Is there any NON-KYC method to buy stocks using bitcoin?

BenCodie

legendary

Activity: 1666

Merit: 1037

Quote from: mk4 on February 27, 2023, 02:55:48 AM

Quote from: BenCodie on February 26, 2023, 07:48:46 PM

I would recommend checking out Gains.Trade. They are a decentralized service that allows you to use crypto to simulate the trading of stocks. Simulate meaning your orders and purchases are not technically real. When you buy a stock, you don't really own it like you do when you buy from the stock exchange (but who is to say that you even own it when you use the stock exchange). It's more like you are betting when you long/short something using their service. The reason for this as far as I have read, is so that there is less liability for the developers.

Despite this, it seems like it has been built quite well and it does serve the purpose you are looking for. I found a lot of useful information on their reddit if you want to learn more about it quickly.

It does work really well based on my experience; but of course, DEX protocols can break or get exploited from time to time. I only trade with like $500 at maximum(amount will vary depending on how much you can afford to lose) so I wouldn't get fucked up if something bad happens.

I agree, while it is fairly promising, it's still fairly new so I would definitely recommend using your strategy of using a minimal amount a a time. It's good to hear that you have had a good experience with them to date. I am following their development closely

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: BenCodie on February 26, 2023, 07:48:46 PM

I would recommend checking out Gains.Trade. They are a decentralized service that allows you to use crypto to simulate the trading of stocks. Simulate meaning your orders and purchases are not technically real. When you buy a stock, you don't really own it like you do when you buy from the stock exchange (but who is to say that you even own it when you use the stock exchange). It's more like you are betting when you long/short something using their service. The reason for this as far as I have read, is so that there is less liability for the developers.

Despite this, it seems like it has been built quite well and it does serve the purpose you are looking for. I found a lot of useful information on their reddit if you want to learn more about it quickly.

It does work really well based on my experience; but of course, DEX protocols can break or get exploited from time to time. I only trade with like $500 at maximum(amount will vary depending on how much you can afford to lose) so I wouldn't get fucked up if something bad happens.

BenCodie

legendary

Activity: 1666

Merit: 1037

I would recommend checking out Gains.Trade. They are a decentralized service that allows you to use crypto to simulate the trading of stocks. Simulate meaning your orders and purchases are not technically real. When you buy a stock, you don't really own it like you do when you buy from the stock exchange (but who is to say that you even own it when you use the stock exchange). It's more like you are betting when you long/short something using their service. The reason for this as far as I have read, is so that there is less liability for the developers.

Despite this, it seems like it has been built quite well and it does serve the purpose you are looking for. I found a lot of useful information on their reddit if you want to learn more about it quickly.

Eternad

hero member

Activity: 1400

Merit: 623

Quote from: Yamane_Keto on February 24, 2023, 12:26:12 PM

I'm trying to search for experiences, platforms, or any advice related to that.

Is this even possible. Most of the platform that offers stocks usually have a license to operate since they are offering company stocks. As part of this license is the AML policy which requires every customer to undergo KYC.

I believe you can only purchased virtual stocks or an IOU stock if you want a non kyc method on purchasing.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

This is what "Mirror Finance" offered:

Quote from: DarkStar_ on December 11, 2021, 06:39:29 PM

Mirror Finance offers tokens that attempt to mirror the price of the underlying stock each token represents.

Until the coin it was based on imploded:

Quote from: DarkStar_ on May 16, 2022, 11:44:51 AM

Mirror ran on the Terra blockchain, and took Terra's algorithmic stablecoin UST to be worth 1 USD. Last week, UST broke and depegged, taking down Terra with it. Mirror's pricing oracles seem to be taking 1 USD = 1 UST as fact, but 1 UST is now trading at $0.101 so stock pricing is broken (example: oracles are reporting $TWTR to be worth 38.23 UST (~= $3.84), while stock market pricing is $38.24 USD). Even if pricing was accurate taking the depeg into account, a lot of trust has been lost in Terra so most people are probably looking to get out.

My interpretation:

Quote from: LoyceV on May 21, 2022, 05:13:16 AM

When pegging a stock to crypto, I would assume that when someone buys a "crypto stock" the organisation behind it buys the real stock and keeps it. If that happened, the stock must still be there! Who's taking the profit now? If it didn't happen, it was a ponzi from the start.

