6 Best No KYC Crypto Exchanges in 2024

The Best No KYC Crypto Exchanges in 2024

1. Bitget – Best Overall Option
2. Uniswap – Best Decentralised Exchange
3. dYdX – Best Anonymous Perpetual Exchange
4. Mexc – Best No KYC Exchange for the Asian Region
5. Phemex – Great Option for Low-Volume Users
6. CoinEx – Best Option for US Users

Non-KYC Crypto Exchanges Compared

Our Top 6 No KYC Crypto Exchanges Reviewed

1. Bitget – Best Overall Option

Bitget is a crypto exchange that offers a comprehensive suite of services, from investing to trading, staking, launchpads, and even Web3 functions like a decentralised wallet that can be used directly from its mobile or web applications.

We particularly like the exchange because of its rather lenient KYC policy. While the exchange is fully licensed, users can use some of its features without completing the KYC process.

Naturally, you may not get the full suite of services or the same limits as your KYCed peers, but you get more than enough to invest and trade.

This exchange allows users to sign up with MetaMask, a decentralised crypto wallet that further improves privacy.

In crypto trading, Bitget charges a flat 0.10% fee for spot trading on more than 500 pairs, except for Bitcoin and Ethereum, where trading is free. If you hold the exchange’s native token, BGB, trading fees are slashed to 0.08%.

For futures trading, the fee is 0.02% for makers and 0.06% for takers. Withdrawal fees vary by crypto; up-to-date information can be found on the fee schedule page.

Pros

• Supports no-KYC sign-ups
• Wide crypto selection
• Low trading fees
• 1000 USDT welcome
• Web3 wallet for on-chain transactions

Cons

• Unavailable to US residents

Features

• Web3 wallet
• Mobile application
• Affiliate Program

2. Uniswap – Best Decentralised Exchange

Uniswap is a decentralised exchange allowing users to swap over 100 tokens on over 14 blockchain networks. The DEX is the largest in the crypto industry, with over $5.80 billion worth of assets locked in its liquidity pools.

Uniswap is completely decentralised and does not require any form of KYC. All you need to do is connect a compatible crypto wallet and begin trading. You’ll need to get some crypto into your wallet if you do not already have it; you can do so through MoonPay, an integrated on-ramp compatible with legacy payment methods.

Once you have crypto in your wallet, you can swap at a 0.30% fee on any supported chains, all of which are Ethereum-compatible chains like Layer 2 networks and EVM chains.

The exchange has a native token called UNI, which is a governance token and, as of recently, qualifies holders to receive a share of the protocol’s fees.

To begin using Uniswap, connect your wallet and start swapping. To learn more, read our Uniswap review.

Pros

• No KYC
• Completely decentralised
• Lists over 100 tokens
• Has deep liquidity
• Has a fiat onramp

Cons

• Trading fees are higher than those of some centralised exchanges
• No fiat off-ramp

Features

• Fiat onramp
• Earning mechanism

3. dYdX – Best No KYC Perpetual Exchange

dYdX is a decentralised crypto perpetual exchange that offers crypto derivatives and up to 50x leverage to trade them. The exchange is completely decentralised and, as a result, completely anonymous.

Like Uniswap, all you need to do to start using dYdX is to have a compatible crypto wallet, like MetaMask, with funds.

However, unlike Uniswap, whose trading interface is a simple swap page, dYdX’s interface resembles that of a full-fledged trading platform because it is one.

Integration with TradingView provides a charting platform where traders can draw lines and monitor prices, an on-chain order book displays market depth information, and dynamic order types are available for precise entries.

You can trade more than 30 cryptos pairs at fees between 0.02% and 0.05% for volumes below $1 million and between 0.015% and 0.04% for volumes above $1 million.

The exchange features a native token, DYDX, which is used as a reward for various trading challenges and can be staked to receive a percentage of the protocol’s fees.

To begin using dYdX, you must deposit some ETH from your wallet to the dYdX platform wallet, which is still non-custodial. You may need to buy Ethereum from a centralised exchange like Coinbase to begin.

Pros

• No KYC
• Completely anonymous
• Passive earning opportunity via staking
• Low trading fees

Cons

• Bridging from Ethereum to dYdX can be expensive
• No fiat payment support

Features

• Charting interface
• On-chain order book
• Staking platform
• Trading challenges and prizes

4. Mexc – Best No KYC Exchange for the Asian Region

With over 2,000 cryptos listed, a lenient KYC policy, and support for legacy payment methods, Mexc positions itself as a great option for non-KYC users.

The exchange is known for being proactive with its token listing process, often listing new tokens before its global counterparts and maintaining a larger collection, as stated.

However, Mexc is on our list because of its no-KYC option. While the exchange is fully licensed in Asia and has a KYC sign-up option, it also allows users to sign up with their MetaMask wallets, which is a no-KYC option.

