KYC is a stringent process required by most cryptocurrency exchanges in the world to verify the identity of their users to combat illicit activities such as money laundering and terrorist financing.
However, some crypto traders and users are concerned about the risks of sharing their personally identifiable information and look for alternative ways to buy, sell, and trade cryptocurrencies.
This article lists three of the most popular cryptocurrency exchanges that do not require users to provide any KYC information in the UK.
What is KYC?
Know Your Customer (KYC) is a critical process initiated by cryptocurrency exchanges to verify customers’ identities. This onboarding process requires new users to provide their legal name, date of birth, address, and government-issued identification when registering an account on a crypto trading platform.
The process is vital for preventing money laundering, fraud, and other illegal activities by ensuring that only users who are verified are allowed to transact on the respective platform. Many jurisdictions require exchanges to mandate KYC as part of their anti-money laundering and counter-terrorism financing regulations.
KYC allows crypto exchanges to assess their customers’ risk profiles more effectively and tailor their compliance strategies accordingly. By enforcing robust KYC measures, exchanges can foster trust among users, reassuring them that the platform is taking necessary steps to maintain security and legality.
Top 3 Non-KYC Crypto Exchanges In The UK
Here are three of the most popular crypto exchanges that allow users to buy, sell, and trade cryptocurrencies in the UK without requiring to sit through stringent KYC procedures:
1. BingX
BingX is a privacy-focused and anonymous cryptocurrency exchange that supports over 700 cryptocurrencies. The platform allows users to engage in spot trading, where they can buy and sell crypto for immediate delivery, or derivatives trading, which allows for greater leverage and risk management strategies.
One of the standout features of BingX is its tiered KYC system, where players can opt out of providing their personal information. The no-KYC policy allows unverified users of the exchange to withdraw funds without needing to submit any ID. However, unverified accounts have restrictions, such as being able to withdraw up to 20,000 USDT daily.
Another advantage is the low trading fees, with the fee for spot trading set at 0.1% and futures trading fees at 0.02% for the maker and 0.05% for the taker. BingX’s fee structure is designed to be affordable, particularly for active traders. The exchange has a user-friendly interface and robust security features, including cold wallet and two-factor authentication.
Pros
- No KYC is required for withdrawing funds
- Competitive and affordable trading fees
- User-friendly interface that is suitable for beginners and experienced traders alike
- Supports over 750 cryptocurrencies
Cons
- Advanced features on the exchange like peer-to-peer and leverage trading require KYC verification
- Users cannot deposit and withdraw fiat currencies without verification
2. CoinEx
CoinEx is a global cryptocurrency exchange that offers a wide range of services including spot trading, futures trading, and margin trading in over 600 cryptocurrencies. A key advantage of the exchange is that it requires no KYC for users who prefer trading without submitting any ID and offers generous daily and monthly limits.
By completing an OTP binding process via mobile or email, users can withdraw up to 10,000 USD within 24 hours and 50,000 USD over 30 days without any KYC. the withdrawal limit increases to $1,000,000 with personal ID verification.
CoinEx also offers strong security features, such as two-factor authentication and cold wallet storage, to protect customer assets. The platform has a user-friendly interface and is available to users from more than 200 countries.
Pros
- No KYC required for trading and withdrawals
- Offers higher withdrawal limits compared to rival platforms without ID verification
- Advanced crypto trading and charting tools
- Offers passive income opportunities with staking and earn feature
Cons
- Fiat currency support is limited without ID verification
- Tends to list scam cryptocurrencies without adequate background check
- Customer support may be slow during peak hours
3. Changelly
Changelly is a cryptocurrency exchange that allows users to swap, buy, and sell over 500 cryptocurrencies at competitive exchange rates without requiring KYC. The platform features a liquidity aggregator that has formed partnerships with 20 other crypto exchanges to streamline transactions.
A standout feature of Changelly is its KYC-free token swaps of up to 1 BTC every 24 hours. Users can exchange cryptocurrencies on the platform without verifying their identity, making it an ideal option for traders seeking anonymity in their transactions. Changelly also does not require you to store funds on the platform, reducing the risk of losing them to hacks, and has partnered with wallet providers like Ledger and Trezor.
Changelly also supports various fiat payment gateways, allowing users to purchase coins using over 50 different fiat currencies. It provides both a mobile app and a web interface that is designed for ease of use, features 24/7 customer support, and a profit calculator.
Pros
- Enhanced security due to non-custodial token exchanges
- The basic mode requires no KYC verification
- Users can trade a wide range of cryptocurrencies
Cons
- Platform tends to be slow during peak trading hours
- Fiat transactions are charged higher fees
- The interface can look complex in Pro mode, which also requires KYC
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