Published: 14 March 2023, 6:00 am Updated: 14 Mar 2023, 7:19 am
Non-KYC (Know Your Customer) crypto exchanges have become increasingly popular among cryptocurrency enthusiasts in recent years. These exchanges allow users to buy, sell, and trade cryptocurrencies without having to go through the process of verifying their identity. This makes them an attractive option for individuals who value their privacy and anonymity, or for those who live in countries with very strict KYC regulations.
One of the primary reasons people use non-KYC crypto exchanges is for privacy. With KYC exchanges, users have to provide personal information such as their name, address, and ID card. This information is stored on the exchange’s servers, potentially leaving users at risk of personal data breaches. Non-KYC exchanges don’t require this information, providing users with an added layer of anonymity.
Benefits and risks of using non-KYC exchanges
While non-KYC crypto exchanges have their benefits, they also come with risks. As they don’t require verification of identity, non-KYC exchanges are often targeted by scammers and hackers. This can result in users losing their funds or falling victim to fraudulent schemes. As such, it’s important for users to carefully consider a number of factors when choosing a non-KYC exchange, including the exchange’s reputation, security features, and user reviews.
In this listicle, we’ll highlight some of the best non-KYC crypto exchanges currently available, as well as the key features that users should consider. Whether you’re a seasoned crypto trader or just starting out, this guide will help you make an informed decision when it comes to choosing a non-KYC exchange.
Non-KYC exchange spreadsheet
Exchange
Founded in
Listed cryptocurrencies
Trading pairs
Supported FIAT currencies
Supported countries
Trading fees
Withdrawal fees
Uniswap
2018
925
1683
n/a
Worldwide
0.3%
n/a
Sushiswap
2020
421
621
n/a
Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar
0.3%
n/a
dYdX
2017
36
38
n/a
Worldwide, excluding Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Libya, Mali, Nicaragua, Democratic People’s Republic of Korea (North Korea), Somalia, Sudan, Syria, Yemen, Zimbabwe.
Worldwide except North Korea, Iraq, Syria, and Sudan.
0.6%
n/a
Coinex
2017
662
971
60+
Worldwide, except countries where cryptocurrency trading is prohibited.
0.1%
Depends on the cryptocurrency withdrawn.
Read more:What is KYC, and what do you need to know about it in 2023?
Non-KYC Exchanges
Uniswap
Uniswap is a decentralized non-KYC protocol that operates on the Ethereum blockchain. Users can trade various ERC-20 tokens on the platform using smart contracts without the need for a centralized exchange.
It uses automated market making algorithms to provide liquidity, and users can swap tokens without needing a counterparty. While there is a risk of impermanent loss due to the automated market making algorithms, Uniswap is popular for its high liquidity, low fees compared to centralized exchanges, and the ability to maintain privacy without going through a KYC process.
Pros:
No KYC required, allowing users to remain anonymous.
Low fees compared to centralized exchanges.
High liquidity due to its use of automated market making algorithms.
Cons:
Risk of impermanent loss due to the automated market making algorithms.
Limited selection of tokens available for trade.
Users must have an Ethereum wallet to use the platform.
Sushiswap
Founded by pseudonymous open-source developers Chef Nomi and 0xMaki, Sushiswap is a decentralized exchange that was initially created as a fork of Uniswap. Like Uniswap, it is a non-KYC exchange operates on the Ethereum blockchain, and users can trade various ERC-20 tokens using smart contracts.
Sushiswap offers a wider selection of tokens compared to Uniswap and has high liquidity due to its use of automated market-making algorithms. While it shares similar risks of impermanent loss with Uniswap, Sushiswap is less established and therefore may be subject to more volatility.
Pros:
No KYC required, providing users with privacy.
Offers a wider selection of tokens compared to Uniswap.
High liquidity due to its use of automated market making algorithms.
Cons:
Similar risks of impermanent loss as Uniswap.
May be more volatile than Uniswap.
Users must have an Ethereum wallet to use the platform.
dYdX
dYdX is a decentralized exchange that operates on the Ethereum blockchain and allows users to trade various ERC-20 tokens and ETH using smart contracts. It is a non-KYC exchange, meaning users can maintain their privacy without providing any personal information.
