If you’re looking for the best no-KYC exchanges, you’ve come to the right place. In this guide, we’ll review multiple KYC-free platforms to help you find the one that best suits your trading style. In addition, we’ll discuss the benefits and risks of trading crypto on no-KYC platforms and their legality. We’ll also show you how to pick the best no-KYC crypto exchanges.
Here’s all you need to know.
Best No-KYC Exchanges: Top 8
Which Exchange Does Not Require KYC — A Closer Look
We tested and reviewed numerous exchanges to single out the eight best no-KYC exchanges. Here’s what makes these platforms stand out from the competition.
1. Best Wallet — The Best No-KYC Crypto Exchange Overall
Best Wallet is the best crypto exchange without KYC, supporting 60+ blockchains and over 1,000 digital assets. It also incorporates a decentralized exchange with real-time market updates and advanced trading tools. This DEX stands out from the competition with its automated algorithm that matches traders with pairs with the lowest fees.
Moreover, Best DEX comes in the form of a mobile web browser and a mobile app. Its developers also plan to launch the Best Wallet dApp in the near future. This platform has a native token called $BEST, which allows holders to participate in airdrop campaigns and get fee discounts.
Investors can earn airdrop points by promoting the wallet on social media, joining the referral program, and participating in daily quests. Best DEX is also the best platform for P2P trading that uses liquidity pools rather than peer-to-peer mechanisms.
2. Margex — Best No-KYC Exchange to Trade Crypto Derivatives
Margex is the best anonymous crypto exchange that focuses on derivatives trading. Its members can trade futures with up to 100x leverage. This platform also supports 36 perpetual futures. Investors can also try out its live demo feature to test their trading skills. Besides derivatives, this CEX also offers a copy trading option.
Margex supports multi-collateral wallets and 40+ trading pairs. It’s suitable for both beginners and professional traders and is available as a mobile app. This exchange stands out with its security features, which include MP Shield System, 2FA, and data encryption accounts.
Its other notable feature is the staking option, which offers up to 5% APY. There are no lock-up periods, so traders can use their staked tokens to conduct trades.
Margex doesn’t impose KYC verification for crypto deposits. However, this is not the case with fiat deposits that require verification.
3. Exodus — Best No-KYC Platform for Beginners
Exodus is a crypto exchange that supports 50+ blockchains and 300+ digital assets. This platform is tailored for traders who have never used swaps. Exodus has a built-in swap option and a native mobile app that allows its users to swap their tokens via third parties.
This platform has a native wallet that’s integrated with Trezor. This means that it stores its users’ private keys offline. The Exodus wallet also utilizes PIN protection, biometrics, and 2-factor authentication.
Exodus users can buy crypto without verification and earn staking rewards via auto-restocking. This crypto exchange stands out with its built-in NFT gallery, which will enable its users to trade NFTs on Solana and Ethereum.
Exodus is a platform that’s convenient for beginners. This means that more advanced traders may find it limiting. On top of that, larger trades require basic identifying information and advanced verification.
4. BloFin — KYC-Free Trading Platform With the Lowest Fees
Next on our list of the best no-KYC exchanges is BloFin. This centralized no-KYC exchange is known for its low spot and futures trading options fees. For spot trading, the maker fee ranges between 0.0100% and 0.1000%, while taker fees range from 0.0325% to 0.1000%. The fees for futures range between 0.0000% and 0.0200% (maker) and between 0.0325% and 0.0600% (taker).
BloFin also supports 365 trading pairs, copy trading, and staking. Its members can cash out up to $20,000 per day without verification. They can also use up to 150x leverage and earn up to $5,000 via the welcome bonus.
This centralized exchange is partnered with Fireblocks, a platform that secures and manages digital assets. BloFin is suitable for beginners and advanced traders. The former can practice their skills via its demo account, while the latter can use its signal bots.
5. AlphaX — Top-Rated DEX for Derivatives Trading
AlphaX was originally a centralized exchange that was recently converted to DEX. This means that its users can now buy crypto without KYC verification. Investors must only connect their wallets and enter their email to conduct trades.
What makes this DEX stand out is its futures trading option. Investors will be able to trade 200+ crypto pairs with up to 125x leverage. Futures trades are settled in USDT, not BTC, which makes them immune to market changes. The maker and taker fees amount to 0.02% and 0.05%, respectively, while all assets will be stored in on-chain smart contracts.
This beginner-friendly DEX has a native app compatible with Android and iOS devices. New users can win up to 5,000 USDT, while those who join its referral program can earn up to 20% commission from direct and indirect referees.
6. BingX — Best KYC-Free Platform for the US Residents
BingX was named the best Crypto/Broker Exchange in 2021, 2022, and 2023 by TradingView for a good reason. This is the best no-KYC crypto exchange in the USA that supports 800+ cryptocurrencies, spot trading, futures, and copy trading.
This CEX is designed for active traders. Its fees range from 0.1% for spot trading and from 0.02% (maker) to 0.05% (taker) for futures trading. It also offers leverage of up to 150x. Active users can benefit from its VIP program, while new users can get a bonus of up to 1000+ USDT. Moreover, its members will be able to increase their profits and margins via its grid trading robot.
Members with unverified accounts can cash out up to 20,000 USDT daily. However, those who want to engage in P2P trading must verify their accounts.
