5 Best No-KYC Crypto Exchanges (Our Top Picks)

If you're looking for a crypto exchange where you can trade without undergoing KYC verification, we've compiled a list of exchanges that allow cryptocurrency trading without ID verification.

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This is our shortlist.

1. MEXC - Best no-fee, no-KYC exchange
2. Phemex - Best no-KYC for crypto trades
3. Primexbt - Great no-KYC multi-asset platform
4. Hodl Hodl - Best no-KYC P2P platform
5. BISQ - Alternative non-custodial platform

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The Top No-KYC Crypto Exchanges

1. MEXC - Best no-fee, no-KYC exchange

MEXC is a global cryptocurrency exchange that offers a wide range of features and trading options without requiring KYC to trade. 

The highly liquid crypto exchange offers a user-friendly interface for purchasing and selling 2,400+ cryptocurrencies. It supports 2,900+ trading markets and functionalities such as margin trading, futures, peer-to-peer trading, and copy-trading. While MEXC is a dependable option that caters to the needs of most traders, it lacks unique features that differentiate it from its competitors.

MEXC does have KYC, but it isn’t mandatory. There are two different account tiers on MEXC: primary and advanced. For unverified users, withdrawal limits are 5 BTC per 24 hours.

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The spot trading pairs on MEXC are less extensive than those on platforms such as Bybit. Although not limited, its reasonable selection of trading pairs includes USDT, USDC, BTC, ETH, and TUSD. USDT acts as the main base asset.

MEXC Futures provides futures trading for active traders. It offers leverage of up to 200x for trading Coin-Margined (Coin-M) and USDT-margined (USDT-M) futures. Traders can manage risks using limit, market, and trigger-limit orders, and the integrated TradingView support is a beneficial addition.

As an added pro, MEXC is one of the few remaining zero-fee crypto exchanges that do not charge fees on maker orders placed on its spot and futures markets. This helps to differentiate MEXC from its competitors. 

Read our MEXC review for more information.

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2. Phemex - Best no-KYC for crypto trades

Phemex makes this list of crypto exchanges without KYC for its fully-fledged financial asset management platform that has grown beyond the niche of a crypto perpetual contract platform. Phemex has evolved into a broader ecosystem with abundant trading opportunities for savvy investors and experienced traders without mandatory KYC.

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Completing KYC on Phemex isn’t mandatory. However, it can be completed if users want to access the entirety of Phemex's offerings. Some features, such as participating in campaigns and certain bonuses, aren’t allowed if not. Using fiat to purchase cryptocurrencies will require the user to complete basic ID verification. 

However, Phemex is a prime place to execute crypto-to-crypto transactions since no KYC is required. Moreover, unlimited crypto trading and deposits exist, with up to 1 million in daily withdrawals without verification.

As outlined in our Phemex review, the cryptocurrency markets that can be traded without KYC include spot and derivatives, specifically USDM, USDT, and USDC settled contracts. While some restrictions exist on non-verified accounts, they are limited to buying crypto with fiat and are not eligible for certain bonuses or campaigns.

The popular exchange is also good for money, with its trading fees on par with other major exchanges. 0.1% maker and taker fees will apply for its spot trading market, and 0.01% (maker) and 0.06% (taker) fees will apply for leverage trading. 

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3. PrimeXBT - Great no-KYC multi-asset platform

PrimeXBT provides futures contracts for Forex (FX), cryptocurrency, commodities, and indices that can be traded using Bitcoin as collateral. By trading global markets with Bitcoin, traders gain an advantage over traditional crypto exchanges. 

PrimeXBT offers a wide range of features, such as crypto copy-trading and a yield farming platform for earning rewards and bonuses, making it a feature-rich platform that does not require KYC.

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Unverified customers on PrimeXBT can trade Bitcoin and access all of the platform's features except for depositing fiat currency. 

Users can also engage in Bitcoin margin trading on the platform, accessing numerous technical indicators and advanced order types, including market, limit, stop-limit, and one-cancels-the-other orders.

PrimeXBT provides one of the highest withdrawal limits for account holders who opt not to undergo a personal identity verification process. Each account has a withdrawal limit of up to $20,000 within 24 hours. Although the hard limit can be lifted by completing the PrimeXBT KYC process, the initial limit is generous for crypto traders in USD.

