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10 Best No KYC Crypto Exchanges for 2024

Kane Pepi
Last updated: | 29 min read
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
best no kyc crypto exchanges

No KYC exchanges allow you to buy and sell cryptocurrencies anonymously. In many cases, you won’t be required to open an account – let alone upload verification documents.

In this guide, we rank and review the 10 best no KYC crypto exchanges for 2024. We compare legitimate exchanges for supported cryptocurrencies, trading fees, wallet storage, tools, safety, and much more.

Top Non-KYC Crypto Exchanges Shortlisted


We’ve analyzed the markets for the best no KYC crypto exchanges – here’s a list of the top 10 providers:

  1. Margex -Beginner-friendly features including copy trading, staking and easy deposit options.
  2. KCEX – User-friendly exchange with 0% spot trading fees and 100 x futures
  3. ExodusPopular wallet with a built-in exchange that supports 300+ cryptos.
  4. BingX User-friendly popular platform with a huge array of features.
  5. Changelly Non-custodial exchange backed by Binance.
  6. ChangeNOWAccess 450 coins and a variety of DeFi protocols.
  7. Switchere Easy purchase methods for hard to find altcoins.
  8. Best Wallet – Zero commissions on trades. Supports all ERC20 and BSC tokens.
  9. Phemex – Comprehensive crypto exchange with low fees and up to 100x leverage
  10. CoinEx – Enjoy spot and futures trading with 0.2% trading fee.

Best No KYC Exchanges – Full Reviews


Let’s move on to our full reviews of the 10 best no KYC crypto exchanges for 2024. We take a much closer look at key metrics, such as fees, supported networks, security, and user-friendliness.

1. Margex – Overall Best No KYC Crypto Exchange for 2024

Margex is our top pick from all the exchanges we reviewed. Margex is a well-known crypto trading platform that does not require KYC verification. Its strong security and beginner-friendly features appeal to many traders.

The platform offers up to 100x leverage on futures, which can significantly boost trading profits. However, traders should note the increased risk associated with higher leverage. The platform is designed to be accessible for traders of all skill levels and provides many educational materials on market analysis.

It’s worth noting that the platform prioritizes security through the MP Shield System, designed to prevent price manipulation by assuring fair prices and liquidity from diverse suppliers.

Margex ExchangeMargex provides demo accounts for newbies, allowing them to acquaint themselves with the platform without any monetary risk. It also features copy trading and staking options. These offer attractive yields on cryptos like ETH, enabling users to generate passive income.

An added advantage of Margex is its comprehensive alert system, which includes notifications for price changes, market cap, volume, and more. This helps traders make informed decisions. Furthermore, the platform supports Visa and Mastercard for deposits, providing easy access to its trading services.

Supported Coins 30+
Trading Taker Fee: 0.06%; Maker Fee: 0.019%
Devices Web browser (No mobile app)
Top Features Up to 100x leverage on futures, user-friendly with educational resources, offers staking options with attractive yields.
Pros
  • Up to 100x leverage on futures
  • User-friendly with educational resources
  • Offers copy trading and staking options
Cons
  • High leverage can also increase trading risks

Visit Margex

2. KCEX – No KYC Exchange with 0% Spot Trading Fees and up to 100x Futures

Our next pick for no-KYC crypto exchange is KCEX, a user-friendly platform with over 1 million users. The platform caters to altcoin fans with a wide range of supported cryptos, including some of the best altcoins to buy and advanced trading options for these tokens.

KCEX offers Bitcoin and Ethereum futures as well as futures of some of the most viral meme coins. Platform holders can also access exclusive airdrops and receive up to $9,800 in signup bonuses after completing certain tasks.

KCEX bonuses

Of particular note is the low trading fees. KCEX currently charges 0% spot trading fees, one of the lowest on this list. They also charge competitive fees for futures, with a maker fee of 0% and a taker fee of 0.02%. Newly listed futures pairings will enjoy a week of 0% fees as well, which has helped promote liquidity on the platform.

