KYC means Know Your Customer or sometimes Know Your Client.
KYC or KYC check is the process of identifying and verifying the client's identity when opening an account and periodically over time.
In other words, exchanges must make sure that their clients are genuinely who they claim to be.
Exchanges may refuse to open an account or halt a business relationship if the client fails to meet minimum KYC requirements.
Is buying crypto without KYC better than buying on the normal exchanges?
Many users that can’t use exchanges because those exchanges reject their IDs and selfies.
For most people, a normal exchange would be a better option. But these options might come in handy for some people and the more options we know how to buy our precious cryptos, the better.
DYOR about the laws in your country!
You can buy/sell cryptocurrencies on Bisq privately and securely using Bisq's pseudo peer-to-peer network and open-source desktop software. You don't even have to register an account.
It is good if you are buying weekly/monthly and HODLing. Won't work that well for traders and people looking to buy more than 50000000 satoshis. The arbitrage is expensive and takes time, but works.
The deposit is held in 2 of 3 multi-sig contract. Bisq is not the holder/controller, as they can not control the deposit without the approval of at least one of the traders.
Decentralization is not all or nothing; there are different levels. Bisq is more decentralized than any other exchange that handles BTC and has a fiat on-ramp.
Bisk is currently probably the closest thing to what satoshi would want as an exchange.
You have got to download a software on a PC to use Bisq.
LocalCryptos is similar to Bisq. However, it is more accessible to a wider range of users, since LocalCryptos is website based. Meaning that even users that don't have a PC can use LocalCryptos.
LocalCryptos is certainly a trustworthy platform. However, as on any other internet platform where you interact with strangers, it’s important you proceed with caution. LocalCryptos’ escrow service mitigates most risk involved in the transaction so make sure you use it appropriately and never send payment before the seller’s funds are in escrow.
You can buy ETH with Wyre using MetaMask. Wyre lets you use a debit card to deposit ETH right in to your MetaMask account. The con of using this method is that you'll need a debit card to use it.
It works better when you have a MetaMask wallet setup.
How to get altcoins with this method?
How can send your BTC/ETH to an exchange such as BitMax and turn it into the Altcoin of your preference. The trading platform has a 2 BTC withdrawal limit per 24 hours if you do not KYC. This is perfect for people that are just getting started in the crypto world.