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:
- Bybit - Overall best no-KYC crypto platform
- KuCoin - Best exchange without KYC for altcoin trading
- PrimeXBT - Best place to withdraw USD without KYC
- Phemex - Trade hundreds of assets with no KYC
- Margex - Best no KYC crypto exchange for margin trading
- 1InchExchange - DEX aggregator without KYC
Non KYC Crypto Exchanges Compared
| Platform | Supported Crypto | Daily Withdrawal Limit (without KYC) | Trading Fees |
|---|---|---|---|
| ByBit | 81 | 2 BTC | 0% (spot) |
| KuCoin | 700+ | 1 BTC (spot), $400 (P2P) | 0.1% |
| PrimeXBT | 50+ | $20,000 | 0.5% |
| Phemex | 330+ | $1,000,000 | 0.1% |
| Margex | 100+ | Not stated | 0.19% (maker), 0.060% (taker) |
| 1Inch | 400+ | None | None (gas fees only) |
No KYC Crypto Exchanges Reviewed
1. Bybit - Best Overall Crypto Exchange With No KYC
Why we picked it
UPDATE: Bybit has recently introduced mandatory KYC.
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.
Promotion:- Trustworthy and reputable trading platform
- Variety of markets including spot, perpetuals and Futures
- Feature-rich trading platform is mostly available without KYC
- Intuitive and responsive mobile app
- USA investors are not allowed
- Cannot withdraw fiat and greater than 2 BTC per day without KYC
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. Everyone else in a supported country can continue to trade on the platform, with a quick sign-up and without requiring a KYC. Importantly, new traders who 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.
2. KuCoin - Reliable No KYC Platform For Altcoins
Why we picked it
KuCoin is the 4th biggest crypto exchange in the world by volume and has a presence in more than 200 countries, making it one of the most accessible no-KYC 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.
Promotion:- Large selection of 700+ coins to trade without KYC
- Highly suitable for serious crypto investors and day traders
- Modern, responsive and seamless mobile app for 24/7 trading
- Low 0.1% trading fees with 20% fee rebates available for KuCoin token holders
- Not available for traders in the United States
- Non-verified withdrawal limit is only 1 BTC per day
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. There are downsides to consider. KuCoin is not permitted in the US and the user interface isn’t among the best out there, hence, not everyone may find the platform to be ideal.
Read our full review on KuCoin.
3. PrimeXBT - Best Non-KYC Exchange For USD Withdrawals
Why we picked it
PrimeXBT 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 which make it a feature-rich no-KYC platform to consider.
Promotion:- Trade Forex, indices and commodities using Bitcoin as collateral
- No KYC process to begin trading with $20,000/day withdrawal limit
- Modern, sophisticated and customizable user interface
- Demo trading mode for beginners
- Does not offer spot trading between crypto assets
- Not available for traders in the United States
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.
4. Phemex - Trade Hundreds of Crypto Pairs Without ID
Why we picked it
Phemex makes this list of crypto exchanges without KYC for its fully-fledged financial asset management platform that has grown beyond the niche of a crypto perpetual contract platform. Phemex has evolved into a broader ecosystem with an abundance of trading opportunities for savvy investors and experienced traders without mandatory KYC.
Promotion:- Trade immediately without mandatory KYC
- Feature-rich crypto trading platform
- Excellent list of supported trading pairs and high leverage
- Restrictions on withdrawal limits without KYC
Boasting similar features and products to larger exchanges such as Binance, Phemex is an excellent equivalent for those who 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.
5. Margex - Popular Exchange Without KYC
Why we picked it
Margex supports more than 100 cryptocurrencies on a simple-to-use 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. While not a feature-rich as other no-KYC platforms in this list, its worth considering for its simplicity.
Promotion:- Bitcoin-only focused trading exchange
- No KYC to get started
- Competitive trading fees in the market
- Up to 100x leverage available on BTC pairs
- Not supported or regulated in the United States
- Spot exchange lacks trading volume and liquidity
- Platform does not offer a wide range of crypto products and services
Margex 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.
6. 1InchExchange - Best DEX Aggregator Without KYC
Why we picked it
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.
Promotion:- One of the worlds largest crypto DEX aggregators
- Non-custodial exchange for secure crypto trading
- KYC not required using third party crypto wallets
- Greater access to a full list of ERC-20 tokens
- Complicated to use and not ideal for crypto beginners
- No customer support available
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
Non-KYC exchanges allow users to perform financial transactions without having to verify their identity. This way, users can register themselves on an exchange without a KYC, however, they can expect a reduced withdrawal limit and certain restrictions of features.
There are several crypto exchanges that don't require immediate KYC to begin trading. The most popular examples of non-KYC platforms include ByBit, KuCoin, and PrimeXBT.
Most crypto exchanges will not permit buying crypto with fiat currencies if ID verification has not been submitted and approved. This is to comply with international KYC/AML standards.
Non-KYC exchanges offer more privacy since users don’t have to forfeit their personal information to the exchange. While the main benefit is to stay anonymous when trading crypto, non-KYC platforms are quicker to begin trading. Depending on the exchange, the complete ID verification process can take minutes up to days to be approved.
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. However, there can be restrictions imposed such as withdrawal limits. This is important for those that want to convert Bitcoin to cash (USD).
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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