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For your purposes, you aren’t required to show any form of identification document.
The first factor you should consider when choosing whether to invest in Bitcoin is how much of your information you want out there. If a platform has “No KYC”, this means that the platform or the seller of Bitcoins do not know who you are. Some jurisdictions allow you to buy bitcoin without KYC, with P2P marketplaces like LocalBitcoins, ATMs, or Gift Cards. For your purposes, you aren’t required to show any form of identification document. You simply can pay with a private means of payment, such as Western-Union or Moneygram. Regardless of the platform you use, most exchanges are required to adopt Know Your Customer (KYC) rules to verify the identity of its users.
Crypto Trading Platforms
However, this is more expensive than other alternatives. This is the strongest level of KYC, which requires you not only to verify your identity with your phone number and bank account, but to also provide the actual identity documents to prove your identity. If you choose to pay with your bank account (ACH), PayPal, credit card, or other common payment method, the payment providers will almost always know your identity. These documents can include a passport, ID card, driver’s license, utility bill, or a combination of these options. This level of KYC identifies you by your payment channel and/or your phone number(s). While this option is available on some exchanges, it is a limited option and hard to find.
Some platforms take the extra step in having those documents notarized before a notary or a trusted-third party, like your bank or financial institution. There are five distinct ways an individual can purchase bitcoin–ATM, Gift Cards, Exchanges, P2P-Markets, and/or Exchange Platforms. As you will discover, the more you want to invest larger amounts of your money or trading in large numbers on these exchanges, you will almost always be required to comply with Full KYC.