6 Best No KYC Crypto Exchanges

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The Know-Your-Customer (KYC) process is often considered to be an inconvenience among people who deal with cryptocurrencies since the very foundation of it is based on anonymity. Investors that prefer to perform crypto transactions without submitting their identification will need to use crypto exchange with no KYC process.

Best Crypto Exchanges Without KYC

Below is our compiled list of the best no KYC crypto exchanges:

1. Bybit - Overall best no-KYC crypto platform
2. KuCoin - Best exchange without KYC for altcoin trading
3. PrimeXBT - Best place to withdraw USD without KYC
4. Phemex - Trade hundreds of assets with no KYC
5. Margex - Best no KYC crypto exchange for margin trading
6. 1InchExchange - DEX aggregator without KYC

Non KYC Crypto Exchanges Compared

No KYC Crypto Exchanges Reviewed

Bybit is our pick for trading crypto without identity verification. It provides a safe and transparent trading system as it tries to build the next-generation financial ecosystem supported by blockchain technology. Not only does it not require mandatory KYC to begin trading, but it is one of the best crypto margin trading platforms.

The platform has more than 1.6 million users worldwide and aims to provide a customer-focused user experience with its services. On average, more than $1 billion worth of cryptocurrencies is traded on the platform each day. Existing crypto holders can transfer their assets to Bybit to trade on the derivatives market which features more than 100 crypto trading pairs to trade with leverage up to 100x. The derivatives products offered include USDT perpetual, inverse perpetual, inverse future, USDC perpetual, USDC options, and leveraged tokens. All of these markets can be traded without passing the ID verification stage.

What makes Bybit top of this list is the no-fee spot trading promotion. There are zero fees on all spot pairs which means individuals can trade crypto without fees and ID verification. The default fees for trading with leverage are 0.06% (makers) and 0.01% (takers) which is extremely competitive in the market. The spot fee is 0.1% although non-verified users cannot buy crypto with fiat. In addition, users can only withdraw up to 2 BTC without KYC and cashing out in fiat is prohibited. To obtain a higher withdrawal limit, users must then complete basic verification.

Overall, Bybit is one of the best ways to trade crypto without KYC. The platform is feature-rich, has competitive trading fees, a wide variety of markets and an excellent mobile app. The only issue is US traders are not allowed to trade using Bybit. Unfortunately, ByBit is not legal in the US and the exchange will block IP addresses from this region. While everyone else can continue to trade on the platform, with a quick sign-up and without requiring a KYC. Importantly, new traders that do not complete ID verification will not be able to use a ByBit referral code.

For more information, read our full-length review on Bybit.

KuCoin is the 7th biggest crypto exchange in the world by volume, and has a presence in more than 200 countries, making it one of the most accessible exchanges out there. In the US, however, the exchange is not licensed and USA users are unable to use the platform. For international crypto traders, KuCoin is well-known as one of the best altcoin trading platforms with a variety of markets such as spot trading, margin trading, derivatives, mining pools, staking, and lending.

While most crypto exchanges require users to complete a verification process to begin trading, users on KuCoin can simply deposit their Bitcoin in their account and trade cryptocurrencies accordingly. It is an optional requirement for new account holders and moreover, users have complete control over their deposits and withdrawals.

A noteworthy thing about the platform is that, in its initial days, KuCoin only offered crypto-to-crypto trading, while today it offers a range of services from P2P trading to crypto futures, as well as crypto staking where users can earn a passive income while their crypto rests in their wallet. These features can all be accessed without a mandatory KYC procedure.

However, there are limits and restrictions in place. Unverified accounts are limited to a withdrawal limit of 1 BTC per 24-hour period and USD 400 on the P2P crypto exchange. This is less desirable for those looking for a no KYC trading platform as the withdrawal limit is half of that compared to Bybit.

As for the fees, KuCoin follows a maker-taker crypto fee approach that ranges from 0.0125% to 0.1% depending on the tier level. The platform also has a robust security mechanism in place and has historically recovered over $280 million worth of crypto stolen from a hack in 2020. The only downside about the no-KYC platform is that the user interface isn’t among the best out there, and hence, not everyone may find the platform to be ideal.

Read our full review on KuCoin.

PrimeXBT was founded in 2017 and is known for offering futures contracts in Forex (FX), cryptocurrency, commodities, and indices that can be traded using Bitcoin as collateral. This gives traders an edge over traditional crypto exchanges with the flexibility to trade global markets with Bitcoin. Moreover, PrimeXBT has broader features such as crypto copy-trading and a yield farming platform to earn rewards and bonuses.

Non-verified customer accounts on PrimeXBT can trade Bitcoin and experience the full features of the platform with the exception of depositing fiat. Crypto-to-crypto trading is simplified on its modern and intuitive trading interface (shown below) with TradingView charts that will suit experienced crypto traders. Moreover, users can margin trade Bitcoin on the platform with access to hundreds of technical indicators and advanced order types which include market, limit, stop-limit, and one-cancels-the-other.

PrimeXBT is a top choice when it comes to trading crypto anonymously. It offers one of the highest withdrawal limits for account holders that prefer not to complete a personal identity check. Each account has a withdrawal limit of up to $20,000 within a 24-hour day. While the hard limit can be removed by completing the PrimeXBT KYC process, this is a generous limit for USD-dominated crypto traders.

