Over time we have come to associate cryptocurrencies with privacy and anonymity. This is fading as states add regulations that various exchanges must comply with.
As of today, in fact, if we want to register to a platform to buy digital currencies, we have to provide our data, documents and even a selfie (Know Your Customer procedure).
This makes it almost impossible to buy Bitcoin without KYC.
There are platforms, mostly located in Switzerland where the law is different, that allow the purchase of cryptocurrencies without the obligation to provide our data.
Let’s go to see what they are and how they work.
How to buy bitcoin without kyc
To buy Bitcoins without KYC, we will have to turn to the platforms that sell them without asking for documents or a selfie.
The 5 exchanges and high 2 platforms that allow this are:
- Relai
- Pocket Bitcoin
- Bitkipi
- Bity
- Bisq
- LocalBitcoins
- ATM
Relai to buy Bitcoin without KYC
Relai is an exchange from a Swiss company allows the user to buy Bitcoin as low as €10, for a maximum of €900 per day and €90,000 per year.
Once the app is downloaded we are ready to operate, without having to enter a address mail.
As you can see from the sequence of images below, in three clicks we have already created (or imported) a wallet and can go ahead and make the purchase of Bitcoin.
Once we have chosen the amount of Bitcoin, we proceed and come to the payment method election.
On Relai we can pay for BTC purchases in:
- Bank transfer
- Credit or debit card (VISA / Mastercard)
- Apple Pay
If we want to pay by card or ApplePay, there are additional fees of 3% and the transaction is done immediately.
At the most, then, we will face 5.5 % transaction costs.
Bitcoin’s buying commissions on Relai are 2.5 percent, but can be lowered by up to 1 percent.
The following table explains how to get a rate reduction on this exchange.
| Action | Commissioni |
|---|---|
| Base | 2.5% |
| Transaction more than 100€ | -0.5% |
| Use auto investment | -0.5% |
| Apply a friend code | -0.5% |
As a friend code to reduce commissions to 2%, you can enter this during registration:
REL107841
I remind you that the wallet that is reloaded by this exchange is custodial, meaning it is owned by us and we will be provided with private keys. This means that we can recreate it anywhere else and have continuous access to our funds.
For selling Bitcoins, and then trading, the commissions are 2%, again absorbable up to 1% with the friend code and with transactions over $100.
Pocket Bitcoin
Pocket Bitcoin’s platform has an innovative approach to buying without KYC of Bitcoin.
In fact, we will not be able to create new wallets, but will have to use our own.
And for maximum security, we don’t even have to enter private keys but sign a transaction to confirm that we are the owners.
The choice is very wide, as you will see below:
Be aware that not all of them are compatible and that you will only be able to purchase via foreign bank transfer.
The pros of the platform are:
- Purchase limits of 950 per day and 95,000 in the 365 days
- you can import hardware wallets (trezor, ledger, bitbox02, etc.).
- commissions of 1.5%
The cons of the platform are:
- you can’t sell bitcoins
- you can only pay by bank transfer
- Complex initialization phase for non-experts.
Bitkipi
The exchange app of Bitkipi was among the first to offer Bitcoin purchase service without KYC.
In fact, by registering only with email and password we will be entitled to buy up to €900 per day or €90,000 per year of this cryptocurrency.
The image below, which appears when the app is first opened, tells us the highlights of this platform:
- Recognition only with email address
- You can invest as low as 10€
- The wallet on which they send the funds is ours
- You can set up a PAC
Once we have created a new wallet (or imported one) and confirmed our email, we will be ready to buy Bitcoin without giving out personal information.
The interface
The interface leaves no room for doubt and is essential.
On the top left we have the value of Bitcoin, on the right we can access the main menu, and below, prominently displayed, the BTC equity we hold on the BitKipi wallet.
Finally, at the bottom, we see the “Buy Bitcoin” button that takes us to the order creation screen.
By pressing it, we will arrive at a window that will ask us to decide the amount to be purchased (minimum 10€) and immediately afterwards the IBAN from which we will send the funds.
Bitkipi can only be recharged by foreign bank transfer.
Once all the data have been chosen, we will be given an IBAN and a code to be entered in the reason for the payment.
As soon as the Bitkipi exchange receives and processes the transfer, we will see our funds in the wallet on the home page.
Easy, intuitive and anonymous.
On this platform we cannot trade or buy other cryptocurrencies (ethereum, polkadot, cardan, etc.).
The buying commissions of Bitcoin on Bitkipi are 1.5 percent.
Bity
Bity is an exchange portal that allows the anonymous purchase of many cryptocurrencies besides Bitcoin (Ethereum, Litecoin, USDT, USDC, etc.).
It is all done from the computer and as we can see from the home page below, it gets straight to the point. A form appears where we have to enter the amount to invest and the cryptocurrency to receive.
We click the “Place Order” button at the bottom and will be asked whether we want to log in or continue as guests, without providing any data.
At this point we will see an itemized list of all the fees we are going to pay and the net total we will receive.
