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13 Cryptocurrency Exchanges That Don’t Require KYC

13 Cryptocurrency Exchanges That Don’t Require KYC

If you are looking for cryptocurrency exchanges that don’t require KYC, this article is certainly for you!

Most cryptocurrency exchanges implement KYC, which means Know-Your-Customer. To clarify, this is part of the Anti-Money Laundering (AML) policies of different countries and organizations to reduce the risks of criminal activity in financial transactions. Thus, it involves the process of verifying the identities of the individuals by providing some identification documents.

However, there are still lots of exchanges that users can access without having to risk their personal documents and identity.

This article introduces the top 13 cryptocurrency exchanges that don’t require KYC to use. Generally speaking, we categorized these into centralized cryptocurrency exchanges, coin swap platforms, and decentralized cryptocurrency exchanges.

Centralized Cryptocurrency Exchanges That Don’t Require KYC

There are virtually hundreds of cryptocurrency exchanges today that compete to become number one. However, some crypto users do not wish to reveal their identity to the Internet. For this reason, here are popular centralized cryptocurrency exchanges that don’t require KYC.

Binance Cryptocurrency Exchange

Binance is a cryptocurrency exchange that allows crypto-to-crypto trades. Changpeng Zhao, also called CZ, founded the exchange in 2017. Firstly, it was located in China. Due to strict cryptocurrency laws implemented in China, the exchange has since moved to Malta.

Binance users can trade over 150 cryptocurrencies with more than 450 trading pairs. In light of this, the BNB Coin is Binance’s native token. After the mainnet launch of Binance Chain, BNB token holders replaced their tokens with newly-issued BEP2 BNB coins.

Binance does not require KYC from users of low volume, particularly those who deposit, trade, or withdraw a couple of satoshis to 2 BTCs daily. However, if you are a high volume trader and need to send or receive over 2 BTCs daily via the Binance platform, then you’ll be asked to upload some identification documents.

Binance also has its own decentralized exchange (Binance DEX). In view of this, it supports 110 tokens with 135 trading pairs. Significantly, users don’t have to do a KYC since a DEX does not hold any customer records.

The below screenshot shows how the platform looks like:

Binance trading dashboard
Binance trading dashboard

Pros:

  • Established industry presence
  • Excellent reputation
  • Safe & secure
  • More than 500 crypto assets and pairs tradeable
  • Many useful features
  • Numerous payment options available
  • Active social channels
  • Great customer support
  • Has its own exchange token (BNB)

Cons:

  • Perhaps not ideal for complete beginners
  • Lacks phone customer support

Read More: Binance Exchange Review 2020 – Details, Trading Fees & Features

KuCoin Cryptocurrency Exchange

KuCoin is a reputable cryptocurrency exchange based in Hong Kong for crypto traders. Accordingly, the exchange was officially launched on September 15, 2017. To be specific, it was founded by a group of passionate blockchain professionals.

To emphasize, KuCoin is one of the most popular crypto exchanges, having over 5 million registered users from 200+ countries and regions. By all means, KuCoin’s monthly unique visits belong to the top 5 globally, as per Alexa traffic ranking.

Moreover, KuCoin users can trade over 200 cryptocurrencies with more than 300 trading pairs. Its native token is called KuCoin Shares (KCS). Besides, the exchange has upgraded its interface to Platform 2.0, which gave the platform the facelift that it is using today.

Above all, KuCoin implements KYC verification against criminals and money laundering schemes. Nevertheless, account verification at KuCoin is entirely optional, especially if users trade in small volumes. However, this remains a valuable perk for privacy-conscious individuals.

On buying KCS, the exchange offers an opportunity to generate a passive income by distributing 50% of their commissions. These commissions are paid daily and token holders can receive them immediately.

The below screenshot shows how the platform looks like:

KuCoin trading dashboard
KuCoin trading dashboard

Pros:

  • Anonymous trading
  • Secure
  • Supports a variety of cryptocurrencies
  • Reasonable trading fees

Cons:

  • Low trading volume
  • No proper regulation as well as licensing

BitFinex Cryptocurrency Exchange

Bitfinex was founded in the British Virgin Islands in 2012. Moreover, the exchange is owned and operated by iFinex Inc and is headquartered in Hong Kong. It is led by CEO and Founder JL van der Velde.

