How to buy and sell bitcoin without an identity confirmation

Index
    Monabey
    Monabey

    Nowadays, you can use various services to buy cryptocurrency - exchanges, exchangers, bots in instant messengers, p2p platforms etc. True, if earlier in any of these categories one could easily find an option with quick registration without having to go through an identity verification, now there are only a few of them.

    Some users follow this new trend and humbly disclose their data to exchanges. Others continue to resist, claiming that going through the KYC procedure can have many unpleasant consequences.

    ☝️
    For example, verification through large exchanges may result in the transfer of information about transactions with cryptocurrencies to the tax service.

    And, despite the fact that this industry is still not regulated by law, income taxes from such trade will still have to be paid.

    What else traders risk when passing verification, as well as where it is still possible to buy bitcoin anonymously, we will take a closer look at this article.

    Verification on exchanges and exchangers vs. anonymity of cryptocurrencies

    Верификация на биржах криптовалют
    Verification on cryptocurrency exchanges

    Every day, buying and selling cryptocurrencies anonymously becomes more difficult90 because [19] and exchangers without exception introduce the KYC verification procedure, fulfilling the conditions of the AML international policy (anti-money laundering).

    Yes, this is not bad when it comes to combating scammers and putting cryptocurrencies in the legal field. But at the same time, mandatory verification of users jeopardizes the safety of their personal data. Today you will not surprise anyone with the news about the thefts and leaks of personal information of clients of trading floors, as this happens all the time.

    In addition, the introduction of user verification by exchanges is contrary to one of the fundamental postulates of the original idea of ​​cryptocurrencies. At one time Satoshi Nakamoto tried to create a means of payment with which people would be able to make transactions without revealing their identity. But in the end, due to KYC on exchanges and exchanges, cryptocurrencies help control their adherents to the old financial system instead of fighting it.

    ☝️
    Another unpleasant side effect in passing KYC is the duration of the verification. On some sites this procedure takes several hours, on others it may take several days.

    But the result is the same everywhere - the user cannot start trading immediately after registration. But there are situations when you need to buy cryptocurrency urgently, for example, at moments of extremely profitable, but short-term drawdown.

    ☝️
    Read the full article: Exchange verification - what you need to know about KYC and AML

    [ 19459008] For many years, those wishing to anonymously buy or sell bitcoin could do this through the world-famous site Localbitcoins . However, since the fall of 2019, even this p2p platform surrendered under the pressure of the Finnish regulators (country of registration) and introduced mandatory verification of the identity of users.

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    Today, the main traffic of this exchange falls on Venezuela, India, Colombia, Argentina, Russia and other countries in which cryptocurrencies have become a life buoy against the backdrop of economic problems and the devaluation of national currencies.

    Each month, Localbitcoins continues to be visited by about 4 million people from these countries, for whom access to financial instruments is more important than anonymity. However, customers from most other countries stopped using Localbitcoins services and started looking for alternatives.

    Secure cryptocurrency exchange without verification

    Сервис для обмена криптовалют Monabey
    Monabey cryptocurrency exchange service

    For those who are used to selling and buying cryptocurrency without going through the KYC procedure, today there is a great option in the face of the p2p platform Monabey , launched in 2019.

    ☝️
    In fact, this is an analogue of Localbitcoins, only more convenient and, most importantly, respecting the client's right to anonymity - there is no need to verify this exchange.

    All you need to specify to open an account is an email address and password.

    Регистрация на сайте Monabey
    Registration on the Monabey website

    After registration, a user can activate two-factor authentication to further protect his account :

    Безопасность на Monabey 
    Security on Monabey

    You can also configure notifications. Interestingly, in addition to the standard settings, such as email or SMS, Monabey has a unique function - notifications via Telegram:

    Настройка уведомлений на Monabey 
    Configuring notifications on Monabey

    [ 19459007]

    The main mission of Monabey is a comfortable and safe exchange of cryptocurrencies for euros, rubles or dollars at competitive rates with minimal fees (0% for transactions through other users' ads, 1% through their own).

    As befits an exchange of this kind, all transactions go through directly between buyers and sellers.

