You might wonder, “I want to buy crypto in Nigeria, but what is the KYC requirement?” Can’t I run a P2P crypto exchange without KYC verification?
The answer is simple: You must provide your personal details, such as name, address, and phone number. The exchange will use this information to verify your identity before you can proceed with your purchase.
Suppose you are uncomfortable giving out this sensitive information online or simply do not want it stored on an exchange database somewhere. In that case, other options are available for purchasing cryptocurrencies without KYC requirements.
There are several options available to you if you’re seeking a P2P crypto exchange without KYC, so don’t worry.
The only distinction between these exchanges and others is that users are not required to update their KYC.
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What is P2P Exchange Without KYC?
P2P Exchange Without KYC is a peer-to-peer exchange platform allowing users to buy and sell Bitcoin or other cryptocurrencies without needing KYC (Know Your Customer) verification.
In most cases, this means that you can trade with anyone in the world as long as they have an account on your chosen P2P exchange platform.
In Nigeria, there are many P2P exchanges available today, but not all offer this feature. For example, LocalBitcoins offers it while TransferXO does not; Bitkoin Africa also offers it, but NairaEx doesn’t support it yet, although they have plans to do so in the near future.
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What Are The Different Types Of Non-KYC Exchanges?
There are a few different types of non-KYC exchanges. We’ll go over each one below:
P2P Exchanges
These are peer-to-peer marketplaces where users can trade cryptocurrencies with other people directly, without an intermediary.
The most popular example is TransferXO, which allows you to connect with individuals willing to buy or sell Bitcoin in exchange for fiat currency (USD).
The main benefit of using these exchanges is anonymity; they don’t require you to provide personal information!
However, there are some downsides as well–the biggest is that it’s difficult (if not impossible) to find buyers or sellers willing to meet up face-to-face because they’re worried about getting scammed by someone they don’t know very well.
Decentralized Exchanges
Decentralized Exchanges allow users complete control over their funds at all times by storing them in wallets on their own computers instead of keeping them on third-party servers like centralized exchanges do.
This means that no one else has access. One good example of a platform that offers decentralized exchange is TransferXO.
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Can I Use P2P Without KYC?
P2P (peer-to-peer) exchanges are a way for you to buy and sell crypto without having to go through an intermediary.
They’re also known as OTC (over-the-counter) or off-exchange platforms because they don’t use the traditional exchange model of matching buyers and sellers in real time. Instead, you connect directly with someone who wants to buy or sell your coins at whatever price you agree.
Many people prefer P2P because it provides more privacy than traditional exchanges; however, there are some risks involved with using this type of platform without KYC verification–risks that could affect your personal information and funds stored on these sites.
However, this depends on the specific peer-to-peer (P2P) platform or network you are using. Some P2P platforms require to Know Your Customer (KYC) verification to participate, while others may not require it.
If a P2P platform does not require KYC, you may be able to use it without going through the verification process. However, it is important to note that using a platform without KYC may come with increased risks, as it may be more difficult to verify the identity of the individuals you are transacting with. Additionally, some platforms may limit the amount you can transact without KYC verification.
It is always a good idea to carefully research any P2P platform you are considering using and to understand its policies and requirements before participating.
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Can I Buy Crypto Without KYC?
There are a few ways to buy crypto without KYC. The first is through an exchange that doesn’t require it, such as Changelly or Shapeshift. These services will let you trade one cryptocurrency for another, but they don’t offer any way of depositing or withdrawing your funds in fiat currency (USD).
The second option is to use an exchange that allows non-KYC accounts and then withdraw your money into your bank account once you’ve made a purchase. This can be risky because some exchanges have been known to freeze accounts at random if they suspect something fishy is going on–and there’s no guarantee that this won’t happen with yours!
Finally, there are peer-to-peer marketplaces like LocalBitcoins where users can connect directly with each other over the Internet without having any formal relationship with each other or any company involved in facilitating transactions between them (like Coinbase).
This can also be risky because these platforms aren’t governed by anyone. In contrast, traditional financial institutions like banks and credit unions are subject to strict regulations regarding the amount of cash they must always have on hand in order to protect customer deposits from being mismanaged by staff members working under pressure from management to maximize profits at the expense of their customers’ needs.
