Guide To The Best No KYC Crypto Exchanges 2024 April, 2024

Looking to engage in crypto transactions without the hassle of KYC verification? As regulatory pressures mount, the pool of reliable exchanges operating without KYC requirements continues to dwindle. Government agencies, including tax authorities, are tightening their grip on crypto exchanges, mandating the collection of personal data and adherence to regulatory protocols such as the issuance of 1099 forms.

Yet, for many investors, the allure of anonymity in the crypto realm remains paramount. Recognizing this, the team at Cryptowisser has meticulously curated a list of the top exchanges that either entirely forego KYC protocols or impose them only upon reaching specific transaction thresholds. 

What Is KYC?

Let's ensure you grasp the concept of KYC (Know Your Client) thoroughly. If you've ever opened a traditional bank account or applied for a credit card, you're likely familiar with KYC regulations. Its purpose is to authenticate your identity, thus mitigating fraud and other illicit activities. However, contention arises when individuals hesitate to disclose personal information.

While KYC regulations fundamentally safeguard investments and combat money laundering, over the years, a considerable amount of personal data—such as names, addresses, phone numbers, occupations, and income details—has been compromised or traded. Consequently, many crypto investors are reluctant to engage with exchanges or wallets subject to these stringent regulations.

The question then arises: why not simply opt for a no-KYC exchange for anonymity? In theory, yes, but it's not always that straightforward. The applicability of KYC laws and regulations concerning cryptocurrencies varies across countries and regions. Therefore, it's imperative to verify the regulatory landscape in your country before choosing a particular exchange.

Top 6 No KYC Crypto Exchanges

Crypto exchanges without KYC requirements provide a sanctuary for traders who prioritize financial privacy in their cryptocurrency dealings. Whether you're an experienced trader or a newcomer to the crypto world, these exchanges offer the potential for a more discreet trading experience.

1. PrimeXBT: Best custodial exchange without KYC
2. Bybit: Best High Volume No-KYC exchange
3. Bisq: Non-custodial P2P exchange
4. Uniswap: Best Non-custodial DEX
5. dYdX: Best No-KYC perpetual exchange
6. MEXC: Best zero-fee no KYC exchange

PrimeXBT — Best custodial exchange without KYC

PrimeXBT offers a dynamic cryptocurrency trading platform with a diverse selection of over 50 assets, including cryptocurrencies, forex, commodities, and indices. Traders can leverage their positions up to 100x and replicate the strategies of leading traders through the innovative "Covesting" module. The platform simplifies the registration process by eliminating the need for KYC verification, enabling traders to swiftly begin trading with just an email address and password. It features a user-friendly interface equipped with advanced trading tools such as professional charts, multiple order types, secure wallets, and real-time risk management, enhancing the trading experience.

Moreover, PrimeXBT ensures competitive advantages like low fees, high liquidity, and rapid order execution, accessible across both web and mobile platforms. These features are complemented by round-the-clock customer service support, providing traders with comprehensive assistance and guidance whenever needed.

• Fees: 0.01% maker and 0.02% taker (0.05% for copy trading)
• Deposit Methods: Crypto deposits only.
• Withdrawal Limits: Up to $20,000
• Supported countries: 152 countries

Bybit — Best High Volume No-KYC exchange

Bybit, boasting a position among the top 5 cryptocurrency exchanges worldwide, commands a staggering daily trading volume exceeding $700 million. With over 400 cryptocurrencies on offer, coupled with support for major fiat currencies such as USD, EUR, GBP, AUD, and CAD, Bybit provides a robust trading environment for investors seeking diverse opportunities.

The platform presents a spectrum of investment avenues including spot trading, margin trading, leveraged tokens, and derivatives trading through contracts and options. Moreover, Bybit offers passive income streams through various products like savings accounts, liquidity mining, and ETH 2.0 staking, catering to investors with varied risk appetites and strategies.

However, access to certain features and products on Bybit necessitates completion of Know Your Customer (KYC) procedures. Users can choose from different KYC levels, ranging from Non-KYC to Individual KYC Level 2. While non-KYC users face limitations on accessing earn products and a daily withdrawal cap of 20,000 USDT, Bybit retains the prerogative to enforce KYC requirements for withdrawal approvals at any time.

• Fees: Taker Fee Rate: 0.1%. Maker Fee Rate: 0.1%
• Deposit Methods: Crypto, Fiat, Credit/Debit Card Payment (Banxa, XanPool, MoonPay, Mercuryo, Neofi, GEO Pay, and Onramp)
• Withdrawal Limits: Up to $20,000
• Supported countries: 160+ countries

Bisq — Non-custodial P2P exchange

Bisq operates as a peer-to-peer trading network specifically designed for Bitcoin (BTC), facilitating exchanges with fiat currency absent any central authority or identity verification. It prioritizes security, privacy, and user-friendliness, leveraging 2-of-2 multisig wallets and a security deposit system to ensure trades adhere to established rules. Additionally, Bisq features a decentralized arbitration mechanism, swiftly and impartially resolving any disputes that may arise during transactions.

As an open-source initiative, Bisq thrives on community participation, with individuals contributing to its development across various aspects including code, design, documentation, translation, support, and marketing. The project's strategic direction is openly discussed on platforms such as Keybase, GitHub, social media channels like Twitter and Mastodon, as well as forums, IRC, Reddit, Matrix, and Telegram, fostering transparency and collaboration within its community.

