Topic: KYC Free Exchange from Altcoin to Bitcoin? (Read 277 times)

When you trade on decentralized exchanges like dydx v4, you get your profits paid out in USDC.
Just for information!

Bisq's daily trading volume is approximately $500,000, which is quite a low volume for an exchange

I think cross-chain swaps or Atomic Dex are far better than a centralized exchanger that has control over your money.
Good luck not getting ripped off at some point.

We are in a forum where you can ask questions...
No, big whales probably exchange their funds with Binance, Kraken, Coinbase etc.
It's not for nothing that the trading volume on CEX is 2000 times bigger than bisq

You can't have big volume and decentralization with bunch of shitcoins you are allegedly holding (and I seriously doubt that).

What are you talking about?
There are thousands of trades each day on Bisq exchange with bunch of bitcoins traded all the time.
You probably never installed or used bisq in your life.
Bisq markets:
https://bisq.markets/

Find a better one.
Good luck.
Exch is centralized but it's probably better than most of cross-chain crap and fake-dex exchanges.

You are asking to many questions...
I am sure large sum whales is asking questions like this in bitcointalk forum asking for atomic swap and special exchange  

Yes, the atomic swap is safe because it allows cryptocurrency traders to exchange crypto assets without the need for third party arbitration and also allows them to have full control over their cryptocurrencies at all times.

Its working principle is simple: Atomic Swaps create automated, self-executing contracts. These contracts execute specific actions once pre-defined rules are met with zero-fee trading (network fees only).
Its main problem is that it has limited liquidity

You can learn more through this article:
https://www.forbes.com/sites/lukefitzpatrick/2019/09/02/a-complete-beginners-guide-to-atomic-swaps/?sh=42c314976178

In general I would recommend, regardless of the tool you're finally using, to first try it out with lower amounts you can afford to lose. Even in atomic swaps there may be situations where a party can get an unfair advantage, although stealing the funds if you act correctly is not possible.

If carried out correctly and monitored by both parties, an atomic swap is safe, yes. The risk is mainly that one of the parties can abandon the trade if the price evolution doesn't favour it, and the other party may sit on transaction fees.

The "smart contract hacks" list linked by Despairo does not really include hacks of traditional atomic swap platforms. There is an attack on Uniswap listed, but Uniswap is a more complex product with more risks involved, and it only supports Ethereum tokens.

The basic principle is simple: Two parties (Alice - altcoin buyer/Bitcoin seller - and Bob - altcoin seller/Bitcoin buyer) arrange transactions (two on each chain) in a way the funds on them can be used only if a secret (generated by one of the parties) is known by both parties. The exact process is described here (Tier Nolan is the inventor of the first really usable atomic swap technique).

The process can also be moved offchain to save fees (using Lightning Network), but that needs additional monitoring (you have to stay online until the whole process has concluded) and can be a little bit less safe.

It's a kind of smart contract but written in Bitcoin Script, i.e. without loops, this means it does work very differently from the contracts you may know from Ethereum. Both parties of the trade generate transactions with a set of rules to ensure that the funds moved by their transactions (the Bitcoin transaction and the altcoin transaction) can only be spent by the other party if it follows by the rules, and if not, then the funds can be spent by themselves again after some time has passed. These contracts are called HTLCs (Hashed Time Locked Contracts, similar to those used in Lightning Network). In its raw form, this kind of atomic swap does not not use AMMs.

Yes.

About tools: Despairo has already linked my thread, so go there for a list of tools/platforms. (Edit: Take into account that also Blocknet and Thorchain are on the list of this thread. Both require trust in an additional blockchain, and Thorchain does indeed use a different model which is not totally trustless.)

Thank you, I'll take a look at the thread

I'm basically someone who only uses open source.

You may visit this thread Atomic swap tools and exchanges for Bitcoin (work-in-progress)

I can't say it's safe because there are a lot case smart contract got hacked https://4irelabs.com/articles/top-17-smart-contract-hacks/

You might fully own the token because it's non custodial, you know the seed phrase and can access it at anytime. Now the next question is, are you sure the exchange is open source? anything can happen if it's closed source.

Sorry guys, I know altcoin is a very broad term.

It is USDC (Erc20)
In principle, all altcoins on the Ethereum blockchain.
I would use DEX to exchange the USDC into ETH or into USDT etc

Unfortunately, the volume of Bisq is too small for me, I'm talking about larger amounts that I would like to swap in Bitcoin.

exch.cx is too risky for me, nothing against the operators, but changing such large sums to someone who has control over my coins would give me a lot of stomach ache.

Atomic swap sounds interesting.
Is something like that safe?
And how does an atomic swap work?
As far as I know, everything runs with AMM (Automatic Market Maker), and about smart contracts right?
And you have full control over it yourself?

Do you have any Atomic Swap / Cross Chain Swap providers for me?

As a Pi coin supporter, you resent some exchangers for their simple design, I will see everything here.


You didn't say which altcoin you have for exchange. First, check where it is possible to trade coins that you have, and then look for the best solution. Here, for example, if you have a Pi coin, forget that you will sell it anywhere because it is garbage.

Actually, without knowing the name of the Altcoin you want to exchange, how can I suggest you an exchange name? I think you should mention the name of the alt-coin because if it is not listed on the suggested exchanger then there is no point in suggesting it.
Moreover, you can do direct P2P exchange by creating a topic on this board( Currency exchange), you must mention some specific details about your coin. Moreover, what ever the amount is small or big, if the buyer does not feel trusted for you, then you can use these Escrow services in this case you don't have to worry about limit. 