The platform offers 2FA and a KCEX Verify portal where you can enter info from any contact you have received from someone claiming to be KCEX. This will verify if the email address or social media handle is official, helping users avoid phishing scams. KCEX is also registered as a Money Services Business in the US.

Supported Coins 70+
Trading 0% fees for spot trading; Futures maker fee 0% and taker fee 0.2%
Devices Web browser, Mobile app (iOS, Android), Desktop app
Top Features High withdrawal limit without KYC, advanced trading tools, altcoin futures (5X to 100X leverage)
Pros
  • Diverse future contracts
  • 0% fees for spot trading
  • $6,300 sign up bonus
Cons
  • No fiat currency support

Visit KCEX

3. Exodus – Popular Wallet With a Built-in Exchange that Supports 300+ Cryptos

Exodus is a popular choice for people who want an easy-to-use, non-custodial crypto wallet. It supports over 300 cryptos and has a built-in exchange feature that lets you swap them right inside the wallet.

These swaps are done through third-party providers and Exodus makes money via the spread between bid and ask prices.One of the key features is that you can send, receive, and swap cryptos directly with others without needing to go through a Know Your Customer (KYC) check.

Exodus Wallet homepage

Exodus can be paired with Trezor hardware wallets to make your wallet even more secure. This lets you store your private keys offline and reduces the risk of online hacks​.

The platform encrypts private keys and offers password protection but lacks advanced security features like two-factor authentication and multi-signature support. It’s worth noting that the platform also offers 24/7 support. Exodus has a simple and intuitive interface for beginners and experienced users. It is available on desktop, mobile, and as a browser extension.

Supported Coins 300+ cryptos
Trading depends on third-party providers
Devices iOS/Android and web browsers
Top Features Easy to set-up and use and built-in NFT gallery
Pros
  • Easy-to-use interface
  • 24/7 customer support
  • Pairs with Trezor wallets
Cons
  • Lacks advanced security features

Visit Exodus

4. BingX – User-friendly Platform Offering Wide Variety of Unique Features

Whilst not available in many jurisdictions, BingX has carved a niche for itself in the crypto market by offering a variety of innovative features through an easy to use and intuitive interface.

Established in 2018, BingX, is a hugely popular platform that serves over 10 million customers worldwide. This centralised platform has a daily turnover in the region of $1.7 billion making it around the 19th largest exchange on the planet.

BingX is licensed by the Australia Trading Reports (AUSTRAC) and holds a Monetary Authority License in Lithuania. Due to the lack of KYC measures, account creation is quick and easy making it ideal for users seeking privacy. However, that said, without KYC verification users are limited to only basic trading features and the amount they can transact.

BingX mobile rewards graphic

BingX rely heavily on social trading features which allow users to copy the trades of more successful customers which make the platform attractive to beginners. As well as cryptocurrencies, BingX users can also trade stocks, forex, and indices making BingX an attractive option for those with broader horizons.

For customers with the required skill and experience, BingX offers a variety of advanced trading features, including Perpetual Swaps and Leveraged Futures. The wide variety of features makes BingX attractive to both beginners and experts alike.

Known for its low fees, customers can access over 550 of the most popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Supported Coins 550+ including all the top coins
Trading Low fees and low spread of 0.4%
No fees for deposits
Devices iOS/Android and web browsers
Top Features Easy to set-up and use, wide variety of assets, social trading features
Pros
  • Easy account set-up
  • Social Trading feature
  • Access stocks and forex alongside crypto
  • Leveraged futures and perpetual swaps available
Cons
  • Functions limited without KYC
  • Few fiat options

Visit BingX

5. Changelly – Non-Custodial Exchange backed by Binance

Founded in 2015, Changelly is a global crypto platform which caters to over 6 million customers worldwide. With headquarters in Hong Kong, Changelly provides a safe and secure environment for those looking to trade crypto.

