Whaley: P2P Bitcoin Exchange Without KYC
Whaley is a noncustodial, P2P bitcoin trading exchange that allows you to buy and sell bitcoin anonymously.
- Non-custodial: Whaley does not hold your funds. Instead, it uses escrow addresses to ensure that both parties involved in a trade are protected.
- P2P: Whaley is a peer-to-peer exchange, meaning that you are trading directly with another user. This eliminates the need for a middleman and reduces the risk of fraud.
- Anonymous: Whaley offers anonymous trading through the use of anonymous tokens. These tokens allow you to use the platform without having to register an account.
- No KYC or ID verification: Whaley does not require any KYC or ID verification. This means that you can trade Bitcoin anonymously without having to reveal your identity.
- Ratings and reviews: Whaley allows users to give and receive ratings and reviews. This can help you to identify trustworthy traders.
- Points system: Whaley has a points system that rewards users for trading activity. Points can be used to lower your trading fees.
- Notifications: Whaley offers email notifications so that you can stay up-to-date on your trades.
How Whaley Works
To use Whaley, you will need to create an account. You can create a temporary account or a permanent account. If you create a temporary account, you will not be able to use all the features of the platform. For example, you will not be able to give or receive ratings, earn points to lower your fees, or see offers from other traders that have not been made available to anonymous users.
To trade on the bitcoin exchange, you will need to select the payment method and currency that you want to use. You will then need to create an escrow address. Whaley will generate a unique bitcoin address for the trade. The seller will send the bitcoin to the escrow address. Once the bitcoin has been received, Whaley will release the bitcoin to the buyer.
It uses a multi-signature address to release the funds. This means that 2 out of 3 keys are needed to release the funds. The first key is from the buyer, the second key is from the seller, and the third key is held by Whaley. This makes it impossible for one of the parties to scam the other party’s funds.
If there is a problem with the trade, you can open a dispute with the click of a button. At that point, the trade becomes “frozen,” and only an Administrator can intervene and make a decision about how the trade should continue.
Whaley is a non-custodial exchange, which means that it does not hold your funds. Instead, it uses escrow addresses to ensure that both parties to a trade are protected. For every trade, a new bitcoin address is generated. When the seller sends the funds, they are sent to this address. Neither party can release the funds without the other person’s approval.
Every user in the system has the possibility to receive and give reviews about each other. This is a great way to check the reputation of a trader before you trade with them.
Whaley charges a maximum fee of 0.8% of the traded amount in BTC. The fee is split between the buyer and the seller, so each party pays 0.4%. The fee is used to pay for the server costs and to compensate the Administrators for their work.
Potential Downsides of Using Whaley
When considering using Whaley as your bitcoin exchange, it’s important to be aware of some potential downsides:
- Limited liquidity: Whaley has a smaller trading volume than some other exchanges, which can lead to wider spreads and less trading flexibility.
- Higher fees: Whaley charges a maximum fee of 0.8% of the traded amount in BTC. This fee is relatively high compared to some other exchanges, especially for traders who do not have many points to lower their fees.
- Dispute resolution can be slow: In the event of a dispute between a buyer and seller, it can take Whaley some time to investigate and resolve the issue. This may result in delays and uncertainty during the trading process.
- Platform is still under development: Launched in 2023, Whaley is a relatively new platform and is still under development. This means that there may be some bugs or glitches that could affect your trading experience. It’s important to exercise caution and stay informed about updates and improvements as the platform evolves.
While Whaley offers anonymity and several user-friendly features, it’s essential to weigh these benefits against these potential drawbacks to determine if it aligns with your trading preferences and requirements.
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Why Use Whaley?
Whaley is a great choice for bitcoin traders who value privacy, security, and ease of use. You can buy and sell bitcoin on the platform bitcoin anonymously and without having to submit any personal documents. It is also a good choice for traders who are new to bitcoin, as it is very easy to use.
To ensure a safe and successful trading experience, it is important to always trade with users who have a good rating, never send bitcoin to an escrow address that is not provided by Whaley, and open a dispute immediately if you have any problems with a trade.
We strongly advise removing your bitcoin from exchanges as soon as possible after purchasing or selling bitcoin. Moving your bitcoin to a non-custodial wallet such as Exodus protects you from losing your funds. Many exchanges have collapsed with users’ funds.
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