KYC stands for Know your customer. KYC is a method of identification or of recognition a client’s identification when they opt for an account. In simple words, the exchanges must know their clients whether their customers are whom they say they are.
Most of the crypto exchanges follow and maintain strict KYC rules to obey local legislation regarding AML regulations. KYC ensures that the crypto exchange has verified all the data regarding the identity of a user before letting them trade on their platform.
This will help to protect criminals from using crypto exchanges to create accounts under fake identities and proceeds of crime. Implementing KYC protocol to exchange is useful to combat crime. But it can hassle those who want to trade anonymously or don’t interested to show their identity online.
So, there are some crypto exchanges where you can buy or trade cryptocurrency without submitting KYC, here is the list of the top 10 No KYC crypto exchanges.
10 best non-KYC exchanges available in the market
#1. Bybit:
Bybit is one of the best global crypto exchanges, the best part is that you can buy or trade crypto without KYC. Bybit has been in the market since 2018, and it has around 10 million customers trading around the globe on this platform.
It provides a transparent and safe trading protocol as it tries to create next generation financial ecosystem supported by blockchain technology. To begin crypto trading you don’t require KYC, but aim to provide a customer-focused user experience with its best service.
Approximately, more than $1 billion valued in crypto is exchanged on this platform each day. Existing crypto holders can transfer their assets to Bybit for trading in derivative markets. The derivatives products offered include inverse future, USDT perpetual, USDC perpetual, leveraged tokens, etc. You can use all these markets without passing the ID verification stage. The defaulting fees for trading with leverage are o.o6 % for makers and 0.01% for takers which is very competitive in the market.
Users can withdraw up to 2 BTC without KYC and cashing out in fiat is forbidden. If you want to extend the withdrawal limit then you need to pass the verification process.
#2. KuCoin:
By its volume, KuCoin is the 7th biggest crypto exchange in the world. KuCoin has a presence in over 200 countries. kuCoin is also known as the best altcoin trading platform with a variety of markets such as derivatives, mining pools, margin trading, spot trading, staking, and landing.
Whilst most crypto exchanges need users to pass through a verification process to start trading on that platform. But, KuCoin users simply deposit their bitcoin into their account and can start trading accordingly. KuCoin follows a maker-taker crypto fee approach for trading that ranges from 0.0125% to 0.1%; it depends on the tier level.
It is an optional requirement for new account holders and users can have overall authority over their deposit and withdrawal. However, there is some restriction on withdrawal on non-KYC accounts. Users can withdraw up to 1 BTC daily with a non-KYC KuCoin account. You can raise the limit by bypassing the verification process.
#3. PrimeXBT:
primeXBT was established in 2017 and it is known for offering futures contracts in cryptocurrencies, indices, and commodities that can be traded using Bitcoin as collateral. To begin crypto trading on this platform you don’t require to pass through the verification process.
Non-verified customers’ accounts can trade Bitcoin and also experience the full features of PrimeXBT except depositing fiat. PrimeXBt can be the top choice when it comes to trading cryptocurrencies anonymously. For trading cryptocurrency assets 0.5% each time you buy or sell in the market.
PrimeXBt offers the highest withdrawal limit for account holders who prefer not to complete the identity verification protocol. Users can withdraw up to $20,000 per day. But the limit can be raised by completing the PrimeXBT KYC verification process.
#4. Margex:
Margex is comparatively a new crypto exchange that started its operations in 2020 and supports more than 100 cryptocurrencies on the platform. This platform does not seek any KYC and hence remains unregulated. That means you can open an account in Mergex and buy Bitcoin with no kYC.
This platform offers an easy-to-use interface; making it easier for beginners to trade on the platform. On the other hand, advanced users can access the 100x leverage Margex provides margin trading to maximize their profit.
One significant benefit of using Mergex compared to other crypto exchanges is that it does not require KYC to purchase crypto. Besides, this platform has a low trading fee than other crypto exchanges. Margex charges 0.019% (maker fee) and 0.060% (taker fee) for trading Bitcoin.
Another significant feature of this crypto exchange is that there is no withdrawal limit for a crypto holder.
#5. Phemex:
Phemex is a full-fledged financial asset management platform that has grown beyond traditional crypto exchanges. It started as a trading platform for derivatives, and futures markets. The best part of Phemex is traders can begin their trading on this platform without identity verification as it is not mandatory.
