Trading on Centralized Exchanges

in #cryptocurrency5 years ago (edited)

Having to move as the world moves is the best way to be on track and not being left behind.
In the cryptocurrency space, we have moved from having to register on an exchange to having to import private key or use metamask so as to have access to make use of the exchange and do trading to having to do it without doing any of these (please rephrase so it becomes clearer. Too long sentence, break it)
We have so many exchanges where you need to pass through rigorous processes of registration to pass the first, second and third stages of KYC before trades and withdrawal of assets can be made. Knowing fully well that cryptocurrency and blockchain is about keeping your identity safe without having to worry about privacy issues. You might go through all the processes and still not have your KYC verified due to supposed disparities in KYC requirements (Haircut, facial hair etc.) could get rejected because you do not look exactly like the photo on your ID. In countries like Nigeria for example, most people might not have their names on the proofs of residence (the utility bills) simply because they live in rented apartments which utility bills bear the name of its owner. which very certainly will not be accepted because the names on this bill is different from the names being registered with.
The acclaimed ‘top’ exchanges notwithstanding prefer to uphold these rigorous processes. To make use of Binance, Coinbase and the likes of them, you need to register and pass KYC. Why not save yourself the stress?
I made use of https://changenow.io/ and it has been a great experience I must admit. I have comfortably initiated and completed several transactions successfully. This is the first cryptocurrency exchange platform that has allowed me to transact without having to register or go through long KYC processes before I could do a thing. However, in order to prevent fraud, or in case of any suspicious transaction detected by the ChangeNow system, KYC will be required to complete a transaction.