These days, financial services on the web aren’t always safe. Many services are far from hacked proof, so they lose customers’ trust. To tackle this issue, the mechanism of KYC identity verification was invented.
KYC verification, or just KYC, is a way to identify customers and prevent fraud, money laundering, and other web crimes. The abbreviation KYC stands for Know Your Customer / Know Your Client, and on many websites, it is a must when it comes to identifying users and businesses and creating accounts. In a nutshell, KYC helps to ensure that the one applying for a service or establishing an account is the same person they claim to be.
Moreover, with many bank institutions, it’s impossible to open accounts or perform financial operations without this verification. Non-compliance with KYC is charged with heavy fines. In most cases, users need to provide the following:
- Social Security Numbers
- ID copies/photos
- Face ID
- Residence permit
- Payment receipts
Additionally, there is video KYC and in-person KYC for offline services.
On the other hand, the mechanisms also have cons. Firstly, the service still stores clients’ data and, if managed poorly, can be hazardous. So, if you are among those who wouldn’t like to take this kind of risk and show any personal data, it’s a logical step to look for a service that does not require this identity verification.
Aiming for crypto exchange, e.g., to swap USDT to ETH, one can choose from a range of non-KYC platforms. Uniswap, LetsExchange, Sushiswap, Coinex, and others are the most known and reputable. Let ‘sExchange and Uniswap operate worldwide and boast the biggest numbers of currency pairs. But let’s look closer at how secure they are and the other features offered.
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What Makes a Non-KYC Cryptocurrency Exchange a Great Choice?
So, you’ve decided you need a place free from KYC to exchange digital coins. What to start with? The first concern should be to check if this platform gives safety guarantees and discover how this is done.
Let’s delve into the work of LetsExchange. On its website, it is claimed that the security of clients is reached through the following:
- Not keeping any of the customers’ private data.
- Not keeping their assets or private keys (being a non-custodial exchange service).
- They are using the technologies of encryption, DDoS protection, and SSL certificates to protect the data used for financial operations. SSL certificates are reliable protection from stealing interceptive data such as transaction details, and DDoS filters enhance this system. Paired up, they quickly detect and eliminate attacks.
- It was validating and checking the coins several times.
At LetsчEchange, you will be impressed by the number of coins available for exchange. This number has exceeded 2,370 coins and tokens, making over 5 million swap pairs. XMR to USDT, ZRX to ETH, DOGE to NBN, and many other pairs can be easily seen in equivalent amounts when considering an exchange.
Besides, there is no compulsory registration: you can start to exchange immediately by going to the widget and choosing ‘Exchange.’ The whole process is transparent from beginning to end and takes minimum time if you already have a crypto wallet of the necessary type.
In the same way, Uniswap is a secure place to exchange Ethereum tokens, thanks to its decentralization. Unlike the previous platform, it relies on a special smart contract, ‘Exchange,’ for providing security.
Wrap Up
As is seen from the example of LetsExchange and Uniswap, an online crypto exchange can be effective and secure even without a KYC. Technologies like SSL certificates, smart contracts, and DDoS can handle threats well and protect every transaction with this tool, whether a crypto-to-crypto or fiat-to-crypto transaction.