Nowadays, user verification on a cryptocurrency exchange, wallet, or cloud storage is becoming a common practice. Just a couple of years ago, verification was nothing but an additional option. Today, you simply cannot use the services of most cryptocurrency platforms without passing it. For many users, the issue of confidentiality when conducting crypto transactions is crucial. Therefore, they are looking for an opportunity to buy BTC with credit card no verification.
Why Do Crypto Exchanges Require KYC?
KYC is an acronym that stands for know your customer and describes the user verification process that allows companies to identify their customers. In most cases, any user who has registered an account on a crypto exchange must confirm their identity with photos and documents. After passing the verification, users will be able to use the services and products of the platform in full.
If we consider the situation from the point of view of companies that implement KYC, then it becomes clear that obligatory verification is not their whim. Verification is more like a regulatory norm that helps prevent fraud, money laundering, and identity theft.
Fraudsters are increasingly using false or stolen identities to target crypto companies. The most common threats that crypto exchanges face today include payment card fraud, phishing attacks, and transfer fraud. Thus, identity verification is an important part of crypto companies’ arsenal in the fight against fraud.
What Does KYC Mean in Crypto Exchanges?
As mentioned before, some crypto exchanges do not allow you to use basic services without passing verification. For example, the popular exchange Binance is one such platform. You simply will not be able to replenish your wallet and start trading on this exchange without passing the first stage of verification. Some companies, in turn, require KYC right during the registration process on their website.
At the same time, some providers give you the right to choose whether to pass the verification or not. Still, they simply put limits or restrict some functions. FTX exchange, Kucoin, is a good example. Without verification, you can only deposit a certain amount of funds into your account. Usually, this amount is about $1,000. Also, deposits are allowed on some exchanges, but not withdrawals without identity verification. That’s why many crypto enthusiasts are looking for an opportunity to buy bitcoin with credit card instantly no verification.
What Are KYC Main Pitfalls for Crypto Enthusiasts?
KYC is one of the most controversial subjects in today’s crypto world. Initially, cryptocurrencies were conceived as an alternative means of payment to traditional money. And the requirements of regulators obliging to comply with KYC prevent the preservation of a decentralized and self-governing structure of cryptocurrencies.
Thus, most of the crypto community believes that the verification procedure itself is detrimental to bitcoin. And they will be right since identity verification deprives cryptocurrency of one of its main features: anonymity.
The main disadvantage for users who pass verification is the discomfort from the fact that someone will have all your data. Many crypto enthusiasts do not care about additional security and use cryptocurrency for its anonymity.
That is why many people are against KYC. Your data is your property, and the blockchain network itself is anonymous. Thus, it would be strange to deprive blockchain of this advantage by revealing your identity.
How to Buy Bitcoin with Credit Card no Verification?
As mentioned before, most crypto exchanges do not allow you to use basic services without verifying your identity since the legislation of most countries takes this issue very seriously and controls it as much as possible. Still, there is a solution.
This is where Switchere comes into play — a licensed online crypto exchange that allows its users to buy bitcoins with credit card no verification! At Switchere, you can buy and sell all leading coins for USD or EUR in the fastest and most convenient way, using your credit, debit, or prepaid card from VISA/Mastercard/Maestro or any other available payment method.
At Switchere, there is a good opportunity to buy bitcoin no verification and no KYC for those who want to buy some crypto anonymously. All you need to do is register an account and fill in the basic information (email and phone number) — it’s easy as A, B, C and does not take much time!
Why Make Anonymous Bitcoin Transactions?
The fast development of the Web and the significant growth in the number of hackers and scammers encourage users to maintain anonymity, privacy, and security. The issues of personal data and password leakage, phishing, and blackmail have unfortunately become commonplace.
One thing is clear: to maintain anonymity on the Internet, make sure to provide a minimum of information about yourself, especially financial. When it comes to selecting a crypto exchange to buy bitcoin online, security should always be the top factor to consider. Thus, choose only reliable and time-tested platforms with a good reputation and attentive approach towards storing confidential customer data.