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Can I Use TransferXO Without KYC?
TransferXO is a peer-to-peer exchange that allows you to buy and sell cryptocurrencies with partial KYC. The platform has been around since 2021, but it’s only recently become popular among crypto enthusiasts.
It’s termed partial because the policy states that running a P2P crypto exchange without KYC verification is risky and if any problem arises, the owner won’t hold the platform responsible for such issues.
The main difference between other exchanges and TransferXO is that they don’t require users to submit any in-depth information before using their services.
This means that if someone wants privacy when buying/selling cryptocurrency, then this could be an option worth considering because there won’t be any ties back into their identity or account history if something goes wrong later down the line with those funds being stolen from them via phishing scams etcetera…
TransferXO offers some of the same features as other exchanges: You can trade Bitcoin, Ethereum, and Litecoin against USDT (Tether). You can also use the platform to store your coins in cold storage or in their hot wallet if you prefer not to keep them in an exchange wallet.
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Why Should I Use A Non-KYC Crypto Exchange In Nigeria?
A non-KYC crypto exchange is a platform that allows you to trade cryptocurrencies without providing any personal information.
This means that you don’t have to go through the tedious process of filling out forms and uploading documents, which can be time-consuming and frustrating.
If you are a crypto investor and want to trade cryptocurrencies on a Nigerian exchange, then you should consider using a non-KYC P2P cryptocurrency exchange. While we say this, it’s important you carry out deep research before performing any exchange.
The benefits of using such an exchange are numerous:
Security: The most important benefit is that these exchanges offer better security than those that require KYC. This means that your money will be safer when deposited on these platforms. It also means that they have better security measures in place to protect against hacking attempts or other forms of theft or fraud.
Privacy: Another advantage is that you can use them anonymously without having to provide any personal information about yourself (such as name and address). You don’t have to share your identity with anyone on the platform, so there’s no risk of being hacked or having your data stolen by hackers.
This makes it easier for people who want their privacy protected while trading cryptocurrencies on an exchange platform because there will be no trail leading back to them once they withdraw their funds from the platform after making trades or selling cryptocurrencies they bought during trading sessions at these sites.
Lower Fees: Because there’s no KYC requirement, these exchanges tend to charge lower fees than other types of platforms do. This means that they’re better suited for people who want cheap transactions but aren’t willing or able (for whatever reason) to give up their privacy in return for cheaper trading costs.
Platforms like TransferXO offer very low charge fees when using their P2P exchange sections. The platform has a 0.0% deposit fee, a 0.0% withdrawal fee, and a 0% volume-based pricing are also charged. Interestingly, the fees charged by TransferXO are also quite low, with a maker fee of 0.75% and a taker fee of 0%.
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Which Crypto Exchange Has No KYC Verification in Nigeria?
If you’re looking for a P2P crypto exchange that has no KYC verification in Nigeria, here are some of the options.
Let’s look at some of the top p2p crypto exchanges without KYC now that we have a better understanding of what KYC is and why there is a need for it.
#1. Nominex
Nominex boasts a number of advantages, including low costs, a quick trading engine, and sophisticated bidding capabilities.
Without having KYC, up to 3 BTC can be deposited and withdrawn each day. The Seychelles-based exchange (licensed in the same country as Bitmex) runs a well-known affiliate network, provides practice accounts for new traders, and is soon to introduce daily trading competitions.
It is one of the best crypto exchanges without KYC; especially for crypto traders in Nigeria.
#2. Binance P2P
This is yet another best P2P crypto exchange without KYC; it accepts all Altcoins and allows users to access it anonymously.
Because of its relatively lower charge compared to other exchanges, availability of more than 50 currencies and trading pairs, and recommendation for those seeking more sophisticated charting, consumers choose Binance over other exchanges.
They offer access to derivatives trading, loans, mining pools, futures trading, and branded cryptocurrency debit cards, so you can do more than just spot trading with them.
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#3. Bisq
It also goes by the name BitSquare and is a peer-to-peer (P2P) exchange for digital currencies like Bitcoin, Ethereum, and others without KYC.
It is the only fully decentralized exchange in the world where you do not have to provide your personal information, like your name, and email address, or undergo KYC or AML.