TL;DR: don't do it. You'll need to trust some anonymous guy with your money.

Husires

legendary

Activity: 1596

Merit: 1288

I found this on reddit https://www.reddit.com/r/Bitcoin/comments/11asnbn/how_safe_is_this_lofttrade_lightning_app/
https://loft.trade/ site claim that you can invest in stocks without paying commission.

They also have the ability to pay with the Lightning Network.
Disclaimer: I did not use this site and do not recommend it, do your own research before you consider any deposit or data submission.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

There is no safe non-KYC method to buy stocks, and so there is no safe non-KYC method to buy stocks with bitcoin. I'm sure you could find some dodgy two bit broker or individual who would be willing to "sell" you some stocks anonymously, but you will almost certainly end up being scammed.

I wouldn't touch anything on DeFi with a 60 foot pole. You have no way of verifying that the token you are being sold is matched to a share or stock, and buying these tokens does absolutely nothing to the supply or demand of the actual stock. And how are you going to get paid your dividends? You won't. What are you rights in a merger or buy out? Likely zero. At best you are getting a worthless IOU which can be taken from you at any moment for any number of reasons. At worst, you are just being scammed.

If you want to buy stocks using bitcoin, then the most private way of doing it and keeping your bitcoin activities private will be to sell the bitcoin for fiat in a decentralized peer-to-peer manner, and then deposit that fiat in to your standard broker account and buy stocks as you usually do.

mindrust

legendary

Activity: 3276

Merit: 2442

Probably not possible. Even if it existed, it wouldn't be safe by all means. Let's say the company providing this service suddenly disappeared. How are you going to sue them? In the eye of the lawyers, you don't even own any stocks because that company isn't a SEC registered stock exchange which means they are already doing something illegal.

Every stock exchange I know wants to know everything about you. They want your ID scan, your income statements, your home address, bills, anything... You want them to skip this and even more, you want them to accept bitcoin? It is not happening.

I think you should go to binance. Cool

bbc.reporter

legendary

Activity: 3010

Merit: 1460

@Yamane_Keto. There is no service for this, however, there are Defi projects that offer synthetics or derivatives of stocks that you can trade using Ethereum. But their list is limited and the volume is very low. I reckon that it will certainly be much better for you to hold your coins or trade them for bluechip altcoins like Ethereum which you can also use to trade in Defi, NFTs and tokens of other types.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

If you want to buy 'real' stocks, then no — the stock market is highly regulated and there's no chance you're getting a hold of them without AML/KYC.

On the other hand, you can trade synthetic stocks through DeFi platforms like Gains.trade, etc. Proceed with caution though, beware of scams, exploits, etc etc.

PX-Z

hero member

Activity: 1554

Merit: 880

pxzone.online

I don't think there's an existing platform for that, most related platform always ask KYC, especially when it comes to stock market.
What i used to know are robinhood, Uphold, and some local wallets here in my area offering such service.

coupable

hero member

Activity: 2338

Merit: 757

It is not to my knowledge that this has been possible until such a long time ago. Buying stocks requires identity documentation to prove ownership, and there is no possibility to buy them without verifying identity, whether by using encrypted currencies or other means.
Moreover, the stock market requires partnerships and guarantees for each shareholder to secure his savings. I don't think entering this market anonymously would be a right decision even if it were possible.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

Quote from: Yamane_Keto on February 24, 2023, 12:26:12 PM

I'm trying to search for experiences, platforms, or any advice related to that.

Not that I'm aware of. I believe it's been offered in the past to people outside of the US, but I'm not sure if that's still a thing. I recall at one point I think it was Binance who allowed users to buy certain stocks. I thought it was shut down by regulatory authorities but I could be wrong. However, if you're in the United States I really doubt that something like this would ever be possible, at least not legally. However, one of the good things about buying stocks is that they're tied to accounts in your name and are provided with things like insurance in the event things go wrong (up to a certain amount). I don't think anonymously buying stocks is probably the greatest long term plan.

Yamane_Keto

hero member

Activity: 406

Merit: 443

I'm trying to search for experiences, platforms, or any advice related to that.

Topic: Is there any NON-KYC method to buy stocks using bitcoin? (Read 191 times)