7. KCEX — Best No-KYC Platform for Spot Trading
KCEX is another crypto exchange that’s available in the US. This platform enables its users to buy Bitcoin without verification. They’ll only have to enter their email or mobile number. KCEX supports spot and futures trading. The former option comes with zero fees, while the latter charges 0% maker and 0.02% taker fees on all pairs. Spot traders will also be able to hold, buy, and sell 400+ coins with up to 100x leverage. This makes KCEX the best anonymous crypto exchange for spot trading.
Another feature that makes this exchange stand out is its large selection of meme coins available for spot trading. This exchange also offers lucrative rewards to its new users, while futures traders will benefit from its futures trading competition.
The daily withdrawal limit on KCEX is 30 BTC. To increase this limit, you’ll have to go through the verification process.
8. ChangeNOW — Best KYC-Free Crypto Exchange for Businesses
ChangeNOW is one of the best no-KYC exchanges for businesses. The platform supports 900+ cryptos and fiats and is partnered with Trezor, Ledger, and Binance. This is also a white-label exchange that integrates Telegram bots and permanent exchange addresses. ChangeNOW’s API allows its members to conduct cross-chain swaps and use their permanent exchange addresses as a business.
ChangeNOW has its native wallet and token. The NOW wallet is a non-custodial wallet that supports 40+ coins. Traders can use it to conduct fiat-to-crypto transactions using bank accounts and credit/debit cards. Moreover, the NOW wallet can be connected to any dApp on Ethereum, Optimism, BSC, AVAX C-Chain, Polygon, Algorand, and Fantom.
Those who stake their NOW tokens will earn a 6.25% annual profit. Traders can also take instant crypto loans without monthly interest payments. All loans come with a fixed LTV and APR of 50% and 10%, respectively.
KYC stands for Know Your Customer. Crypto exchanges use KYC verification to determine their users’ identities and the source of their funds. Implementing KYC protocols has many benefits, including reduced risk of money laundering, increased market stability, and customer protection. However, it also has certain downsides, such as lower liquidity and higher fees. KYC exchanges usually ask users to verify their accounts by sending a copy of their ID card, passport, or driver’s license. They can also ask for a copy of their utility bills and bank statements. On the other hand, no-KYC exchanges will enable their users to buy Bitcoin without ID. However, they’ll have to go through a verification process if they want to increase their daily withdrawal limits.What Is KYC?
Benefits and Risks of Using No-KYC Exchanges
The biggest benefit of trading on best exchanges without KYC protocols is anonymity. Everyone can buy and sell crypto assets without sharing personal information with the platform. Moreover, traders won’t have to create an account. They only have to enter their email or mobile number and connect their wallet.
No-KYC exchanges usually don’t ask their users to share their location, making them available in countries with strict crypto laws and regulations.
On the other hand, using KYC-free crypto exchanges comes with certain risks. For example, their members are more vulnerable to crypto scams. Moreover, crypto pairs have lower liquidity and usually higher trading fees.
Pros Cons
The Legality and Regulation of No-KYC Exchanges
Is no KYC legal? Yes, KYC-free exchanges are legal in most countries. However, they are usually unregulated. Traders can buy cryptocurrencies on these platforms via automated algorithms. Investors will still have to report their crypto transactions, even if they use no-KYC platforms. On the other hand, KYC is mandatory in the US, so many DEXs and CEXs started implementing KYC protocols.
Regarding crypto wallets, custodial wallets must implement KYC protocols, which is not the case with non-custodial wallets. As mentioned, no-KYC platforms are more exposed to fraud and scams because they are not regulated. They are also more prone to illicit activities.
Can No-KYC Exchange Users Be Tracked by the IRS?
Yes, the IRS can track your crypto transactions, even if you use KYC-free platforms. This is because crypto transactions run on public blockchains. Likewise, the IRS will be able to identify traders through their crypto wallet addresses. For example, if you link your wallet with your credit/debit card, your bank will be obliged to share your personal information with the IRS.
The IRS uses multiple strategies to track crypto transactions, from third-party reporting to user data collection. This is why you should always report crypto transactions on your tax returns. The penalty for tax evasion is up to $100,000 in fines.
Are No-KYC Exchanges Safe?
Since no-KYC platforms are not regulated, they are less safe than their KYC-based counterparts. They are also more vulnerable to regulatory penalties, fraud, and scams. This is why it’s important to research before creating an account on KYC-free platforms.
With that in mind, you should give preference to exchanges that utilize strict security measures, like 2FA. You should also opt for platforms that use smart contracts to automate their transactions and those that conduct regular audits.
Some non-KYC exchanges, like Exodus and ChangeNOW, are partnered with hardware wallets like Trezor. These wallets store funds offline, which makes them less prone to hacks.
How to Pick the Right No-KYC Exchange
Finding the best no-KYC crypto exchanges can be challenging. However, there are several factors that can help you pick the one that will suit your needs:
Conclusion
Now that you’ve seen our list of the best no-KYC exchanges, choose the one that best suits your needs. Each platform offers unique features that will help you improve your trading style. The biggest benefit of trading on KYC-free exchanges is anonymity.
However, due to the lack of regulation, these platforms are more vulnerable to scams. They also have lower liquidity compared to their KYC-based counterparts, and they usually impose higher transaction fees.