Best Crypto Exchanges without KYC

KYC is one of the hottest topics in the crypto world right now as Governments seek to reduce the anonymity of holding and trading cryptocurrencies.

Crypto exchanges are under more pressure than ever to seek KYC from their customers. Here we suggest a number of different exchanges but you should still check that you are completely compatible as any irregularities can be grounds for them to freeze, or worse, your assets!

What is KYC?

KYC, short for “Know Your Customer” is an identity verification process customers may be required to complete, in order to open an account with a cryptocurrency exchange.

It usually involves sharing or uploading copies of personal ID documents such as your passport/driver’s license/phone number/ address and or live 3D scans of your face before you can open an account and start buying or trading crypto. The process is touted by governments as ‘necessary’ in the battle against online fraud and money laundering.

Exchange Types and their importance to KYC

There are two types of exchange Centralized (CEX) and Decentralized (DEX). There are a number of Pros and Cons to using each type but the key difference between them for KYC is that Centralized Exchanges are custodial, they have control of your private key.

This ultimately means that they retain control over the crypto stored, in just the same way as banks manage your account.

Decentralized Crypto Exchanges (DEX) with no KYC

Most, if not all, Defi Crypto Exchanges currently require no KYC or customer verification at all. You can interact with the exchange directly from a crypto wallet such as Metamask or Trust Wallet.
If you are simply looking to trade crypto you already own here is our list of Defi Exchanges with no KYC:

No Verification is required for these Exchanges; Trade directly from your wallet.

Defi Exchange (DEX)

Compatible Wallets

No. of Coins

Global Availability

Buy / Trade Crypto

Uniswap (V3)

Metamask Walletconnect Coinbase Wallet Fortmatic Trust Wallet

480

Not Available in Belarus, Cuba, Iran, Iraq, Côte d'Ivoire, Liberia, North Korea, Sudan, Syria, Zimbabwe

Trade with Crypto Only Fiat not supported

Pancakeswap

Metamask Trust Wallet Binance Wallet Safepal

4246

No published exclusions

Trade with Crypto Only Fiat not supported

Spookyswap

Metamask, Coinbase Wallet, TrustWallet, MathWallet, TokenPocket, or WalletConnect.

48

No published exclusions

Trade with Crypto Only Fiat not supported

Sushiswap

Ledger Metamask Trezor

Exodus Coinomi

389

No published exclusions

Trade with Crypto Only Fiat not supported

TraderJoe

Metamask, Rabby,

Coin 98, Coinbase Wallet, WalletConnect

186

No published exclusions

Trade with Crypto Only Fiat not supported

Tombswap

Metamask WalletConnect

5

No published exclusions

Trade with Crypto Only Fiat not supported

Like most things, there are always some catches to what seems too good to be true. DEX do have their limitations, although much of that will change with greater adoption. As regards KYC, the biggest limitation for DEX (indeed the whole crypto industry!) is the transfer from Fiat. You are better off finding a cheap CEX, buying a transfer coin with Fiat and then moving your transfer coin to a DEX compatible wallet.

KYC Risks of Centralized Crypto Exchanges

When it comes to KYC, Centralised Crypto Exchanges are a totally different ball game!
You need to be super careful here as any crypto or cash you transfer onto a centralized exchange is held in a custodian wallet.

You don’t own the keys to your assets whilst they are on the exchange, but that is not all!

It is possible to join an Exchange and set up a legitimate account without verification only to be informed that you cannot move your assets until you have completed KYC.

This has been nicknamed Shot-Gun KYC!

However, this is not even the worst-case scenario!
A quick review of Reddit seems to show a number of customers caught up in Shot-gun KYC are still frozen out of their accounts, weeks and weeks after providing an I.D that seemingly doesn’t meet the Exchanges guidelines.

VPN may not be the answer

Worse still, if you have used a VPN to bypass Regional Availability and all the KYC info you have puts you in a country that is not legally allowed to access the Exchange then….you have little to zero chance of getting your crypto back if your account is locked by the exchange.

These risks don’t just apply to new customers seeking non-KYC exchange accounts. Crypto investors who have held exchange accounts since long before KYC was any kind of real danger may find that they are suddenly and retrospectively requested to provide KYC to continue using their accounts.

Whether you are a trader or a long-term investor, if you are looking to trade through centralized exchanges without providing KYC you are probably going to need a very compelling reason to do so.

It was actually harder than I imagined it would be to find out details of what a customer has access to with an unverified account. Whilst most exchanges publish a daily withdrawal limit for non-KYC accounts there is little other detail with regards to staking, coins available, etc.

Centralized Crypto Exchanges (CEX) with no KYC

Centralised Exchange (CEX)

Exchange Score 

Minimum Verification required

No. of Coins

Global Availability

Bybit

6.8

Level 0 account; no verification required (withdraw less than 2BTC a day)

No Staking or leverage possible

194

Not Available in the USA, Québec, Singapore, Cuba, Crimea, SevastopolIran, Syria, North Korea and Sudan

Changelly Pro

3.3

Starter Account does not require KYC but Changelly may request KYC on your account (after you have deposited crypto) and hold your assets at any time until verification has been completed 1 BTC daily to max 5 BTC per month

64

Not Available in USA, Cuba, North Korea, Iran, Syria, Crimea, Sudan,

AscendEX (Bitmax)

5.5

The daily withdrawal quota is capped at 2 BTC for an unverified account.

285

Not Available in the USA

Kucoin

7.5

Verification not required unless there is suspicious activity on the account or if the user wants to exceed the 2 BTC daily trading limit.

621

Not Available in the USA

Nominex

3.4

Up to 3 BTC a day can be deposited and withdrawn without requiring KYC.

153

Not Available in the USA, Iraq, Iran, Syria, North Korea, Sudan, Cuba, Democratic Republic of Congo, Zimbabwe, Puerto Rico

Bitfinex

7.3

Basic account available with no verification. Trading & Staking possible No Stablecoins No Fiat deposits

175

Not Available in the USA

CoinEX

4.7

Verification not required based on a withdrawal limit of $10,000

471

Availability not listed

Conclusion:

One of the biggest risks associated with using a centralized exchange is losing access to your crypto, for whatever reason (theft, hacking, government decree!)
If you insist on using an unverified account on a centralized crypto exchange, only deposit what you need to in order to make your trade then move your assets off the exchange to the safety of a non-custodial wallet.

Crypto Exchanges with the most Coins.

If you want to avoid this situation altogether then move to trading on decentralized exchanges (DEXs) and p2p swaps like UniSwap, Sushiswap, PancakeSwap, etc.
When you use a DEX to trade crypto your assets are always in your wallet.

In the drive for greater adoption and regulation of crypto, the issue of KYC is not going to go away.
If you want or need to trade crypto anonymously do so very carefully as the crypto landscape is changing at a fast pace and anonymity/privacy will be one of the first areas to take the hit!

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