Users can purchase, sell, and trade cryptocurrencies on no KYC crypto exchanges without having to go through identity verification procedures. They are especially appealing to people who value their privacy and want to remain anonymous when transacting with cryptocurrencies because of this special characteristic.
What is KYC?
Know Your Customer is what KYC stands for. Financial services that handle their clients’ fiat payments go through this procedure.
Virtual Asset Service Providers, or VASPs, are cryptocurrency companies that are required to confirm the identity of its customers during the onboarding process or sporadic transactions. This is carried out as a component of the due diligence procedure and to guarantee adherence to laws, especially those pertaining to anti-money laundering (AML).
Clients must supply a minimal amount of information during onboarding, such as their full name, residential address, and birthdate. The software then contrasts this data with the official documents that the client has uploaded. The site may further ask for additional personal information, such as birthplace, nationality, tax code, wallet addresses, and transaction hashes, according on the applicable legislation. For the KYC procedure, many cryptocurrency services rely on specialised third-party solutions.
Top no KYC crypto exchanges
1. BYDFi (Good for margin trading)
| BYDFi | Availability | Supported assets | Withdrawal limit | Trading fee |
| E.U. &150+ | BTC & 40+ | No limit | 0.1% to 0.3% maker/taker fees |
Why we chose it
With operations in more than 150 countries, BYDFi is a Singaporean exchange that provides trading services to a worldwide user base. Despite being a no-KYC cryptocurrency exchange, the site allows fiat deposits through third parties (Banxa, XanPool, Transak, Ramp, Paxful, Coinify, and Mercuryo), which necessitates KYC on their respective platforms.
Take note that deposits made using Thai, Vietnamese, or Indonesian fiat channels are the only ones that need to go through the BYDFi platform’s KYC procedure. Additionally, before making a withdrawal from Lite Contracts or perpetual contracts, these users must finish 20% of the transaction deposit amount.
| Pros – Available cryptocurrency margin trading accounts – Competitive trading fees – Accepted fiat currencies exceed fifty. | Cons – No option for crypto staking provided – Lack of client service over the phone – Absence of sophisticated trading tools |
2. CoinEx (Good for wallet)
| CoinEx | Availability | Supported assets | Withdrawal limit | Trading fee |
| E.U., S.I.C., and 100+ | BTC, ETH, and 700+ | $1M / 24h | 0.08%-0.2% |
Why we chose it
A centralised exchange (CEX) with a wide range of products is CoinEx. In addition to its trading platform, the platform provides a range of services, including a mining pool, a cryptocurrency wallet, a private blockchain, and an investing platform that is ecosystem-focused.
With a focus on the user, the platform makes use of a proprietary trading engine that was built internally. It can handle up to 10,000 transactions per second (TPS) with efficiency. Founded in 2017, CoinEx is a Hong Kong-based CEX that caters to a global clientele.
| Pros – Evidence of reserves; – Various products, such as Earn features for idle assets and Futures; – Ten thousand transactions every second | Cons – Not available in U.S. – Payouts in native CET token |
3. Kraken (Good for beginners)
| Kraken | Availability | Supported assets | Withdrawal limit | Trading fee |
| U.S. &150+ | BTC & 220+ | $5,000 | 0.16% maker / 0.26% taker |
Why we chose it
Four tiers of user verification are available on the global cryptocurrency exchange Kraken: Starter, Express, Intermediate, and Pro. If you keep to the Starter verification level, which just needs your email, name, date of birth, phone number, and physical address, you can use Kraken as a cryptocurrency exchange without requiring KYC. No other paperwork, including identification, proof of address, or a selfie, is required.
You can take advantage of a no-KYC verification level called Starter, where you can withdraw up to $5,000 in cryptocurrency during a 24-hour period from your account. When using the Starter level, there are no maximum deposits.
