It’s no secret that cryptocurrency trading has always attracted users looking for privacy and decentralized platforms. However, according to regulations, many exchanges now require Know Your Customer (KYC) verification, which requires them to collect personal data.
However, some traders prefer platforms that don’t ask for personal identification. These no-KYC exchanges let users trade while still maintaining their privacy. This makes it an attractive choice for traders who are conscious about privacy and want to remain anonymous. We have put together a list of the best no-KYC crypto exchanges in 2024.
What is Crypto KYC?
Crypto KYC, or Know Your Customer, is the process of verifying the identity of the customer before they open an account in centralized exchanges. This is done in order to reduce money laundering and other illegal activities that are done using cryptocurrencies.
Best No-KYC Crypto Exchanges
These are your best options if you don’t want to hand over your personal data while trading crypto:
MEXC
MEXC is a top exchange for no-KYC trading. It supports a wide range of cryptocurrencies with over 2,300 coins. It also offers features like spot trading, futures trading, and staking without requiring identity verification. It has a simple registration process and it has high liquidity which gives a smooth trading experience.
Traders love MEXC for the token listings and trading competitions it has frequently. This exchange is suitable for all kinds of investors be it advanced or only passive traders. MEXC also allows spot trading at very low trading fees. It is restricted in some countries like North Korea, Cuba, Sudan, Syria, China, Singapore, Iran, Venezuela, Canada, etc.
Bybit
Bybit is a leading derivatives exchange that offers excellent no-KYC options. Bybit allows no-KYC users to trade derivatives and spot markets without limitations on how much they deposit, unlike many exchanges that have stricter verification.
It has over 400 coins. However, there is a daily limit of 20,000 USD for unverified accounts.Bybit has a beginner-friendly interface with advanced tools for experts. It comes with a strong security infrastructure and competitive trading fees.
But take into account that some campaigns or bonuses might require KYC. This platform is best suitable for intermediate to advanced investors. Bybit is also restricted in some countries like the US, the UK, mainland China, Singapore, and North Korea.
CoinEx
CoinEx offers a no-KYC exchange market, allowing traders a straight way to trade crypto with minimal restrictions. It is especially popular for its easy interface and quick processing of transactions. It allows for unlimited deposits without KYC requirements. There is a fixed withdrawal limit for unverified accounts.
It supports a wide range of coins and tokens with more than 600 crypto coins available for trading. An advantage is that it doesn’t have regional restrictions and is great for beginners and intermediate traders. It has relatively low trading fees but lacks the advanced tools that professional traders need.
Bisq
Bisq is one of the most privacy-focused and decentralized crypto exchanges available. It operates on a Peer-to-Peer (P2P) network, making it easier to trade Bitcoin and other crypto without undergoing a KYC process. Trades are conducted directly between the users and the funds are stored in wallets that are controlled by the users themselves.
Bisq also supports fiat payment methods. The software operates on the Tor network which adds to the anonymity. It has a decentralized operation which makes it immune to shutdowns or central authority interference. The platform is open-sourced and maintained by a community of developers.
PancakeSwap
PancakeSwap is a DEX that runs on the Binance Smart Chain. It allows users to trade tokens directly from their wallets while being completely anonymous without the need for KYC. Its highlight is that it has lower transaction fees when compared to Ethereum-based DEX’s.
The exchange supports over 2,000 tokens, mostly focusing on BSC coins. It also supports liquidity farming and staking. A drawback is that it is limited to Binance Smart Chain tokens. Also, users must beware of scam tokens as there is a risk due to lack of regulation.
Final Thoughts
These no-KYC exchanges are excellent options if you are someone who values privacy and prefers to trade without undergoing the verification process. That said, always be careful when trading on no-KYC platforms. We have selected these exchanges based on the data available publicly.
Do your own research about the exchanges and go through reviews from other users before you commit to any exchange. Be well aware of the security measures and withdrawal policies before you deposit any funds.
Even though these exchanges provide you privacy, you should always prioritize your safety and funds. These no-KYC crypto exchanges are growing lesser in number as government authorities are pushing on them to collect data to prevent illegal activities.