By providing access to more than 500 cryptocurrencies, Changelly remains a popular place for those looking for a variety of features under one secure and easy-to-use platform.

Changelly do not take custody of your cryptocurrencies. Instead, as soon as you purchase your digital assets the tokens are sent to your private wallet for maximum security. The platform accepts most major debit and credit cards and bank transfer as well as third-party providers such as ApplePay.

A reputation for speedy transactions mean customers of Changelly can take advantage of market opportunities.

Changelly crypto buy page

An easy to understand and simplistic user interface ensures account creation is straightforward and hassle-free. The ability to trade without the need to create an account or go through lengthy KYC procedures means the platform ensures customer privacy.

Partnerships with crypto giant Binance as well as digital wallet providers Coinomi, Exodus, and Trezor, mean that Changelly is a trusted platform to buy and sell crypto anonymously. What’s more, the exchange features a dedicated Support Team which is available 24 hours a day.

Supported Coins 500+
Trading Exchange fee – 0.25%
Transaction fee network dependant
Devices iOS and Android. Windows and Mac.
Top Features Easy to use, no account needed, fast transactions.
Pros
  • Clean interface makes trading a breeze
  • No account needed
  • Multiple payment methods
  • Wide selection of crypto
Cons
  • Limited features
  • Higher than average fees

Visit Changelly

6. ChangeNOW – Popular Non-Custodial Exchange With No KYC Requirements

Launched in 2017, ChangeNOW is a non-custodial crypto exchange platform that doesn’t require a KYC. This means it doesn’t hold user funds but enables direct token swaps to hardware wallets. This significantly improves security and user control over assets.

Operating mainly as a no-KYC platform, ChangeNOW doesn’t usually require user identification. However, identification is necessary in two situations: when a risk management system detects suspicious activity and for significant transaction amounts.

The platform supports trading over 450 cryptos, including popular ones like Bitcoin and Ethereum. It also offers services like crypto lending, flexible loan terms, and the option to borrow stablecoins against crypto assets. Users can stake NOW tokens, the platform’s native token, for passive returns.

ChangeNOW Exchange

Transactions are typically processed within 5 minutes. ChangeNOW has no exchange limits and offers both fixed-rate and floating-rate swaps. It uses advanced procedures to protect user payments and information. Its non-custodial character means users control their private keys, lowering the risk of losing assets from cyber-attacks.

Additionally, ChangeNOW ensures user support through responsive and accessible help channels, including live chat and social media, providing round-the-clock assistance.

Supported Coins 450+
Trading Variable, depending on the exchange pair
Devices Web browser, Mobile App (iOS, Android)
Top Features Non-custodial and anonymous swap and offers limitless swaps with a fast and simple process.
Pros
  • Non-custodial, no KYC needed
  • Supports over 450 cryptos
  • Fast, limit-free swaps
  • Offers crypto lending and staking
Cons
  • KYC is required for large transactions

Visit ChangeNOW

7. Switchere – Quick and Convenient Access to Coins Not Available Elsewhere

Based in Estonia, Switchere is a fully licensed cryptocurrency exchange that allows for the fast and efficient purchase of crypto. With a hassle-free, no KYC set-up, new customers can be buying coins within minutes.

Switchere offer over 30 coins including market leaders such as Bitcoin and Ethereum. Furthermore, Switchere offer an array of alternative coins you might not find on more mainstream exchanges. Valued for its easy-to-use user interface, Switchere is perfect for beginners or those looking for anonymity.

The exchange includes a range of basic features you would expect to find on a modern crypto exchange including built-in crypto wallet, educational resources and a variety of on-ramps making the purchase of crypto easy and quick.

Switchere debit card buy page

Although not available in the UK, Switchere is licensed in over 160 countries. Customers can buy their crypto with either credit or debit card, SEPA transfer, SOFORT or bank deposit.