It’s crucial to remember, though, that irrespective of the level of verification, there can be some restrictions based on your country of residence. These restrictions could impact your ability to deposit or withdraw cryptocurrency or cash.
| Pros – A vast array of digital resources – Minimal costs for Pro users | Cons – Limited sources of funding – Credit or debit cards cannot be used by starter level funds – Not accessible in every US state |
4. Apex (Good for security)
| Apex | Availability | Supported assets | Withdrawal limit | Trading fee |
| Worldwide | BTC & 15+ | No limit | 0.02% maker / 0.05% taker |
Why we chose it
Because Apex is a non-custodial trading platform with infinite cross-margined perpetual contracts, it’s a fantastic choice for a no-KYC cryptocurrency exchange.
Utilising the order book model, the platform combines the speed and usability of centralised exchanges (CEX) with the security and transparency of decentralised exchanges (DEX).
Apex offers instantaneous settlement for increased profits and optimal trade sizes, along with low fees and great leverage. It aims to become the bridge between order book trading and permissionless trading.
| Pros – Apex Pro DEX has no network fees and low maker and taker fees of 0.02% and 0.05%, respectively. – Through trade-to-earn incentives, staking, referrals, and other means, users can potentially earn rewards. – There are no sign-up, KYC (Know Your Customer), or minimum investment requirements. Bybit served as inspiration for the user-friendly design of the UI. – Bybit created and supports the non-custodial platform ApeX Pro DEX. | Cons – Fewer trading pairings than on other sites – American traders are unable to access the platform. – Less leverage compared to rivals – Slow withdrawals from ApeX Pro DEX cost $1 across layer-2 (L2) and can take up to many hours, while quick withdrawals cost $5. |
5. Margex (Good for fees)
| Margex | Availability | Supported assets | Withdrawal limit | Trading fee |
| Everywhere except U.S. and U.S. sanctioned countries | 39 | No limit | 0.019% to 0.06% maker/taker |
Why we chose it
Margex is a platform for exchanging cryptocurrencies. The platform, which is based in the Seychelles, has a number of noteworthy features. In particular, its remarkable average execution time of about 8 milliseconds makes it stand out.
In addition, it keeps a sizable order book with a combined value of more than $40,000,000, which is derived via a network that includes more than 12 liquidity providers. Its ability to process up to 100,000 transactions per second (tps) is equally impressive.
| Pros – Mobile support – Low fees – Fast execution – Multiple order types – Low minimum deposit | Cons – Restrictions based on regions – No native fiat support |
6. MEXC (Good for altcoin trading)
| MEXC | Availability | Supported assets | Withdrawal limit | Trading fee |
| U.S. & 150+ | BTC & 1600+ | 5 BTC / 24h | 0.2 % |
Why we chose it
With more than 2600 coins, MEXC offers a greater selection of distinctive trading products and cryptocurrency financial services than many other centralised exchanges.
It is possible for traders to trade on the spot, margin, and ETF markets. They can also hold 3X long and short bets on different coins. The platform features a native coin called MX, whose holders get a variety of advantages like lottery bonuses, project voting rights, fee discounts, and more.
Additionally, MEXC provides an easy-to-use mobile app that works with both Android and iPhone smartphones.
| Pros – Provide opportunities for earning – A large assortment of coins and trade pairs – Instruments derivables – Cutting-edge trading and charting tools for in-depth research and strategy formulation. | Cons – Some users may find the site difficult to utilise and comprehend due to its extensive array of offers. – Less liquidity than other companies as a result of no collaborations. – There isn’t much interaction from the CEOs and founding team. – A flat fee schedule could not be as adaptable or customised to meet certain trading requirements. |
7. Gate.IO (Good for novice traders)
| Gate.IO | Availability | Supported assets | Withdrawal limit | Trading fee |
| E.U. & 180+ | BTC & 1700+ | $100,000 | 0.2% |
Why we chose it
Gate.io distinguishes itself with its extensive variety of over 1,700 cryptocurrencies, which includes both lesser-known tokens and coins with high market capitalization that are hard to obtain on other exchanges.
