Topic: Trading on Binance Without KYC via Safepal? (Read 280 times)

Safepal (as a VIP user of binance) is probably using the sub-accounts feature in binance. (Click here to see the guide provided by binance)

According to the guide, the master account (which is owned by safepal here) is able to create the sub-accounts using virtual emails. In this case, withdrawals can be made only by the master account.
So, once a safepal user requests a withdrawal, that's actually requested by safepal to binance.

Assuming Sapefal account on binance is VIP9, a single account can have up to 200 sub-accounts [Ref.]
So, anyone using binance on safepal is actually using one of those sub-accounts.

Since there are definitely more than 200 people using binance on safepal, there are two possibilities:
1. Safepal has many verified accounts in binance.
2. Binance is allowing safepal (as a corporate account user) to have more sub-accounts.

Yes. It's an app[1] that you can download. It can work with or without the hardware wallet[3].


It's actually closer to Electrum than it is to Blockchain.com. It's still a closed source wallet though.


AFAIK no, the same fees should apply. Safepal doesn't take anything extra.


I've been using Binance for quiet sometime (before the KYC policy) and AFAIK, they never lowered it. It has always been 2 BTC per day.

And yes, you should be able to buy any coin from Binance but not using fiat though.


I doubt that Binance would lock user's funds but as I said above, there is always that risk. No one can answer that question. My advice to you would be to deposit funds to trade and withdraw as soon as you're finished. It doesn't hurt to withdraw them your Safepal address, just make sure to keep them out of the exchange interface.

[1] https://safepal.io/download
[2] https://shop.safepal.io/products/safepal-hardware-wallet-s1-bitcoin-wallet

Few questions on this then.


So safepal is a hardware wallet but you don't need to buy this hardware wallet to use it?  Is that correct?  So is it like a wallet you download like electrum or its more like an online wallet like blockchain where you log into the website?


Trustwallet is more like online wallet like blockchain as oppose to electrum right?


So the person that posted pictures of using safepal, you bought and sold and withdrew with no issue but did it with tiny amount.  But i got to assume the fees are a lot higher than compared to using binance normally?  Because binance fees are 0.1% correct?  So how much are the fees when using safepal?  And is it always flat fee?  Asking this because i like to buy certain coins on binance but can't do it anymore.


Now you mention they currently have a 2 btc withdraw limit.  So they always had that or it went down to that once binance changed their KYC?


So does this mean you could buy literally any coin on binance on safepal? 


Are there people trade there on safepal actively?  But what if someone put a lot of money there?  Like imagine someone put 2 btc there and put that balance there to trade.  If safepal then does KYC, that mean that person would only be able to withdraw 0.06 btc max each time and get hit with a lot of fees?  But not only that, since they can't trade anymore and convert their btc to another coin to cut down on fees, they going to pay ton of fees?  So basically anyone that put a huge amount there, its risky if one day they ask for KYC and then you can't withdraw it all at once>?

I understand the risks, and I specifically do not recommend anyone to use the savings feature.

Having alternative accounts may not be very profitable here, except for manipulating trades or something. Binance's DAPP doesn't offer anything special like regular Binance users like joining launchpad events. It only serves you trading (spot/futures) and savings.



I forgot to reply to this.

I honestly assumed it was integrated into binance CEX after checking out the exact same coin pairs on the "Markets", not just limited to ETH and BSC based token pairs. As seen in my test results, I traded with TRX tokens. And more clearly, there is futures trading there.

I don't doubt for a second that the developers are not aware of this, and I'm almost certain that it was done on purpose, but I don't think it has anything to do with the hardware wallet, since that feature can still be used even without the device.

They may leave this "Safepal bug" to incrase hardware wallet sells but I don't think it will be discontinued soon unless many people start using it. in the end when you use Binance you must know that they will ask for identity verification at some point so I don't think it's worth the risk Especially with so many alternatives.

Anyway, I found this:

Source --> https://www.reddit.com/r/safePal/comments/p6syq7/will_binance_withdrawal_limit_take_effect_with/

So, Admin may know about this non-Kyc 2 BTC limit.

@noorman0 You're welcome. If you managed to trade, you should be fine withdrawing because IIRC, even a few weeks prior to the KYC policy, users were not able to trade and place orders. Anyway, keep us posted, please.

Just something to keep in mind, when you created that account, you agreed to Binance's TOS so there is always that risk that KYC will be asked in the future, or they might even lock your funds.

Thanks @OmegaStarScream for bringing this information.
I recently used $10 bnb for this research. I'm really interested if safepal can avoid KYC trading on binance.

Smooth deposit process from safepal wallet.


I've done a few spot trades with no problems.


Unfortunately for withdrawals, Binance still enforces the old conditions. So I have to wait another 8 hours.


There really doesn't seem to be a KYC page for this Binance DAPP, so there's no way to do it. What bothers me so far is the problem of slow access, even though I have no problems with internet connection..
I will update the results tomorrow.

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update:


You guessed right, mate.
I managed to withdraw funds.


Withdrawal terms are currently limited to 2BTC, a huge amount in my opinion.