While not the cheapest exchange, Switchere do have a transparent fee structure. All fees are integrated into the buying price meaning you don’t have to worry about complicated calculations. Credit and debit cards charge a processing fee of 3.6%, a service fee of up to 3.4% and a blockchain fee which is network-dependent.

Overall, Switchere provide a convenient all-in-one platform for those looking to purchase their first cryptocurrencies with fast and secure access to all the leading coins.

Supported Coins 30+
Trading Up to 7%
Devices iOS and Android. Windows and Mac
Top Features Simple interface, quick registration
Pros
  • Quick and easy user registration
  • Straight forward purchase process
  • Range of altcoins not available elsewhere
  • Education resources
Cons
  • Not available in the UK
  • Fees can be expensive

Visit Switchere

8. Best Wallet – Commission Free Convenient Trading and Wallet in One.  Supports All ERC20 and BSC Tokens.

Best Wallet offers a decentralized crypto wallet that also doubles up as an exchange. This means that you can buy, sell, and store tokens under one roof. Crucially, Best Wallet does not require users to register an account. Instead, you’ll be using Best Wallet in complete privacy.

Its decentralized exchange – Best DEX – supports two blockchain networks, Ethereum and Binance Smart Chain. This means that you’ll have access to thousands of ERC20 and BSC tokens. What’s more, Best Wallet is supported by multiple devices.

It comes as a mobile app for iOS and Android, and can also be accessed via standard web browsers. The trading process is very straightforward – you’ll first need to deposit some cryptocurrency tokens to Best Wallet. Alternatively, you can connect your own wallet to Best DEX – options include MetaMask, Coinbase Wallet, and WalletConnect.

Then it’s just a case of choosing which crypto tokens to swap. For instance, BNB for BUSD or ETH for DAI. Either way, Best DEX gets you the most competitive exchange rates in the market. This is because Best DEX uses exchange aggregation tools. In simple terms, this means that it will complete your trade with the best-priced liquidity pool.

Best Wallet Homepage

We also like that Best DEX doesn’t charge commissions. Although you’ll still pay a trading fee, this is determined by the liquidity pool completing the swap. Many other features will soon be launched on Best DEX. This includes fully-fledged market analytics – allowing you to assess the best cryptocurrencies to buy – and which ones to avoid.

What’s more, TradingView will be integrated into the exchange. This opens the doors to experienced traders who want to deploy advanced charts and technical indicators. Additionally, Best DEX will provide token sentiment scores, highlighting whether the broader markets are bullish or bearish on each project.

We also found that Best Wallet will be launching its own cryptocurrency token – BEST. This will fuel the Best Wallet and Best DEX ecosystem, offering holders plenty of benefits. This includes access to premium features, participation in NFT drops, and the ability to vote on key proposals. Those using Best Wallet will be the first to receive BEST tokens via a proposed airdrop.

Supported Coins All tokens on the Ethereum and Binance Smart Chain networks
Trading Does not charge commissions – fees are determined by the respective liquidity pool
Devices iOS/Android app and web browsers
Top Features Decentralized exchange and wallet combined, Does not charge trading commissions, Secures the best exchange rates via liquidity pools
Pros
  • No account registration, personal information, or documents required
  • Supports thousands of ERC20 and BSC tokens
  • No trading commissions – simply cover the liquidity pool’s respective fee
  • Also offers one of the best decentralized crypto wallets
Cons
  • Many features are still in development
  • While Best Wallet supports Bitcoin – Best DEX doesn’t

9. Phemex – Comprehensive Exchange With Up To 100x Leverage

Launched in 2019, Phemex is a comprehensive no KYC exchange that has built a full suite of features into its platform to suit any investor. It offers a seamless spot trading experience, and with unlimited indicators and customizable modular screens, traders can tailor their workspace to suit their preferences. Meanwhile, demo trading and educational resources cater to beginners, providing a solid foundation for learning.

