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How to Buy Ethereum Without ID?
As the second-largest cryptocurrency by market cap and the home of DeFi and NFTs, Ethereum is a popular choice for many crypto investors. Those who value their privacy may want to know how to buy Ethereum without providing an ID.
However, finding platforms that provide complete anonymity with new laws and crypto regulations can be challenging. This page details ways investors can buy Ethereum without ID. Also, we’ll discuss the benefits of each platform and how to keep your info private.
Best Platforms to Buy Ethereum Anonymously in 2023
A few platforms allow buyers to purchase Ethereum without identification. Below are some of the best options available:
Is It Possible to Buy Ethereum Without Verification?
Most centralized crypto platforms adhere to Know Your Customer (KYC) regulations, which require them to verify the identities of their prospective users before providing them with financial services. This is designed to prevent crimes such as fraud and money laundering.
While the introduction of these regulations makes it harder to buy ETH and other cryptocurrencies without undergoing some form of verification, there are still a number of platforms that don’t require KYC, as detailed in the next section.
Ways to Buy Cryptocurrency Anonymously
With regulations becoming stricter, it’s increasingly difficult to buy Ethereum without an ID. However, there are a few methods still available to buy Ethereum anonymously that we’ll mention down below:
Decentralized Exchanges: Decentralized exchanges (DEXs) are peer-to-peer (P2P) crypto marketplaces that connect buyers and sellers. These platforms are built on the blockchain, which lets them work without needing a centralized authority to govern the marketplace. This allows investors to purchase Ethereum with full anonymity.
However, the lack of a central authority or any oversight means that DEX users don’t have consumer protections and will have no recourse to reclaim lost funds in the event of a hack. Moreover, decentralized exchanges require you to connect a crypto wallet for trading. So you’ll need to have coins in your wallet beforehand to participate in exchanges.
Centralized Exchanges: These platforms are centralized, meaning government authorities regulate them. Therefore, most require users to complete a KYC process to buy Ethereum. However, some exchanges allow users to skip this process and purchase ETH without providing an ID. The only limitation of these platforms is that you’ll have a daily withdrawal limit, as well as the fact that they are unregulated so generally aren’t as safe as platforms that require KYC.
Ethereum ATMs: Ethereum ATMs work like their regular counterparts. People can purchase ETH by inserting cash into the machine and receiving coins into their wallets. There are over 19,000 Ethereum ATMs worldwide, and huge conglomerates are adopting the technology. Unfortunately, Ethereum ATMs have much higher fees than other platforms.
P2P Marketplaces: Peer-2-Peer platforms were the first forms of crypto trading in the community. These sites let Ethereum investors buy and sell coins directly from each other. The most popular brands in this sector are LocalEthereums, Bisq, and Bitquick. However, P2P platforms have limited features and require caution from users as they can sometimes attract scam artists.
Person to Person Exchanges: Investors can purchase Ethereum from other individuals by connecting via the internet and meeting in person. This method is riskier due to the possibility of getting scammed since there is no mediator or escrow service. Make sure to wait with the person until the transaction completes to ensure you’re not getting scammed.
Prepaid Cards: Prepaid cards such as PaySafeCard are available to buy online and in local stores. This method requires you to find an Ethereum exchange that accepts prepaid cards and lets you withdraw coins without completing a KYC process (for example, you can use Binance or KuCoin without KYC but your account is going to be very limited). However, prepaid cards are inconvenient if you plan to buy large amounts of ETH because they can hold roughly $15,000 each.
Using an Exchange Without ID
There are several crypto exchanges that are the go-to places for anonymous exchanges. Below are the top 5 options:
Changelly
Changelly is an instant crypto exchange where you can buy Ethereum and over 500 other cryptocurrencies with a card, Apple Pay, or SEPA. Although these payment methods require KYC, if you acquire crypto somewhere else, you’ll be able to swap it for ETH on Changelly without undergoing verification.
