Anonymous crypto exchanges offer privacy to users who do not wish to make their financial transactions public. These exchanges do not require users to complete the KYC verification process usually mandated by their more regular counterparts.
As such, these exchanges have become sought after. However, the lack of KYC also places users at the mercy of exchanges’ internal policies, creating opportunities for scammers to part people from their hard-earned money.
Our guide explores the best anonymous exchanges on the interwebs that do not require KYC but are still trustworthy.
Looking for a quick answer? Here are our picks for the best anonymous crypto exchanges
dYdX is a decentralized exchange that provides spot and perpetual trading services for users. Right off the bat, we noticed that the exchange provides complete anonymity as it does not require any form of KYC; simply connect your crypto wallet and start trading.
We like dYdX because it performs many of the same functions as regular exchanges despite being completely on-chain, which shows just how far Dexes have come since simple swaps.
You can trade 30+ crypto pairs with leverage of up to 50x (50 times your capital), set dynamic order types (limit, market, and stop orders), and enjoy quick execution speeds thanks to the exchange’s custom blockchain.
While dYdX has all the features of a standard exchange, there is one caveat: You’ll need to own crypto already to deposit it in your dYdX chain wallet. The exchange requires you to deposit funds by bridging tokens from Ethereum to the custom chain.
Hence, dYdX is a great platform for anonymous trading, but not so much for initial purchases.
To begin trading on dYdX, head to the website and connect your Ethereum wallet.
Hodl Hodl is a decentralized peer-to-peer (p2p) marketplace that allows people to buy and sell Bitcoin with various fiat currencies using many payment methods. It is a great option for people who wish to buy Bitcoin without leaving a trail on their payment accounts.
The platform requires a sign-up email, mostly for communication and confirmation purposes. Once you create an account, you can begin transacting.
Like most p2p marketplaces, you’ll see a list of buy and sell orders for Bitcoin with various supported payment methods. You can use a filter to choose the fiat currency you wish to use (major currencies usually have longer listings).
Each listing contains a price the counterparty is willing to buy/sell, a volume range for the amount of Bitcoin they wish to trade with that listing, and the supported payment methods.
Hodl Hodl supports 20+ payment methods, so filtering by fiat currency and then payment methods may be easier.
Once you find a listing that suits you, open a contract by inputting the amount you wish to buy, your Bitcoin address, and entering your contract password, which differs from your account password and is used to initiate contracts.
The platform offers an escrow service that ensures both parties follow the rules. Wait for the counterparty to deposit funds into the escrow account before sending payment.
Once all transfers have been made, your Bitcoin will be sent to the wallet address provided. To begin using Hodl Hodl, visit the website.
Mexc is a centralized exchange known for its large selection of cryptocurrencies, which eclipses Binance and Kucoin. However, despite being a regulated exchange, Mexc still has provisions for almost anonymous trades.
We like that the exchange allows users to start trading with as little as an email and password. Unlike several other exchanges, Mexc does not restrict new users from trading until they complete KYC, you can create an account with an email and password, confirm your account, and start trading the spot market.
You can use the p2p market to get some USDT, which can be converted to Bitcoin and other cryptocurrencies on the Spot market. However, there is a limit to the volume you can trade per day which stands at 30 Bitcoin within 24 hours (in total across all markets), which is more than enough for most retail users.
Meanwhile, you enjoy fees as low as 0.1% per trade and a discount if you purchase the exchange’s native token, MX.
To begin using Mexc, sign up for an account on the website.
Bitcoin ATMs are physical machines that allow people to buy Bitcoin by depositing cash or other accepted payment methods, like Paysafe cards. Because of the physical nature of the transaction, it is completely anonymous as there is no digital trace between the person using cash and their Bitcoin wallet.
These ATMs are one of the less popular methods of buying crypto but have been spreading recently. Now, you can get Bitcoin ATMs in developed countries like the UK, US, and Canada.
To find an ATM near you, use sites like Localcoin ATM or CoinATM Radar. When you find a machine, enter the amount you wish to send to your wallet and place cash into the compartment. Ensure you are aware of any rules for placing cash.
Some machines allow you to buy Bitcoin with Paysafe cards, an anonymous payment method that requires physical interaction.
Bisq is a decentralized market for trading coins like Bitcoin in a decentralized and anonymous manner. The platform adopts a plug-and-play method where users download the desktop software, install it, connect their wallets, and trade; no sign ups required.
The platform supports 7 leading cryptos and offers about 17 trading pairs. These cryptos include Bitcoin, Monero, Ethereum, Litecoin, Ethereum Classic, Dogecoin, and Doichain. For fiat currencies, the list is more extensive with 28+ currencies available.