    ☝️
    In this case, the principle of decentralization is respected, and Monabey acts only as a guarantor service that provides its infrastructure for safe transactions.

    While on Localbitcoins the size of the trading volume available for transactions significantly depends on the level of account verification (identification of the person, confirmation of the address, etc.), on Monabey users can immediately make any number of transactions for any amount.

    The only restriction that occurs - when creating ads, the option "Only for users who have confirmed the phone number" can be set. To gain access to such transactions, you will have to bind and verify your phone number. But, you must admit, this is a real trifle compared to complex KYC procedures at other sites.

    Official website Monabey

     

    How is the secure transaction on Monabey?

    Купить биткоины на Monabey
    Buy bitcoins on Monabey
    ☝️
    All crypto operations protected by escrow service. It is based on the freezing of the amount of BTC necessary for the transaction on the balance sheet of the seller until the moment both parties fulfill their obligations.

    If at the same time the buyer transfers the funds and the seller does not transfer the cryptocurrency to him within 12 hours, this will happen automatically using the seller’s frozen bitcoins.

    In the event of a dispute, Monabey moderators enter the game and, based on the arguments of the seller and the buyer, decide to transfer the deposited coins to one of the parties.

    Detailed instructions for working with Monabey can be found in the video below:

    How to make deals on Monabey

    Buying cryptocurrency on Monabey

    To safely buy cryptocurrency through Monabey, you need to go to the corresponding section of the site and select one of the offers in the list of ads created by other users platforms. Several parameters will help to decide at once - the rate, transaction limits, payment method and, of course, the seller’s reputation. You can also immediately sort the list by the listed values ​​to reduce the number of ads matching your requirements.

    Выбор объявления для покупки биткоина на Monabey
    Selecting an announcement to buy Bitcoin on Monabey

    When you click on the Buy button, a page with detailed terms of the announcement will open. Here, under the seller’s name, you can click “Details” to proceed to the study of the seller’s profile. If everything suits you, it remains to indicate the amount, if you wish, write a clarifying message and click on the "Start a deal" button.

    Оформление сделки на покупку криптовалюты на Monabey 
    Making a transaction for the purchase of cryptocurrency on Monabey

    Next, a window with the details of the open transaction will appear. First of all, via chat, you need to clarify with the seller the details of the transfer of funds, in particular the number of his bank card. Cryptocurrency will come to Monabey’s internal wallet:

    Внутренний кошелек пользователя Monabey 
    Monabey’s internal wallet

    After that, the coin can be withdrawn to any wallet that supports bitcoin:

    Вывод биткоинов на внешний кошелек
    Withdrawing bitcoins to an external wallet

    If all goes well and you agree to make the payment to the seller’s details, after completion of this action, click the "Confirm payment" button. It is important to be in time with the transfer before the deadline set by the seller (in our example, 60 minutes).

    The user can choose different payment methods:

    Способы оплаты на Monabey 
    Payment methods on Monabey

    If, however, chatting you don’t like something, the transaction can be canceled through the button of the same name in the upper right corner (until payment).

    Страница сделки на покупку биткоина через Monabey 
    Transaction page for the purchase of bitcoin via Monabey

    After the buyer clicked the “Confirm payment” button, the seller’s status changes transactions on "Pending payment". After receiving the payment, the seller must click on the “Complete the transaction” button, and bitcoins will automatically be credited to the buyer's wallet.

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    If the seller did not confirm the payment within 12 hours, then the bitcoins will also automatically go to the buyer.

    A secure cryptocurrency sale transaction through Monabey

    Selling bitcoins on the Monabey P2P exchange is as easy as buying. The procedure is similar - go to the corresponding section with the ads of the users of the site, if necessary, sort them and select the appropriate option.

    On the announcement page, you can examine the information about the buyer, indicate the amount of BTC you want to sell and send a request for the transaction. At this moment, the Monabey escrow system will block on your balance the amount of cryptocurrency that the buyer should receive under the terms of the transaction (insurance in case you decide to “escape” with his money).

    Оформление сделки по продаже биткоина на сайте Monabey 
    Making a transaction for the sale of Bitcoin on the Monabey website

    Next, you need to wait for the buyer to make the payment for the details you specified. If there is no payment during the time specified by the terms of the announcement, the transaction will be canceled and the frozen funds will be returned to your account.

