6 Leading No-KYC Cryptocurrency Exchanges – A Comprehensive Guide

Before trading in most centralized crypto exchanges, you are usually required to undergo Know Your Customer (KYC) checks first. However, there are several crypto platforms that allow users to trade without verifying their identities. Such platforms are ideal for people who don’t enjoy sharing personal data.

In this article, we will explore some of the top crypto exchanges that do not require you to complete KYC checks.

BYDFi

This Singapore-based crypto exchange has a presence in more than 140 countries. While BYDFi does not require users to complete KYC checks, those who deposit fiat into their trading accounts via payment services like Coinify, XanPool, Banxa, and Ramp must verify their identity on those platforms.

Pros and Cons of BYDFi

Pros

• BYDFi offers crypto margin trading accounts.
• Charges affordable trading fees.
• Accepts over 40 fiat currencies.

Cons

• The crypto exchange does offer a staking service like most of its competitors.
• Customer support via phone call is unavailable.
• Compared to its rivals, BYDFi does not have advanced trading features.

CoinEx

This is not a regular crypto exchange. Besides supporting crypto trading, CoinEx offers access to mining pools, decentralized apps, and a non-custodial crypto wallet. Further, the platform boasts high transaction speed. It can complete nearly 10,000 transactions per second.

CoinEx is based in Hong Kong, but it operates in over 100 countries.

Pros and Cons of CoinEx

Pros

• CoinEx periodically releases proof of reserves.
• Its transaction speed is excellent.
• Offers are a wide range of services, not just trading.

Cons

• CoinEx is not available in the United States.

Kraken

As long as you sign up for the Starter account, you can trade cryptocurrencies on Kraken without verifying your identity. However, the Starter account comes with several restrictions. For example, while there is no limit on how much you can deposit per day, Kraken only lets you withdraw a maximum amount of $5,000 daily.

Pros and Cons of Kraken

Pros

• Kraken lets users trade a wide range of digital currencies.
• Its trading costs are relatively cheap.

Cons

• You cannot use debit/credit to fund your Starter account.
• Kraken is not available in all US states.

Margex

With Margex, expect your orders to be executed within eight milliseconds. What’s more, the Seychelles-based crypto exchange can process nearly 100,000 transactions per second.

Pros and Cons of Margex

Pros

• Offers low trading fees.
• Boasts fast trade execution.
• Mobile support is available.
• Supports several order types.

Cons

• Margex does not support fiat deposits.
• It has limited geographical availability.

Apex

Besides being a no-KYC exchange, Apex is non-custodial, meaning you will still have control over your digital tokens when trading. Margin traders will find this exchange ideal, given its great leverage.

Pros and Cons of Apex

Pros

• With Apex, you can enjoy low taker and maker fees of 0.05% and 0.02%, respectively.
• There is no minimum deposit requirement.
• Besides profits from trading, you can also earn through crypto staking.

Cons

• Apex has limited asset offerings compared to competitors.
• The exchange isn’t available in the United States.

MEXC

Only a few centralized exchanges match MEXC’s asset offering. There are over 3,000 digital coins available for trade on this platform. You can trade on both margin and spot markets. If you hold MEXC’s native token MX, you will trade at discounted fees and earn the right to participate in the project’s voting process.

Pros and Cons of MEXC

Pros

• MEXC offers yield-earning opportunities.
• There is a wide range of coins to choose from.
• The exchange provides users with access to advanced charting tools.

Cons

• The exchange can be challenging to navigate for novice users.
• MEXC is not as highly liquid as other exchanges.

Conclusion

Crypto exchanges that do not require users to verify their identity to trade eliminate the risk associated with confidential data being leaked and falling into the wrong hands. Moreover, they allow crypto fans living in crypto-unfriendly regions to explore the digital asset ecosystem. That said, do your homework before signing up with any crypto exchange mentioned in this article.