crypto, so you might as well choose a wallet now! Here are some of them.

Ledger

With extremely high security, Ledger is the number one provider if you’re looking for safe, reliable, hardware, non-custodial wallets. Their wallets are hardware rather than software because the company seeks to provide an impassable barrier between your wallet’s private key and very hackable devices like smartphones or computers.

Ledger Nano X: One of the most popular crypto wallets that don’t require ID, theLedger Nano X is a great way to securely start your crypto journey.

You can store your assets in the Ledger Nano X and grow and manage them through the Ledger Live app afterward. The wallet lets you store and trade over 5,500 coins and tokens, including Bitcoin, Ethereum, XRP, USD Tether, and many more!

As is the case with most non-custodial wallets, you don’t have to verify your identity via government-issued documents, upload photos, or else.

If you’re still doubtful about the security that the Ledger Nano X provides, just know that they have created their own operating system, storing and isolating your assets on the device, protected by the most secure chip on the market. Safe to say - the Ledger Nano X should be your number one choice.

Ledger Nano S Plus: Another winner among crypto wallets that don’t require ID, the Ledger Nano S Plus is a new and improved version of the already widely acclaimed Ledger Nano S, which is no longer available.

Rivaling the first Ledger device we have mentioned, the Ledger Nano S Plus is one of the most desired crypto wallets in the market. Not only does it provide an impenetrable security wall for your assets, but it’s also highly user-friendly.

The larger screen on the wallet makes it easier to manage and do your actions more quickly. It’s also super easy to navigate, so it won’t take long to learn how to use it to store crypto.

Despite many similarities between the Ledger Nano X and the Ledger Nano S Plus, the main one is that while the latter is a bit bigger, it has no Bluetooth feature or compatibility with IOS.

Trezor

Moving on to another leader in the crypto world, let’s look at Trezor, its devices, security measures, pros, and cons.

Trezor Model T: Granting you complete digital independence, the Trezor Model T ensures your crypto assets are stored securely, comfortably for you to access, and, most importantly, isolated from online vulnerabilities.

If you are only starting to buy crypto without ID, the Trezor Model T might be the best choice. You’ll need a non-custodial wallet anyway, and this particular one is super easy to use and understandable for all levels of traders, not to mention secure. The settings are easy to crack, and its touchscreen is big enough for you not to have to squint.

However, the most significant thing the Trezor Model T has to offer is an easy hardware wallet backup. Even if you lose your device, which is a fear for many users, you can quickly get to your assets and recover the wallet using a 12-word recovery seed.

Trezor Model T supports more than 1,500 tokens and coins, so you’ll have lots of freedom with your trades and transactions!

Trezor Model One: While the Trezor Model T is an exciting, updated version, let’s look at the original product, that is, simply, the Trezor Model One hardware wallet.

Trezor Model One is one of the biggest names in the market, thoroughly explored and in high demand by both crypto newcomers and security experts. Its top-notch security features let you safely store your digital asset information and shield your crypto coins, NFTs, and other tokens.

Trezor Model One is also resilient to any online impact. Your crypto wallet never gets exposed or affected by online outside sources that may harm your protection, and it always keeps your information and goods in a secure environment.

Regarding the user interface, it’s relatively easy to use. The wallet is designed with a comfortable-size touchscreen and a clickable, two-button pad. However, keep in mind that Trezors are quite pricey.

Alternative Ways to Buy Crypto

If somewhere along the way of reading this article, you decide that buying crypto ID-free is, however, not for you, there are plenty of popular, reliable, safe centralized exchange platforms that help you purchase crypto. Let’s view a couple of the biggest ones.

Binance

With many advantageous features, Binance is one of the world's cheapest, most resourceful, and most comfortable crypto exchanges. This is the way to start if you decide to forgo buying crypto anonymously and stay with the more traditional, secure choices.

Key Takeaways:

Many Supported Coins: One of the most attractive features of Binance is the freedom of choice they give you when you want to trade your crypto. There are more than 300 different cryptocurrencies available at Binance, including the biggest ones, like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.

Low Fees: The exchange offers users the best price-security relation. Like every transaction, it charges you money, but the fees are, let’s say, modest. Actually, considering the security Binance provides and the number of cryptocurrencies it supports, its pricing is ridiculously low.

Security: With an exchange platform as big as Binance, security is a valid question. However, you don’t actually need to worry about it. With two-factor authentication and additional security measures, Binance protects your transactions and lets you safely enjoy the crypto world.

Check out Binance and find the quickest, easiest, and safest way to trade crypto!

Coinbase

If you’re looking for an easy-to-use, versatile, and reliable exchange, Coinbase is also a good choice. Perfect for beginners and advanced users, the platform has many attractive features that might work for you if you no longer wish to buy crypto without ID. So, let’s look through them.

Key Takeaways:

Accepts Fiat Currencies: Probably the most inviting thing about Coinbase is the fact that they accept fiat currencies. Meaning, if a user wants to use EUR, GBP, or USD to buy or trade crypto, they can. Just those three, though. Many exchange platforms don’t even have that, so Coinbase is already a winner there.

Easy-to-Use: Coinbase has a very user-friendly interface, so it doesn’t take long to master the settings. After a quick tutorial and a few possible hiccups, it becomes pretty effortless.

Security: Like many centralized exchanges, Coinbase has strong KYC and AMLdocumentation regulations, so the system has to verify and approve all its users. Your in-built wallet and transactions are well-protected as well, so security is not an issue.

Conclusions

Before taking any step further, you should be confident in your choice - determine why you want to buy crypto without ID, to begin with. If it doesn’t seem like a solid plan for now, but you’re still interested, look over the advantages and disadvantages of using CEXsand DEXs, and then consider the bigger picture.

Buying crypto anonymously gives you more privacy and security, also saving you money and time. However, decentralized exchanges are hard to crack through and don’t let you trade with fiat currency. So, knowing all that, is it worth trying to buy crypto without ID?

If affirmative, I suggest doing even more research and choosing one of the exchange platforms that doesn’t require verification, whether it’s a site or an app. Remember that you’ll need a non-custodial wallet for that, so I suggest you consider either Ledger or Trezor; if you choose to buy crypto without ID and protection that comes with centralized exchanges, you better have top-notch security.

And remember, you can always use both CEXs and DEXs depending on your needs. They are not mutually exclusive! Exchanges like Binance or Coinbase will always welcome you if you’re willing to verify your identity.

After the information settles in, I hope you make the right choice and don’t face many problems carrying it out. Thanks for reading, and good luck!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.