A honest question about non kyc exchange - page 2.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: Hatchy on September 25, 2024, 04:51:17 AM

I used my own analogy to reply him because, if an exchange is non kyc, it means that they literally will be decentralized and they are not being controlled by the government or follow by government rules.

This is not true.
Centralized exchanges can be non-kyc and most of them started that way, including Binance and others.
Non-kyc simply means you are not sending them any of your personal documents.

Quote from: Hatchy on September 25, 2024, 04:51:17 AM

So my question here is that, will you be given private keys to your wallet in a non kyc exchange? And if yes, will I be able to import those keys into a standard wallets. In case where the exchange has issues or shut down? I'm just trying to clear my doubts here so please if you won't help with a good reply just don't.. thanks

If someone gives you some private keys they are not private anymore.
With real decentralized exchanges there is nobody to give anything, you are generating your own keys and you are responsible for them.
Don't mix apples and oranges.

Trêvoid

copper member

Activity: 52

Merit: 12

If you do have access to your private keys, you can import them into a standard wallet, allowing you to recover your funds even if the exchange experiences issues or shuts down. Just make sure to verify that the non-KYC exchange you're using allows you to control your private keys; if it’s custodial (where they hold the keys), then you wouldn't have that option. Always check the exchange's policies before committing!

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Only few exchanges are decentralized. I only know Bisq.network among them all. It will give you private keys. Most exchanges are not decentralized, they are centralized. Many people think they are decentralized because they require no KYC but that is wrong. But some centralized exchanges are better. Some even allowed you to use VPN and Tor while some do not allow that.

Despairo

hero member

Activity: 1064

Merit: 843

It depends, a custodial no KYC exchange like Agoradesk didn't give you private key, so when the sites shut down, you have no way to access your coins.

While Bisq, they do give the seed phrase, so you can access your coins even the sites shut down.

The only way to know if the exchange is completely decentralized is they give you the seed phrase or private key.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Sounds like you're confusing non-KYC with decentralized exchanges.

A non-KYC exchange can be decentralized of course, but not necessarily and if it's not, they can run with your funds if they decide to do so. There is nothing that prevents them from doing so.

In case the exchange is fully decentralized, then what you said is partially correct, it just depends on the type of exchange you're using. For examples BISQ (for bitcoin) differs from Uniswap or Pancakeswap (EVM based chains).

Hatchy

sr. member

Activity: 336

Merit: 365

The Alliance Of Bitcointalk Translators - ENG>PID

I made a reply here No KYC crypto exchange questions

yesterday, about the kyc and non kyc exchanges. Yes we learn every day. The op asked a question that I myself answered but then I felt like my reply was a bit not certain for some reasons. I used my own analogy to reply him because, if an exchange is non kyc, it means that they literally will be decentralized and they are not being controlled by the government or follow by government rules. While the opposite for a kyc exchange... But then my reply to this question, which the op asked

Quote from: ?? on ??

Since it's a non kyc exchanges you would actually have control over your keys. The exchange provides you, your own private key and a wallet you can store your funds in their platform. So even if there's a shut down, you might be able to get your funds out.

as you can see above. I used the word MIGHT as I wasn't totally sure of something i havent tried before. So my question here is that, will you be given private keys to your wallet in a non kyc exchange? And if yes, will I be able to import those keys into a standard wallets. In case where the exchange has issues or shut down? I'm just trying to clear my doubts here so please if you won't help with a good reply just don't.. thanks

Topic: A honest question about non kyc exchange - page 2. (Read 367 times)