Transactions typically take 25 to 40 minutes, and Changelly aggregates a variety of crypto trading platforms to find users the best rates on the market. The platform’s newly-launched DeFi Swap feature even allows users to make anonymous trades on a decentralized exchange.
Key Features
Hundreds of exchange pairs available
Non-custodial
24/7 live support
Liquidity aggregation to find the best prices
DeFi Swap provides easy access to DEXs
How to Get Started?
Step 1: Acquire another crypto
If you don’t already own another cryptocurrency, you’ll need to acquire some through another platform such as KuCoin or a P2P platform.
Step 2: Enter your wallet address
Provide the address of your Ethereum wallet. If you don’t already have one, you can dowload one such as Coinbase Wallet or MetaMask. You’ll be able to select a fixed or floating rate for your exchange.
Step 3: Create a Changelly account
Sign up to Changelly to track your transaction details. If you want total anonymity, you can create a new email address just for Changelly.
Step 4: Swap your crypto for ETH
Finalize the transaction details and wait for the ETH to arrive in your wallet. This should only take a few minutes.
KuCoin
KuCoin is a leading brand in crypto exchanges due to its premium service. Their platforms let users create an account and buy Ethereum without providing identification. However, these accounts have an unverified status with a 5 ETH withdrawal limit.
The KuCoin trading interface is expertly designed with various tools. This lets traders make more informed decisions and invest accordingly. Also, their platform has multiple investment opportunities like staking, KuCoin earn, and crypto lending.
Key Features
Kucoin provides multiple investment opportunities
The platform has several trading pairs for Ethereum
KuCoin has a withdrawal limit of 5 ETH for users that haven’t completed the KYC process
The mobile crypto application lets users manage their portfolio from any location
The blog section lets investors learn about new developments in the crypto
How to Get Started?
Step 1: Create an Account
Head over to the official KuCoin website and create an account by filling out the necessary forms.
Step 2: Deposit Fiat Currency or Crypto
Skip the KYC process and deposit fiat currency or crypto into your account.
Step 3: Choose the Relevant Ethereum Trading Pair
Then open the trading interface and choose the relevant Ethereum trading pair.
Step 4: Click the Buy Button
Write the amount you want to purchase and click the buy button.
Step 5: Withdraw the Coins
Afterward, you can withdraw the coins to a private wallet.
Uniswap
Uniswap is the most popular Ethereum-based decentralized exchange. It offers anonymous transactions between Ethereum buyers and sellers by using smart contracts. Also, users can participate in liquidity pools through their services to earn more coins. Furthermore, no registration is required as investors only need to connect their crypto wallets.
However, Ethereum exchanges can have huge gas fees, so Uniswap may end up being more expensive than centralized exchanges. The DEX is also less user-friendly than centralized platforms, and you will first need to set up a private wallet and load it with another cryptocurrency to swap for ETH.
Key Features
Uniswap requires no registration
Investors can participate in liquidity pools to earn more money
Uniswap is the biggest decentralized exchange
Uniswap is compatible with most cryptocurrency wallets
The decentralized exchange doesn’t accept fiat payments
How to Get Started?
Step 1: Connect Your Wallet
Click the “Connect” button in the top right of the app, choose your wallet from the options, and enter your wallet password to connect it Uniswap.
Step 2: Select the coins you want to swap
Select ETH as the coin you want to swap to and input the coin you already have as the one you want to swap from.
Step 3: Input the amount
Enter the amount you want to swap in either ETH or the other coin to see a quote for the amount you’ll receive and the gas fees.
Step 5: Complete the Transaction
After you click the swap button, you will receive a notification in your wallet asking whether you want to accept the transaction. Once you accept it, the exchange will take place and the ETH will be sent to your wallet.
PancakeSwap
PancakeSwap is an automated P2P platform and yield farm on the Binance Smart Chain. The platform is a fork of SushiSwap that allows it to deliver cheap and fast transactions. Moreover, the interface has a minimal approach to make it easier to use the platform.
Furthermore, the platform lets users invest their coins by participating in the PancakeSwap lottery, yield farms, and syrup pools. Lastly, PancakeSwap requires no KYC process, allowing investors to purchase ETH without disclosing their identity.
