If you have ever opened an account with a major crypto exchange, you likely had to undergo KYC verification before being allowed to conduct any transactions. Although KYC is intended to monitor illegal transactions, none of us wants to deal with the risks of compromising our personal information. To address this issue, we have compiled a list of the 15 best no-KYC crypto exchanges for you to carry out your transactions without worrying about leaking your details.
What Is Know-Your-Customer (KYC)?
KYC, or Know Your Customer, is a process adopted by financial and cryptocurrency service providers to ensure the authenticity of their users.
It involves collecting identifying information such as name, address, date of birth, and government-issued identification documents, which are then verified against various databases to identify any red flags indicating fraudulent activity.
In many countries, KYC is essential to anti-money laundering (AML) and counter-terrorism financing (CTF) measures required by law. It helps regulated companies identify and mitigate potential risks, protect their customer’s assets, and comply with regulatory requirements.
The cryptocurrency industry has also adopted KYC, with many exchanges and trading platforms requiring users to complete the process before trading or withdrawing funds, to prevent money laundering and other financial crimes associated with using cryptocurrencies.
Why Does Anyone Want Non-KYC Exchanges?
Many individuals may have privacy concerns and feel uncomfortable sharing their personal information. They may be worried about how their data will be used or who can access it. KYC processes can also compromise anonymity, which some individuals prefer to maintain when conducting financial transactions.
Completing the KYC process can also be time-consuming and require significant effort. Some individuals may need more time and effort to complete the process, which can deter them from using crypto exchanges that require KYC. Providing personal information to third-party companies can carry a risk of identity theft or fraud, which can further exacerbate security concerns.
In some cases, individuals may also be unable to complete the KYC process due to their country of residence or lack of required documents. This can limit their ability to access financial services or use specific cryptocurrencies.
Overall, the demand for no-KYC crypto exchanges is driven by a desire for privacy, anonymity, convenience, and security. By understanding the reasons behind this demand, we can better appreciate non-KYC crypto exchanges’ growing importance and role in the cryptocurrency landscape.
15 Best Crypto Exchanges Without KYC
We will summarise non-KYC crypto exchanges and highlight some of the distinctive features they offer as decentralised exchanges (DEX).
Uniswap
Uniswap operates on the Ethereum blockchain as a decentralised non-KYC protocol. Users can trade various ERC-20 tokens on the platform through smart contracts without a centralised exchange.
Automated market-making algorithms are used to provide liquidity, and users can swap tokens without the need for a counterparty. While there is a risk of impermanent loss due to the automated market-making algorithms, Uniswap is popular due to its high liquidity, low fees compared to centralised exchanges, and the ability to maintain privacy without a KYC process.
Pros
Users can remain anonymous as no KYC is required
Low fees compared to centralised exchanges
High liquidity due to automated market-making algorithms
Cons
The risk of impermanent loss
A limited selection of tokens available for trade
An Ethereum wallet is required to use the platform
Sushiswap
Sushiswap is a decentralised exchange founded by pseudonymous open-source developers Chef Nomi and 0xMaki. Initially created as a fork of Uniswap, Sushiswap is a non-KYC exchange operating on the Ethereum blockchain. Using smart contracts, users can trade various ERC-20 tokens.
Sushiswap offers a broader selection of tokens than Uniswap and has high liquidity due to its automated market-making algorithms. However, as a less established platform, Sushiswap may be subject to more volatility and share similar risks of impermanent loss with Uniswap.
Pros
No KYC is required for users to maintain privacy
A more comprehensive selection of tokens compared to Uniswap
High liquidity due to automated market-making algorithms
Cons
Similar risks of impermanent loss as Uniswap
It may be subject to more volatility than Uniswap
An Ethereum wallet is needed to use the platform
CoinEx
CoinEx is a non-KYC centralised cryptocurrency exchange headquartered in Hong Kong that enables users to trade various cryptocurrencies, including Bitcoin, Ethereum, and Ripple, at a flat trading fee of 0.1%. It provides a user-friendly interface with two-factor authentication, cold storage for funds, and a mobile app for convenient trading.
CoinEx is a popular choice for those who value the speed and ease of centralised exchanges without compromising their privacy through KYC verification. However, users must trust CoinEx to hold their funds due to its centralised nature securely.
Pros
Wide range of coins supported for trading
A relatively low trading fee of 0.1%
User-friendly interface and mobile app
Cons
Not friendly to novice users
Expensive to deposit fiat currencies
Limited interest-earning options
CoinSwitch
CoinSwitch is a leading no-KYC crypto exchange based in India that offers more than 100,000 crypto pairs from major exchanges, allowing for the smooth exchange of crypto coins. Established in 2017, it has already processed over 1 million transactions in just a few years.
