First time crypto currency user - Help

GreatArkansas

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Quote from: Potato Chips on July 28, 2024, 05:55:17 PM

Quote from: iPaD on July 28, 2024, 05:44:12 PM

I'd also like to confirm if Binance is an Exchange or Wallet???

Binance is an exchange [along with other custodial services offered] so if you make an account, deposit crypto, binance will be in complete control of that. Don't keep your cryptos there.

They do have a "web3 self-custody" wallet though I wouldn't recommend it either because it's closed source. In another thread, we were just talking about how the past wallet of huobi had a backdoor placed by their employees.

And take note that Binance is not suited for your needs, such as not needing some personal information such as ID or undergoing the KYC process. They are very strict when it comes to identification especially if you belong in some countries that they restrict.

As the majority said, creating a non-custodial wallet then fund it from P2P exchange that don't require any IDs or KYC.

Potato Chips

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Quote from: iPaD on July 28, 2024, 05:44:12 PM

I'd also like to confirm if Binance is an Exchange or Wallet???

Binance is an exchange [along with other custodial services offered] so if you make an account, deposit crypto, binance will be in complete control of that. Don't keep your cryptos there.

They do have a "web3 self-custody" wallet though I wouldn't recommend it either because it's closed source. In another thread, we were just talking about how the past wallet of huobi had a backdoor placed by their employees.

iPaD

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Quote from: GIF-JOBS on July 27, 2024, 04:11:23 AM

Quote from: seoincorporation on July 22, 2024, 02:46:32 PM

Quote from: reti001 on July 22, 2024, 12:09:56 PM

That's great. Thank you.

I created an account on Bitmart. Looks pretty straight forward. Does that site also act as a wallet for storing the currency? Once obtained, I can send it etc or do I now have to find a wallet without restrictions that I do not need ID for?
I notice that Bitmart keeps a balance, so how would I then use that balance to send to a wallet to buy something?

Sorry if I have got things wrong. I am a total beginner with crypto stuff.

Is a bad practice to hold the coins on a exchange because that way you are not the owner of your coins even if they are in your account, they can get hacked, the exchange can lock your account, or the exchange can close.

The wallet I recomend for you is atomic wallet, google it and you will find a lot of info, I. That wallet you can hold different coins, that's why I recomend that one.

Yes, I totally agree with you, keeping our money in exchanges is full of risk, your exchange can be closed due to various reasons, they can even band your exchange without any notice, then you have nothing to do, moreover in exchange Keeping money in them is not completely safe, your money can be hacked from there. Exchanges will not provide complete security to your money. So you should better hold your money in a wallet. Again you can definitely create atomic wallet as suggested by @seoincorporation brother. I totally agree with @seoincorporation brother.

I'd also like to confirm if Binance is an Exchange or Wallet???

Mr.right85

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Quote from: reti001 on July 22, 2024, 09:38:42 AM

I need an exchange/service and wallet that doesn't require ID. It's only roughly about $250 worth I need.

Is there anything out there? I've signed up to a few places just to find out that they need ID and I'm getting sick of signing up now so I thought I'd best ask people who know.

I don’t mean to intrude but, you need help and the first I’ve got to say to you is this; hope the legitimacy of merchant site for your purchase isn’t in doubt? Have you gone through the reviews on it on pilot study?
In the event that you get scammed from trying to purchase anything on an unverified site, you wouldn’t have any means of refunds. Instead, you would find the site asking more of you and haven’t committed on first occasion, your likely going to try another in good fate and it all will be lost.

Haven’t said that,
I don’t know what nation your texting from but, exchanges do have policies that operates based on jurisdiction.
You could give Atomic wallet a trier and see how it goes.

doomloop

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Quote from: seoincorporation on July 22, 2024, 02:46:32 PM

Is a bad practice to hold the coins on a exchange because that way you are not the owner of your coins even if they are in your account, they can get hacked, the exchange can lock your account, or the exchange can close.

The wallet I recomend for you is atomic wallet, google it and you will find a lot of info, I. That wallet you can hold different coins, that's why I recomend that one.

