Vexl: Non KYC Exchange

Description

Vexl is an open source, peer to peer, and non KYC bitcoin exchange. Its app is available for Android and iOS. The app was developed Vexl Foundation, which is supported by SatoshiLabs, the company behind Trezor wallet.

Vexl Features

Vexl Bitcoin Exchange offers the following features:

• Local Community Groups: If you prefer not to trade with people from your contact list, you can join a group and engage in local trading with others in your community.
• Secret Chat: Vexl’s chat feature ensures end-to-end encryption, guaranteeing the privacy and secrecy of your data. Only the person you are communicating with can see your messages, with no access granted to anyone else, including Vexl. Deleting the chat permanently removes the messages.
• No Data Storage: Vexl does not store any personal information or messages. As an open-source platform, you can verify this by reviewing the source code yourself.
• Anonymization: You have complete control over revealing your identity. Each user sees you differently, and your public profile is refreshed with every trade, ensuring maximum anonymity.

How Vexl App Works

You can easily download Vexl app from the Google Play Store or the App Store. Once downloaded, you have the choice to import your contacts. When setting up your profile, you can use your name or nickname, ensuring that it remains private unless you decide to share it. Similarly, adding an image to your profile remains hidden from others unless you give permission. As a non KYC P2P exchange, you don’t need your ID to use the app.

To connect with the Vexl community, you will be prompted to enter your phone number and receive a verification code for authentication. Vexl does not offer a direct option to change your phone number within the app. If you wish to update your phone number, the recommended approach is to delete your existing account and proceed to sign up again using the new phone number.

The trade can be conducted either in-person or online, depending on the preferences of the buyer and seller involved. For in-person transactions, the buyer and seller will arrange a predetermined location to meet and carry out the trade. Alternatively, for online transactions, the buyer and seller will utilize the Vexl app to communicate and coordinate the specifics of the transaction. When creating an offer on Vexl, you can choose the location where the transaction will take place. You can choose a specific town or city, or you can select a broader region if there are not many offers in your town.

Currently, Vexl supports the following currencies: USD, EUR, and CZK. You can conveniently utilize various payment methods such as cash, bank transfers, and online payments on the platform.

Vexl Fees

Unlike traditional exchanges, Vexl doesn’t charge any fees to use their platform or take a cut from your trades. Instead, Vexl operates on a peer-to-peer model where users set their own fees. This means the buyer or seller creating the trade offer gets to decide what percentage fee they want to charge. When setting a fee, it’s important to consider factors like current market conditions and competition. A high fee might discourage potential traders, but a low fee might make your offer less attractive. Overall, Vexl gives you more control over fees but requires some strategic thinking to attract other users and get your trade completed.

More Information

• Vexl website
• Vexl on Twitter

Vexl Alternatives