Users without wallets can still use email addresses but do not have to complete the KYC process; however, that comes with reduced trading and withdrawal limits. For example, a KYC account can withdraw up to 200 BTC daily, while a non-KYC one can withdraw 30 BTC daily.

Where trading is concerned, the exchange charges a flat 0.10% for makers and takers. If you hold the exchange’s native token, MX, you can get reduced fees.

To begin, create an account using an email and password or use a MetaMask wallet to connect to sign up.

Pros

• Widest crypto selection on our list
• Supports a no KYC sign-up method
• Low trading fees

Cons

• Not available in the US or UK
• Limits may be restrictive for high-volume traders

Features

• Huge crypto selection
• Spot and derivatives markets
• P2p marketplace
• Support for multiple payment methods
• Crypto wallet integration

5. Phemex – Great Option for Low-Volume Users

Phemex is a crypto exchange that offers a suite of services from investing to trading and saving, as well as Web3 features like soulbound NFT passes and staking. The exchange is fast-growing, attracting users worldwide because of the extra features it integrates like PhemexPulse, a Web3 social platform for creating and interacting with groups.

However, the exchange’s most interesting feature, at least for this guide, is its integration with decentralised wallets, which allows users to sign up with decentralised wallets like MetaMask or any Wallet Connect-enabled wallet.

While the exchange also supports Google account signups, which are heavy on KYC, or email signups, which are a little lighter on KYC, crypto wallet signups are the best for avoiding as much KYC as possible.

However, because Phememx is regulated, trading and withdrawal limits for non-KYC accounts are significantly lower than for KYC accounts. The exchange’s most recent policy places withdrawal limits for non-KYC accounts below $2,000 daily.

If the limits are not a deal breaker, then Phemex is a great option as it charges low fees for spot trading (0.1%) and contracts trading (0.01% – 0.06%) with a minimum trade size of 1 USDT.

Pros

• Easy sign-up
• No KYC signup option
• Low trading fees
• Web3 ecosystem support
• Welcome bonuses

Cons

• Low trading and withdrawal limits for non-KYC accounts
• May not be available in the US due to muddy regulations

Features

• Crypto wallet integration
• Web3 integration
• Supports staking
• Mobile application

6. CoinEx – Best Option for US Users

CoinEx is a global crypto exchange that allows users to sign up and use its platform without providing KYC details. While it offers many of the same services and features that you’d find on a global exchange like Binance, we like CoinEx because it is the only exchange in the US that allows users to avoid submitting KYC details.

This provision comes with some limitations, one of which is reduced trading and withdrawal limits. The exchange’s current policy allows non-KYC accounts to withdraw up to 10,000 USDT daily, provided the account is bound to a phone number.

Where trading and investing are concerned, CoinEx lists over 600 cryptos that are tradable on the spot market at 0.2% per trade or 0.16% if you hold the exchange’s native token, CET. For futures contracts, fees range between 0.03% and 0.05%.

To begin using CoinEx, sign up for an account using an email or a Google account. Naturally, you’ll want to use the email option to avoid KYC. Unfortunately, this exchange is not integrated with decentralised wallets like MetaMask.

Pros

• Available in the US
• Low trading fees
• Wide crypto selection
• Welcome bonuses
• P2p marketplace

Cons

• Doesn’t support wallet sign-ups
• Places withdrawal limits on no-KYC accounts

Features

• Mobile app
• In-house AMM
• Supports 40+ fiat currencies

What is KYC?

KYC is short for know-your-customer and is a legal requirement of crypto exchanges and any financial institution that onboards retail customers to verify the identities of their users. KYC is one of the preventive measures in the global fight against money laundering and financial terrorism.

The identity documents submitted usually include a valid government ID and a proof of address document, like a utility bill displaying your address, which is usually identical to the ID’s.

KYC documents are required to ensure that users are who they say they are and are allowed to access the services they are signing up for.

Why Use a Non-KYC Exchange?

There are several reasons why people prefer non-KYC exchanges. Some of the most pertinent ones include

Privacy

Some investors may not want their identities, and hence, their investment moves to be made public, especially if they intend to trade significant volumes. As such, they are more inclined to use exchanges that do not require them to give up their identities.

Some other privacy reasons include not wanting to make your financial status public. People with significant financial capacity may want to keep their status under wraps, and non-KYC exchanges are a good way to do that.

Location Restrictions

Jurisdictional regulations can also lead people to seek out non-KYC exchanges. If local laws restrict banks from processing crypto transactions, users may not have options besides non-KYC exchanges.

Money Laundering

Not all reasons for using non-KYC exchanges are ethical. Some users seek anonymous exchanges because they allow them to slip past local and international regulations and illegally move money across borders.

Potential Risks of No KYC Crypto Exchanges

No KYC exchanges come with some inherent risks. The most pertinent include:

Scams

Because no KYC exchanges aren’t expected to run KYC checks, nefarious actors can set up a website, fake a license, and pretend to offer crypto exchange services to draw in unsuspecting users.