Bitfinex users can trade over 148 cryptocurrencies with more than 295 trading pairs. The exchange accepts fiat deposits in EUR, JPY, GBP, and USD, even though these can be made through wire transfer only.

The exchange is well suited for advanced traders and also supplies the option for margin trading and lending. However, the company initially started out as a peer-to-peer margin lending platform only for Bitcoin. Moreover, Bitfinex does not accept US customers.

Be that as it may, users on the exchange can trade, deposit, and withdraw funds valued up to 10 BTC per day. Anything above that will require some sort of identification by the users.

The below screenshot shows how the platform looks like:

Bitfinex trading dashboard
Bitfinex trading dashboard

Pros:

  • Low fees
  • Advanced trading options
  • Many order types
  • A wide selection of crypto

Cons:

  • Transparency issues
  • Security concerns
  • Controversial connections
  • A limited number of fiat payment options

BitMEX Cryptocurrency Exchange

BitMEX was invented by a selection of finance, trading, and web development experts. In 2014, Arthur Hayes together with Ben Delo and Samuel Reed launched the exchange under their company HDR (Hayes, Delo, Reed) Global Trading Ltd. in Victoria, Seychelles.

In this case, Bitmex supports cryptocurrencies like Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash with over 55 trading pairs. As a matter of fact, on September 23, 2020, BitMEX reached a daily trading volume of more than $1.17 billion.

Despite this, BitMEX’s margin trading platform accepts deposits only in Bitcoin. Hence, there are no USD wire transfers or other fiat money deposits enabled in the platform.

BitMEX is a worldwide cryptocurrency exchange that provides services to virtually all countries except the US, Canada, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, and Sudan.

Users don/t need to do KYC to deposit or withdraw funds on the platform. This bitcoin and altcoins trading platform also boasts of high trading volumes on a daily basis.

The below screenshot shows how the platform looks like:

BitMex trading dashboard
BitMex trading dashboard

Pros:

  • Highest liquidity on the market
  • High leverage
  • Full package of order types
  • Good customer support
  • Major altcoins tradable
  • High security
  • Supports anonymity

Cons:

  • Restricted for US traders
  • Email leak scandal in 2019
  • Founders received criminal complaints in 2020

Livecoin Cryptocurrency Exchange

Livecoin was launched in 2013 and claims to be the number one cryptocurrency exchange. However, the location of the exchange’s headquarters and offices are unknown, as there are mentions of London, Seychelles, and Belize online.  It is led by CEO Ivona Zlatova.

However, their website does not provide a physical address for the platform. The exchange provides trading in around 288 cryptocurrencies with at least 672 trading pairs.

The exchange does not focus on a certain region in the world, but rather is looking for a variety of different, global user profiles. Livecoin does not require KYC, however, if people need to deposit funds to the platform through bank transfer, then they will be required to verify.

The below screenshot shows how the platform looks like:

Livecoin trading dashboard
Livecoin trading dashboard

Pros:

  • Simple user interface
  • Wide range of cryptocurrency pairs tradable
  • USD, EUR, and RUB fiat currencies supported
  • User wallets protected by ‘cold storage’ security system
  • Multilingual website and customer support
  • Easy-to-use trading interface

Cons:

  • No live chat support
  • No mobile trading app
  • General lack of information provided around security measures in place

Phemex Cryptocurrency Exchange

Phemex is a cryptocurrency derivatives exchange and spot trading platform. In detail, it was founded in 2019 by previous Morgan Stanley veteran Jack Tao. Moreover, the exchange was owned by Phemex Financial Pte. Ltd., which is a legitimate organization registered in Singapore.

Even though the company was founded in 2019 and they’re relatively new, liquidity and daily trading volumes are growing rapidly. Phemex users can trade over 11 cryptocurrencies with more than 12 trading pairs.

However, from May 2020, has Phemex provided an innovative zero-fee spot trading service. In addition, users can trade cryptocurrencies against USDT on the platform without having to pay any commissions.

Phemex doesn’t require KYC. It allows users to trade 100% anonymously. Traders just need to provide an email address and password to register on the platform to start trading anonymously.