Compared to the other exchanges on the list, it is one of the most sophisticated, but it still has a low volume and could be a little challenging for novice users. Users appreciate Bisq’s usage of Tor and the lack of storage of money or BTC on their servers or accounts, which contributes to their security.
Since Bisq is an open-source exchange with no KYC restrictions, enables over 15 different payment methods, and provides downloadable software, many users prefer it.
As this exchange is non-custodial, only the users themselves have access to and control over the users’ money.
#4. Bitmax
It was established in 2018 and is among the finest P2P cryptocurrency exchanges without KYC. Although relatively new on the market, it is a well-known altcoin exchange with top-notch features and services.
The advantage is that it offers altcoin trading on margin for cryptocurrencies that are less liquid. With Bitmax, deposits, and withdrawals don’t call for KYC or AML.
Although it is primarily a BTC exchange, you may also find a number of alternative coins there, like Cardano, DASH, ETH, Bitcoin Cash, ETH Classic, etc. They provide consumers the chance to earn money for leasing BTMX by holding frequent airdrops.
If you desire a p2p exchange without KYC verification, Bitmax can be one of your options because of its high volume and user-friendly UI.
#5. Kucoin
This platform is one of several p2p exchanges that use partial KYC. Because of its wide selection of coins, this platform is regarded as one of the best alternatives to Paxful.
The platform that is most frequently suggested for cryptocurrency was introduced in 2017.
With KuCoin, users would not be forced to complete verification unless they desire to exceed the 2 BTC daily trading limit or until they notice any disagreeable or suspicious activity in the account.
The top cryptocurrency projects with development potential and a convenient trading environment are available on this exchange.
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#6. ByBit
Famous spot and derivatives exchange Bybit does not require KYC. This exchange has quickly become the most popular because of its volume, computational efficiency, and convenience. For traders who like to trade on margin, this platform is perfect.
Bybit offers four main perceived swaps: BTC, EOS, XRP, and ETH. Additionally, Bybit offers new members up to $90 to start trading and has one of the most comprehensive welcome trading reward programs.
#7. AAX
AXX is a cryptocurrency trading platform that provides over-the-counter, futures, and spot markets. The LSEG Technology utilized by top exchanges like the London Stock Exchange forms the foundation of the AXX matching engine.
You’ll be shocked to learn that more than 2 million investors have confidence in it and are pleased with the excellent functioning and user-friendly layout it offers. What else? It’s a cryptocurrency exchange that doesn’t demand KYC.
They feature straightforward deposits and withdrawals, market tracking, and over 50 crypto-to-crypto pairings.
This network allows peer-to-peer (P2P) transactions with secure encryption and quick settlements, along with more than 20 cash currencies.
#8. Paybis
Over 10 cryptocurrencies are supported by the no-KYC cryptocurrency exchange Paybis. It is a liquidity service because it does not hold cryptocurrency.
You can trade cryptocurrencies like the Binance Coin (BNB) and USD Tether (USDT) without completing KYC.
Through the exchange, you have access to numerous exchanges. The link to a hardware wallet increases your level of anonymity on the exchange. It fills a unique niche when compared to traditional crypto exchanges
#9. BaseFEX
You do not need to disclose any personal information to this new cryptocurrency exchange in order to use it; the only information you need to enter in your email address to complete the registration procedure.
It does not require KYC verification. They pledge to uphold authentic crypto ideals, making it a trustworthy platform.
After looking into every aspect of BaseFEX, it can be concluded that it is a trustworthy p2p crypto exchange and that they don’t even require KYC paperwork.
Thus, if you do not want to share your personal information, you can choose this platform.
#10. CoinSwitch
As it allows you to trade cryptocurrencies at the best prices, this is among the best p2p crypto exchange available without KYC verification.
They allow you to trade over 400 cryptocurrencies, altcoins, and tokens without even opening an account on an exchange.
Its transaction cost is unclear because it works with several exchanges. Consumers use CoinSwitch because it doesn’t require KYC, offers a wide range of cryptocurrencies, is simple to use, and allows for fiat transactions.
#11. Bitfinex
This exchange consistently ranks among the best in the world. With more than ten years on the market, Bitfinex has consistently led the way in terms of technological innovation for trading digital assets. They want to offer the greatest cryptocurrency trading experience to its customers.
