Direct from the desk of Dane Williams.
The best method to buy HBD without KYC is to use the ParaSwap DEX aggregator to buy bHBD, which can then be bridged to your Hive account.
Are you looking for the best way to buy Hive Backed Dollars (HBD) without KYC?
With HBD's only direct exchange listings being the low liquidity Bittrex and Korean-only Upbit, your best bet has always been to buy HIVE and then use the internal market to get HBD.
But with exchanges like Binance and even Blocktrades recently requiring users to submit their ID in order to trade, this has driven many to look for alternatives.
If you have no interest in completing archaic KYC requirements to buy HBD or HIVE, the solution is actually quite simple:
Use the Paraswap DEX aggregator on the Binance Smart Chain (BSC) to purchase HBD crypto in the form of bHBD, and then transfer it to your account.
In this guide, we'll walk you through the process of buying HBD without KYC step by step and ensure you don’t make any mistakes.
Let's get into it.
Start by moving your money into the crypto ecosystem
Let me kick off by saying no matter what governments do, there will ALWAYS be non-KYC fiat on/off ramps available.
Non-KYC exchanges accessible from certain parts of the world, p2p crypto trading services, Bitcoin ATMs and the like.
No matter what FUD you read, I assure you that there will technically always be options to get money into the crypto ecosystem.
Find your non-KYC on/off ramp and get your cash into the ecosystem.
Once inside, you are free to use decentralised exchanges and aggregators like Paraswap to buy HBD without KYC.
How to buy HBD without KYC using Paraswap
Follow the following steps to buy HBD without KYC using the DEX aggregator called Paraswap.
While the steps will be similar for other DEXs, using Paraswap is the easiest and cheapest way to do it.
Step 1 - Buying HBD via Paraswap
You’re actually going to be buying a BSC-based derivative called bHBD.
Go to app.paraswap.io and ensure the BSC network is selected:
In the top drop down box, select the token you wish to swap from, while in the bottom drop down box paste the following contract address for bHBD - 0x874966221020d6ac1aed0e2cfad9cbfee0ba713b:
Hit Review Order and confirm the transaction via your BSC wallet of choice:
Easy, right?
You’ve now bought HBD without KYC and it’s time to bridge it over to your HIVE account.
Step 2 - Bridging bHBD to your Hive account
Remember, by using a BSC-based DEX, you’ve bought a derivative of HBD called bHBD.
To get it back into your Hive account and start earning 20% interest, you need to use the HBD to BSC bridge:
Click the button that says transfer them back, then input your Hive username and the amount of bHBD you wish to transfer:
Once again confirm the transaction via your BSC wallet of choice:
There you have it.
Your bHBD has now been bridged to native HBD, the best algorithmic stablecoin and is waiting for you in your Hive account.
Best of probabilities to you.
PS. Also be sure to check out my best way to buy HIVE without KYC post.