Why do all crypto trading sites require so many steps for registration

Naficopa

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Quote from: adamcro on July 16, 2021, 11:49:03 AM

I wanted to buy Tether so I was looking online where to buy it. I tried few websites, but it took waaaay to long to register. I needed to provide my email and pass, then confirm email, set up 2FA, get code on my phone via SMS, leave my personal data, address, upload ID, upload this document, upload that document...

Why is so complicated to buy crypto currency? Is it really necessary? I thought crypto can actually leave out all that complication what other real life payment processors have

The registration procedure depends on the legal regulations in the country where the exchange is registered. It is true that in most cases these procedures are exactly as described, but you can find a few exchanges where it looks a bit softer. Personally, when it comes to security and a slightly easier registration process, I recommend Binance.com - up to 2BTC / day you do not need to undergo KYC verification.

arwin100

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Jack of all trades 💯

Quote from: adamcro on July 16, 2021, 11:49:03 AM

I wanted to buy Tether so I was looking online where to buy it. I tried few websites, but it took waaaay to long to register. I needed to provide my email and pass, then confirm email, set up 2FA, get code on my phone via SMS, leave my personal data, address, upload ID, upload this document, upload that document...

Why is so complicated to buy crypto currency? Is it really necessary? I thought crypto can actually leave out all that complication what other real life payment processors have

Its for your protection since if they require you short registration details then you will be prone on hacking or other form of exploit which can possibly harm your account so better comply those things which exchange requires to you since you can use that in future if your account get compromise and also 2fa will make the life of intruder hard so don't get dismay on those.

And I will trust those exchange which offer strict registration process rather than an exchange who doesn't give proper protection since we are depositing our money so safety is the important thing we need to look for.

bolawin

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buy bitcoin, hodl bitcoin

why not using DEX instead like pancakeswap or p2p exchange so you dont need to verify your identity

hugeblack

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There is no meaning to turn your fiat money into USDT, holding USDT is worse than real money inflaction.
If you would like to buy bitcoin your country are determine how easy and difficulty of the way, but the use of decentralized platforms always reduces the amount of data you would like in exchange of fee rate / delay / or safety.

Again and through the country you are and as a general rule, provide more data for reliable platforms increasing your safety & reduce your fees.

o_e_l_e_o

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Quote from: sheenshane on July 17, 2021, 06:17:19 PM

Alternatively, you can find exchanges that are decentralized systems but the problem was stated above, it could be your fund might freeze by the bank if you will convert to fiat, bank will always ask the source of your money where this comes from.

This is by no means unique to decentralized or peer to peer exchanges. There are endless reports from users who have had transfers from major centralized exchanges like Coinbase and Binance frozen by their fiat bank or even had their bank close their accounts. If your bank does not approve of cryptocurrency buying/selling/trading/etc., then they don't care if you traded crypto on a centralized exchange or peer to peer - they will shut down your account regardless. In fact, trading peer to peer is probably better for avoiding your bank sticking their noses in to your business - if they see money coming in from "Coinbase Exchange" then they instantly know that crypto is involved, whereas if they see money coming in from another random person, it could be for absolutely anything. Further, you can trade peer to peer using cash which you then deposit yourself, so there are no deposits from any third parties at all.

Quote from: sheenshane on July 17, 2021, 06:17:19 PM

P2P is the best way for you regarding this matter but always remember to use escrow or a middleman for each transaction.

Any good P2P exchange such as Bisq or LocalCryptos has an escrow service built in to the exchange. Much better to use that than someone picked randomly from the internet that you've never interacted with before.

dustboy

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Quote from: adamcro on July 16, 2021, 11:49:03 AM

I wanted to buy Tether so I was looking online where to buy it. I tried few websites, but it took waaaay to long to register. I needed to provide my email and pass, then confirm email, set up 2FA, get code on my phone via SMS, leave my personal data, address, upload ID, upload this document, upload that document...