The only disadvantage of PrimeXBT is the trading fees come at a premium. Placing a trade for cryptocurrency assets is 0.5% each time you buy or sell on the market. There is also an overnight finance fee that varies for the different cryptocurrencies based on liquidity at the time.

Overall, PrimeXBT is a solid no KYC crypto exchange for its variety of crypto and traditional markets. Combined with its customizable trading interface and high USD withdrawal limit, PrimeXBT makes our list of the best crypto exchanges without ID verification.

Read our full review on PrimeXBT.

Phemex is a full-fledged financial asset management platform that has grown beyond the niche of a crypto perpetual contract platform. While it started out as a trading platform for derivatives and futures markets, Phemex has evolved into a broader ecosystem with an abundance of trading opportunities for savvy investors and experienced traders. The best part is, traders on Phemex can begin trading without verification as it is not mandatory.

Boasting similar features and products to the larger exchanges such as Binance, Phemex is an excellent equivalent for those that do not want to provide a copy of their ID to an exchange. While fiat-to-crypto payment will require verification, access to the wider crypto-to-crypto trading products does not require KYC and will appeal to privacy-focused investors looking for a no-KYC exchange for crypto. Moreover, there is unlimited crypto trading and deposits, with up to 1 million in withdrawals per day without verification.

The markets that can be traded without KYC include spot (crypto only), derivatives such as USDM, USDT, and USDC settled contracts. While there are some restrictions on non-verified accounts, these are limited to buying crypto with fiat, and not eligible for certain bonuses or campaigns.

Combined with 0.1% spot trading fees, and 0.01% (maker) and 0.06% (taker) fees for leverage trading, Phemex is an ideal place to trade crypto and remain anonymous.

Read our full review on Phemex.

Margex is a relatively new crypto exchange that started its operations in 2020 and supports more than 100 cryptocurrencies on the platform. Headquartered in Seychelles, the platform doesn't require any permits or ordinances and thus remains unregulated. This means individuals can open an account with Margex and begin trading without a KYC approval process.

The platform has an easy-to-use interface and multiple educational resources making it incredibly easy for beginners to trade on the platform. Advanced users, on the other hand, can make use of the 100x leverage the platform provides for margin trading to maximize their profits.

One benefit of Margex compared to other non-KYC crypto exchanges is that users don’t require KYC to purchase crypto. Additionally, the platform has low trading fees compared to other platforms such as Bybit. For instance, Margex charges a 0.019% maker fee and a 0.060% taker fee for trading Bitcoin. On the other hand, Bybit fees are 0.06% and 0.01% for makers and takers respectively.

With that being said, the platform does lack one aspect when it comes to depositing crypto without KYC. The only supported digital asset is Bitcoin. While this may be perceived as a limitation for altcoin traders, Margex is one of the best no KYC Bitcoin trading platforms.

Read our full review on Margex.

1InchExchange is a DEX aggregator, meaning it searches the market to find the best rates and lowest fees for trades. 1Inch divides orders between other DEXs and private liquidity providers instead of operating as an exchange itself. The platform has been regarded as one of the best non-custodial exchanges for ERC20 tokens, which means a third-party wallet is required. As a no-KYC crypto platform, traders have access to buy and sell more than 400 cryptocurrencies without ID verification, including synthetic versions of popular tokens.

The other advantage of considering 1Inch is the ability to earn crypto interest on coins and tokens without KYC. Individuals can connect their wallets to the platform and join a “liquidity pool”. Consequently, every time someone uses the liquidity pool, the person can earn interest on their holdings within the pool. The exchange does not charge any withdrawal or deposit fees, since it does not store any assets on its own servers.

Overall, 1Inch is one of the top crypto DEXs in the industry that is non-custodial for maximum security. In addition, for privacy-concerned crypto traders, there is no KYC process for crypto-to-crypto swaps. While the learning curve is much steeper using a DEX compared to other crypto platforms without KYC listed herein, there is an abundance of lesser-known altcoins and DeFi tokens that can be bought and sold.

What Is Know-Your Customer (KYC)?

KYC is an identity verification process, implemented by financial institutions whenever they’re onboarding new users. It is the first stage for anti-money laundering (AML), allowing institutions to assess a customer's financial liability and tendency to commit any financial crime.

Recognized institutions have been integrating the process for years, and have been successfully able to mitigate mishappenings around their operations. Lately, since crypto exchanges are regulated to be financial institutions- they’re often obligated to integrate the KYC process to help safeguard their platform. For more information, read our full guide on what is KYC and how it impacts crypto.

Can You Buy Crypto Without KYC?

Yes, it is possible to buy crypto without KYC. There are several crypto exchanges that don’t require users to undergo a KYC process, and they can continue to stay anonymous. Not all no-KYC exchanges are the same and have different restrictions in place for deposit and withdrawal limits for non-verified accounts.

Frequently Asked Questions

Conclusion

While the KYC process helps mitigate illicit activities in crypto markets, it’s reasonable to understand why people would like to be anonymous. If you’re one of them, there’s no shortage of options. Most of the no KYC platforms above are renowned exchanges that allow users to trade without requiring KYC, which is also useful for those considering buying crypto under 18.

At the same time, it’s crucial to understand the importance of KYC. As an investor, it's vital to make conscious and well-informed decisions when trading crypto, especially when dealing with non-KYC crypto exchanges. Conducting due diligence when choosing an exchange is therefore crucial.

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