To mitigate money laundering and loss of funds, many exchanges decided to add KYC verification. However, there are some crypto exchanges that still do not require KYC. These are the ones we are interested in. After doing some research, here are the top no-KYC crypto exchanges to try out in 2022.
Table of Contents
What is KYC?
KYC stands for “know your customer” or “know your client.” It is a mandatory process used to identify and verify that customers are real human beings and are not engaged in any financial crime or money laundering.
Anti-money laundering (AML) and countering the financing of terrorism (CFT) rules say that KYC verification must be used by many companies, especially those that do business internationally, like crypto exchanges.
Can I Buy Crypto Without KYC?
Is it possible to buy crypto from centralized exchanges (CEXs) without KYC? Well, most articles on the internet will tell you that it is possible in some exchanges. However, they often leave out the part where it is conditional and has limitations.
Decentralized exchanges have become the go-to destinations for traders who value their anonymity. Despite the fact that DEXs don’t have as much volume as centralized exchanges, traders prefer them because they get to remain the sole custodians of their cryptocurrencies.
There is a popular saying in crypto: “Not your keys, not your crypto.” This has proven to be very true in the recent case of FTX’s insolvency.
What are the No KYC Crypto Exchanges
So, if you are looking to get started trading on an anonymous crypto exchange, here is a list of the best exchanges out there:
1. Binance – Best for Advanced Traders and High Liquidity
Binance is a centralized exchange with headquarters in the Cayman Islands. The exchange was founded in 2017, and since then it has grown to become the largest crypto exchange in the world. There are 355 coins on the platform, doing over $39 billion in trading volume. Binance recently published its proof of reserve, disclosing over $69 billion in assets.
However, some users noted that Monero (XMR) was not on the list, despite it being available for trading on the exchange.
See the full list of the assets here.
No KYC Limits
- Withdrawal: 0.06 BTC per day
- Deposit: Yes
- Trade: Margin trading allowed
- Minimum Trade Order: $10
- Invest & Earn: No
Pros
- Easy sign-up process
- Binance has the lowest transaction fees among Tier-1 exchanges
- No deposit fee
Cons
- Limited functionality for American citizens
- Considerable withdrawal fees
2. Bitrue – Best for Yield Farming and High Liquidity
Bitrue is a centralized exchange based in Singapore. It was established in 2018 and currently offers over 590 cryptocurrencies for trading. Additionally, the exchange processes over $3B in 24-hour volume and has over 1250 trading pairs, and is best for traders who are interested in yield farming.
No KYC Limits
- Withdrawal: 2 BTC per day
- Deposit: Yes
- Trade: Margin trading allowed
- Minimum Trade Order: $10
- Invest & Earn: Yes
Pros
- They have a simple two-step sign process.
- Low fees with a flat fee model.
- As high as 100% APY from yield farming
Cons
- Lower liquidity compared to Tier-1 exchanges
- Offer high-risk field farming investments that could lead to loss of funds
3. ByBit – Best for Advanced Traders and Futures Trading
Bybit, a centralized exchange, is among the top ones in the world. The platform has 260 cryptocurrencies and 342 trading pairs. The exchange, which was founded in 2018, now handles daily volumes of more than $2 billion.
No KYC Limits
- Withdrawal: 2 BTC per day; No Fiat withdrawal
- Deposit: No Fiat Deposits
- Trade: No P2P trading; margin trading allowed
- Minimum Trade Order: $10
- Invest & Earn: Can’t use Bybit savings, liquidity mining, launch pad, and launch pool
Pros
- Available on Android, Web, and iOS.
- Offers up to 100X leverage trading.
- They have Fiat gateways for easy deposits.
Cons
- Not available for citizens of the United States.
- Withdrawals using Fiat are not supported.
4. Kraken – Best for Security and Reliability
Kraken is a centralized exchange platform with its headquarters in the United States. The exchange boasts 211 coins and over 650 trading pairs. Additionally, the platforms carry out over $2 billion worth of trades on a daily basis. Basic information required to open an account includes name, date of birth, country of birth, and phone number.