The exchange offers high liquidity due to its use of margin trading and has a small selection of tokens. However, there is a risk of liquidation when using margin trading, and users must have an Ethereum wallet to use the platform. Additionally, there are limited trading pairs available on dYdX.
Pros:
No KYC required, providing users with privacy.
High liquidity due to its use of margin trading.
Cons:
Risk of liquidation when using margin trading.
Requires users to have an Ethereum wallet to use the platform.
Limited number of tokens and trading pairs available.
ProBit
Probit Global is a centralized exchange established in 2018 that offers optional KYC. There are more than 800 cryptocurrencies for trade available on the exchange, and it has high security standards with two-factor authentication and cold storage for funds. However, the centralized nature of the exchange means that users may not have full control over their funds, and trading fees are relatively high compared to other exchanges.
Pros:
No KYC required, providing users with privacy.
Two-factor authentication and cold storage for funds.
Cons:
Centralized nature of the exchange means that it may be more vulnerable to hacks or theft.
Trading fees are relatively high compared to other exchanges.
Limited trading pairs available.
Hodl Hodl
Hodl Hodl is a peer-to-peer (P2P) cryptocurrency exchange that operates on a non-KYC basis. It offers users the ability to trade BTC without the need for KYC verification. The exchange acts as an escrow service during trades, holding the funds until both parties are satisfied with the transaction, and charges a flat 0.6% fee on all trades.
It offers a user-friendly platform with a simple interface. While Hodl Hodl may have lower liquidity compared to centralized exchanges, it is a popular choice for those who value privacy and decentralization.
Pros:
Offers a high level of privacy and anonymity due to the non-KYC verification process.
Escrow service reduces the risk of fraud.
Charges a lower fee (0.6%) compared to other P2P exchanges.
Cons:
Lower liquidity could affect the speed and efficiency of trades.
Only supports BTC trading.
Being a P2P exchange, users may need to have a certain level of technical knowledge to use the platform.
CoinEx
CoinEx is a Hong Kong-based centralized cryptocurrency exchange that operates on a non-KYC basis. It offers users the ability to trade a wide variety of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and charges a flat trading fee of 0.1%.
The exchange also boasts a user-friendly interface with two-factor authentication and cold storage for funds, and a mobile app for trading on the go. Coinex is a popular choice for those who value the convenience and speed of centralized exchanges without compromising their privacy through KYC verification.
Pros:
Offers a wide range of cryptocurrencies for trading.
Charges a lower trading fee of 0.1%.
Offers a user-friendly interface and a mobile app for trading on the go.
Cons:
Being a centralized exchange, users need to trust Coinex to hold their funds securely.
Read more: Top 10 Crypto Exchanges in Japan in 2023
FAQ
Are non-KYC crypto exchanges legal?
Their regulatory status can vary depending on the country or region. Users should research their local laws and regulations regarding cryptocurrency exchanges before using non-KYC platforms.
What are the advantages of using non-KYC crypto exchanges?
Non-KYC crypto exchanges offer a higher level of privacy and anonymity, as users are not required to submit personal identification documents to the exchange. This can be beneficial for users who prioritize privacy and decentralization.
What are the risks of using non-KYC crypto exchanges?
Non-KYC crypto exchanges may have lower security standards compared to regulated exchanges, which could make them more vulnerable to hacks or theft. Additionally, users may be at a higher risk of scams or fraudulent activity due to the lack of KYC verification.
How can I choose a reputable non-KYC crypto exchange?
When choosing a non-KYC crypto exchange, users should research the exchange’s reputation, security measures, and user reviews. It is important to choose a reputable and trustworthy exchange to minimize the risk of fraud or theft. Additionally, users should be aware that non-KYC exchanges may have lower liquidity and slower transaction times compared to regulated exchanges.
Conclusion
As cryptocurrency comes under increased regulatory scrutiny, the number of non-KYC exchanges is shrinking year after year. Despite the pressure faced by non-KYC exchanges, the debate over the benefits and drawbacks of KYC requirements continues. While crypto purists argue that privacy and anonymity are part of the core principles of cryptocurrency, authorities believe that KYC can help prevent fraud and money laundering.