While margin/leverage trading is not available for spot trading, Phemex shines in derivatives trading, offering over 150 perpetual contracts with up to 100x leverage. The platform’s derivatives trading interface provides advanced order types and settings, including reduce-only, post-only, and bracket orders, catering to traders’ diverse strategies and preferences.

phemex homepage

It also offers sub-accounts, allowing traders to manage multiple trading strategies or portfolios within a single account. With support for up to 20 sub-accounts, users can segregate funds, test different trading strategies, or even share access with trading bots. Phemex enhances its offerings with earning opportunities, including flexible and fixed savings accounts, as well as participation in the Phemex Launchpool for higher APYs on staking.

Supported Coins 200+
Trading 0.1% maker and taker fees for spot trading; reduced fees for tiered VIP levels

0.01% maker and 0.06% taker for contract trading; reduced fees for tiered VIP levels

Devices Web and mobile app
Top Features Spot trading, contracts, copy and demo trading, staking and savings accounts
Pros
  • Low fees
  • 137+ contract trading pairs
  • Can buy crypto with fiat
  • Crypto staking and savings accounts supported
Cons
  • Complex fee structure
  • Withdrawal limit without KYC

10. CoinEx – Promising KYC-Free Exchange With Low Trading Fees

CoinEx is an exchange based in Hong Kong that offers trading services for spot and futures crypto markets. A key feature of CoinEx is that it does not require a KYC process for general trading. The platform enables users to trade in the margin, become market makers in yield farming, and stake idle coins.

The exchange operates on a maker/taker fee structure. Trading costs are 0.2% to start with, whether you’re buying instantly (taker) or setting a limit order (maker). These fees can be reduced by holding CET tokens, CoinEx’s native crypto.

CoinEx Exchange

However, there are limitations for users who do not complete the KYC process. Without KYC verification, your crypto transactions are capped at a value of $10,000 within 24 hours.

Completing the KYC process increases this transaction limit. CoinEx also allows the purchase and sale of cryptocurrencies using a credit card. This process involves third-party services like MoonPay, AdvCash, and Mercuryo, which require KYC verification.

Overall, CoinEx combines accessibility for unverified users with additional services for those who complete KYC, offering a balanced approach to crypto trading.

Supported Coins 700+
Trading Maker Fee: Variable; Taker Fee: Variable
Devices Web browser, Mobile App (iOS, Android)
Top Features  Offers margin trading with leverage up to 10x, has features like crypto swap and a comprehensive trading suite.

Pros

  • No mandatory KYC for trading
  • 0.2% starting trading fee, reducible with CET tokens.
  • $10,000 withdrawal limit without KYC
  • Allows margin trading and staking

Cons

  • Buying crypto with fiat requires KYC

Visit CoinEx

Top Crypto Exchanges Without KYC Compared


So how do the top KYC-free crypto exchanges stack up next to each other? Use this table to see which crypto exchange without KYC best suits your needs as a crypto user.

Exchange Supported Cryptos Mobile App Fee
Margex 30+ No Starting from 0.06%
KCEX Yes Starting from 0%
BingX 550+ Yes Starting from 0.4%
Changelly 500+ Yes Starting from 0.25%
ChangeNOW 1,70+ Yes Starting from 0.5%
Switchere 30+ Yes Starting from 3.6%
Best Wallet All ERC20 and BSC tokens Yes Starting from 0.1%
Phemex 200+ Yes Starting from 0.1%
CoinEx 700+ Yes Starting from 0.2%

What is a No KYC Crypto Exchange?


In a nutshell, non KYC exchanges allow you to trade without revealing your identity. This is in contrast to the majority of crypto exchanges, which now have KYC procedures in place. For example, popular exchanges like Binance and KuCoin previously supported KYC-free accounts when depositing and withdrawing crypto assets.