No KYC Limits
- Withdrawal: Only crypto withdrawals
- Deposit: Only crypto deposits
- Trade: margin trading allowed
- Minimum Trade Order: $10
Pros
- Has a simple-to-use interface
- It has high liquidity with a wide array of coins
- Dependable since it has been around for a long time compared to its competitors
Cons
- Kraken charges higher fees compared to its competitors.
- Previous history of costly attacks with no support from Kraken
5. MEXC – Best for Wide Variety of Cryptocurrencies
MEXC is one of the most active crypto exchanges in 2022. The platform provides no-KYC trading opportunities for US citizens. The platform has over 2110 trading pairs and over 1520 cryptocurrencies. MEXC is known for listing microcap coins and new crypto tokens immediately after they launch.
No KYC Limits
- Withdrawal: 40 BTC per day
- Deposit: Yes
- Trade: Yes
- Minimum Trade Order: $10
Pros
- Accepts Fiat deposits
- Available on Android, iOS and Windows.
- Offers a wide variety of deposit methods
Cons
- No fiat withdrawals available
6. Changelly – Best for Anonymity and Security
Changelly-centralized crypto exchanges currently operates from Seychelles. The platform was established in 2020. Currently, it processes over $3.5 billion in trades and has only 63 coins and 138 trading pairs. Changelly is big on the fiat on-ramp and onboarding newbies into crypto, a fact that rather explains the discrepancy between the huge volume and the low number of supported coins.
No KYC Limits
- Withdrawal: No withdrawal limit.
- Deposit: No deposit limit
- Trade: Yes
Pros
- Changelly is extremely secure and maintains your anonymity.
- Users remain in full custody of their funds.
- Available worldwide except in 8 countries.
Cons
- Changelly has high fiat-to-crypto rates
- Platform has limited payment options
7. Kucoin – Best For Low Fees
Kucoin operates from Seychelles and was founded in 2014, making it one of the oldest exchanges in the industry. With 733 coins and over 1280 trading pairs, the platform processes over $15 billion in trading volume. BTC/USDT is the largest pair on this centralized crypto exchange.
No KYC Limits
- Withdrawal: 1 BTC per day
- Deposit: Yes
- Trade: Yes
- Minimum Trade Order: $10
- Invest & Earn: No
Pros
- Kucoin has a wide array of extra features such as a P2P marketplace, futures, and Lending.
- Extremely low trading fees.
- Only partial KYC is required to trade
Cons
- When buying crypto with fiat, the fees are high
- Fiat withdrawal is not available
8. AAX – Best For Beginners
AAX is one of the lesser-known crypto exchanges that came up in 2018. Registered in Seychelles, the exchange has 254 listed cryptocurrencies and over 270 trading pairs. This centralized crypto exchange does over $2.9 billion in trading volume daily, with BTC/USDT being the largest pair.
No KYC Limits
- Withdrawal: 2 BTC per day
- Deposit: Yes
- Trade: Yes
- Minimum Trade Order: $10
- Invest & Earn: Yes
Pros
- Great customer support and learning center
- Offers DeFi mining, contests, and promotions
- A wide array of trading features
Cons
- Not available in the United States.
- AAX does not support margin trading.
9. PrimeXBT – Best for Copy Trading
PrimeXBT is one of the few Bitcoin-based cryptocurrency exchanges. The platform has only 46 trading pairs and a handful of listed cryptocurrencies. The reported daily trading volume is just above $280 million. Even though the platforms only list a few tokens and coins, there is more than $1 billion in open interest, which shows that they are a place to trade. BTC/USD is its largest trading pair.
No KYC Limits
- Withdrawal: $20,000 per day
- Deposit: Yes
- Trade: No P2P trading
Pros
- They have copy trading for users.
- Low trading fees.
- Offers up to 1000x leverage trading.
Cons
- They do not offer spot trading.
- Fiat withdrawal is not supported.