I wouldn't recommend someone using a custodial wallet as well because there aren't a lot of differences between centralized exchanges and custodial wallets since your assets aren't safe in any of the two as you don't get to keep your keys and phrases to yourself. So, newbies are to be told not to keep their funds in exchanges and also not in custodial wallets, but they should use non-custodial wallets for that.

Keeping all your assets shouldn't be the primary goal, the primary goal should be the security of the assets, and if they are secure, it doesn't matter even if they are kept in different wallets. So, it's important that newbies learn about non-custodial wallets and start using them instead of making excuses such as they are not user-friendly, it requires technical knowledge, etc. Learn everything, if you want to be in this industry.

Hyphen(-)

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Quote from: reti001 on July 24, 2024, 06:33:06 AM

EDIT: Apparently I'll need ID to redeem the voucher code. This is becoming a nightmare. I looked at Paxful for a P2P exchange but the reviews are awful. Can anyone please recommend a P2P place that's trustworthy?

Since you don't have ID to complete KYC verification that most centralized exchanges demand before giving you full access to use the exchange fully, I think you can try any of these exchanges that doesn't require KYC to access p2p and other feature.

Most exchanges have wallets that you can store or hold your crypto, but for security reasons, always make sure you use exchanges as a marketplace where you only buy and sell. Transfer all your funds to a wallet you can control.

nakamura12

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It seems many have already provided am exchange site where you can buy crypto without the use of ID for KYC. Instead, I'll another information that you should know if you haven't. First is that you shouldn't store your crypto in an exchange for a long time and if you have a wallet then you shouldn't share the 12 words you'll get after you created the wallet. As others have provided, better use electrum wallet and it doesn't require ID at all.

Crypto Library

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Quote from: reti001 on July 23, 2024, 07:21:43 AM

Understood. Downloading Atomic wallet now. From what I've briefly read, ID is not required. Thanks for your assistance.

Have you completed your exchange ?
If not then I would like to suggest you to use the https://exch.cx/ for exchanging the BTC, USDT, Litecoin Ethereum, DASH. I have used it several times and the interesting thing is you don't even have to any registration for using this exchanger. It has the Automatic cryptocurrency swaps features. And I love to use it from litecoin to Bitcoin exchanging and it takes only 0.5% fees for exchanging.

Pandorak

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Quote from: SquirrelJulietGarden on July 27, 2024, 07:02:43 AM

Quote from: Pandorak on July 27, 2024, 06:21:28 AM

[...]

MEXC exchange no longer provides their service if users don't complete KYC to start deposit and trading.

If your account is not KYC completed, you will see this message.

Quote

Complete KYC Verification

To further enhance the security of user accounts and assets, and better protect the rights and interests of our users, please complete KYC verification before proceeding with spot/futures trading. Thank you for your understanding and support!

You can choose to do Primary KYC or Advanced KYC. With Primary KYC, you will need to submit Government-issued ID that is simple but MEXC exchange is no longer KYC-free.

I wasn't aware that they no longer support trading without KYC, the last time i used their platform was a few months ago, i thought it was still a CEX without KYC. Even so, there are still other platforms that support without KYC, i have also provided proper references so OP can check directly. These days it is difficult to find a platform without KYC, because there are also many suspicious activities behind it. Luckily there are still some who offer this & also have high credibility.

PrivacyG

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Any chance you have a Bitcoin ATM locally? There still are ATMs around the World with no Know Your Customer requirement for purchases. Most of them now ask for ID when you want to Sell your Bitcoin, but I find a few of them still do not ask when Buying. Just make sure the ATM hundred percent does not request Know Your Customer information.

The other alternative that does not involve any of your Bank, PayPal, Revolut or other such personal Accounts would be doing something such as purchasing Gift Cards or Vouchers and Trading them for Bitcoin on this Forum. Mycelium also had a Peer to Peer option a while ago where you could find local Sellers. Though I would advise you to be very cautious considering it would be a face to face meet.

SquirrelJulietGarden

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Quote from: Pandorak on July 27, 2024, 06:21:28 AM

so you better go to a CEX that doesn't require ID to trade like CoinEx or MEXC.

MEXC exchange no longer provides their service if users don't complete KYC to start deposit and trading.

