Choosing a Quality Crypto Exchange - Avoiding KYC and staying anonymous

How to choose an exchange

Due to constantly increasing regulations, I've decided to write a short article on how to utilize them and not be tracked by big brother. In the USA it is required that you track all profits and losses on EVERY trade to be taxed accordingly. But, who really wants to do that? Not me. It's ridiculous. So, if your country requires something like this, there are things you can do to avoid it.

First, avoid exchanges with KYC (know your customer) requirements. Decentralized exchanges such as Bitshares do not require any KYC information to trade and deposit/withdrawal. We also have some good centralized exchanges such as Binance, KuCoin, and Cryptopia that offer pretty high daily withdrawal limits before requiring KYC. Binance and KuCoin being my two go-to exchanges.

Now, if you want to cash out your crypto, the best thing I can recommend doing is using a mixing service to anonymize the source of the withdrawal. The tax code on cryptocurrencies can get quite complicated. I don't want to provide any incorrect information on this subject, so I will refer you to this article: https://www.cnbc.com/2018/04/02/got-crypto-heres-how-to-avoid-an-audit-from-the-irs.html which explains how the taxes are calculated based on a variety of different factors like whether you mined the coins, they were gifted, earned from trades, etc.

If you anonymize your trades before cashing out, you will be able to report your crypto to the tax man in the most cost efficient way possible as it cannot be tracked. Being knowledgable on this kind of thing can help save your money and your ass at tax time.

Anyways, here are my recommended exchanges that don't require KYC to use.

• Binance
• KuCoin
• Bitshares
• Cryptopia

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