The below screenshot shows how the platform looks like:

Phemex trading dashboard
Phemex trading dashboard

Pros:

  • Developed by ex-Morgan Stanley executives
  • Industry trend-setting zero-fee trading
  • Sub-accounts and easy to use APIs
  • Top tier exchange as well as wallet security
  • No KYC for small withdraws

Cons:

  • Fairly new exchange
  • Regional restrictions without providing alternatives for users from those jurisdictions.

Coin Swap Platforms That Don’t Require KYC

Aside from centralized cryptocurrency exchanges, there are also coin swap platforms that are popular for crypto users. We also compiled coin swap platforms that don’t require KYC here.

Changelly Cryptocurrency Exchange

Changelly is a cryptocurrency exchange that was launched in 2013 by Konstantin Gladych. The exchange is headquartered in Prague, Czech Republic. Moreover, the Changelly platform supports the trading of over 130 cryptocurrencies and officially began allowing cryptocurrency trades in 2015.

Changelly is not only a cryptocurrency exchange and conversion platform, but it is also available as a widget to many third-party applications and websites, allowing users to easily convert one cryptocurrency to another.

Changelly allows anonymity for its users and also acts as a bridge, narrowing the gap between users and major cryptocurrency exchanges. Because it does not require any KYC verification, it is available worldwide with no geographical restrictions or limitations.

Changelly website
Changelly website

Pros:

  • A wide variety of altcoins and trading pairs
  • Well-designed and comprehensible website
  • No identity verification is required

Cons:

  • Higher rates for purchases
  • Few security measures
  • Limited trading functions

ShapeShift Cryptocurrency Exchange

ShapeShift is a company that offers trading for a variety of digital assets via web and mobile platforms. The exchange was founded by Erik Voorhees in 2014. Furthermore, the company is headquartered in Switzerland but largely operates from Colorado in the US.

In addition, the exchange provides a crypto swapping service. Moreover, users cannot buy cryptocurrency with fiat. However, using its API, wallets like JAXX are able to integrate crypto-to-crypto exchange into their services.

However, the exchange doesn’t allow users to buy cryptocurrencies using fiat/credit cards; rather, users can exchange between over 50 cryptocurrency options available on its platform. The exchange also provides over 940 trading pairs — greater than any single exchange on the market.

The below screenshot shows how the platform looks like:

ShapeShift trading dashboard
ShapeShift trading dashboard

Pros:

  • Instantly swap crypto-to-crypto on a fast exchange
  • No fee, other than mining fees
  • Real-time trading coming
  • Integrated KeepKey hardware wallet

Cons:

  • Unregulated
  • No crypto-to-fiat exchange
  • Registration now required
  • New ID proof requirements
  • New FOX token details undisclosed
  • Full membership details undisclosed

Decentralized Cryptocurrency Exchanges That Don’t Require KYC

Decentralized exchanges (DEXs) are beginning to take media attention today. Some detractors consider them rogue platforms, but most popular DEXs are legitimate projects. That said, let’s go to the decentralized cryptocurrency exchanges that don’t require KYC.

IDEX Decentralized Cryptocurrency Exchange

IDEX was launched in late 2012 by a group of cryptocurrency traders, Led by CEO and Co-Founder Alex Wearn. The platform is mainly used by ICO speculators looking to trade their holdings.

With a focus on Ethereum, IDEX supports ETH and ERC20 token trading pairs. It leverages the advantages of smart contracts that can be used by users for managing their private keys and for those enjoying trading in a peer-to-peer (P2P) and secure environment.

There are more than 140 cryptocurrencies to trade with 145 trading pairs. Users on this exchange are identified by their wallet addresses and need no further verification or identification.

The below screenshot shows how the platform looks like:

IDEX trading dashboard
IDEX trading dashboard

Pros:

  • Decentralized Exchange
  • Heaps of Ethereum Tokens
  • Concrete and highly responsive Platform
  • Secure use of Smart Contracts
  • Quick access to new currencies

Cons:

  • Reliant on the Ethereum Network
  • Only trades ERC-20 Tokens
  • Low Liquidity
  • No Fiat Trading

Bisq (BitSquare) Cryptocurrency Exchange

Formerly BitSquare, Bisq is a peer-to-peer open-source platform that offers users to sell BTC in exchange for traditional money (dollars, yen, and euros) as well as other cryptos. Moreover, Manfred Karrer, an Australian who currently lives in Barcelona, created this exchange.