CoinSwitch allows you to purchase Bitcoin without bank cards like Visa or Mastercard. The platform is backed by V.C. firm Sequoia Capital and serves as a one-stop shop for all your crypto needs.
While its transaction fee is unclear due to its use of multiple exchanges, it remains a popular choice among traders for its easy-to-use interface and fiat transactions.
Pros
Various coins and currency pair
Easy to use with an intuitive interface
No transaction limit
Cons
No fixed trading fees
Fiat deposits are not supported
dYdX
dYdX is a decentralised exchange that operates on the Ethereum blockchain, allowing users to trade various ERC-20 tokens and ETH via smart contracts without KYC requirements. It offers high liquidity through margin trading, which can also pose a liquidation risk. The exchange provides a limited selection of tokens and trading pairs, and users must have an Ethereum wallet to access the platform.
Pros
No KYC required for better user privacy
Long and short with high leverage
High liquidity due to margin trading
Cons
Margin trading carries the risk of liquidation
Only 3 assets available for swaps
Limited selection for margin trading pairs
Pionex
Pionex is a decentralised crypto exchange that provides access to 16 different bots, including the ability to customise your bot. It allows high-leverage derivative contracts for all asset classes, and swap contracts are available for EOS, BNB, XRP, BCH, ETH, and BTC.
The exchange has robust servers that can handle the high trading volume, ensuring speedy transactions. It also has an easy-to-use API and a user-friendly interface with easy navigation and access to various data types.
All assets are stored in cold wallets for security, ensuring hackers cannot compromise crypto coins. Pionex’s non-KYC policy appeals to users who want to trade crypto without revealing personal information.
Pros
16 built-in trading bots for investors
A user-friendly and customisable interface
Instant crypto-to-crypto swap service
Cons
No demo mode for trading bots
AUD withdrawals unsupported
Pionex users can only stake ETH
ProBit
Probit Global is a centralised exchange founded in 2018 and offers optional KYC. The exchange provides access to over 800 cryptocurrencies for trading and has implemented high-security measures such as two-factor authentication and cold storage for funds.
However, the centralised nature of the exchange means that users may not have complete control over their funds, and trading fees are comparatively high when compared to other exchanges.
Pros
Optional KYC provides users with privacy
2FA and cold storage for securing funds
Access to IEOs (initial exchange offerings)
Cons
Limited trading pairs supported
Trading fees are relatively high
Unresponsive customer support
Hodl Hodl
Hodl Hodl is a non-KYC peer-to-peer (P2P) cryptocurrency exchange that allows users to trade BTC without needing identity verification. The exchange serves as an escrow service, holding the funds until both parties are satisfied with the transaction, and charges a flat 0.6% fee on all trades. Hodl Hodl has a user-friendly interface but may have lower liquidity than centralised exchanges. However, it is popular for those who value privacy and decentralisation.
Pros
A high level of privacy and anonymity
Escrow service reduces the risk of fraud
Lower fees compared to other P2P exchanges
Cons
Lower liquidity affects the trades
Only BTC trading is supported
Not a fully decentralised crypto exchange
Alfacash
Alfacash, previously known as Alfacashier, is a non-KYC exchange platform that supports 28 different cryptocurrencies. As a non-custodial exchange, it validates and executes transactions without creating a wallet, giving users full custody of their wallets and more control over deposit and withdrawal transactions.
Alfacash offers a secure payment system through its partnership with Simplex, allowing users to buy cryptocurrencies using debit or credit cards. However, the exchange is not available for US-based investors and charges relatively higher fees than other trading platforms.
Pros
28 different crypto assets supported
Users have full control of their transactions
Secure payment system with Simplex
Cons
Not available for US-based investors
Higher fees compared to other platforms
Lack of transparency on security matters
Sideshift AI
SideShift is a crypto exchange that only supports about 50+ tokens, but it is one of the first to adopt user-friendly technologies. The platform was the first to integrate PayJoin, a payment system popularised with Bitcoin transactions. The Pay-to-end-point (P2EP) method simplifies payment by using leftover change.
SideShift has incorporated liquid payments, a Blockstream system that replaces the traditional proof-of-work consensus model with a more efficient federal consensus model.
Pros
User-friendly interface and experience
A flat fee of 0.5% for all trades
Integrated PayJoin and liquid payments
Cons
Slow transaction time, about 21 minutes
Poor live chat support
Swapzone
Swapzone is a crypto exchange that requires no verification process, thus giving new users easy access to quick transactions. Swapzone’s simple and clean interface, available on mobile and desktop, is perfect for beginners and experts who prefer uncluttered transactions.
The exchange offers on-the-spot trading with about 300 assets available for swapping. Swapzone’s robust aggregating feature offers comprehensive price analysis and estimates for the tokens they want to trade.