About fifty fiat currencies are supported by the platform, which also offers a feature-rich trading environment with fair trading fees (the maximum fee is limited to 0.2%). Additionally, customers can look at ways to further save costs, including using the utility token offered by Gate.io.
Gate.io serves a diverse user base globally, operating in more than 200 countries. However, some nations, including the US, might not have access to these advanced functions.
| Pros – A large selection of cryptocurrencies that can be traded. – Supports about fifty fiat currencies for simple trading. – Provides sophisticated trading tools for those with experience. – Trading commissions are fair. | Cons – Certain U.S. states have unclear regulatory status – Interface not very user-friendly – Excessive deposit costs could put off some users. |
8. PancakeSwap (Good for BNB users)
| PancakeSwap | Availability | Supported assets | Withdrawal limit | Trading fee |
| 100+ | 1000+ | N/A | 0.01%-0.25% |
Why we chose it
On the BNB blockchain, Pancakeswap is among the most well-known decentralised exchanges. It is a Uniswap fork that has now expanded the platform with its V2 and V3 decentralised applications.
A group of unidentified developers founded Pancakeswap in 2020. It sources user liquidity through an automated market maker (AMM) method. Pancakeswap operates on the BNB chain, layer 2 blockchains, blockchains compatible with EVMs, and even the Aptos blockchain. You can spot trade, trade derivatives, earn, and bridge assets on the DEX.
| Pros – Minimal trading fees, which increase the affordability of trading activities. – A sizable and vibrant user base.Facilitates the trade of a vast array of cryptocurrencies. – Provides derivatives, giving customers more options for trading. – Contains a bridge that allows one to cross chains. | Cons – Limited to specific geographical areas. – The liquidity of some assets might be restricted. |
9. Changelly (Good for mobile app)
| Changelly | Availability | Supported assets | Withdrawal limit | Trading fee |
| EU & 150+ | BTC & 500+ | No limit | 0.25% |
Why we chose it
A great rapid exchange service, Changelly allows you to convert bitcoin quickly and securely without having to go through the laborious KYC verification process. You can quickly and simply swap one cryptocurrency for another with Changelly in a few easy steps. Your newly acquired cryptocurrency will be securely kept in your wallet in no more than 30 minutes.
The best thing about Changelly is that they put your money’s security first. Your assets are kept safe because they don’t hold onto your money. You can trade over 400 different cryptocurrencies at fixed or fluctuating prices on this site. Furthermore, you can use more than 90 fiat currencies to buy cryptocurrencies.
| Pros – User-friendly interface – No hidden fees – Offers both fixed and floating rates | Cons – No integrated wallet – Depending on the particular cryptocurrency you’re buying, their partners can require a KYC verification |
10. ChangeNOW (Good for reliability)
| ChangeNOW | Availability | Supported assets | Withdrawal limit | Trading fee |
| EU & 150+ | BTC & 500+ | No limit | 0.25% |
Why we chose it
ChangeNOW is a flexible, easy-to-use platform that provides security and convenience. It gives users access to about 400 cryptocurrencies and 70,000 trade pairs thanks to relationships with significant participants in the cryptocurrency market.
Large cryptocurrency swaps are attracted to ChangeNOW because it has no higher trading limitations, in contrast to other platforms. Additionally, it respects user privacy by not requesting personal data in order to access it. ChangeNOW continuously adds new resources, including those taking part in ecosystems for DeFi. Because it is a non-custodial service, users are guaranteed complete ownership over their assets, and for more trading flexibility, it supports almost 60 fiat currencies.
| Pros – It is a user-friendly, non-custodial service. – No unstated costs. – A variety of assets, including NFTs, are supported. | Cons – Fiat money is acceptable to purchase cryptocurrency, but KYC is necessary. – Not all fiat money is accessible. |
Why would you use a cryptocurrency exchange that doesn’t require KYC?