If your account is not KYC completed, you will see this message.

Quote

Complete KYC Verification

To further enhance the security of user accounts and assets, and better protect the rights and interests of our users, please complete KYC verification before proceeding with spot/futures trading. Thank you for your understanding and support!

You can choose to do Primary KYC or Advanced KYC. With Primary KYC, you will need to submit Government-issued ID that is simple but MEXC exchange is no longer KYC-free.

Pandorak

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Quote from: reti001 on July 22, 2024, 09:38:42 AM

[...] Is there anything out there? I've signed up to a few places just to find out that they need ID and I'm getting sick of signing up now so I thought I'd best ask people who know. [...]

Bisq is the best by far, but since you want for altcoins like ethereum too, so you better go to a CEX that doesn't require ID to trade like CoinEx or MEXC. I've used them & it really doesn't require doing KYC, it's just that there are different limits on users who do KYC & don't. Or if you want to find out more, you can check out this article from Koinly ^[1], it compiles the 15 best exchanges that don't require KYC.

[1] https://koinly.io/blog/top-no-kyc-crypto-exchanges/

GIF-JOBS

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Quote from: seoincorporation on July 22, 2024, 02:46:32 PM

Quote from: reti001 on July 22, 2024, 12:09:56 PM

That's great. Thank you.

I created an account on Bitmart. Looks pretty straight forward. Does that site also act as a wallet for storing the currency? Once obtained, I can send it etc or do I now have to find a wallet without restrictions that I do not need ID for?
I notice that Bitmart keeps a balance, so how would I then use that balance to send to a wallet to buy something?

Sorry if I have got things wrong. I am a total beginner with crypto stuff.

Is a bad practice to hold the coins on a exchange because that way you are not the owner of your coins even if they are in your account, they can get hacked, the exchange can lock your account, or the exchange can close.

The wallet I recomend for you is atomic wallet, google it and you will find a lot of info, I. That wallet you can hold different coins, that's why I recomend that one.

Yes, I totally agree with you, keeping our money in exchanges is full of risk, your exchange can be closed due to various reasons, they can even band your exchange without any notice, then you have nothing to do, moreover in exchange Keeping money in them is not completely safe, your money can be hacked from there. Exchanges will not provide complete security to your money. So you should better hold your money in a wallet. Again you can definitely create atomic wallet as suggested by @seoincorporation brother. I totally agree with @seoincorporation brother.

Catenaccio

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Quote from: Lucius on July 25, 2024, 05:25:47 AM

Most desktop/mobile wallets are free and do not require any verification or ID, and in addition to the already mentioned Electrum, I can also recommend BlueWallet (https://bluewallet.io/). If you plan to get serious with cryptocurrencies, then I suggest you consider buying a hardware wallet, because that way you will have much more security when it comes to storing funds, but also in your transactions, considering that you need to confirm each action by pressing a physical button.

If retire001 needs more wallets to choose, get them with https://bitcoin.org/en/choose-your-wallet

retire001 can practice with this https://walletscrutiny.com/, first check Blue wallet, and see how their reviews on it, and apply for checking other wallets if retire001 is unsure that is a good wallet to use like is it non custodial, is it open source.

Review on Blue wallet. It's generally good but only one minus, Blue wallet is close source and unreproducible.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=blue%20wallet

Lucius

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Quote from: reti001 on July 24, 2024, 06:33:06 AM

~snip~
I will have to take a look at Electrum wallet then. Does anyone know if I need ID to send bitcoin using that wallet?

Most desktop/mobile wallets are free and do not require any verification or ID, and in addition to the already mentioned Electrum, I can also recommend BlueWallet (https://bluewallet.io/). If you plan to get serious with cryptocurrencies, then I suggest you consider buying a hardware wallet, because that way you will have much more security when it comes to storing funds, but also in your transactions, considering that you need to confirm each action by pressing a physical button.

logfiles

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Quote from: reti001 on July 24, 2024, 06:33:06 AM

EDIT: Apparently I'll need ID to redeem the voucher code. This is becoming a nightmare. I looked at Paxful for a P2P exchange but the reviews are awful. Can anyone please recommend a P2P place that's trustworthy?