Pros
The clean interface on both mobile and desktop
Over 300 cryptocurrency assets supported
Users can choose fixed and floating rates
Cons
Does not support fiat currencies
A limited number of exchanges listed
Lack of detailed guides and video tutorials
Bisq
Bisq employs the Tor system to ensure extreme security and stores all assets in cold storage. It supports more than 120 cryptocurrencies and enables over 15 payment methods, including credit and debit cards and bank transfers. With low trading fees of 0.05% for makers and 0.35% for takers, Bisq is a cost-effective platform.
However, you can only trade against Bitcoin; the platform doesn’t support fiat currencies or stablecoins like USDT. As a result, Bisq may not be the best choice for traders looking to trade other cryptocurrencies or assets.
Pros
No funds are stored with Bisq
Various payment options are available
Decentralised trading for extra security
Cons
Fees are a bit higher than other exchanges
Users can only trade against BTC
Unsuitable for experienced traders
BlockDX
Block DX claims to be the world’s most decentralised exchange, and that statement seems to hold up to scrutiny. Block DX has decentralised all four critical components of a truly “trustless” DEX: funds storage, order books, order matching, and settlement. This has been achieved through a unique protocol that ensures genuine decentralisation in all platform operation aspects.
Pros
There is no registration required
Open source and has a strong community
Trading pair freedom for supported assets
Cons
Not suitable for novice users
Low-liquidity issues
No direct credit/debit card payments
Phemex
Phemex is a Singapore-based crypto exchange that offers advanced features such as high-speed trading, spot trading, and futures trading with up to 100x leverage. It supports over 200 cryptocurrencies and provides a user-friendly interface for beginners and advanced traders.
The deposit fees are free, while withdrawals are $30 per transaction. Spot trading fees start from 2% and can be as low as 0.08% for users trading above $500K. The platform supports multiple deposit methods, including Credit/Debit Cards, Bank Transfers, ACH, SWIFT, SEPA & FPS.
The exchange provides 24/7 customer support via live chat, email, and social media platforms like Telegram, Twitter & Discord.
Pros
A wide range of coins supported
Phemex Earn to earn passive income
The platform is community-focused
Cons
A low amount of liquidity
No dedicated staking platform
Not available in the USA
AAX
AXX is a crypto trading exchange with spot, futures, and over-the-counter markets. It employs the LSEG Technology matching engine, the same as first-tier exchanges like the London Stock Exchange. AXX boasts of having over 2 million investors who trust and enjoy its superb functionality and user-friendly interface.
With over 50 crypto-to-crypto pairings, AXX provides easy deposits and withdrawals, market tracking, and supports over 20 fiat currencies. It also facilitates peer-to-peer transactions (P2P) with secure encryption and fast settlements.
Pros
Instant buying and selling of crypto
Several trading markets supported
Good 24/7 customer support
Cons
Margin trading is not available
Mobile app needs improvements
Not available in the USA
FAQs About Non-KYC Exchanges
Can I buy cryptocurrencies without KYC?
Yes. You can purchase cryptocurrencies without undergoing KYC, but it varies depending on your platform. Some exchanges for digital assets permit users to buy, sell, and trade cryptocurrencies without necessitating the disclosure of personal identification information. These exchanges are known as “Non-KYC exchanges,” They generally offer more privacy and anonymity than exchanges that adhere to KYC requirements.
Are non-KYC crypto exchanges legal?
Before using non-KYC platforms, users should research the laws and regulations of their country or region regarding cryptocurrency exchanges, as the regulatory status may vary.
How to select the best non-KYC exchange?
To minimise the risk of fraud or theft, users must research a non-KYC crypto exchange’s reputation, security measures, and user reviews before selecting one. Users should also know that non-KYC exchanges may have slower transaction times and lower liquidity than regulated exchanges.
Can I use Binance without KYC verification?
Binance is a leading non-KYC crypto exchange that accepts all major altcoins and provides anonymous trading. However, there is a caveat. Unverified users are limited to a daily withdrawal of 0.06 BTC, while verified users can transfer up to 100 BTC daily.
Is it safe to use a non-KYC crypto exchange?
Yes. While a non-KYC exchange can offer more privacy and anonymity, it may not be under regulatory oversight and can be vulnerable to hacking or fraudulent activities. Thus, you should conduct thorough research and due diligence on any exchange or platform before using it.
The Bottom Line
To summarise, non-KYC crypto exchanges allow users to trade cryptocurrencies without sharing personal information. While these platforms offer greater privacy, it is essential to consider the potential risks and trade-offs, such as reduced regulatory oversight and higher susceptibility to fraud or hacking.
