Top 5 no KYC / anonymous cryptocurrency exchanges available in 2023
KYC (Know Your Customer) laws have been planned in numerous nations around the globe, including the United States, Canada, the United Kingdom, New Zealand, The Netherlands and Australia, to keep criminal from using banks and other financial institutions for illegal money laundering actions.
These regulations stretched out to cryptocurrency exchanges, to the amazement of numerous financial specialists. It is more complex to withdraw your funds from KYC exchanges than depositing it.
Know Your Customer policy (KYC) implies organizations need to use their administrations to check individuals’ identity, particularly with regards to cash moves. This also includes digital currencies. Subsequently, most digital currency trade platforms are currently upholding KYC. In any case, it isn’t important to use KYC trade platforms for trading.
If you value your personal life and want to keep your own data out of the control of occupied individuals and criminals, it can be wise to choose for a no KYC exchange. Most of the time you only need an email address and you can start trading.
We featured five crypto exchange platforms where you can trade cryptocurrencies anonymous without KYC checks.
KuCoin is not a full no-KYC exchange and there are some conditions to trade here anonymously. If you’re a small trader, who has a volume of max. 2 BTC a day, then you can trade here anonymously. When you trade more, you have to perform a KYC. You can also trade futures here anonymously (also with a max trading volume).
KuCoin was founded in August 2017, the trading platform has more than 200 digital currencies, over 400 markets, and has developed into one of the most beautiful crypto platforms on the web.
Like major exchanges such as Binance and Huobi, KuCoin has additionally transformed into a crypto organization that offers different services to its customers and traders. Read more about this company in our KuCoin review.
ByBit is a derivatives futures trading platform that is founded in 2018. The exchange accepts almost every user, even from North America, Asia and Russia. Bybit Fintech Limited is the organization behind this exchange that is located in the British Virgin Islands.
ByBit is a safe space for non KYC and anonymous traders, who are into leveraged trading. Probably the best thing about ByBit is the margin trading features and the amount of order possibilities.
You can use the ByBit trade to exchange digital currencies. You don’t need to do any KYC examination to open an account and place trades. However, since 2021 there’s a withdrawal cap for traders without a KYC. The current withdrawal limit is 2 BTC every 24 hours. Discover more in our ByBit review.
Phemex is a cryptocurrency derivatives and spot trading platform. And they are planning to launch a lot more features in the future. Phemex was established in 2019 by previous Morgan Stanley veteran Jack Tao. The platform is owned by Phemex Financial Pte. Ltd. – a legit organization enlisted in Singapore.
Phemex doesn’t require KYC and you can trade here 100% anonymously. All you need is your email address and password to register on the Phemex platform to start trading anonymously. Even though the company was founded in 2019 and they’re relatively new, you can see that the liquidity and daily trading volume is growing rapidly.
This Hong Kong-based exchange has more than 10 million active clients and has outperformed Bittrex based on active traders and daily trade volume. Binance is founded by Changpeng Zhao, who is known for his good communication, loyalty and drive to build more features. He created the successful native Binance Coin (BNB) which showed a great growth the past years.
Binance is not only the most famous exchange, they also don’t require a KYC. Opening an account with Binance is totally free. However, there are certain legal limits you must obey.
After creating an account, your level is 1. That means you are unverified. This doesn’t imply that you can’t do anything with your account. An unverified account is enough for basic transactions. The following limits apply to Binance accounts:
- Level 1 (unverified): 2 BTC per transaction every 24 hours
- Level 2 fully verified): 100 BTC transactions every 24 hours
- Level 3 (for whales): more than 100 BTC every 24 hours
If you don’t trade or withdraw more than 2 BTC every 24 hours, you can use a Level 1 account. Let’s assume you need to withdraw 4 BTC, you can choose to withdraw 2 BTC for the following two days.
Please note: this depends on where you live. Binance has a lot of regulation problems lately and is introducing KYC more often.
BitMEX was one of the first cryptocurrency derivatives platforms and founded in 2014. Since the start they made it possible to trade anonymous without going through Know Your Customer (KYC) and AML procedures.
In spite of the fact that it’s principally a BTC trade platform, you can likewise discover some altcoins like Cardano, Bitcoin Cash, Ethereum, Ethereum Classic, and so on.
There’s only Bitcoin going in and out of the platform, so they’re immune to international money laundering rules. They do block visitors from the United States, but you don’t have to specify your personal data to open an account. Find out more in our BitMEX review.
Taking everything into account, a no KYC exchange has a lot of advantages for a trader. It is impossible that their personal information will leak, because the platform has no information about you. Thus, it is safer than a KYC exchange. It is also not really necessary to share your personal information with a lot of companies.
Chances are that governments are taking actions against these type of exchanges. So it is possible that some exchange will change their KYC rules.