KYC was only required when funding an account with fiat money. However, with governments increasing regulations to combat money laundering offenses, most exchanges have since implemented KYC processes. This is even the case with peer-to-peer exchanges.

KYC Sheds Light On Online Transactions

That said, there are still a handful of crypto exchanges without KYC, such as Best Wallet and Phemex. Non KYC crypto exchanges have a common denominator – decentralization. This means that there’s no centralized operator to facilitate trades.

Instead, decentralized exchanges use liquidity pools. This allows traders to buy and sell cryptocurrencies without needing another market participant. What’s more, decentralized platforms don’t have an account opening process. Users can get started instantly by connecting a wallet to the exchange before completing their trade.

Crucially, no KYC crypto exchanges can accept fiat money deposits. This means that you won’t be able to buy cryptocurrencies with a debit/credit card, bank transfer, e-wallet, or any other fiat method. While this might be inconvenient for some, the benefit is that you won’t need to reveal your identity or upload any KYC documents.

Benefits of Using a No KYC Crypto Exchange


Using a KYC-free crypto exchange offers several potential benefits for users, including privacy, accessibility, and speed. In the following section, we’ll be looking at the main advantages in greater detail.

You Can Trade Cryptocurrencies Anonymously

Most people use no KYC crypto exchanges for an anonymous trading experience. This means that there are no requirements to provide personal information when getting started. In contrast, traditional crypto exchanges collect a range of data from their users.

This includes the trader’s name, nationality, home address, date of birth, and contact details. While most traders don’t mind providing this information to crypto exchanges, some do. What’s more, the KYC process often doesn’t stop with personal information.

In most cases, you’ll also be required to upload verification documents. This includes a proof of identity document, such as a passport or driver’s license. And to verify the trader’s home address, a recently issued bank statement or utility bill is also needed.

These processes are not required when using a KYC-free exchange. Instead, users can buy and sell cryptocurrencies without any identification or document requests. You may need to provide an email or phone number for security.

There’s No Account Registration Required

The best no KYC crypto exchanges allow you to trade without opening an account. For example, Margex simply requires users to deposit crypto from their private wallet to its exchange. Once the wallet is connected, you can begin buying and selling cryptocurrencies.

Here’s an example of how it works:

  • The user visits the Margex website and opens an account
  • Their private wallet is currently storing 1 ETH and they transfer this to their Margex account
  • The user wants to swap Ethereum for Tether – so they search for the ETH/USDT market on Margex
  • After confirming the swap, the Margex smart contract deducts 1 ETH from the user’s wallet
  • In turn, an equivalent amount of USDT is deposited back into the user’s wallet

You Can Trade Crypto in a Country With Strict Regulations

Traditional crypto exchanges will often prohibit users from certain countries. These are often countries with strict regulations on cryptocurrencies. For example, China has banned all crypto-related transactions since 2021.

This means that Chinese traders will often use a no KYC crypto exchange. After all, no identification crypto exchanges do not ask for the user’s country of residence. This ensures that cryptocurrencies are accessible on a global basis and not hindered by draconian regulations.

You Will Avoid Exchange Risks Related to Hacks and Bankruptcy

We mentioned that the top crypto exchanges without ID requirements are decentralized platforms. This in itself is a major benefit, especially when it comes to platform-related risks.

  • For example, consider that in 2021, the FTX exchange filed for bankruptcy. At the time, not only was FTX one of the largest exchanges, but it was also one of the most trusted.
  • The FTX bankruptcy has resulted in billions of dollars worth of unrecoverable customer funds.
  • In other words, if you had crypto tokens stored on FTX, you likely won’t see them again.

There have been many other examples of crypto exchanges going bankrupt, being hacked, or engaging in malpractices.

By using a no-KYC crypto exchange that has a decentralized framework, you can avoid these risks. The entire ecosystem is functioned by smart contracts.

This means that crypto trades go through the blockchain. So, as soon as your trade is confirmed, the tokens are deposited directly into your connected wallet.

