The KYC procedure (Know Your Customers) collects personal information from users, which is very often used by cryptocurrency exchanges. It helps track those who use the platform illegally by checking the information received. But people are skeptical about revealing their identity on the Internet.
Some platforms use the already collected data for personal benefit without the users’ knowledge and regularly integrate them into the network. As a result, people are looking for exchanges that don’t require KYC to trade cryptocurrencies.
Best Crypto Exchanges without KYC Verification (2022)
It is recommended to read the reviews of the largest platforms without the KYC procedure.
Binance
It currently ranks first among all exchanges in terms of trading volume. Changpen Zhao created the platform in 2017. The exchange was originally located in China. But after a while, they moved to Malta due to pressure from the Chinese government. The platform offers over 500 trading pairs, so you can swap XLM to BTC and many other coins. Traders who own Binance Coin tokens can get a commission discount.
This platform doesn’t require KYC for relatively small transactions. If you don’t perform the KYC procedure, the withdrawal limit is set at 2 BTC per day. However, you still need to upload a selfie with an ID to participate in the IEO on the Binance Launchpad.
Kucoin
If you think about privacy, Kucoin is a great option. It has more than 450 trading pairs to choose from. If you only want to trade a small amount of altcoin, you don’t need to verify your identity. There is a limit that you can only withdraw up to 2 Bitcoins per day with an unconfirmed account. After authentication, the limit increases to 100 BTC for personal accounts and 500 BTC for institutional accounts.
IDEX
This platform is designed for tokens based on Ethereum and ETH blockchain. It has a fairly large trading volume compared to other decentralized exchanges. The establishment of fees is interpreted based on the transaction amount on the Ethereum blockchain and not on the service rules. This is a feature of decentralized exchanges. Users don’t have to disclose their identities. Each trader only needs the Ethereum wallet address for trading.
LetsExchange
This instant cryptocurrency exchange service aims to meet the needs of all users. Many exchanges require you to register an account and provide several documents for verification, but LetsExchange doesn’t. The platform will not share your personal data. You can start exchanging coins immediately.
With its user-friendly interface and numerous features, it is a platform that can be used extensively by beginners and experienced traders.
Uniswap
It is one of the most popular decentralized crypto exchanges on the Ethereum blockchain. It is possible to work on the trading platform without KYC. All you need to do is log in via a cryptocurrency wallet such as MetaMask. Then you can easily swap CVC to BTC and other cryptocurrencies. In addition, you don’t need to disclose your personal data to create a crypto wallet account.
YoBit
YoBit is registered offshore in Panama. It doesn’t require mandatory user authentication. In addition, there are no restrictions on cryptocurrency, fiat transactions, or withdrawals. The user agreement states that the administrator can block the account and require the user to submit documents if there is a suspicious transaction.
Conclusion
The cryptocurrency sector is at the initial stage of regulation by state authorities. Still, the transaction itself without confirmation doesn’t violate the provisions of the law. This rating of cryptocurrency exchanges that don’t require account verification or document submission will help you choose the most convenient and reliable place.