Ultimately, the decision to use a non-KYC or KYC exchange comes down to personal preference and individual risk tolerance. It’s important for users to research and understand the policies and potential risks of any exchange they choose to use.While the future of non-KYC exchanges remains uncertain, the principles of decentralization that they represent will continue to play an important role in the development and growth of the cryptocurrency ecosystem.
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Can I buy crypto without KYC? Yes, it is possible to buy and trade crypto without KYC. One can do it on P2P platforms, DEXs, and even major crypto exchanges like KuCoin or Changelly.
Can I buy crypto without KYC? Yes, it is possible to buy and trade crypto without KYC. One can do it on P2P platforms, DEXs, and even major crypto exchanges like KuCoin or Changelly.
As a decentralized exchange, dYdX doesn't require users to undergo Know Your Customer (KYC) verification on the platform. You only need a funded Ethereum crypto wallet to start trading in minutes. dYdX is non-custodial, meaning traders have complete access to their funds.
Frequently asked questions. Which crypto exchanges have no KYC? Exchanges like KuCoin, Changelly, and Pionex currently do not require KYC for customers.
Yes, your cryptocurrency will increase or decrease in value when stored in a wallet. Price can be higher or lower in time and the value of cryptocurrency will change regardless if it's stored in a wallet or exchange.
CoinSwitch is one of the top cryptocurrency exchanges that require no KYC verification since it allows you to trade crypto at the best rates. They allow you to trade 400+ cryptos, cryptocurrencies, and tokens without having to create an account on any exchange. Additionally, there is no withdrawal limit on CoinSwitch.
Starting May 8, Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit.
While KuCoin can be utilized without completing a KYC procedure, this entails living with a 1 BTC withdrawal limit. For most users engaging in crypto-to-crypto trades, this is sufficient.
Uniswap Labs has partnered with MoonPay to allow users to buy cryptocurrency directly from the Uniswap web app. With this partnership, users who use Moonpay to buy crypto on the Uniswap web app are required to go through the KYC process.
When you buy or sell bitcoin at an ATM, it will not be necessary to produce your SSN. Depending on the amount of the transaction, you may need to provide only your phone number, or you might need to supply your phone number and a photo ID.
ZenGo- ZenGo is one of the top anonymous cryptocurrency wallets. The most secure non-custodial wallet in Web3 is thought to be ZenGo. It is simple to use and reduces private critical vulnerability. Users can send, receive, send, and keep cryptocurrency.
While it is possible to signup to Kucoin exchange, it comes with limitations. As Kucoin is not licensed to operate in the US, users can signup with an email and trade crypto-to-crypto pairs. This means that users can deposit cryptocurrencies and swap them for other cryptocurrencies.
What is the KYC process? Opening a personal account in a cryptocurrency exchange like Huobi is usually an easy and intuitive process. On some platforms and in some jurisdictions, a user may be allowed to receive crypto assets on their account on the platform without the need for KYC.
Laws and regulations require that we verify your account by asking who you are and where you live. Kraken takes every measure to prevent fraud and be fully compliant with KYC and AML regulations for trading of cryptocurrencies.
The account verification process is optional, so people can trade crypto with just an email address. However, as discussed above, if you want to use its advanced features, you'll need to verify your account.
As we are a fully regulated business, we need to collect this information from you in order to comply with international financial regulations, including anti-money laundering (AML) and Know Your Customer (KYC) practices.
If your account has been locked out from completing the ID verification for 24 hours, unfortunately we do not have a way to bypass this restriction. Please wait 24 hours and try the upload again.
Binance, Kraken, and Kucoin have integrated blockchain technology in payments so that you can make crypto-to-fiat exchanges without KYC. They only require your email address to complete the signup process and facilitate fast and easy deposits and withdrawals.
KYC in crypto is a legal obligation in most jurisdictions. Therefore, most crypto service providers do not allow their customers to buy cryptocurrency or withdraw funds until they pass a KYC check. However, there are still some crypto services that allow clients to trade without passing KYC.
KYC is an essential method in the fight against money laundering in the crypto industry. Binance, a major cryptocurrency exchange, has implemented KYC and anti-money laundering measures to safeguard its investors against financial crimes.
It is a secure sharable document which can be used by any Aadhaar number holder for offline verification of Identification. A resident desirous of using this facility shall generate his/her digitally signed Offline XML by accessing UIDAI website.