You Can Keep Your Personal Data Private and Secure

Another benefit of no KYC crypto exchanges is that you don’t need to risk data privacy leaks. For example, in late 2020 it was reported that BTC Markets – one of Australia’s largest exchanges, ‘accidentally’ leaked the full names and email addresses of all registered users. The exchange had over 270,000 registers at the time.

A more serious breach could have leaked additional personal data, such as home addresses, dates of birth, and KYC documentation. Fortunately, such exchanges do not collect personal data or verification documents, so data leaks are not a risk.

Drawbacks of No KYC Crypto Exchanges

You also need to consider the drawbacks of using a no KYC crypto exchange. For example, you won’t be able to deposit or withdraw funds with fiat payment methods – such as a debit/credit card or bank wire. This means that you can only make investments with crypto tokens.

Moreover, most no KYC crypto exchanges are decentralized platforms. Some decentralized exchanges attract low liquidity levels, meaning you might get an unfavorable market price. You should also consider that not all such exchanges are legitimate. Make sure you do your homework before choosing a provider.

Tips on Selecting the Best No KYC Exchange: Our Methodology


Now that you know how no KYC crypto exchanges work, you’ll need to choose a suitable platform. In this section, we discuss our methodology when ranking crypto exchanges with no KYC.

Safety and Reputation

When creating a shortlist of the best no-KYC crypto exchanges, we initially focused on safety. After all, not all crypto exchanges are credible. We researched how long each exchange has been operational – the longer, the better. We also examined how the exchange handles client funds.

For example, Best Wallet, UniSwap and many other no KYC exchanges are decentralized. This means that client funds are never held by these exchanges. Instead, trades are completed securely via smart contracts.

Therefore, you don’t need to worry about the exchange going bankrupt or being hacked – your tokens always remain in your private wallet. In addition, we also researched the reputation of each no KYC exchange.

We analyzed comments and feedback on social media networks, including Reddit and Twitter. We also looked at review platforms like TrustPilot for additional insights.

Supported Crypto Markets

You’ll also need to assess what crypto markets are supported when choosing an exchange. From our research, the best no KYC exchanges are decentralized – meaning that they typically support thousands of tokens. However, the specific tokens supported will depend on which networks the exchange is compatible with.

For example, Best Wallet supports the Ethereum and Binance Smart Chain networks. This means that it lists the majority of ERC20 and BSC tokens.

Trading Fees and Exchange Rates

The best no KYC crypto exchanges offer competitive trading fees. For example, KCEX doesn’t directly charge commissions when you buy and sell tokens. Instead, you simply need to cover the fee charged by the liquidity pool facilitating the trade.

That said, most no KYC exchanges charge a percentage commission on the amount being traded. At ChangeNOW, fees start at 0.05% but this can change depending on the amount traded and the currency trading, etc.

In addition to trading commissions, you also need to consider the exchange rate being offered. For instance, while Ethereum could be listed at $1,600 on one exchange, you might pay $1,700 on another. This means that you can pay well above the market average when choosing the wrong exchange.

Trading Tools and Analytics

We found that many no KYC exchanges offer limited trading tools. For instance, while you can easily swap tokens, you might not have access to analytics. This means that you’ll need to perform research and analysis on another platform, which isn’t convenient.

Moreover, many no KYC exchanges lack advanced charts or technical indicators. Instead, they merely facilitate trades. As such, if you’re looking for an all-in-one no KYC exchange, you’ll need to choose a provider that supports your preferred tools and features.

That said, we found that Margex has fully-fledged analytics tools, including advanced charts, indicators, and sentiment bars that show whether the market is bullish or bearish on specific cryptocurrencies.

Passive Income Tools

Our methodology also examined whether passive income tools were offered by each no KYC exchange. This ensures that you can generate income on your idle crypto tokens.

