KYC (Know Your Customers) is a way cryptocurrency exchanges collect personal data about their users. With this data, they can easily go after those who use their platforms for illegal activities. As much as this is important, people are sceptical about leaving their data over the internet. Reason being that some platforms have used the data collected for personal gain without the knowledge of the user. As a result of this, people seek cryptocurrency exchanges that don’t require KYC to trade cryptocurrencies online.
If you are one of such, these article introduces you to the top 10 cryptocurrency exchanges that don't need KYC to use. We compiled our list from three major categories - centralized exchanges, coin swap platforms, and decentralized exchanges.
Let's jump right into it.
1. Binance Cryptocurrency Exchange
Binance is rated the topmost cryptocurrency exchange as of today in terms of its trading volume. The exchange was founded in 2017 by its present CEO, Changpeng Zhao (CZ for short). The exchange which was initially based in China had to move to Malta because of unfavorable regulatory policies by the Chinese government.
Over 500 pairs are available to be traded on the exchange at a discounted rate for users who own BNB (Binance Coin) - the platforms' official native token.
Binance does not require KYC from low volume users, 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 are asked to upload some identification documents.
Binance is also working on its decentralized exchange (the Binance DEX) as we speak. Binance DEX already boasts of 303,221 active wallets and 112 trading pairs. The Binance DEX does not require any form of identification whatsoever no matter the volume traded.
2. KuCoin Cryptocurrency Exchange
A centralized exchange like Binance, KuCoin is founded by a group of passionate blockchain professionals. It boasts of a high daily trading volume. Also, it hosts almost 450 trading pairs for its users.
KuCoin has no KYC/AML requirements. Users can also trade at meager fees.
3. BitFinex Cryptocurrency Exchange
BitFinex, another centralized exchange, launched in 2012 in the Virgin Islands by iFinex Inc. It initially started as a peer-to-peer exchange, and its founders are related to Tether stablecoin. However, the cryptocurrency exchange has past hack histories.
Users on the exchange can trade, deposit, and withdraw funds valued up to 10 BTC a day. Anything above that will require some sort of identification by the user.
4. BitMEX Cryptocurrency Exchange
BitMEX is a cryptocurrency exchange and derivatives trading platform, owned and operated by HDR Global Trading Limited. The company was founded in 2014 and was registered in Seychelles with offices globally.
KYC isn't needed to deposit or withdraw funds on the platform. The bitcoin and altcoins trading platform also boasts of a high trading volume making transactions highly liquid.
5. Livecoin Cryptocurrency Exchange
Livecoin is a London-based cryptocurrency exchange. Users of the exchange can trade fiat-for-crypto or crypto-for-crypto among each other.
Using Livecoin does not require KYC, however, if you need to deposit funds to the platform via bank transfer, then you will be required to verify yourself.
Coin Swaps Platforms
Changelly allows you to swap your cryptos for another without the need to register or verify your details. Trading on the platform is quite expensive when compared to other types of cryptocurrency exchanges.
You can also purchase cryptocurrencies using credit or debit cards with ease. However, the platform may require full verification if they suspect a suspicious trading activity.
ShapeShift was established in 2013 by Erik Voorhees. Unlike Changelly, it doesn't allow users to buy cryptocurrencies using fiat/credit card, rather users can exchange between over 50 cryptocurrency options available on its platform.
8. IDEX Decentralized Exchange
IDEX is a decentralized cryptocurrency exchange for Ethereum and Ethereum-based tokens. The platform boasts of high trading volume and trading are carried out real-time.
Unlike centralized exchanges, fees on decentralized exchanges are determined by network fees. Aurora, the native platform token, gives it holders privilege to share a percentage of fees generated on the platform.
Users on Decentralized Exchanges are identified by their wallet addresses and need no further verification or identification.
9. Bisq (BitSquare) Cryptocurrency Exchange
Bisq is a decentralized exchange that allows its users to exchange crypto-to-crypto or fiat-to-crypto on its platform. Meaning users can sell bitcoins for dollars, pounds, euros, yen, or other cryptocurrencies of choice.
Bisq, formerly BitSquare prides itself as the only true decentralized exchange in the cryptocurrency industry today. Its users can purchase cryptos using fiat anonymously. Anyone with a computer can run the platform, and its activities are not monitored.
10. Crypto Bridge Cryptocurrency Exchange
Crypto Bridge is a decentralized exchange, which focuses on user security. It supports a variety of cryptocurrency assets. And with its super fast platform (built on the graphene blockchain), over a hundred thousand transactions can be processed in seconds.
No fiat transactions are carried out on Crypto Bridge; however, those who have cryptos for exchange for other cryptos can do that fast and secure.
If you'll be choosing any of the centralized exchanges listed above, please do with caution. Remember, saving your entire asset on a centralized exchanges can be dangerous as these exchanges are susceptible to hacks. However, trading anonymously on them have certain limitations, exceeding certain limits will require some level of verification from you.
Coin swap platforms, on the other hand, are excellent, but they have their flaws as well. You may want to read ShapeShifts reviews by other users on TrustPilot before settling for them. Nevertheless, the team behind the platform is quite responsive in solving user queries.
Lastly, decentralized exchanges are great. They give you total control over your cryptocurrency assets. Trades are carried out between users without third party interference. However, you want to be careful to make sure you are trading on the right domain to prevent giving out your keys to cyber attackers.