• Fees: 1.3% (0.15% by maker and 1.15% by taker)
• Deposit Methods: MoneyGram, transfer, Perfect Money, and Popmoney 
• Supported Assets: Bitcoin, Bitcoin Cash, and 20 more.
• Supported Countries: Worldwide

Uniswap — Best Non-custodial DEX

Uniswap stands out as a premier no KYC crypto exchange, operating as a decentralized finance (DeFi) platform on Ethereum. It facilitates seamless swapping, earning, and development opportunities, particularly renowned for its ability to purchase Bitcoin without KYC requirements. Leveraging smart contracts, Uniswap ensures liquidity provision, fair pricing, and efficient execution, enabling users to trade ERC-20 tokens devoid of intermediaries, fees, or limitations across various pools. The platform operates on an Automated Market Maker (AMM) system, where token prices fluctuate based on supply and demand dynamics.

Additionally, Uniswap features its native token, UNI, granting holders voting rights for platform enhancements and changes. Through community governance, UNI holders can delegate their votes or actively engage in decision-making processes. Emphasizing community-driven development, Uniswap supports initiatives that enhance its ecosystem, offering features like alerts, Moonpay integration, and cross-device syncing.

Uniswap v3 introduces innovative features allowing Liquidity Providers (LPs) to manage capital and risks more effectively, with price ranges enabling LPs to select preferred liquidity offering prices and fee levels allowing for flexible fee adjustments based on pool volatility, thereby incentivizing risk management.

• Trading Fees: 0.3% fee for swapping tokens
• Deposit Methods: Credit card, debit card, or bank transfer 
• Supported blockchains: Ethereum

dYdX — Best No-KYC perpetual exchange

dYdX functions as a decentralized exchange on the Ethereum blockchain and Starkware Layer 2 scaling protocol, enabling direct trading without intermediaries. Its suite of advanced services encompasses leverage, margin, lending, and borrowing, allowing users to engage in trading perpetual contracts across various crypto assets with leverage of up to 20x.

Since its establishment in 2017, the platform has facilitated over $20 billion in trading volume and amassed a user base of over 38,588 wallets. Notably, dYdX features its native token, DYDX, serving purposes such as governance, staking, and fee discounts, while its no-KYC policy ensures users can trade anonymously and securely.

With its commitment to user privacy and security, dYdX has garnered popularity for its low fees, high liquidity, and optimal performance, facilitated by its Layer 2 solution that reduces gas costs and latency. This combination of features positions dYdX as a preferred platform for traders seeking efficient and transparent decentralized trading experiences.

• Trading Fees: 0.02% maker and 0.05% taker
• Deposit Methods: Crypto only 
• Supported Blockchains: Ethereum blockchain

MEXC — Best zero-fee no KYC exchange

MEXC Global serves as a versatile crypto trading platform, enabling traders to invest in digital assets using fiat currencies. With support for various cryptocurrencies including Bitcoin, Ethereum, NFTs, DeFi, GameFi, and Metaverse zones, users can access over 1,900 trading pairs on the exchange. Notably, MEXC Global distinguishes itself with its minimal trading fees, offering zero spot maker or taker fees, and futures maker and taker fees as low as 0.01%. Moreover, the platform allows crypto trading without the need for identity verification, with non-KYC users enjoying a generous withdrawal limit of up to 30 BTC in 24 hours.

Furthermore, MEXC Global offers attractive incentives such as a potential $1000 futures trading reward as a signup bonus in free crypto. The platform also boasts a range of trading features including competitions, crypto copy trading, and the MEXC MasterCard for swift buy and sell transactions, enhancing the trading experience for users seeking convenience and flexibility.

• Fees: No Fees
• Deposit Methods: Credit card, SWIFT, and third-party payments (Simplex, Banxa, Mercuryo). 
• Withdrawal limits: 30 BTC per day
• Supported Countries: More than 170 countries and regions

Tax Obligations on No-KYC Crypto Exchanges

Absolutely. Despite using no KYC crypto exchanges, most tax authorities have provided explicit guidelines stipulating that cryptocurrencies are taxable. Any attempt to evade taxes on crypto constitutes tax evasion, which is a serious offense carrying severe penalties.

Tax authorities globally are intensifying efforts to identify investors suspected of evading crypto taxes, employing dedicated operations to link wallet addresses with individuals. Consequently, even if you've managed to evade crypto taxes thus far, it's inevitable that your tax authority will eventually detect and pursue any outstanding tax liabilities.

What Are The Pros and Cons of KYC In Crypto?

Some favor KYC, while others are staunch believers in no-KYC. While the industry values anonymity, the requirement to collect and verify users' personal information introduces a significant contradiction. Delving into the pros and cons of KYC provides a comprehensive understanding of this contentious procedure. This topic is subjective, so the listed “Pros” and “Cons” may divide our readers. Nonetheless, this is how we see it:

Pros

• Minimized risk of criminal activities such as fraud, money laundering, and other illicit behaviors.
• Improved user security by making identity theft and scams more challenging to execute.
• Adherence to regulations offers legal safeguards for exchanges, legitimizing the crypto sector.
• Building trust and credibility for crypto exchanges, rendering them more appealing to users and investors.

Cons

• Due to KYC exchanges' collection and storage of sensitive personal data, there have been increased worries about privacy and data breaches.
• Concerns about centralized control over user data are viewed as contradicting the decentralized ethos underlying cryptocurrencies' inception.
• Impediments and unwarranted obstacles for users lacking access to identification documents or unwilling to undergo lengthy KYC procedures.
• Increased expenses associated with implementing and maintaining KYC protocols, potentially resulting in exchanges raising fees for users.

It's important to weigh the advantages and disadvantages of KYC in crypto, as each perspective holds merit. Yet, by implementing KYC effectively, many of the potential drawbacks can be minimized, achieving a harmonious equilibrium between security measures and user privacy concerns.