In my case I made a guest purchase and you’ll be able to see that a added commission of 0.4% is added.
The standard fees are 0.8% and the transaction cost is about 0.3€.
In total, this anonymous transaction costs us about 1.3%.
When we accept this information and click on the “Continue” button, we will be asked to select where we want to send these funds.
Select where to send the money
We can select Trezor or Ledger hardware wallets or opt for “Other.”
If we choose either of the first two options, we will have to connect it directly to the computer from which we are operating.
In fact, the association will occur automatically.
If we choose “Other” instead, the screen below will appear.
We specify the IBAN from which we want to send in funds and where we want to receive them. If we want we can also indicate an email address to receive notifications about the transaction and any problems.
When we confirm the data we come to a summary page and by giving the okay again the system will tell us the extremes to which to make the deposit.
At this point, when Bity processes the payment we will receive the money on the wallet we specify.
Bisq
I do not recommend this exchange as it is a program that you have to download and install on your computer, which potentially dangerous.
Also, more importantly, I just downloaded it to test it and I can’t install it properly.
Since there are many other more valuable exchanges present, I recommend taking a look at those.
In any case, for completeness, below I discuss how this platform works.
Bisq is a decentralized, Peer2Peer (P2P) platform that allows Bitcoin to be exchanged between users without having to do any registration or data verification.
It is not a classic site or exchange, but rather a program that we will have to download and install on our computer if we want to use it.
This has advantages and disadvantages. We are more protected, we have many more options, and we can operate with much more flexibility.
At the same time, however, we are dealing with a software that can be complex to use for those who are just starting out in the crypto world or for those who are not computer savvy.
As mentioned at the beginning, I cannot proceed with the guide as the program fails to install properly.
LocalBitcoins
The service has been discontinued as of February 17, 2023.
With LocalBitcoins we can buy Bitcoins from other users in Peer2Peer (P2P) mode without going through intermediaries from other entities. The platform acts as a guarantor that the transaction goes through, but the risk of experiencing fraud is quite high.
In addition, the cost of purchase is high since the market is made by sellers and does not reflect the true value of the cryptocurrency.
There are no additional costs for buyers, and sellers pay a 1% commission.
To purchase, simply go to the main page, find the offer that suits us and press the blue “Buy” button.
Just as in the image below.
We will be taken to a page where there will be contact information to notify the seller of the transaction so that we can receive the crypto in question.
ATM to buy Bitcoin without KYC
Exactly like cash ATMs, you can find scattered around the world selling Bitcoin (map here).
Now we just need to insert our wallet address, enter the cash, and the transaction will be carried out immediately.
We will receive Bitcoins to the specified account without the need to provide any further information
Laws could change quickly, so identity recognition may become mandatory for such purchases as well. Check your country’s legislation to find out if this is still possible or not.
Summary of committees
Below is a table to summarize the platform buying committees seen so far.
| Platform | Purchase fees |
|---|---|
| Bitkipi | 1.5% |
| Relai | 2.5% (can go down to 1%) |
| Bity | 0.8% (1.3% by guest without login) |
| LocalBitcoins | It depends on the seller |
| ATM | Depends on the ATM |
What is KYC
KYC, or Know Your Customer, is a procedure that exchanges use to ensure that the person buying Bitcoin is who they say they are and is conducting legitimate transactions.
This ensures that exchanges comply with anti-money laundering regulations and helps protect customers from fraudsters.
To complete KYC procedures you need a passport or national ID card and a selfie to confirm your identity.
In addition, you will need to provide proof of your address by sending a utility bill or bank statement no older than 6 months.
Although this process may seem tedious, it is an important step in ensuring the security of the exchange and protecting everyone involved in digital money transactions.
The basic idea, right or wrong, is that by participating in KYC processes when we buy Bitcoin online we help keep the cryptocurrency ecosystem safe, regulated and protected.
Concluding on buy Bitcoin without KYC
It is becoming almost impossible to buy Bitcoin without KYC in Italy, although there are still many little-used methods for making money with Bitcoins.
Fortunately, there are some platforms based in Switzerland that allow us to do so as that nation has a more permissive normative.
If you want to buy Bitcoin without having to reveal your identity, definitely check out these platforms.
To be honest, if I had to choose one right now, I would certainly use Relai given the ability to pay by card while maintaining anonymity (actually, I use it).
Remember to sign up using the code REL107841 to get a 0.5% discount on commissions forever.
Now that you understand the situation, what do you think?
Have you ever purchased something without doing KYC or are you not particularly concerned about having to share your data and transactions?
Let me know in the comments or by email to info@diventeromilionario.it.
Disclaimer
This article is only informational and NOT for professional or educational purposes. The topics covered must not be understood as financial advice.
Do not sell or purchase of the financial securities covered.
You must always think with your own head and act only if you understand what you are doing. If not, better stay still.
In any case, only invest capital that you are willing to lose, because that is what could happen!
The author and the website disclaim all responsibility for any action taken or not taken based on the content of this article.