Users can preserve their privacy and reduce the possibility that their private financial information will end up in the wrong hands by using a non-KYC cryptocurrency exchange. Additionally, the majority of these exchanges provide consumers with global financial services. These exchanges remove obstacles for people who might not have access to the required identity documents or who would wish to keep their financial operations private by not needing KYC verification.
This global inclusivity gives users more opportunities. This encompasses those residing in nations with stringent rules or restricted availability to conventional financial services.
It’s crucial to remember that although non-KYC exchanges have some benefits, consumers should be aware of any possible risks. These exchanges can be more open to illegal activity and have laxer security regulations. As a result, in order to protect their money and personal data, people must be cautious, do extensive research, and put extra security measures in place.
Also read this: Stripe IPO: Everything about Stripe you should know 2024
How to choose a KYC-free exchange
You will need a method to select the platform that is suitable for you now that you are aware of some of the top no-KYC exchanges available. Here are some tactics you can use to identify the best candidates.
1. Regional limitations
Always be sure the exchange is allowed in your area or under your authority. It will depend on this if you can use it at all. Additionally, be cautious of any municipal regulations pertaining to the usage of no-KYC exchanges.
2. Reputation
Regardless of KYC status, an exchange’s reputation will always be a big factor in determining whether or not you should use it. Naturally, you should steer clear of the deal if the person has a poor reputation.
But a poor reputation might indicate a variety of factors, including:
- Several hacks
- arbitrary account terminations
- A surplus of negative client testimonials
- Manipulation of markets
In this case, your greatest chance of obtaining the most accurate reputation of the exchange is to search social media, forums, and online consumer reviews.
3. Safety
The term “security” is frequently used too broadly. Generally speaking, you want confirmation that no data is being collected, that your money is secure, and that your account is secure.
This entails using strong encryption techniques, keeping the majority of the assets in cold storage, protecting accounts, and following client funding procedures. The transparency of these techniques contributes to customers’ confidence in their safety.
Find out more about 2FA and multi-factor authentication, whether the platform is self-custody or employs a web3 security company or firm, whether it has crime insurance, and what its privacy policies are.
4. Support for assets and liquidity
Needless to say, you’ll naturally want an exchange with substantial liquidity. Using an exchange where you are unable to enter or exit positions at will would be illogical.
Second, you’ll probably want to buy an assortment of cryptocurrencies. It makes sense that you would want to seize a token you like or that has promise as soon as possible, before most others do.
Conversely, you might desire to trade derivatives such as futures, perpetuals, or options on cryptocurrencies. In this scenario, trading pairs will require both strong asset support and adequate liquidity.
There are liquidity providers on some centralised exchanges to make sure you can trade easily. In this situation, you might also wish to remember the costs.
5. Customer service
And last, a company cannot succeed without providing outstanding customer service. Make sure the exchange offers timely and beneficial assistance. Seek out options where you can communicate with a real person, such as chatbots, customer care centres, email, or phone assistance.
This feature becomes even more important for a no-KYC exchange as users usually have less assurances than they would with a KYC exchange. Transparency and good customer service go a long way towards avoiding customers feeling misinformed.
FAQ’s
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What is a no KYC exchange?
An exchange for cryptocurrencies that does not require users to go through the process of proving their identity is known as a no KYC (Know Your Customer) exchange. These exchangers place a high value on user privacy and anonymity because they don’t ask for personal information like proof of address or official documents.
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Are non-KYC exchanges safe?
It usually relies on the exchange and the security issues you are worried about whether or not non-KYC exchanges are acceptable. For instance, you might only have limited legal redress if you have disagreements with a non-KYC exchange. It could be wise to stay away from the platform if you are worried about using a non-KYC exchange. You should always learn about the exchange’s policies if you decide to use a non-KYC exchange.
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What crypto exchange does not need KYC?
Numerous cryptocurrency exchanges do not demand KYC verification. A few instances are KuCoin, StormGain DEX, and Kraken (beginner level). You can trade bitcoins on these exchanges without providing personal information for identification verification.
