Exchange and purchase of cryptocurrencies with or without verification?
If you want to buy cryptocurrency, one of the easiest and fastest ways is to use an online exchange office, where funds are available immediately – usually within a few minutes — and thanks to the simplicity, even a beginner will not have any problems with the transaction. However, at this point, the question arises whether to buy bitcoins with or without verification? In this article we will show you the advantages and disadvantages of both solutions.
Buying bitcoins without verification is an opportunity less and less often
A few years ago, the number of bitcoin exchanges and other cryptocurrencies offering transactions without verification was much larger. However, there are currently few such places on the market, and the use of their services is still subject to certain restrictions, which is a consequence of legislative changes that have come into force in the world and in our country.
In exchange offices that require the least amount of information, basic personal data along with an email address will be enough to confirm the account. Without additional identity verification, it is usually possible to make a limited number of transactions from an unverified profile and limit the maximum amount.
Of course, a huge advantage of such exchange offices is the purchase of bitcoins without verification and the ability to maintain a high level of anonymity due to the absence of the need to send a scan of identity documents. Due to the tightening of KYC (know-your-customer) and AML (anti-money laundering) rules, payment operators have to collect and process more information about their users, so the activity of exchange offices without verification is severely limited.
Buying bitcoins with verification is a minimum of formalities for maximum functionality
If you want to take full advantage of the services and capabilities of existing cryptocurrency exchange offices, you will need to confirm your profile and the data provided during registration. Buying bitcoins with verification forces the user to send a scan of an identity card or other document with a photo confirming the identity (for example, a driver’s license).
This type of verification is currently usually automated and takes only a few minutes, giving the user access to the full functionality of the exchange office without restrictions on transactions or amount.
Verification is required, in particular, because currency exchange offices have become so-called obligated institutions and are subject to the rules that apply to banks and payment institutions in the field of money exchange.
If you want to exchange cryptocurrency, all you have to do is provide your name, email address and phone number with a password. A confirmation email will be sent to your email address, which will redirect you to a page that requires an SMS code. After passing the initial part of the check, you will be asked to complete the registration and monero send a document with a photo. To do this, you can take a photo directly from a webcam, from a phone camera, or upload a previously made photo file.
After confirming your personal data, you get full access to the formalities of the exchange office and can freely buy and sell bitcoins using an automatically created cryptocurrency wallet. Exchange operations are carried out in just a few minutes, which is also a great advantage compared to exchange offices without verification, where the transfer time can be increased, for example, up to several hours.