TMCnet Feature
December 01, 2022

Where to swap crypto anonymously?



The anonymity of cryptocurrencies was one of the factors that contributed to their popularity. In the blockchain, only wallet addresses are recorded as a combination of characters and without specifying the name of the owner.

However, the blockchain itself is completely transparent and any user can view the entire history of transactions indicating the amount of the transfer, the time of completion, the wallet addresses of senders and recipients. That is, the anonymity of cryptocurrencies is actually only partial.



Associating a specific wallet with a specific person is difficult, but not completely impossible. However, if you do not make transactions for hundreds of thousands of dollars and do not have problems with the law, it is unlikely that anyone will look for you, especially if your wallets function exclusively as cryptocurrency ones. Thus, you can safely change BNB to TRX and store coins indefinitely, remaining incognito, since the border between the conditional anonymity of the crypto world and its absence in the traditional financial system runs through your bank card.

Where to change cryptocurrency

Cryptocurrency can be exchanged on centralized and decentralized exchanges, on p2p platforms and instant exchange services. Each of the methods is good in its own way, but also none is perfect and has its own risks.

Cryptocurrency exchanges

Cryptocurrency exchanges are divided into centralized and decentralized.

Features of centralized exchanges

To access the functionality of the centralized exchange (CEX), you will need to register an account and often - verify your identity. While the legal status of cryptocurrencies is ambiguous, verification on many sites is not required, but such platforms are becoming less and less. The rules are tightening, and against the backdrop of a large-scale crisis in the crypto market, regulators are likely to be able to bring it under control.

While the policy of different sites varies greatly. On some, you can still remain incognito if the trader works exclusively with digital assets and relatively small volumes. However, there are also those where anonymous users cannot withdraw funds in any way at all. When it comes to transactions with fiat money, in most cases verification cannot be dispensed with.

Features of decentralized exchanges

Decentralized cryptocurrency exchanges (DEX) are organized differently. They are based on the blockchain. Instead of registering on the platform, you need to connect a crypto wallet to it, less often - create it directly on the site itself.

However, it should be borne in mind that the choice of cryptocurrency pairs on the DEX is still much inferior to many traditional exchanges. Another serious problem of DEX is the difficulty of exchanging tokens from different blockchains. Converting SOL to BNB on a decentralized exchange is unlikely to succeed. This problem is partially solved by synthetic assets, but this is not very convenient.

Other Swap Methods

Roughly the same applies to p2p sites. They are inferior in popularity to crypto exchanges, so there are significantly fewer offers to buy and sell coins on them. Yes, this is a secure and anonymous exchange method, but not always fast. In addition, the transaction price is often indicated without taking into account the commission of the system.

Another way to anonymously swap cryptocurrencies is inside your own wallet. Many modern crypto wallets support the internal exchange function. At the same time, it should be borne in mind that such an operation is not always profitable, since the exchange rate can differ significantly from the exchange rate.

Exchangers

Among the quick exchange services, there are sites that work completely anonymously, and the functionality of the platform can be accessed without registration. Unlike exchanges, such platforms do not provide the ability to create pending orders. The transaction is made at the current market rate. In addition to anonymity, among their advantages are high speed, no problems with liquidity and a rich selection of coins. For example, LetsExchange supports about 2000 coins and tokens. The service does not set any restrictions on the number and volume of transactions.



» More TMCnet Feature Articles
SHARE THIS ARTICLE

LATEST TMCNET ARTICLES

» More TMCnet Feature Articles