Most bitcoin exchanges require you to go through a lengthy and cumbersome identity verification process, which makes buying bitcoin more complicated than necessary while also putting your information at risk. staff.
In this guide, you will learn how you can buy bitcoin with your bank account instantly without ID verification to protect your privacy as a bitcoin investor.
why a no kyc policy is better for consumers
Most financial service providers require you to complete an identity verification process before you can use their services.
The main idea behind this, according to financial regulators, is to make it more difficult for criminals to launder money. however, as we have seen time and time again, that is not the case.
the seemingly endless list of money laundering cases at global banks, with strict anti-money laundering (aml) and know your customer (kyc) policies, suggests that identity verification processes can harm consumers rather than to really protect them.
The identity verification processes not only create an obstacle for new users who want to use a financial service, but, moreover, every time we provide personal information to a company, the risk of our data being compromised increases.
In 2020, the number of data breaches more than doubled from the previous year, with large-scale breaches at companies like Nintendo, Easy Jet, and Marriott affecting tens of millions of people around the world.
A simple way to mitigate the risk of your personal information being leaked online due to a data breach is to provide as little personal data as possible to businesses. Unfortunately, financial service providers often require sensitive information (such as your home address) to complete their onboarding processes.
When it comes to investing in bitcoin, privacy plays an important role.
When the price of bitcoin rises and shoots to new highs, new bitcoin millionaires are created. in case you end up being one of them, you would prefer that the whole world did not know that you own bitcoin. therefore, the more private your bitcoin purchases are, the better.
now let’s see how you can buy bitcoins without identity verification (in eur or chf) using relai.
how to buy bitcoin instantly with your bank account (no verification required!)
Possibly the easiest way to buy bitcoin using your bank account and without verification is by using relai.
relai allows anyone in the eurozone and switzerland to buy bitcoin using their bank account without having to provide any personal information.
thanks to swiss cryptocurrency regulations, relai users are not required to undergo an aml/kyc procedure (even if they are located outside of switzerland) for bitcoin purchases less than 1,000 chf per day or 100,000 chf per year.
Instead, they can simply download the app and buy bitcoins in a matter of minutes without having to provide any additional information.
this is how:
- go to the app store or play store and download the app relai
- type the amount of bitcoin you want to buy (in eur or chf)
- make a bank transfer to complete the transaction
Let’s look at that process in a little more detail.
- download relai to your smartphone.
- open the app, choose an access code and back up your wallet. you will find the wallet backup option in ‘settings’. write down your backup phrase and keep it safe.
- then go to the ‘buy bitcoin’ section and enter the amount of chf or eur you want to buy bitcoin with.
- once you have decided how much bitcoin you want to buy, click ‘next’ to see the payment details.
- Finally, enter the payment details in your banking application to make the payment to relai. you don’t need to put a transaction reference as relai knows the payment is coming from you from your iran.
and that’s it! then you will receive your btc in your relai wallet.
To buy bitcoins without ID verification, download relai and get started today!