Bisq contains 6 cryptocurrencies with 14 trading pairs. It prides itself as the only true decentralized exchange in the cryptocurrency industry. Its users can purchase cryptos using fiat anonymously.

Anyone with a computer can certainly run the platform, and its activities are not monitored. The Bisq team is quite proud of the fact that it doesn’t require any KYC verification.

The below screenshot shows how the platform looks like:

Bisq trading dashboard
Bisq trading dashboard

Pros:

  • No censorship
  • Lots of supported fiat money and cryptocurrencies
  • Entry-level exchange
  • Strong security

Cons:

  • Low liquidity
  • The interface is not convenient for active trading

Bybit Cryptocurrency Exchange

ByBit is officially established in the British Virgin Islands and has an office in Singapore. The exchange was launched in March 2018, making it a fairly young player in the market. Given that, its CEO and Co-Founder is Ben Zhou.

Although Bybit doesn’t require KYC, US residents are excluded from trading. Its most popular product is its BTC-USD perpetual swap, although Bybit also offers futures for XRP, EOS, and ETH. Moreover, it features a clean and intuitive layout and good customer support that operates around the clock and in multiple languages.

Without a doubt, one of the best things about Bybit is it has guides to margin trading. These particularly help traders learn the terms, tricks, and tips required to effectively swap derivatives products. It also has a mobile app available on iOS and Google Play stores.

Bybit trading dashboard
Bybit trading dashboard

Pros:

  • Flexible withdrawals
  • Good security
  • Testnet available
  • Light Mobile Apps for both iOS and Android

Cons:

  • A platform for more experienced traders
  • Limited number of trading pairs
  • Unregulated

BitShares Cryptocurrency Exchange

BitShares (BTS) is an open-source financial platform and decentralized exchange. The exchange was launched in July 2014, it seeks to remove much of the risk involved with centralized exchanges. Its Founder is Daniel Larimer.

Moreover, BitShares has ended a deep data integration with the platform and is now an A+ verified exchange. Furthermore, this means that Nomics has vetted BitShares’ trade history and verifies that it meets the higher standards of reliability, consistency, and data integrity.

As a decentralized exchange, users do not need to do any verification, KYC, or AML before using BitShares’ services. However, opening an account on BitShares is quite easy as it doesn’t require any registration or KYC to start. In addition, the only thing that you need to take care of is your login password and username.

BitShares website
BitShares website

Pros:

  • Decentralized platform
  • Fast as well as fair in terms of the transaction processing
  • Takes away volatility
  • Trade from anywhere, whenever
  • Highly secure

Cons:

  • The interface isn’t very user-friendly
  • Too advanced features

Block DX Cryptocurrency Exchange

Block DX is a decentralized, trustless cryptocurrency exchange platform that enables crypto users to trade their cryptocurrencies without an intermediary. In addition, the Blocknet Protocol is the foundation of the exchange.

Moreover, with support on over 100 cryptocurrencies, Block Dx has 5,000 possible trading pairs. Unlike other decentralized exchanges, Block DX decentralizes all components of the platform. Although it mimics a centralized exchange experience, users can transact directly from their wallets without an intermediary.

To enumerate, some of the features that make Block DX stand out include: no account creation required, greater flexibility thanks to no withdrawal and trade limits, and trading pair freedom.

The below screenshot shows how the platform looks like:

BlockDX trading dashboard
BlockDX trading dashboard

Pros:

  • Free transactions
  • Transparent process
  • Anonymity as well as no KYC
  • Better security

Cons:

  • Low liquidity
  • Slow trading process
  • Trading in large amounts is impossible
  • Not user-friendly
  • Limited functionality
  • Does not explicitly support fiat currencies
  • Unstable currency prices
  • No compensation for losses

Disclaimer: Any information contained in this article doesn’t constitute financial advice, investment advice, trading advice, or any other advice. CoinQuora certainly doesn’t endorse any of these crypto exchanges.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.