I don't know which country you are from but try to explore bisq 2 (it's beginner-friendly vs Bisq 1) for any offers from your region. Please note that Bisq 2 is still in beta phase, but it's the best decentralized p2p exchange out there. The problem is there are still very few offers there.
You can also look into localcoinswap, HodlHodl, robostats etc. All of them with not require you to carry out any ID verification.

Quote from: seoincorporation on July 22, 2024, 02:46:32 PM

The wallet I recomend for you is atomic wallet, google it and you will find a lot of info, I. That wallet you can hold different coins, that's why I recomend that one.

@seoincorporation atomic wallet is one so the worst close sourced wallet you can recommend a newbie. Some of its users even suffered lose of their funds so time back.

Potato Chips

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Quote from: reti001 on July 24, 2024, 06:33:06 AM

I will have to take a look at Electrum wallet then. Does anyone know if I need ID to send bitcoin using that wallet?

No such thing needed in electrum. Make sure you're on the right website-- electrum.org

Quote from: reti001 on July 24, 2024, 06:33:06 AM

EDIT: Apparently I'll need ID to redeem the voucher code. This is becoming a nightmare. I looked at Paxful for a P2P exchange but the reviews are awful. Can anyone please recommend a P2P place that's trustworthy?

Have you taken a look at https://kycnot.me/?t=exchange&q=&fiat=on suggested above? Peach bitcoin and hodlhodl among the list are beginner friendly. It's not listed but afaik there's no mandatory kyc on localcoinswap.com as well

Alternatively, you may try to find someone in Currency Exchange board as well, see: https://bitcointalk.org/index.php?board=53.0

But make to hire an escrow or transact only with reputable members. See escrows: https://bitcointalksearch.org/topic/few-trusted-escrow-providers-5047302

reti001

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Oh no. That's not good about Atomic wallet.

I will have to take a look at Electrum wallet then. Does anyone know if I need ID to send bitcoin using that wallet?

As for buying bitcoin, I've been advised to buy a Bitcoin voucher from G2A. Then I can just redeem it to my wallet and I won't need ID. If anyone has any comments about that please do say.

EDIT: Apparently I'll need ID to redeem the voucher code. This is becoming a nightmare. I looked at Paxful for a P2P exchange but the reviews are awful. Can anyone please recommend a P2P place that's trustworthy?

Lucius

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Quote from: seoincorporation on July 22, 2024, 02:46:32 PM

~snip~
The wallet I recomend for you is atomic wallet, google it and you will find a lot of info, I. That wallet you can hold different coins, that's why I recomend that one.

Maybe you weren't among those unfortunate people who were hacked using that wallet, or maybe you don't know that it happened at all - in any case, I don't agree that it's a good choice. Even if you are giving advice, it might be wise if you posted a direct link, because there are a lot of fake versions of this wallet that very easily appear in the search results.

Quote from: https://www.coindesk.com/consensus-magazine/2023/06/06/atomic-wallet-was-breached-by-north-korean-hackers-elliptic/

Last year, security audit company Least Authority warned in a blog post that Atomic Wallet may have been vulnerable to breaches. According to Least Authority, issues included the way Atomic implemented cryptography, that it did not adhere to the best practices for wallet design, a lack of robust project documentation and incorrect use of Electron, a framework for building desktop applications. The firm has since taken down the post.

reti001

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Quote from: Peanutswar on July 23, 2024, 07:45:19 AM

Welcome to the community good to see you are interested in crypto, base on my experience I'm using Binance it support different coins and also p2p to make you more less hasle with the transaction into your fiat currency, in terms of wallet I don't recommend storing your asset in the exchange ideally use a hot wallet like the electrum and if you want to use cold wallet or those hardware wallets and good for holding long term currently I'm using a Trezor wallet they have an app too and supported among your listed coins.

Thank you. I had a look at Binance, it looks like it requires ID. I'm not being sneaky, I just literally don't have the type of ID these places require that's all, and I don't really want to spend the 70 or so needed to get one.
As someone else recommended I downloaded AtomicWallet. Seems to be ok for what I need it for. Thanks for replying.

Topic: First time crypto currency user - Help (Read 343 times)