Users, on the other hand, expect to some degree that KYC exchanges may not be as tightly regulated; if not, they probably wouldn’t have a non-KYC option and may be more willing to let their guard down.

Impersonation

A lack of authentication from KYC makes impersonation much easier on non-KYC exchanges. Any user with your email and password (for exchanges that do not integrate with crypto wallets) can easily pretend to be you and make away with your funds.

Because there is no KYC, proving that you were impersonated may prove difficult.

Limitations

Most KYC exchanges that are not fully decentralised place limitations on the services that no-KYC accounts can access, their trading volume, and withdrawal ceilings. Usually, no-KYC accounts enjoy much lower service limits than KYC accounts.

For decentralised exchanges, supported payment methods for fiat on-ramps, i.e., services that allow you to buy crypto with fiat, may be limited. An example is dYdX, which is not integrated with on- or off-ramps.

No Legal Protection

No-KYC exchanges usually do not offer legal protection to their users. Centralised exchanges with no-KYC options do not usually offer deposit insurance, even if there may be for KYC accounts. In practice, exchanges like Coinbase and Bitstamp that offer deposit insurance do not have no-KYC accounts.

How to Choose a No-KYC Crypto Exchange

To choose a suitable no-KYC crypto exchange,

Focus on Security

Security is the most important consideration when choosing any exchange, as even KYC exchanges still fall prey to hacks when not vigilant. When selecting a no-KYC exchange, ensure it adheres to industry information security standards, like obtaining ISO certifications and using SSL encryption.

Crypto Selection

The more cryptos a no-KYC exchange lists, the better. However, major cryptos like Bitcoin, Ethereum, Litecoin, and Ripple should be the bare minimum. Centralised exchanges tend to list more cryptos as the no-KYC accounts usually have access to the exchange’s entire selection.

Liquidity

Liquidity is another important factor to consider because the amount of tokens in an exchange’s pools affects their prices on that exchange. Centralised exchanges tend to have more liquidity than decentralised ones, although large Dexes like Uniswap have deep liquidity.

Trading Fees

Trading fees are not a factor that is particular to no-KYC exchanges, as the fees charged depend on the exchange in question, not the fact that it doesn’t require KYC. The highest fee on our list is that of CoinEx, which is 0.20% for spot trading, so that can be a reference point when searching.

Are Non-KYC Crypto Exchanges Safe?

No KYC exchanges can be safe depending on the type of exchange, its policies, and security measures used.

Centralised exchanges tend to be safer than decentralised ones, mostly because their licences require them to adhere to high security and compliance standards, which work in users’ favour.

Decentralised no-KYC exchanges can be safe, provided their smart contracts are battle-hardened. Larger Dexes are usually safer than newer ones because they tend to have treasuries that can be used to reimburse users if there ever is a breach.

Do You Have to Report Transactions on No KYC Crypto Exchanges?

You do not have to report your transactions on a no-KYC exchange or any exchange. All reporting happens on the exchange’s end, not the users’.

Centralised no-KYC exchanges may be required to report transactions that are flagged as suspicious. An example of suspicious activity could be consistently making transactions shy of the limit.

Decentralised exchanges, on the other hand, do not report transactions. Not all exchanges that require you to connect a wallet are decentralised. Some on-chain exchanges are centralised and are required to report suspicious transactions. However, you can easily tell these exchanges apart as centralised ones require you to provide some form of KYC document.

How to Open an Account on a No KYC Crypto Exchange

For this guide, we used Bitget.

1. Create a new account

Navigate to the Bitget website and click on the Sign Up icon at the top right side of the homepage. You can use your phone number, email, and password to open an account or use a crypt wallet, like MetaMask or the Bitget Web3 wallet.

2. Deposit Funds

Next, deposit funds into your account using any available method. If you sign up with a wallet, then depositing funds may not be necessary, as MetaMask is already integrated with third-party fiat onramps.

3. Buy Crypto

Once you have funds ready, you can begin buying crypto or trading.

Final Thoughts on Non-KYC Crypto Exchanges

No KYC exchanges grant access to popular cryptos while helping to maintain privacy. We explored six of the best non-KYC exchanges and chose Bitget as our top choice because of its global availability, licences, and withdrawal limits for no-KYC accounts.

Bitget allows accounts without KYC to withdraw up to $50,000 daily and $100,000 monthly, the most generous limits among the centralised exchanges we’ve seen.

If you’d prefer unlimited withdrawals, look to a decentralised exchange. However, you may need to trade off coin selection as decentralised exchanges usually list fewer cryptos than centralised ones.

Ultimately, ensure that your exchange is secure, affordable, and has an adequately wide selection of cryptos to cater to your investment needs.

To begin with a non-KYC exchange, sign up with Bitget. Alternatively, you can learn more about the best crypto exchanges regardless of KYC status.