Quote from: Apocollapse on Today at 02:16:02 AM

Better to know the difference between different wallets and exchanges.

Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.
CEX vs. DEX: Which Crypto Exchange is Right for You?

Most people refer wallet as non custodial where we received the seed phrase without need to submit our KYC. While centralized exchanges do require KYC.

Of course it defeats the purpose of anonymity, hence you should use no KYC P2P that listed on kycnot.me

Lost access is possible, that's why you need to backup into many places.

So the wallets/services listed in kycnot.me do not require any identification to be submitted? Let me explain - I'm soon going to receive my cold wallet to which I'll transfer all my crypto ("not your keys, not your coins"). I'm looking to get my money out of Binance to an intermediate wallet until it arrives in about two-three weeks time. Of course a non-custodial wallet would be ideal because I'm paranoid about privacy and having my data leaked. In this case, what service would you recommend? Any of the ones listed on kycnot.me?

Quote from: alegotardo on Today at 02:19:59 AM

Hey, first of all... welcome to the crypto world, and second... know that your question isnt silly at all, quite the opposite: I think this is the first thing every beginer should do it.

So... there are two scenarios when it comes to privacy:

1. Non-custodial wallets like Electrum, Sparrow, Wasabi, BlueWallet, hardware wallets and others.
They will never ask you for a personal data, and you will always have full control of the private keys, so if you lose them no one can ever recover them for you. On the other hand... you guarantee the privacy of your data.

2. Exchanges and centralized custodial platforms like Binance, Kraken or Coinbase.
These will almost always ask for your KYC (the amount of information and documents varies depending of site and volume of transactions you will be processing).
This reduces your anonymity but guarantees account recovery if you lose access.

I would tell you to always prefer the first one, but if you need to buy or sell crypto for fiat currency... then there is no way to avoid KYC, unless you resort to P2P.

I appreciate the response. Would I not be able to just buy coins and add them directly to my cold wallet? I'm not looking to day trade. I'm looking to move from Binance atm to a non-custodial wallet while I wait for my hardware wallet to arrive.

Yptiq

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