Like with Uniswap, you will need to set up a private wallet and acquire coins to swap for ETH. You also won’t have recourse to reclaim any funds stolen in the event of a hack.
Key Features
PancakeSwap is built on the Binance Smart Chain, resulting in cheap and fast transactions
The platform hosts a lottery where users can win large sums of money
PancakeSwap is a fork of the popular SushiSwap decentralized exchange
The platform lets users invest their money using yield farming and syrup pools
The exchange uses automated market making to provide low fees
How to Get Started?
Step 1: Connect Your BNB Wallet
Open the PancakeSwap platform and click the “Connect Wallet” button. You will then need to choose your wallet and enter your wallet password to connect it to PancakeSwap.
Step 2: Enter your swap details
Click “Swap” under the Trade tab and select the coin you already own as the currency to swap from and ETH as the currency to swap to. Then type in how much you want to swap to see the exchange rate and fee.
Step 3: Make the swap
Click the swap button and then accept the transaction in your wallet. Your ETH will be deposited into your wallet immediately.
What Are the Challenges of Buying Crypto Without an ID?
When buying Ethereum without an ID, investors face a few challenges. Here are the main concerns when buying ETH anonymously:
Possibly Getting Scammed
Decentralized platforms can disguise themselves as trustworthy and scam those less experienced in crypto. Therefore, before using any platform, you should take the time to research its background and the team behind it, and read reviews.
Regulations
Decentralized platforms are often unregulated, meaning they are not legally required to deliver a fair service. Therefore, investors need to use their intuition to determine if a platform can be trusted with their money.
Moreover, laws are making ID verification for crypto exchanges mandatory while unregulated platforms are getting banned. Exchanges must abide by these new laws to prevent individuals from participating in illegal activities.
If you’re located outside the US, for example in the UK, you should pay attention to the lists of regulated brokers before buying Ethereum. Check out our guide on how to buy Ethereum in the UK to learn more.
Increased Fees
Ethereum ATMs sometimes charge exorbitant fees. Although the fees charged by DEXs tend to be low, you will also need to pay gas fees for each transaction, which can be pretty high on Ethereum. While P2P platforms often don’t charge fees to buyers, as the seller sets the price you could end up getting a much worse exchange rate than on a centralized platform.
Complicated Process
Beginners can find it challenging to use decentralized platforms to buy Ethereum since they don’t follow the conventional investing style. Users must create a wallet and learn about how crypto addresses work. Also, DEXs can have slippage and gas fees, which is confusing to understand without proper guidance. Centralized platforms greatly simplify the buying process, and their verification processes often take just a couple of minutes.
Limited Liquidity
The decentralized exchange has a limited supply of how much Ethereum they hold. As a result, those who plan to purchase large volumes of ETH can encounter issues of the platform not having enough supply. However, this shouldn’t be an issue if you’re buying small quantities of ETH.
Using a Cryptocurrency Wallet
Beginners may find it challenging to create a new crypto wallet due to the various options. MetaMask and Exodus are great wallets that have a decent level of security. Hardware wallets are preferable if you hold a significant value of ETH, but they are more tricky to set up.
Also, new investors may not understand the importance of the seed phrase and could misplace it resulting in a loss of access to their wallet. Even worse, some beginners take a picture of the seed phrase, which leaves their money highly vulnerable to hackers.
Buy Ethereum without ID with Changelly
What Are the Benefits of Buying Crypto Without an ID?
Purchasing cryptocurrency anonymously has several benefits for investors. We’ve outlined the main advantages of buying Ethereum without an ID.
No Official ID Won’t Be a Problem
Those who don’t have official government-issued IDs can invest in cryptocurrency. This gives opportunities to the millions of people that are not fortunate enough to acquire official identification.
Save Time
The KYC process can take days, depending on the system an exchange uses. In some cases, your document can get denied, and most platforms don’t explain why. This can be a frustrating process. However, decentralized platforms skip this requirement, saving time and letting users buy ETH quickly.
