As more and more regulations are being implemented by various governments across the globe and the trustworthiness of prominent centralized exchanges is at stake, crypto and other digital assets traders are looking for non-KYC exchanges as safe alternatives.
Cryptocurrency began as a safe, anonymous, and decentralized alternative to regular payment systems, however, its significant growth has resulted in various restrictions like KYC. KYC indeed has many benefits, but certain people value their privacy and are fed up with regulations.
This article will provide a list of some of the major cryptocurrency exchanges where KYC is not mandatory. We have included both the centralized and decentralized exchanges, and also we have discussed additional ways to trade crypto anonymously.
What is KYC?
Know Your Customer, KYC is a process that allows the exchanges to know the real identity of the traders. Usually, the process is done by users verifying their mobile numbers and email IDs. Also, they provide their identity card or driving license for further verification. In some exchanges, users should go through a video verification to complete KYC.
The main advantage of KYC is that it prevents illegal activities to an extent, and it helps governments a lot. Money laundering, terrorist financing, and tax evasion can be controlled through KYC. However, Bitcoin was created as a tool that values privacy, decentralization, and anonymity of the users so various crypto enthusiasts are looking for ways and exchanges where KYC is not needed.
Top Crypto Exchanges that Don’t Require KYC
Various crypto exchanges offer anonymous trading, and this list is not complete. We have chosen some of the best ones according to the user experience and reviews.
| Exchange | Details | No. of Cryptos | Restrictions |
|---|---|---|---|
| MEXC | One of the leading crypto exchanges with low fees and diverse trading pairs. | 1600+ | Restricted to US residents |
| CoinEx | Founded in 2017, CoinEx is a prominent exchange that supports 200+ countries and regions. | 600+ | Restricted to US residents |
| ByBit | With 50 million users worldwide and around $25 billion daily trading volume, ByBit is one of the most user-friendly crypto exchanges. | 400+ | Restricted to US residents |
| PrimeXBT | Registered in Seychelles, East Africa, PrimeXBT is a professional-grade exchange that has been serving us since 2018. | 5+ | Restricted to US residents |
| PancakeSwap | A decentralized exchange that offers trading and staking. Although it runs in Binance Smart Chain, it supports multichain assets. | 50+ | None |
| UniSwap | Another prominent decentralized exchange that allows peer-to-peer transactions and acts as an automated market maker (AMM). | 900+ | None |
| SimpleSWAP | One of the safest No-KYC crypto exchanges that went live in 2018. No registration is needed. You just have to connect your wallet to this DEX. | 500+ | None |
| ProBit | Not 100% non-KYC, but it has strict measures and quality checks while listing a coin. It helps the traders to pick the better coins. | 400+ | Certain functions need email and identity verification. |
| dYdX | Another DEX that allows both spot trading and perpetual futures contracts. This advanced trading tool is developed mainly to attract professional traders. | 35+ | Restricted to US and Canadian residents |
Additional Ways to Trade Crypto Anonymously
- Peer-to-Peer Trade: Other than getting into an exchange, you can find fellow traders through various online communities and forums, and exchange crypto. Make sure to connect with trustworthy people.
- Bitcoin Mixers: If you want to stay 100% anonymous, without even revealing your wallet address, you can rely on Bitcoin mixtures. These services combine multiple funds into a single pool randomly and send back the funds to different addresses. You will receive the crypto in a different wallet address after a shuffling process.
- VPN: Virtual Private Networks (VPNs) help to stay anonymous to an extent while trading cryptocurrency. Also, it encrypts all data which can help you to avoid hackers. Research and find a safe, secure, and reliable VPN.
- Tor: It is a private network with a browser integrated into it. Tor allows you to access specific websites with .onion as an extension, and by protecting your IP and other important details. There are various Onion-based crypto trading communities and platforms. You should find genuine ones as the Tor network is filled with scammers.
Final Thoughts
While engaging with non-KYC exchanges and other decentralized platforms, you should be extra careful because there won’t be any regulatory institutions to help you if you have any troubles. So, DYOR is important and don’t trust anybody or any platforms blindly.
The exchanges given above are not the last resorts to delve into. There are various small peer-to-peer exchanges to help crypto enthusiasts. Investigate and choose the best ways that suit you. Happy trading!
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