Trustwallet doesn't have the built-in Binance I was referring to, SafePal does. AFAIK, when you're using that, you're interacting with the CEX and not their DEX. Spot trading, futures, savings are all available. I could be wrong though. Here are a few pictures of it[1][2].

As I said though, I can't say that for a fact that KYC is not required as I haven't tried to deposit and then withdraw yet, but it appears that it's not. If you click on "deposit" while using the Binance exchange now, you will be asked to verify your identity before giving you an address to send funds to. However, if you do the exact same thing through Safepal, no pop-ups appear.

[1] http://epvpimg.com/rTeDcab
[2] http://epvpimg.com/MkBIbab

I am a little curious here. Where do you deposit exactly? Inside of trust wallet, right? Where Binance ask you for KYC but Safepal didn't. So I am interested to know after you deposit can you trade in the centralized interface? Or do you have to trade on the decentralized interface? Just I am not getting where Binance required KYC to trade in their Centralized exchange but how can you trade there without KYC through just a tool or apps. I think it shouldn't happen and we are missing something. I haven't been using Safepal wallet so I don't know exactly how is the process.

If it's possible to trade on the centralized interface from safepal wallet without KYC then everyone will do that instead of using KYC in Binance.

No, there is a software version that is available for both Android and iOS devices. It's meant to be the official software for their hardware wallet but you can still use it without the hardware.

Now, for the trading process, it's identical to the one in Binance.com. You cannot trade directly from your SafePal funds. You will have to deposit funds into the built-in binance interface first. I can't speak about the KYC part, but I don't think it's enforced. I tried to deposit on Binance, and I was asked to KYC, but when I try the same thing on the safepal app, I wasn't asked for anything and they provided me with the deposit address.

And also, no. This feature is not available on the Trustwallet app. Yes, you have a swap and exchange feature there, but it's not the same thing.

Binance has two different blockchains. Binance Chain (BEP-2 version) and Binance Smart Chain (BEP-20 version). Binance DEX is based on Binance Chain, not the Smart Chain which is compatible with Ethereum Virtual Machine.

Okay so apparently safepal is a hardware wallet you need to buy.


Trustwallet is an online wallet like blockchain?  Or is it software like electrum?



But can you use either of them right now if you want to trade on binance?  Back then I could use binance because I was using it outside the US even though I am a US citizen until they required you to submit documents.  Thus I never once logged into my binance account once in the US when I was there.  But if i use trustwallet now, i could use binance?  But are the fees much more than with the regular binance?

I've done that through trustwallet but I don't feel doing it again.

Not anymore. Binance has imposed the forcing of KYC to every user into their exchange. If you don't send your verification, you're only allowed to withdraw.

Maybe you should visit Safepal wallet again and try it's exchange function. Safepal is partner with Binance since its a product of Binance Launchpad. You can literally access the Binance Exchange using the wallet as your account and trade there. Its confirmed that you didn't need KYC but there's a limitation on the trading volume which I don't know since I didn't view the ToS for that. You can access the real Binance Exchange and place order using Safepal wallet but the benefits is still the same for the user that didn't undergo on Binance exchange.

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You can actually trade on Binance without doing KYC but there is just a daily limit for your trading volume which is same with Safepal wallet user.

This is not about you have something or nothing to hide. It is not as if you have secretly committed a crime and that submitting KYC documents will make everything public. This is about your personal information submitted online. And we have enough reason to be afraid that these personal information might either be sold, leaked, or asked by authorities. This is about privacy. We are not hiding but we are not also giving out our personal information. That is for everybody's safety and security.

I just found out about safepal in this thread which I know is a trustwallet that can access transactions or swaps on the binance smart chain without KYC. different from the Binance application which has many features and is one of the leading platforms with excellent blockchain technology development, which in my opinion KYC at binance must be in accordance with procedures because that is the regulation that users should do

To be honest i never heard such thing, and as far as i know binance exchange is one of the most genuine platform around the internet and very strict when it comes cheating. so probably there's no way you can enjoy their full features using another platform to bypass the KYC requirements. In fact a lot of users in binance turn into withdrawal only because they didn't pass the kyc.. So how is that possible to happen? If it's true perhaps they already removed that thing.. Lol

This makes sense to me, but the video linked by Japinat seems to suggest otherwise because there it shows a person being able to select a wide range of trading pairs, and claiming that it's Binance spot exchange, accessed via Safepal, not Binance Dex. I don't know if it's legit, and I'm not going to check it, though. Even if it is a workaround that still works, Binance probably will treat using it as a violation of the ToS because they've clearly made verification obligatory for trading on their exchange. That could result in the account being blocked, and I'm not sure if they'll bother to return the money.
I think it's best to make a choice here: if you want to trade on Binance, complete verification. If your privacy's more important to you, withdraw your coins from Binance and choose a different exchange for trading.

the first one may i suggest you move this thread to trading disscusion https://bitcointalk.org/index.php?board=8.0 because this will relate when discussed there.
regarding safepal and trust wallets, they are actually the same without kyc and both are also facilitated in swaps and exchanges.
and I think both are pretty good especially to be used as token storage options.