Keep Investments Private
Some individuals want to keep their financial activities private for personal reasons. No-ID purchases mean users won’t leave a digital trace of their identity.
Not Relying on Others
Buying ETH directly from DEXs lets you control your funds without the need to give a company access to them. Although most centralized exchanges deliver a great service, some users may find it difficult to trust them.
Benefits & Challenges of Buying Crypto Without an ID
- No Official ID Won’t Be a Problem
- Save Time
- Keep Investments Private
- Not Relying on Others
- Possibly Getting Scammed
- Regulations
- Increased Fees
- Complicated Process
- Limited Liquidity
- Using a Cryptocurrency Wallet
Why Buy Ethereum Without an ID?
There are a few factors as to why users want to buy Ethereum without an ID. Here are the main reasons why you’d want to purchase ETH anonymously:
Privacy: Some people want to be private about the investments they make.
Avoid Being Targeted: Being anonymous means nobody can target your accounts, scam, or hack your wallet.
Keep Data Safe: Nowadays, companies take your personal data and use them for profit. Centralized exchanges can run target ads or sell your data to the highest bidder. Therefore, using methods to buy Ethereum without an ID can prevent your data from being exploited.
Control: Purchasing Ethereum through DEXs gives you control of your coins since you can freely transfer, buy, and sell coins. However, centralized exchanges can freeze your assets at any time, even if you are not participating in illegal activities.
Security: Buying Ethereum anonymously often means you can keep it in a private wallet. This could provide better security than exchanges and give you full control of your assets. On the other hand, with centralized exchanges, you rely on them to keep your money safe.
Alternative Ways to Stay Private When Buying Ethereum
Investors have alternative options to keep their purchases private. Some of the main methods are:
VPNs: IPs showcase real addresses, which can be devastating in the wrong hands. Therefore, you can use a VPN service to mask your IP address to stay safe while buying Ethereum.
Brave Browser: This is a brilliant crypto project created by the founder of Firefox. The browser is privacy-driven and doesn’t track users’ data.
Multiple Wallets: Investors can set up many crypto wallets to make it harder for targeted attacks on their main account.
Stay Private: After buying Ethereum, don’t disclose this information to anyone. Seed phrases can be stolen with a snap of a photo and transferred coins are impossible to retrieve.
Final Thoughts
Ethereum enthusiasts have many methods of buying coins anonymously, from Ethereum ATMs to decentralized exchanges. Centralized platforms that don’t require KYC (like Changelly and KuCoin) tend to be the most user-friendly method.
With the vast selection of platforms, you should pick the option that offers the most benefits to you. Moreover, before buying Ethereum, always ensure the platform is trusted to prevent yourself from getting scammed. Investors can judge the legitimacy of platforms by reading online reviews, user testimonials, and comments from regulators.
Visit Changelly now to buy Ethereum without ID
FAQs
What is the best way to buy Ethereum without an ID?
The easiest way to buy Ethereum without an ID is usually through a centralized platform like Changelly or KuCoin. They also tend to provide the best features and customer support. For those who value decentralization and self custody, a decentralized exchange would be a better option.
What does KYC mean?
KYC stands for Know Your Customer. Exchanges incorporate the KYC process to comply with regulations and laws. This prevents illegal activities on the platform since the exchange knows your identity. However, some platforms do not require a KYC and let clients buy coins anonymously.
Do I have to be 18 to buy Ethereum without an ID?
Decentralized platforms do not require users to be over 18 years old. Therefore, clients of all ages can purchase Ethereum through their platform as long as they have enough funds.
How do I stay safe when buying Ethereum anonymously?
Before connecting your wallet to any platform, you should research it extensively. Check out the team behind the project and read reviews left by other investors.
Are decentralized platforms regulated?
Government authorities can’t regulate DEXs due to them being decentralized. This means that DEXs aren’t legally required to uphold the same standards of security and consumer protection as centralized platforms, so you will need to do more research to ascertain their safety.
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