Another top no-KYC cryptocurrency exchange in the world is Bitfinex. The platform has been in use for a while and has been connected to several troublesome occurrences, including one of the biggest hacks, tether printing, and others.
The exchange is still in use, nonetheless, and is renowned for having the highest amount of deepest liquidity trading in the industry.
#12. PrimeXBT
This can be a fantastic choice if you’re seeking a p2p crypto exchange without KYC. It is ideal for margin trading and allows for trading in forex, cryptocurrencies, stock indices, and commodities with larger leverage.
You can trade in 9 different crypto trading pairs with PrimeXBT, including BTC, ETH, EOS, Litecoin, and Ripple, in 5 distinct cryptocurrencies.
Its user-friendly interface allows for customization and supports complex indicators, chart formats, and order kinds.
With just one account, you can trade more than 30 different assets and other currencies on the Bitcoin-based margin trading platform PrimeXBT.
#13. HodlHodl
Hodl Hodl is a completely decentralized market where you may exchange Bitcoin with other users while maintaining complete anonymity.
Also, users have the choice to interact and transact on their own terms, such as by using cash or by meeting in person.
Similar to LocalBitcoins, this network gives you the option to remain anonymous instead of asking you to submit the KYC information.
#14. TradeOgre
Although it may not be very well-known, it is one of the only remaining original cryptocurrency exchanges that offer anonymous trading alternatives for many different altcoins.
You don’t need to supply any personal information to sign up with them, and they offer a straightforward trading experience.
They specialize in supporting several sorts of private cryptos like PriveChain, Monero, Zcash, etc. but do not offer KYC trading.
#15. SimpleFX
The best p2p cryptocurrency exchanges without KYC are those that use cutting-edge technology, offer wide spreads, and have clear terms of service.
You will only be allowed to trade with many different cryptocurrencies, FX, indices, CFD crypto, and BTC on this platform without any verification if you fund it with BTC.
You only need to enter your email address during registration; you can access their site without entering any personal data. You’ll receive an email with instructions on how to set your password.
When using SimpleFX, you have to go through the verification process in order to deposit or withdraw fiat money from your account.
#16. Evonax
Another cryptocurrency exchange without KYC that allowed rapid trades between different cryptocurrencies was introduced in 2016.
Evonax is a platform that prioritizes privacy and security above all else and is a widely utilized rapid swap operating exchange.
Their service is flexible because they provide crypto to PayPal exchange; in addition, users can use the platform for crypto cashouts to some extent. With several UTXO-based currencies, you can do fast exchanges on this site without registering.
#17. Changelly
It is a centralized altcoin swapping service, and using it does not require users to provide their KYC information. Instant transfers between wallets across various cryptocurrencies are also made possible through an anonymous cryptocurrency exchange.
Changelly offers support for a number of alternative currencies, including ETH, LTC, DASH, and others, in addition to BTC. This implies that if you own any altcoins, you might buy BTC without having to provide any identification.
They also have a trading system that scans other platforms to find the best trading pricing. Only if they see any suspicious behavior on or from the user’s account will you be required to complete KYC.
Are there Benefits to Using A Non-KYC P2P Exchange?
There are many benefits to using a non-KYC exchange. The first and most obvious advantage is privacy. You can trade on these platforms without providing any personal information, which means that your identity will not be tied to your transactions and trades.
This is especially important for those who want to keep their cryptocurrency holdings private or for those who may have other reasons for wanting their identities kept secret (for example, if they live in a country where cryptocurrency trading is illegal).
Secondly, many non-KYC exchanges offer lower fees than traditional exchanges do because they don’t have as many overhead costs associated with them due to their smaller user base and lack of regulatory compliance requirements.
This makes them an attractive option for traders looking for better value when buying or selling cryptocurrencies at market prices.
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What Are The Risks Of Using A Non-KYC Exchange?
There are some risks to using a non-KYC exchange. The first and most obvious is security. Since these platforms don’t require users to verify their identities, it’s much easier for hackers to gain access to their accounts and steal funds.
Another risk is the lack of customer support. If you run into any issues with your account or transaction, there will be no one available to help you out over the phone or through email.
