GUIDE: How To Buy Solana No KYC[Using Phantom]
Are you looking for anonymous ways to buy Solana(SOL) and don’t want to create an account at an exchange? In the fast-paced world of cryptocurrencies, swapping your cryptocurrencies is now as easy as a few clicks! 🚀 In this guide, we’ve got your back to guide you through purchasing SOL without the need for an extensive KYC procedure.
In particular, a direct swap feature allows crypto investors to exchange one cryptocurrency for another directly within their wallets, eliminating the need to transfer funds to an external exchange. This feature streamlines the buying process, saving time and reducing transaction fees.
For crypto investors, direct swaps offer several advantages:
- Convenience: Swapping directly within the wallet eliminates the need to register for an external exchange, transfer funds, and wait for confirmations.
- Speed: Direct swaps are often faster than traditional exchange-based swaps, as they occur within the user’s wallet.
- Reduced Fees: Direct swaps can lower transaction fees by eliminating the need for intermediary exchanges.
In this article, I’ll guide you through the steps to buy SOL on Phantom without needing KYC or creating an external account. By continuing to read this guide you learn:
- Buy Solana without KYC using the StealthEX exchange
- How to download and install Phantom wallet(optional)
- Find SOL token address on Phantom(optional)
How To Buy SOL with Phantom No KYC(4 Steps)
First, I’ll assume that you are new to crypto and have never used a crypto wallet like Phantom before. Therefore, we’ll start at level zero where you have to set up and install this wallet first.
Of course, you can skip some steps in this buying process if you are already using this wallet regularly. That being said, let’s kick off from here (👍)
Step 1: Download Phantom Wallet
Download Phantom Wallet from the App Store or Google Play Store for free. If you prefer a desktop, you can download the https://phantom.app/download by going to the Phantom website.
Besides, don’t forget to verify first if you are visiting the official Phantom Wallet website. Otherwise, you risk downloading a fake wallet.
Step 2: Setup Your Phantom Wallet
After downloading Phantom Wallet, follow the steps to set it up. It’s easy.
- Click ‘Create a new wallet’
- Create a secure password
- Secure your secret recovery phrase
- Congrats! Your wallet is created
The most important part of setting up any self-custody wallet like Phantom Wallet is recording your 12-word secret recovery phrase and storing it in a safe place.
Your secret recovery phrase is the key to your wallet and the funds within. Whoever has your recovery phrase has control of your funds. So make sure to keep it secure.
In other words, besides a password, you also need to secure the 12-word recovery phrase. The password gives access to your device, where the recovery phrase will allow you to do transactions on the blockchain.
Therefore it is important to write it down and lock it away in a safe place. Preferably in an at-home safe that is both fire and waterproof.
Never store your wallet’s private key online such as in a cloud or any files on your phone or computer.
If you lose your recovery phrase, there is no way to recover it or your wallet.
❗ TIP — A good option for securing your recovery phrase is to use a stainless steel crypto wallet that can survive about anything, from fire to acids, and lasts more than 20 years.
Step 3: Find SOL Address on Phantom Wallet
To be able to transfer SOL to Phantom wallet you have to use your wallet’s public address — a unique identifier on the Solana network.
To find your Phantom wallet’s public address, click on ‘Receive’ button above in the menu. Once clicked, a huge QR code appears with below the public key(Something like this: ‘AuoTtrzzzVwmrDQkufCRqYR5KK8egKvSTnsVxneW86o1’)
Then, click the ‘Copy’ icon below to store the address in memory.
Once you have your wallet’s public address, you can transfer SOL from the StealthEX exchange by pasting the address into the “Recipient” field.
This will send the SOL directly to your Phantom wallet(It will be explained in detail in the next step).
At this point, you are ready to buy SOL with Phantom no KYC. To achieve this you need to initiate a swap on the StealthEX exchange. At this exchange, you can use a credit card to purchase Solana cryptocurrency. Remember that you only can buy without KYC if you purchase less than €700 (or any other currency). Below are the steps:
- Just go to StealthEX. Open the Buy crypto window instead of the automatically loaded Exchange.
- Then select fiat currency and choose the cryptocurrency that you want to buy. In this case: SOL.
- Paste the Solana wallet address(copied above).
- Purchase SOL using a credit card(VISA or Mastercard)
Again, when buying an amount of crypto under €700 for the first time you won’t need to take the KYC procedure. So just send in the fiat and wait for your purchase to go through!
Buying SOL No KYC Further Explained
StealthEX is a platform that allows you to buy cryptocurrency worth up to €700 without having to go through the KYC (Know Your Customer) process. You can make a single purchase of €700 or several transactions of €20, €50, or €100, as long as your total purchases do not exceed €700. This means that you can exchange your assets across chains in minutes without the need to verify your identity.
The process of entering the world of cryptocurrency can be complicated, but with StealthEX, it is easier and hassle-free. You may be wondering if buying cryptocurrency without KYC is legal. The answer is yes! According to the rules, exchanges are required to identify customers who want to buy or withdraw funds of €1000 or more. Purchases under €1000, however, do not require any verification checks.
Finally, StealthEX aims to eliminate the tiresome and lengthy verification process, even for small purchases of cryptocurrency. With StealthEX, you can now enjoy a smooth and seamless online crypto purchasing experience.
Conclusion: To Buy SOL Without KYC Beneficial?
If you’re new to cryptocurrencies and lack experience, you’re more likely to opt for a platform that offers a seamless user experience to make a small purchase. Nobody enjoys verification procedures, and nobody wants to wait for their documents to be processed.
In today’s fast-paced internet world, where most things are accessible instantaneously, customers are likely to abandon an onboarding process if it’s too long and time-consuming. This could cause you to procrastinate the KYC procedure. As a result, you’ll miss the opportunity to buy your preferred crypto at a great price.
This is especially true for crypto enthusiasts who love the digital crypto world for its quick transactions. Therefore, using a web3 wallet like Phantom to buy SOL really uplifts this buying experience.