Yes - if you have capital gains or income as a result of your Bybit crypto investment activities, you'll need to report these to your tax office and pay taxes on them. Check out our comprehensive tax guides for complete details.
Identity Verification or Know Your Customer (KYC) standards are required for all users on Bitget to protect the account against fraud and financing risks. Completing the KYC process enables you to all Bitget products and services.
The verification process for Bitfinex is a standardised compliance measure for Anti-Money Laundering (AML), Know Your Customer(KYC), and Counter-Terrorism Financing (CTF) laws and regulations.
9. PancakeSwap is an open-source platform that's easy to use – there are no KYC/AML requirements in order to start trading on the platform. 10. PancakeSwap boasts low transaction fees when compared with other decentralized exchanges – typically between 0%-0.3%.
To access all the trading features OKX offers, you'll need to complete its KYC (know your customer) requirements. A Level One KYC-verified account requires entering basic information, including a government identification number.
Traders can also deposit and withdraw cryptocurrency, buy, sell and convert cryptocurrencies, and become eligible for Advanced Trading Feature. To sign up for Basic Verification, traders need to provide: Full legal name and date of birth. Social security number.
Answer: It is easy to set up an account although you will need some information. Some information needed includes legal name, address, date of birth, SSN last digits, and plan for using Coinbase.
New users will receive an SMS code on their phones which they will be prompted to enter into the RockItCoin ATM to verify their identity. After you verify your SMS code, you will be prompted to create a 4-digit PIN. Returning users will simply need to input their secret PIN that they created during their first visit.
Crypto on-ramp/off-ramp integrations on software or hardware wallets. Another common way to buy or sell crypto without a CEX is using an on-ramp or an off-ramp solution provided within a self-custodial wallet through a third-party payment provider.
KuCoin is a cryptocurrency exchange that operates in over 200 countries. 1 While experienced traders might appreciate some of this exchange's features, KuCoin isn't licensed in the U.S. and has received poor reviews from users. Not licensed in the U.S.
Dark Wallet was an early attempt to improve the anonymity of Bitcoin transactions. Later projects, such as Samourai Wallet and Monero, were inspired by Dark Wallet. Dark Wallet included stealth addresses and coin mixing, which became features of other wallets and cryptocurrencies.
What exactly makes cryptocurrency Monero the most private? Monero's rise to prominence as a leading anonymous cryptocurrency was not caused by only one factor. Instead, Monero uses many techniques to provide the highest level of anonymity. The majority of cryptocurrency transactions are open to the public.
The professional-level trading platform runs on the Binance Smart Chain, which is fast, secure and cost-effective when compared to other blockchains. 9. PancakeSwap is an open-source platform that's easy to use – there are no KYC/AML requirements in order to start trading on the platform.
1 Gate.io. Gate.io is the best overall non-KYC crypto exchange, and has become the #1 destination for traders after Binance & Bybit moved to full verification. ...
KuCoin. KuCoin is the next best option for users who wish to avoid KYC and is the second most secure Non-KYC trading platform. ...
Users can buy crypto assets without a middleman managing their transactions and assets, unlike centralized exchanges. Therefore, Bisq is our top-recommended cryptocurrency exchange if you like this P2P (peer-to-peer) trading strategy. ... Does MetaMask need KYC? No, it does not.
Navigate in your browser to pro.kraken.com. Click sign-in then click on Help. Click on Recover my sign-in 2FA. Enter the email address associated with your Kraken account, the username, the Master Key; and finally click on Get bypass code.
Customers are required to submit their government-issued ID, proof of home address, and other governmental documents, which will be evaluated by Binance in approximately 20 days.
1. Bisq Bisq is the only true crypto exchange without KYC. All other entries on this list allow trading crypto without KYC but with limitations. Bisq is fully decentralized and doesn't require any identity verification.
Opening a personal account in a cryptocurrency exchange like Huobi is usually an easy and intuitive process. On some platforms and in some jurisdictions, a user may be allowed to receive crypto assets on their account on the platform without the need for KYC.
When you set up an account with a crypto exchange, you'll typically be asked to go through the know-your-customer (KYC) process. This is a standard identity verification that major exchanges require for anyone who wants to trade crypto.
Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.
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