- Not supported in the USA, Canada, France, Japan, and Israel.
10. Bitfinex – Best for Reliability
Bitfinex has been around for a while in the crypto space. The exchange was formed in 2014 and is currently based in the British Virgin Islands. With more than $1 billion in trading volume, this centralized exchange has 454 trading pairs and 186 coins. BTC/USD is the largest trading pair on the exchange. Bitfinex has been around for a long time and is therefore one of the few dependable crypto exchanges around.
No KYC Limits
- Withdrawal: 2 BTC per day
- Deposit: Yes
- Trade: Yes
- Minimum Trade Order: $10
Pros
- They offer borrowing and lending services on the platform
- Offers staking programs on several cryptocurrencies.
- Available on Web, Android, and iOS platforms.
Cons
- Not available in the USA.
- They don’t offer live chat for customer support.
Decentralized Exchanges
There is no need to mention individual DEXs since the premise of any DEX is that it doesn’t track its users. On the DEX front, there are simple AMM DEXs like
These ones are not complicated to use; you just connect your wallet and you’re ready to go.
The other types of DEXs are perpetual DEXes. These ones are only just coming up but have become very popular because they offer the ability to carry out trading with the ease of CEX but without their KYC scrutiny. Examples of these ones include
Peer-to-Peer Marketplaces
Many do not recognize these as crypto exchanges, but they are. They are the best of both CEXs and DEXs. They combine both, upholding security and anonymity. On peer-to-peer (P2P) crypto exchanges, users buy and sell crypto to each other. There is no KYC needed, and cryptocurrencies bought go straight to your wallet. They include
How to Buy Crypto Without KYC
Let’s explore how you can buy crypto on both centralized and decentralized exchanges without KYC.
On Centralized Exchanges (CEXs)
Step 1: Go to your exchange of choice and sign up. (In this case, we shall use Bittrue as an example.
Step 2: Next, deposit funds into your account.
Step 3: Select the coin you want to deposit and the network. A deposit address will appear. Copy it, head over to your wallet, and send the coins over to the CEX.
Step 4: After your deposits arrive on the exchange, you can go ahead and trade them for whatever crypto you want.
This is the basic process of buying crypto on any centralized exchange. However, each exchange has its own limitations for users who have not verified their KYC. For instance, on Bittrue, you can only withdraw 2 BTC per day if you have not verified your KYC.
Other things you can do at this level include depositing, trading, investing, and buying crypto. Beyond this, KYC and AML verification are required. We shall mention some other CEXs that allow non-KYC trading. But first, let’s explore the decentralized route.
On Decentralized Exchanges
Step 1: Go to a decentralized exchange of your choice and connect your wallet to the exchange. (We shall use Sushiswap as an example)
Step 2: Select the token you want to buy from the list. If it is not there, you can use CoinGecko to find the contract address of the token and add it manually to Uniswap.
Step 3: Click on “Swap” and confirm the transaction in your wallet. After this, you will receive the tokens in your wallet.
Conclusion
It’s important to remember that no centralized exchange in their right mind would let anyone use their platform without full “Know Your Customer” (KYC) compliance. If you are a trader and would like to buy crypto without verifying KYC, then consider using DEXs; if you are going to use CEXs, go for lower volumes below 2 BTC per day.
FAQs
1. What is a “non-KYC” crypto exchange?
A non-KYC crypto exchange is a crypto trading platform that allows users to conduct trading without having to verify their identities.
2. Which crypto exchanges have no KYC?
- Binance
- ByBit
- Bittrue
- Localcryptos
3. Why use a non-KYC crypto exchange?
A non-KYC crypto exchange ensures anonymity and also allows you to be the sole custodian of your cryptocurrencies.
4. Why would anyone want to avoid KYC?
Regulatory bodies will tell you that those who avoid KYC have something sinister to hide. However, this is not always the case. Avoiding KYC ensures that your funds remain in your custody and away from the scrutiny of regulatory bodies. Governments hate industries they cannot control.
