Signing up for a cryptocurrency exchange is a bit of a headache. You have to provide all sorts of personal information, upload identity documents, and likely take some sort of selfie in order to have your identity verified through a Know Your Customer (KYC) process.
Though KYC is certainly an important process in order to help prevent platforms from being used for money laundering and other illicit activities, there are plenty of people who simply want to use a platform anonymously or want to use decentralized services. For those people, no-KYC crypto exchanges are ideal, and we’ve assembled this list of the best no-KYC crypto exchanges in 2024 to help you pick the one right for you. Let’s jump in.
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Best Non-KYC Exchanges
- Easily swap ERC-20 tokens without needing to create an account or verify identity
- Provide liquidity to the protocol and earn high interest returns
- Governance of protocol voted on by those who hold UNI tokens
- Impressive suite of products including staking, farming, games, and NFTs
- Lower transaction costs with higher speeds than its AMM competitors on Ethereum
- More daily transactions and contract interactions than Uniswap, with an active community
- Extremely low fees
- No sign-up required for non-credit card transactions
- Over 150 cryptocurrencies offered including BTC, ETH, LTC
- Sends crypto directly to your wallet instead of holding it
Uniswap - Best Overall No KYC Crypto Exchange & Best for Americans
Uniswap is the largest decentralized crypto exchange in the world, with support for multiple blockchain networks including Ethereum and the Binance Smart Chain. Decentralized exchanges are essentially the only ones legal for US residents to use, and provide a large variety of trading pairs and the ability to earn passive income for providing liquidity to the asset pools.
Pros
The only exchange with no country restrictions
Large variety of cryptocurrencies and pairs across multiple blockchain networks
Users can provide liquidity to earn passive income
Cons
Requires more technical knowhow than centralized crypto exchanges
Not every asset/blockchain network uses Uniswap (no Solana for example)
Higher trading fees than centralized exchanges
Bybit - Best No KYC Crypto Exchange for Europeans
Bybit is one of the largest crypto exchanges by trading volume in the world and it also doesn’t require KYC for you to start using it. There’s margin trading, derivatives, copy trading, trading bots, and many more features available all with extremely low fees.
Pros
Low trading fees starting at 0.1%
Copy trading, trading bots, derivatives, and more
Cons
Not available to US, Canadian, or UK residents
Changelly - Best No KYC Crypto Exchange for Canadians
Changelly has been around since 2015 and is the best way for Canadians to swap digital assets without KYC. The platform supports 200+ of the most traded cryptocurrencies and lets you swap across blockchain networks as well.
Pros
Easily swap any supported cryptocurrency even across blockchain networks
Low fees known in advance
Best way for Canadians to swap digital assets from varying networks
Cons
Not available to US residents
Additional details may be required for suspicious transactions
PancakeSwap - Alternative Best No KYC Exchange for Americans
PancakeSwap is just like Uniswap but it started on the Binance Smart Chain before expanding to other networks like Ethereum. Just like Uniswap it can be used by US residents, and provides all the same features. The only difference is it has less trading volume.
Pros
No country restrictions for users
Large variety of cryptocurrencies and pairs across multiple blockchain networks
Users can provide liquidity to earn passive income
Games, NFTs, lottery
Cons
Higher trading fees than centralized exchanges
MEXC - Best No KYC Exchange for UK Residents
MEXC is one of the largest, centralized, no KYC crypto exchanges in the world, and one of the only ones that is available to both European and UK residents. MEXC offers low trading fees for both spot and futures trading, with a large variety of assets available.
Pros
Over 1,000 crypto assets available
Spot and futures trading
Low trading fees
Cons
Not available to US or Canadian residents
KYC is required for purchasing crypto with fiat
Phemex - Alternative Best No KYC Exchange for Europe
Phemex doesn’t have the trading volume of Bybit but it’s a great alternative for European users looking for a no KYC exchange. The only real difference between Phemex and Bybit is that you can’t get a Mastercard through Phemex like you can with Bybit. Otherwise, they offer copy trading, trading bots, margin trading, earning, and more.
Pros
Low trading fees
Copy trading and trading bots available
Large selection of crypto assets
Cons
Not available to US or Canadian, or UK residents
KYC required if you want to buy crypto with fiat
Advantages of Non-KYC Exchanges
The main advantage of non-KYC exchanges is that you can quickly and easily make trades without having to undergo an identity verification process. You also keep your identity safe if you’re concerned about that sort of thing, as it’s not required to use the platform.
Disadvantages to Non-KYC Exchanges
The main disadvantage to using a non-KYC crypto exchange is that it can be hard to find one for your jurisdiction. Using something like a VPN to get around country restrictions can get you in a lot of trouble with both the platform and your local authorities.
Are Non-KYC Crypto Exchanges Safe?
Yes, non-KYC crypto exchanges are safe as long as they have some sort of regulatory compliance in place for your local jurisdiction. Without this, you have no legal recourse should something go wrong when using the platform.
How to Pick a Non-KYC Crypto Exchange
Picking a non-KYC crypto exchange depends on two main factors. The first is the country where you live, as crypto exchanges that don’t require KYC are often restricted to users from jurisdictions such as the US and Canada. If it’s not available to you, then you can’t use it.
The other factor is what you’re planning to use the exchange for. Depending on if you’re looking to make lots of trades, provide liquidity, or hold assets, the exchange you pick (along with your location), will vary.
Frequently Asked Questions
Bybit is the most popular no KYC crypto exchange as it often has top 5 trading volume with the other exchanges being centralized/KYC crypto exchanges like Binance and Coinbase.
Yes, BitPay requires users to complete identity verification.
The main benefit of using a non-KYC crypto exchange is the ease of use and anonymity.