Why is so complicated to buy crypto currency? Is it really necessary? I thought crypto can actually leave out all that complication what other real life payment processors have

Reason why you need to provide email, pass, 2fa, code by sms: Security
Reason why you need to do KYC: regulation

If you do not want to do all those steps, you can buy crypto P2P with someone you trust or anyone around you. I'm quite sure all those steps are common thing already these days.

sheenshane

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Quote from: adamcro on July 16, 2021, 11:49:03 AM

I wanted to buy Tether so I was looking online where to buy it. I tried few websites, but it took waaaay to long to register. I needed to provide my email and pass, then confirm email, set up 2FA, get code on my phone via SMS, leave my personal data, address, upload ID, upload this document, upload that document...

Because the number one problem worldwide is money laundering and terrorist funding which is the government trying to combat these problems, to minimize this issue. All custodial services were strictly implemented KYC/AML to their all customers, to always verify and at the same time identify user's activities. On other hand, this also serves as your security not to steal by others your fund on an exchange by setting up and multi-layer of securities including 2FA.

Alternatively, you can find exchanges that are decentralized systems but the problem was stated above, it could be your fund might freeze by the bank if you will convert to fiat, bank will always ask the source of your money where this comes from.

P2P is the best way for you regarding this matter but always remember to use escrow or a middleman for each transaction.

o_e_l_e_o

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Quote from: adamcro on July 16, 2021, 11:49:03 AM

Why is so complicated to buy crypto currency? Is it really necessary? I thought crypto can actually leave out all that complication what other real life payment processors have

It isn't cryptocurrency that is forcing all these sign up requirements and asking for ridiculous KYC and personal information - it is the fiat side of the exchanges you are trying to sign up on which is causing this. Any time you interact with the legacy banking system, then you can expect similar requirements before they will accept a bank deposit, credit card payment, or similar.

If you want to buy and sell cryptocurrency without being subjected to fiat's KYC and other requirements, then you need to trade peer to peer on a decentralized exchange such as Bisq, Hodl Hodl, or LocalCryptos. I know Hodl Hodl trades Tether, but you might want to think twice about buying a centralized coin which can be frozen without your consent.

SFR10

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Crypto Swap Exchange

Quote from: adamcro on July 16, 2021, 11:49:03 AM

but it took waaaay to long to register. I needed to provide my email and pass, then confirm email, set up 2FA, get code on my phone via SMS,

Just because it took a while to do those steps, shouldn't mean it's a bad thing ^{[security always comes first]}.

Quote from: adamcro on July 16, 2021, 11:49:03 AM

leave my personal data, address, upload ID, upload this document, upload that document...

That's always the case when it comes to using centralized cryptocurrency exchanges.

Quote from: adamcro on July 16, 2021, 11:49:03 AM

Why is so complicated to buy crypto currency?

I believe you're using the wrong type of exchange for your needs; you might want to refer to the following thread instead ^{[make sure to read all of the comments]}: exchanges that don't accept kyc

Issa56

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I believe there are lot's of reasons for asking so many questions like that I believe one of the reason is for Security purpose at least nobody will be able to access your account to stop your account from being hacked and the reason for asking for kyc is for government regulation to know if cryptocurrency or the particular coin is accepted in your country or not.

blockforge

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Hello World.

Because of government regulations around money-related services. Unfortunately this is not something you will be able to get around ever, as there will always be some sort of regulation imposed by government organizations on such things.

adamcro

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I wanted to buy Tether so I was looking online where to buy it. I tried few websites, but it took waaaay to long to register. I needed to provide my email and pass, then confirm email, set up 2FA, get code on my phone via SMS, leave my personal data, address, upload ID, upload this document, upload that document...

Why is so complicated to buy crypto currency? Is it really necessary? I thought crypto can actually leave out all that complication what other real life payment processors have

Topic: Why do all crypto trading sites require so many steps for registration (Read 140 times)