For example, Margex offer staking tools within its decentralized exchange and wallet. Once you allocate your tokens for staking, you’ll begin generating passive rewards.

We also came across no KYC exchanges that support yield farming. This enables you to earn a share of trading fees when you provide liquidity to the exchange.

  • For example, suppose you deposit $1,000 worth of Ethereum and Tether.
  • This means you’re adding $1,000 to the ETH/USDT liquidity pool.
  • Let’s also suppose that in total, the liquidity pool has $20,000 worth of liquidity.
  • This means you own 10% of the pool and thus – you’ll be entitled to 10% of collected trading fees.

When using a no KYC exchange for passive income, it’s best to stick with decentralized platforms. In doing so, you won’t need to trust that your funds are being kept safe by the exchange. On the contrary, tokens are deposited into smart contracts, which are secured by the blockchain.

Device Type

You also think about which device you want to trade on and whether the no KYC exchange supports it. For example, the majority of no KYC exchanges offer a browser-based service. This means that you can trade on any web browser.

If you’re looking to trade on a smartphone, it’s best to choose a provider that offers a native app. Margex offers a mobile app for iOS and Android that doubles as an exchange and a wallet.

Are NO KYC Crypto Exchanges Legal?

It’s crucial to understand the legality of no KYC crypto exchanges before proceeding. This is a complex area, considering that cryptocurrencies are not defined as legal tender in most countries. What’s more, regulatory guidelines and legislation will vary from one jurisdiction to another. That said, rules are consistent globally when it comes to fiat money payments.

Put simply, if you plan to use a traditional payment method to buy cryptocurrencies, you will need to go through a KYC process. For example, a debit/credit card or an e-wallet. This is because fiat payments are bound by anti-money laundering regulations. This is no different from using an online stock broker or a forex trading platform.

That said, even if you’re not planning to deposit fiat money, the world’s largest exchanges now require KYC processes before you can trade. For example, Binance previously allowed users to trade cryptocurrencies anonymously up to a certain trading volume. Once this trading volume was reached, the user would need to provide personal information and KYC documents.

However, Binance now restricts trading for non-KYC users. Similarly, peer-to-peer (P2P) exchanges previously allowed KYC-free trading. This is because buyers and sellers were trading directly with one another. However, this is no longer the case – as national regulators have since clamped down on anonymous P2P trading.

KYC At Binance Exchange

For example, Reuters reports that according to FinCEN, P2P exchanges must comply with the Bank Secrecy Act. This means keeping customer records – which can’t be done without implementing a KYC process. The exceptions to these rules are decentralized exchanges like Best Wallet.

The reason for this is that decentralized exchanges only handle crypto-asset trading. Although you might come across a decentralized exchange that facilitates fiat payments, this will go through a third party that will have its own KYC processes. Therefore, no KYC exchanges are perfectly legal and safe – but you can only trade cryptocurrencies anonymously.

Conclusion


This guide has ranked the best no KYC crypto exchanges for safety, supported markets, fees, and other key metrics. Overall, our number one pick is Margex Exchange.

Margex offer a decentralized wallet and exchange that gives you full control over your crypto assets. You can trade the most well known tokens without paying commissions and you’ll get the best exchange rate in the market. Margex doesn’t have an account opening process or any KYC requirements – so you trade anonymously.

FAQs

What exchange can I use without KYC?

If you want to trade cryptocurrencies without KYC, you’ll need to use a decentralized exchange. Margex and KCEX are some of the best options in the market.

Can you buy crypto anonymously?

If you’re looking to buy crypto anonymously, you’ll need to use a decentralized exchange. However, you won’t be able to use fiat money anonymously – as this legally triggers a KYC process.

Are no KYC exchanges legal?

The legalities of no KYC exchanges depend on the jurisdiction. That said, if fiat money is involved, KYC processes will be required.

Does Uniswap require KYC?

No, Uniswap is a decentralized exchange, so it doesn’t require KYC.

References

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