Bisq works with the Windows and Mac operating systems and employs an escrow system to ensure fairness. However, this upfront payment is only a fraction of the total volume, leaving openings for dishonest actors to commit fraud.
Nonetheless, users should have a smooth trading experience if they stick to the rules.
Open Peer is a p2p marketplace with an emphasis on decentralization and anonymity. The platform is similar to platforms like Hodl Hodl, except it takes anonymity to a new level by integrating with crypto wallets.
We like Open Peer because we don’t have to provide an email or any information. All we need to do is connect our crypto wallet and transact. Because of this structure, the site can provide global availability to its users.
Once you connect your wallet, you can select the crypto you wish to buy and the fiat currency you wish to use, after which a page will load containing listings for your specifications. Alternatively, you can view all listings or publish an ad for a trade.
Each listing contains the token available to trade, the available volume, minimum and maximum limits, the price the counterparty is willing to buy/sell at, the supported payment method, and the blockchain network where the coins reside.
Pay attention to the blockchain network as you’ll need to have it configured to receive your tokens.
When you are ready to trade, open a transaction and wait for the counterparty to deposit tokens into escrow. Once funds are in escrow, send fiat to the person’s account using the selected payment method and wait for the crypto to hit your wallet, which shouldn’t take long if you use networks like Polygon.
Let’s exchange is another great exchange that combines decentralization, anonymity, and simplicity. As with other exchanges on this list, this platform does not require KYC documents; however, you will need an email for confirmation and communication.
We like Let’s Exchange because it combines the best features of peer-to-peer exchanges with the ease of third-party payment solutions. The platform features swap, buy/sell, and withdrawal functions. A Dex is also available for users who want a decentralized trading experience.
You can select the crypto you wish to buy and the fiat currency you wish to use. There are over 40 fiat currencies supported and 70+ major cryptos. After selecting the pair you wish to purchase, a list of available payment methods will be displayed, usually popular methods like credit card payments, SEPA, Apple and Google Pay.
Next, input your receive address for the token you wish to buy. Remember to double-check the network and alphanumeric string. Your tokens should be delivered to your address after payment confirmation.
The same process is applied to swaps. Select the pair you wish to swap, provide a receive address for the base token, and then send the quote token to the provided address. This way, the entire process is decentralized and non-custodial.
Lastly, if you wish to withdraw your funds, you can do so to a Bitcoin address without any extra fees (aside from transaction fees).
Uniswap is a popular decentralized exchange that has evolved from a simple swap to a full-fledged platform with deep liquidity ($3.7 billion locked), 100+ tokens, multichain availability, and an ecosystem of over 30 applications that connect to and rely on Uniswap.
We like Uniswap because it integrates third-party payment services to allow users to buy crypto using legacy methods from the application’s interface. This process is as simple as selecting “Buy Crypto” in the wallet section of the swap’s interface, choosing the fiat and crypto pair, and proceeding with the transaction.
Once you have crypto in your wallet, you can swap between tokens on any of the most popular EVM networks (i.e., Ethereum, Arbitrum, Optimism, Base, Polygon, BNB Chain, and Celo) or add your tokens to the liquidity pools to earn a portion of swap fees.
While Uniswap is suitable as a platform for decentralized and anonymous crypto purchases, there is one caveat: there are no off-ramps. You cannot sell crypto for cash through the platform.
Anonymous crypto exchanges are popular because of the privacy they offer users. Despite being around for over 10 years, the crypto industry is still evolving, and not all countries have legal frameworks to regulate market activities properly.
As a result, several countries have banned crypto trading activities, preventing exchanges from operating within the region and restricting banks from offering financial services to crypto exchanges or crypto-related transactions.
In extreme scenarios like this, the only resort is for users to sign up for anonymous exchanges that do not require KYC.
Another reason anonymous exchanges are so popular is that people want financial privacy, especially in cases where they make significant sums from the market.
KYC and AML procedures may differ on various exchanges and with regulatory bodies, but they usually involve similar steps and processes.
The first is registration with the prevailing regulatory body in the region or country. Crypto exchanges, especially in developed nations are required to register and oftentimes obtain licenses before being allowed to offer services to residents.
Next, the exchanges must implement KYC procedures, which require users to provide verifiable government ID and information so that the exchange and the regulator ensure that no user tries to impersonate another or commit identity fraud.
Finally, exchanges monitor transactions for signs of money laundering. The goal is to identify suspicious transactions that may indicate illicit activities, for example, a disproportionately high influx of funds on a small account. A large influx in itself may not be money laundering, but it usually warrants a second look.
There are various reasons why people would want to avoid KYC, ranging from innocent ones like privacy to less ethical ones like wanting to circumvent regional regulations.