    Сделка по продаже биткоинов на Monabey 
    Transaction for the sale of Bitcoins on Monabey

    In the event that the buyer confirmed the payment by the corresponding button, but you did not receive the money, within 12 hours after that, you can file a complaint with the Monabey administration by clicking on the “File a Complaint” button.

    It is advisable to immediately accompany the application with the available evidence, for example, a screenshot of the account on the bank’s website, where it will be seen that the required amount has not been received, or an extract with similar information, because the moderator will request it in any case:

    [ 19459001]

    Подача жалобы по сделке на Monabey 
    Filing a transaction complaint with Monabey

    Site moderators will review the claim within 3 business days and, if you are right, will return the funds blocked by deposit to your account .

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    Creating his own ad on Monabey

    If a Monabey client cannot find a suitable offer among those published on the site or just wants to conduct a deal on his terms, he can create his own ad and wait for other users to respond to it.

    To do this, go to the section of the site "Post an ad" and select the direction of the transaction (buy or sell).

    Создание объявления по продаже биткоина на Monabey 
    Creating an advertisement for the sale of Bitcoin on Monabey

    Next, specify:

    • Payment method, which suits you;
    • The course at which they are ready to buy or sell cryptocurrency;
    • Textual description of the terms of the transaction;
    • Ad limits (maximum and minimum amount);
    • Time for which the buyer must spend and confirm the payment;
    • Limitations on the status of verification, reputation, the minimum number and volume of transactions performed (to exclude unreliable users).

    After determining all the parameters, all that remains is to click on the "Place an ad" button and wait for the responses to your offer.

    How to make money on the exchange of BTC for rubles?

    Обмен биткоинов на рубли
    Exchange of bitcoins into rubles

    To earn money through the Monabey p2p platform, you must adhere to the well-known fundamental principle “buy cheaper, sell more expensive". However, not everyone can afford such a scheme of earnings, since, as in the usual trading , you need to be able to predict the movement of the cryptocurrency rate.

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    In the case of Monabey, users have an easier way to earn income from exchanging BTC for rubles and other currencies - using formulas for dynamic rate calculation. To do this, when creating an ad, you need to specify special conditions in the “Price” column for calculating the cost of bitcoin using the supported commands.

    For example, to use the formula:

    bitfinex_btcusd * 1.05

    so that the BTC sale ad always has a rate 5% higher than on Bitfinex ] In this case, the seller will receive 5% more money than if he were selling bitcoin at an average rate. If you immediately buy cryptocurrency again at the usual price and conduct a similar transaction, it will have another 5% more fiat. Thus, using transactions through Monabey, you can establish a stable income-generating scheme.

    To create such formulas, standard arithmetic operations can be used - multiplication, division, subtraction, addition. You can also use the following commands:

    1. min (A, B) - the minimum of two prices;
    2. max (A, B) - the maximum of two values;
    3. avg (A, B) - the average value of the course.

    In this case, instead of A and B, the names of two exchanges and the designations of trading pairs are registered. For example:

    avg (bittrex_btcusd * bitmex_btcusd) - the average value of the Bitcoin to dollar exchange rate from the sites Bittrex and Bitmex .

    What is the difference between p2p platforms and conventional exchangers?

    Анонимная покупка биткоина
    Anonymous purchase of bitcoin

    On both types of sites there is such a thing as spread , that is, the gap between cryptocurrency sale and purchase rate. But at the same moment there is a significant difference.

    Exchangers set the exchange rate on their own, more often than not significantly overpriced for purchase and underestimated for sale (compared to market values). As a result, customers of such sites simply have no choice - they have to buy and sell at the prices that are available, or wait for more favorable ones, which is often not very convenient.

    On P2P exchanges, the situation is completely different. Cryptocurrency sale and purchase rates are set exclusively by the users themselves. At the same time, prices will be approximately within the average market, since ads with a strong deviation are not interesting to anyone. There is a natural price discovery - price formation due to the competition of merchants trying to attract a buyer.

    Another important difference between p2p platforms and exchangers is who acts as a seller and a buyer.

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