Phemex is a great platform for those who don’t want to share their ID proof for an exchange. While fiat-to-crypto trading will require verification but crypto to crypto trading doesn’t require verification.
Moreover, Phemex offers unlimited crypto deposits and trading; users can withdraw up to 1 million per day without verification. Without KYC, the markets that you can access include derivatives, USDT, USDM, and USDC settled contracts. For leverage trading, a combination of 0.1% spot trading fees, and 0.01% (maker) and 0.06% (taker) fees are charged.
But there are some limitations and restrictions on non-verified accounts; these are limited to buying crypto with fiat and also not eligible for certain bonuses.
#6. Changelly:
Changelly is one of the financial asset management platforms that does not require KYC for crypto buying or trading. You can make transactions on this platform very easily and it provides safe and secure transactions. You need to set up 3 simple steps and you can start buying cryptocurrency within 30 minutes.
Changelly allows you to trade above 400 cryptocurrencies at fixed as well as floating rates. You can also buy them with 90+ fiat currencies using this platform. Changelly has been operating on the market for approximately 7 years and has millions of satisfied clients. It also comes in a mobile app; this app not only allows you to buy cryptocurrencies on the go but also gives you price alerts, also keeps you updated with the current crypto news, and more.
Moreover, the best thing about Changelly is users can deposit or withdraw according to their preferences. There is no withdrawal limit. Changelly charges a 0.25% exchange fee+ network fee for trading cryptocurrencies.
#7. Uniswap:
Uniswap is a non-KYC crypto exchange that operates on the Ethereum blockchain. Account holders can trade various ERC-20 tokens using this platform without the need for centralized exchanges. You can buy and trade cryptocurrencies on this platform without passing the identity verification. If you want to trade crypto without sharing your identity on the crypto exchange then this platform is going to be the perfect one for you.
Uniswap is prevalent for its high liquidity; it provides a secure trading process without going through a KYC process. There is no withdrawal limit as the users can deposit and withdraw according to their wishes. Uniswap charges a 0.3% fee for swapping tokens.
#8. dydx:
dydx is a decentralized crypto exchange that operates on the Ethereum blockchain. It allows users to trade various ERC-20 tokens and Ethereum using smart contracts. dydx is a non-KYC crypto exchange that means for trading cryptocurrencies, you do not require to go through identity verification. So, you can maintain your privacy without providing any personal details.
dydx offers high liquidity because of its use of margin trading and has a little portion of tokens. But, you must need an Ethereum token for using this platform. Besides, there is a limit on trading pairs on this exchange. Dudx doesn’t charge users any fees for deposits or withdrawals.
#9. Bisq:
Bisq is focused on providing a secure, private, and censorship-resistant technique to exchange cryptocurrencies. Most of the centralized crypto exchanges require personal information to set up an account. Then these exchanges link the trading activities with their respective identities. But Bisq believes that this technique is extremely riskier for the users as their personal information and financial activities may get stolen.
So, Bisq will never ask for your personal information for opening an account on this platform. So, you can buy or trade cryptos very easily without providing your details. On this crypto exchange, you can withdraw 1 BTC per 24 hours without KYC. But you can extend the limit up to 200 BTC with KYC. To trade Bitcoin on this platform, Bisq charges 0.001 BTC (for maker) and 0.007 BTC (for taker) trade per one BItcoin.
#10. LocalCryptos:
LocalCryptos allow you to buy and sell cryptos using a non-custodial escrow system and non-custodial wallets. You can do all these by smart contracts. Non-custodial platforms don’t seek personal information. Local Crypto is a secure crypto exchange that allows users to trade Bitcoin, Ethereum, and some other major crypto coins directly with another user. You can easily open an account and buy and trade cryptocurrencies using this platform without KYC.
Local Cryptos is a taker and maker fee structure. For each completed trade, the maker is charged a 0.25% fee and the taker is charged a 0.75% fee. This platform does not charge any withdrawal charge to the user. You can withdraw 1 BTC per 24 hours without KYC, but the limit can be extended to 200 BTC per 24 hours.
Conclusion:
The know-your-customer process sometimes seems to be an inconvenience for the users as they do not wish to share their details with any crypto exchange. Investors who prefer to perform crypto transactions without passing through identity verification procedures, need to use non-KYC crypto exchanges.
In this article, we have listed the 10 best non-KYC changes, you can choose one from the list. It’s also important to make well-informed decisions while trading crypto; especially if you are dealing with non-KYC exchanges.