Privacy is the most obvious benefit of using an anonymous exchange. People with significant wealth tend to avoid avenues that reveal how much they have, both for legal and personal reasons.
Hence, an anonymous exchange allows wealthy users to trade safely without risking unwanted exposure.
In the age of ads that follow you around, anonymous crypto exchanges also help prevent advertisers or companies from identifying people via their IP addresses. People who travel often or are politically exposed may not want their identities linked to their IP.
Anonymous exchanges provide this cover as they do not have an ID to link to IP addresses.
Anonymous exchanges allow users to clean up any financial trails left behind. This could be used both by nefarious actors and ethical people who do not want others to be able to track their trades or money flow.
Blockchain technology allows anyone to view the contents and transactions of any wallet within the network. The only cover users have is anonymity, which may be compromised by exchanges that collect KYC data.
Anonymous exchanges do not provide legal or financial protection in cases where accounts are breached. Because of the nature of the exchange, users are usually unable to prove certain detrimental actions did not originate from them.
Governments do not generally like anonymous exchanges and often instruct banks to limit (or cease) providing services to them. Hence, direct payment options may be limited, especially for international transactions.
Because there are no AML checks, anonymous exchanges will inevitably attract nefarious actors who wish to engage in illicit activities like money laundering and hacking into other accounts.
Payment service providers usually have transfer limits beyond which their AML procedures kick in. As such, users are limited to a certain volume, depending on the payment provider, when transacting on an anonymous exchange.
Security is the most important consideration as an anonymous exchange must be secure especially as there is no way to prove your identity if compromised by a security breach. The exchange should adhere to industry standard information security measures, like the ISO certifications.
While identity-based verifications may not be used, the site should have other ways of preventing fraud and impersonation.
Whether anonymous exchanges list more coins than those that require KYC depends on the size of the site and the scale of its operations. Onchain exchanges may not list as many as those that connect with multiple chains.
Nonetheless, the exchange of your choice should list major cryptos like Bitcoin and Ethereum and more exotic coins. Privacy coins like Monero and ZCash must be listed as they are losing ground with exchanges that require KYC.
Anonymous exchanges do not usually support as many payment methods as regular ones, except in cases where the exchange runs a peer-to-peer (p2p) exchange. Another reason multiple payment options are preferred is that some payment methods limit the amount that can be sent per transaction and per day; hence, the more options available, the better.
Some anonymous exchanges take advantage of the fact that the system is opaque to charge higher fees. While it is not uncommon for these exchanges to charge generally higher fees, they shouldn’t be overwhelmingly more than regular exchanges.
You also need to consider the cumulative cost of all the fees. For example, exchanges can charge conversion, deposit, withdrawal, and account maintenance fees, among others.
The cost of using the platform is the cumulation of all fees.
Often overlooked by novice users, liquidity is important as it affects the prices of cryptos within an exchange’s ecosystem, how much you can convert, and how easily you can execute transactions.
For starters, Bitcoin trade volumes should be in the hundreds of millions. If the exchange is decentralized, check the liquidity pools to ensure enough tokens are available to trade the volumes you intend to.
Anonymous exchanges come in three major types.
The safety of anonymous crypto exchanges depends on the firm’s measures to keep the platform secure. Because the exchanges do not have KYC and AML requirements, they are not usually legally compliant.
Hence, safety rests largely on internal policies. The best way to avoid these issues is to stick with exchanges with a track record of good services and adequate liquidity.
Different platform types use different methods. However, none of them involve submitting KYC documents. For decentralized exchanges, simply connect your wallet and begin trading.
For p2p exchanges, you can use your email or an email relay service to open an account and start trading.
Dark pools may require you to download software, and either have platform wallets or require that you connect yours. Either way, they don’t ask for ID documents.
We explored the best anonymous crypto exchanges that allow you to buy Bitcoin and other cryptocurrencies anonymously like dYdX or with a simple email like Hodl Hodl.
The platforms we listed have various strengths and weaknesses, and it is ultimately up to you to decide which one(s) works best for you.
Remember the most important factors like liquidity, fees, security, and supported payment methods when deciding as they will affect your experience on whatever platform you use for as long as you use it.
For more transparent exchanges, check out our list of the best crypto exchanges.
The platforms covered in this guide were chosen through rigorous testing, research, and reviews. We paid attention to security, anonymity, reputation, trading fees, deposit and withdrawal methods, and coin selection.
The platforms listed are the best we found in the various categories we listed them. For example, we found that Bitcoin ATMs provide the best anonymity as they require physical interactions that do not leave digital footprints.
Check out our why trust us and how we test pages for more information on our testing process.