It would have better for the op to name the altcoin which he is planning to do the exchange so that it will be very easy for the recommendation. Instead of giving him all exchange that does not do KYC. And most of those decentralized exchanges do not have all the altcoins so if exchange A does not have it , exchange B might have it, therefore if the op name it then we can know which of the exchange has the altcoin he is looking for to exchange and recommend that exchange for him to do the job very fast and easy. Op please be specific to make things easy for you and others.

The altcoin has to be listed in the exchange to trade it for BTC. This is the basic requirement to fulfill the exchange of your altcoin and with that said, you may have to look it up because to me it sounded like it's not listed somewhere yet. If this altcoin is among the top in Coinmarketcap then it's going to be listed on big CEX.

Most CEX are already asking KYC even the ones you don't expect that will ask are already requiring users to submit documents. There isn't an escape to this anymore unless you do it on DEX.

Since you said Altcoins without mentioning the specific token name, I think it would be better if you used MEXC, MEXC supports many major altcoins and also doesn't require users to do KYC to interact there.


AFAIK it's 30 Bitcoin (BTC), but I don't know for now, the last time I interacted there was about 7 months ago, it's a good idea for you to look for further information on their official page, who knows, there may have been changes that no longer allow that number.

I have been using Mexc for a few months, and so far I have not seen any problems because I can often withdraw funds from this platform every month, which are around $300-$500.

And it's also true that there is no kyc, so I often do daily trade here, and at the same time I also do futures trade. So far, so good, even if it's only a small profit every day. Then the Okx also has no kyc.

I respect every difference, including the way of thinking about something that is seen. The appearance of the interface is not a problem if the eXch exchange site can fulfill the user's wishes.

The aim of users using the exchange platform is to make it easier to use and the aim of the exchange platform is also to provide the best for its users. Both understand each other. If the appearance is good while the function is not as desired, what's the point?

If someone like you's goal on an exchange platform is the appearance, not the features and convenience, we can understand how and what the user's character is like.

There are other centralized exchanges to use and if MEXC has problems by rumor, it is good to stay away from MEXC before things become clear. Clear means the exchange either will clear rumor and they are good one to use or they will actually fall into bigger problems and rumor is like tip of iceberg.

If they have problems, we will know but if we lose money to them before things are clear, we are just too careless and stupid to store money there.

MEXC urges calm over deleted ‘CEO’ account amid reported withdrawal issues

They answered it on 24 December 2023.

I used MEXC twice last two months and I had no issue but what OmegaStarScream said is very correct, and it's a friendly warning. I heard about the withdrawal challenges some users are facing from a discord group of one of the projects that's listed on MEXC. The community members were also advised by the moderators to stay away from the exchange, although I don't know it has gotten to the point of the CEO taking down his social media account.

Some centralized exchanges still allow you to use their exchanges, no KYC but using centralized exchanges has many risk.

Risk of account freeze by them. Risk of their service closure, scam and many things.

You are doing something opposite than people often do. Because with altcoins, you can use Decentralized exchanges to swap around like from ETH to USDT, USDC. And you can deposit them to a centralized exchange to buy bitcoin, then withdraw.

Reminder: do not keep your money in online accounts

I use exch.cx regularly and never had any issues, the only time a trade hung it was resolved in a few hours by support (and no, that recommendation is not related to my signature -> the only connection may be that I was happy to see a campaign by a service I already had trusted before). I also like very much their feature of a "letter of guarantee" (a signed message which acts as a proof that the deposit and withdrawal addresses linked to a trade are correct. If exchanging bigger quantities, of course check if the signature is correct!)

Edit: Situation at exch.cx has regularized, so my recommendation stands

If you have more exotic (particularly older) altcoins, take a look at Freiexchange.com. They also have an oldschool interface but I have used them also regularly and never heard about any issues.

Another alternative are atomic swaps (you can use Komodo Wallet for that), which doesnt need an intermediary, but take into account that this results in your exchange being visible on both blockchains, and also the Bitcoin transaction fees may be quite high.

For PoS/smart contract chains, tokens on non-ETH chains etc. there's ChangeNow which might support the biggest selection of altcoins of any non-KYC exchanger. I would not trust them high amounts of coins, because they have a policy to check the deposited coins with an analysis tool and when they're "tainted" you'll have to register and even provide proof of funds in some cases, if the result of these tools is very bad you'll not even get refunded if you don't provide these documents. This has resulted in some scam accusations against them, but I've looked into them and they're likely mostly baseless (IMO most were likely people wanting to exchange funds of dubious origins, getting caught by their analysis tools and not wanting to provide KYC documents).

So in general my recommendation would be:

- use exch.cx if the coin you want to exchange is supported,
- try with Bisq and other tools recommended on kycnot.me (with rating or 8 or more) if not (unfortunately many of them don't support many coins) or use atomic swaps,
- and for low quantities of more exotic coins use Freiexchange or ChangeNow, but they're more risky.

Here's their thread eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20, you can leave them a negative feedback if you think the childish interface looks like a scam site.

They're centralized exchange with temporary no KYC, sooner or later they will force every users to submit KYC just like Binance, Kucoin, Bybit etc.

I don't understand your concern over eXch exchange's trustworthiness only because of its simpler interface compared to other platforms. The two are not necessarily related.

While its look and feel differs from more well-known exchanges, that alone does not equate to questionable practices or intent.  Moreover, having been active in these forums since 2014, eXch seems to have built a solid reputation over time in this community.