Overview

As we mentioned in our article "Where and how to buy cryptocurrencies," most platforms that are safe for buying cryptocurrencies require some form of KYC (Know Your Customer), which is unacceptable for users who want to completely protect their identity.

There are platforms and applications that use the peer-to-peer (P2P) concept to facilitate the purchase of cryptocurrencies without the need for KYC, or even without registration. This allows purchases to be completely anonymous and private, but increases potential risks.

We recommend reading our article about peer-to-peer with KYC to understand how these platforms work and the risks involved:

https://help.opendreamnet.com/en/articles/6743681

⚠️ This article is intended for informational and guidance purposes only. It does not constitute financial advice, and we do not take responsibility for any potential losses or damages resulting from the use of this information.

Peer-to-peer without KYC

The main differences from P2P platforms with KYC are:

There is truly no KYC, meaning transactions can be completely anonymous.
Some are not web platforms, but apps you install on your computer or mobile device.
There is no dedicated moderation team to handle disputes. Instead, they rely on decentralized solutions to resolve conflicts.
In most cases, you need to pay a fee to start an offer (whether you’re a buyer or seller), making the process more expensive and requiring you to have cryptocurrency beforehand.
- On some platforms you can make offers without having cryptocurrency in advance, but with a limitation on the amount you can buy.
Generally, KYC platforms automatically provide you with a wallet for each supported cryptocurrency, making the process of storing and transferring them much simpler. However, on non-KYC platforms, creating a wallet is your responsibility, so we recommend proceeding only if you already have a wallet set up.

Disputes

On a P2P platform with KYC, you can be assured that in the event of a dispute, there will be an official moderation team willing to help you, reviewing the chat history and information to offer a fair solution for both parties.

In the case of P2P platforms without KYC, more creative solutions are needed since there is no official moderation team ready to assist you.

For example, when a dispute is initiated, another user on the platform might act as a moderator, charging a fee to both the buyer and seller to review all the information and decide on a solution.

While this may seem like a solution at first glance, it can be vulnerable to attacks in which scammers flood the platform with fake offers and moderators, resolving disputes in favor of the scammers. Additionally, the whole process incurs extra costs.

Platforms

If you understand and accept the potential risks and higher costs of using these KYC-free platforms, here is a list of platforms with good reviews:

Bisq 2

Supports Bitcoin (BTC)
Uses Tor, increasing privacy.
Includes "Bisq Easy" trade protocol, which makes it easier for beginners to buy cryptocurrency and does not require paying a fee to start an offer.