And finally, since these exchanges aren’t regulated by any government agency (like FINRA), there’s no way for you as an investor or trader to know if they’re complying with all applicable laws and regulations or not.
The risks of using peer-to-peer exchanges without KYC are similar to those of using any other type of cryptocurrency exchange platform other than TransferXO. They include:
- You could lose your money if the platform is hacked or goes out of business
- The value of your coins may change dramatically, either up or down
- You’ll have no guarantee that you will be able to convert your coins into cash when you want to sell them
In order to save yourself from the hurdle of insecurity, platforms like TransferXO will provide you the best p2p exchange security you can find in the world.
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What Are The Best P2P Exchange With KYC App?
Peer-to-peer exchanges are a great way to trade cryptocurrencies without having to go through the traditional KYC process.
However, it’s important that you do your research before choosing an exchange and signing up for their service.
Here are some of the best peer-to-peer exchanges with the KYC app:
TransferXO is one of the most popular peer-to-peer exchanges with strong and reliable KYC in existence today because they offer a wide variety of cryptocurrencies and fiat currencies (USD).
Users can trade on this platform using BTC or USDT as collateral against their trades or deposits. You can also use margin trading if you want more flexibility when purchasing or selling coins on TransferXO’s platform!
LocalBitcoins is another good option if you’re looking for a place where people can meet face-to-face in order to buy/sell bitcoins locally without any middlemen involved in between these two parties’ transactions taking place online via email communication channels only.”
How To Send Money Without KYC?
In order to send money without KYC, you need to follow these steps:
Sign up for a peer-to-peer exchange. There are many exchanges that do not require you to go through the KYC process in order to use their services. You can find them by searching on Google or using one of our recommended sites below.
Deposit funds into your account at the peer-to-peer exchange (this may take some time). You’ll need to verify your identity before you can start trading on these platforms, so make sure that this step is complete before proceeding with other transactions!
Are There Alternatives To Peer-to-Peer Exchange Without KYC?
There are several alternatives to peer-to-peer exchange without KYC. These include:
- Cryptocurrency ATMs
- OTC (over-the-counter) brokers and dealers
- Online exchanges that do not require you to provide your personal information, such as Bitmex or Binance.
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What Are The Regulations For Peer-to-Peer Exchange Without KYC?
Peer-to-peer exchanges without KYC are not regulated by any government body. In this case, you are responsible for your own money and should take steps to protect it.
There are three types of regulations:
The first type involves companies that offer peer-to-peer exchange services but do not require users to provide their personal information before trading on their platforms. This calls for the need to understand the major cryptocurrency regulations existing.
These companies are not regulated by any government body because they don’t hold customer funds or cryptocurrencies themselves. Instead, they simply provide an interface between buyers and sellers who transact directly with each other through the P2P platform’s website or app (e.g., TransferXO).
As such, these exchanges do not fall under any specific jurisdiction’s laws or regulations regarding money laundering prevention measures such as KYC/AML requirements.
But this also means that if something goes wrong with one of these platforms’ users (e.,g., theft), there may be limited legal recourse available in terms of compensation claims against either party involved in the said transaction(s).
Bottom Line: How to Choose the Right Non-KYC Crypto Exchange in Nigeria?
When choosing a P2P exchange without KYC in Nigeria, there are several factors to consider. These include:
The type of cryptocurrency you want to trade in and the number of cryptocurrencies offered by the exchange. For example, if you want to trade in Ethereum (ETH) or Bitcoin Cash (BCH), then it’s best that your chosen exchange has those listed as options for trading.
The fees are charged by the platform for different services such as buying/selling cryptocurrencies and withdrawing funds from your account.
Additionally, you should find out if there are any additional fees for using specific features like margin trading or leverage trading on open positions that you hold on their platform within 24 hours of opening them.
These features may not be included in their base fee structure but may still be charged separately at a later time depending on when those positions are finally closed down because they may still experience losses even after making profits.
Disclaimer: This content is provided solely for informational reasons. It does not constitute a recommendation, endorsement, or sponsorship of any specific goods, services, or businesses, nor does it constitute an offer to buy or sell. The company and the author disclaim all liability for any harm or loss caused by or purported to have been caused by the use of or reliance on any of the information, products, or services mentioned in this article.