The only drawback of PrimeXBT is that it charges premium trading fees. Each trade involving cryptocurrency assets carries a 0.5% fee for buying or selling on the market. Additionally, an overnight finance fee varies for different cryptocurrencies based on their liquidity at the time.

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4. Hodl Hodl - Best no-KYC P2P platform

Hodl Hodl is a non-custodial Bitcoin trading platform allowing users to trade directly without holding user funds. Instead of holding funds, the platform locks them in multi-sig escrow to minimize theft risk and streamline trading times.

Unlike most centralized crypto exchanges, HODL HODL is not subject to complex compliance procedures, meaning there's no mandatory KYC, and the platform will never request personal information. As a P2P trading site, there are no withdrawal limits, but there are restrictions on the number of contracts, active offers, and trade volume.

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Notably, Hodl Hodl does not require KYC verification, making it an attractive option for those prioritizing privacy and security in Bitcoin trading.

HodlHodl offers sound fees and supports many cryptocurrencies and payment methods, including bank transfers, PayPal, Skrill, and more.

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5. BISQ - Alternative non-custodial platform

Bisq is a decentralized Bitcoin exchange network that enables peer-to-peer trading using unique, open-source software to connect users. All trades on Bisq are non-custodial, which means that Bisq never holds users' funds, and all data is transferred through Bisq's own secure, peer-to-peer network built on the Tor network.

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Bisq recognizes that most centralized exchanges require users to disclose personal information to set up an account, linking users' trading activity to their identities. This practice poses serious risks as personal and financial information can be vulnerable to theft, leaks, or misuse.

At Bisq, users are not required to provide personal details, and there are very few limits in place for trades.

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The Pros Of Using A No-KYC Exchange

1. Privacy and anonymity

Many individuals opt for no-KYC (know your customer) exchanges because they prioritize privacy. These exchanges do not require users to undergo identity verification, allowing them to trade cryptocurrencies without disclosing personal information. This feature is particularly attractive to those who value anonymity highly in their financial transactions.

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2. Get trading faster 

"Users are not required to go through identity verification, allowing them to create accounts and begin trading almost instantly. This bypasses the often time-consuming KYC process, which can span days or weeks on conventional exchanges. This is particularly advantageous for individuals seeking to capitalize on swift market fluctuations."

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3. Greater accessibility

Non-KYC exchanges provide access to individuals in regions where traditional exchanges may be unavailable or where strict regulations hinder trading. This allows people in countries with financial sanctions or limited access to banking systems to participate in cryptocurrency markets.

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4. Reduced risk of data breaches

In case of a data breach, avoiding submitting personal data to the exchange can help reduce the risk of exposing one's identity, financial information, and other sensitive data. This approach can minimize the potential for hacking or leaks that could compromise personal information.

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5. Freedom from regulatory oversight

No-KYC exchanges are frequently utilized by individuals seeking to circumvent governmental oversight or scrutiny of their financial transactions. This is particularly advantageous for people residing in areas with stringent regulations, as it offers a path to financial independence without the threat of regulatory intervention.

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The Difficulties with Fiat-to-Crypto Trades on no-KYC Exchanges

Regarding no-KYC exchanges, performing fiat-to-crypto trades can be challenging but not entirely impossible. Many no-KYC exchanges prefer facilitating crypto-to-crypto trades to sidestep the regulatory obligations linked to fiat currency transactions. 

Nonetheless, there are instances where no-KYC platforms permit users to exchange fiat for cryptocurrency, although this is usually subject to certain conditions.

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1. Limited availability

Several no-KYC exchanges do not provide fiat-to-crypto trading due to the need for integration with traditional banking systems, which are subject to strict regulations. If they do, the available options may be restricted to specific payment methods like peer-to-peer (P2P) systems, gift cards, or third-party services rather than direct bank transfers or credit card payments.

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2. P2P marketplaces

There are specific platforms, such as Hodl Hodl or Bisq, that function as peer-to-peer marketplaces. These platforms enable users to trade fiat for cryptocurrencies without completing KYC processes. 

They allow individual buyers and sellers to agree on payment methods, which may involve bank transfers, cash, or other fiat options. The platform facilitates the trade without holding custody of funds, thereby avoiding regulatory complications.

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3. Third-party payment services

Some exchanges that don't require KYC verification may collaborate with third-party payment processors such as CashApp, PayPal, or prepaid debit cards to enable fiat deposits indirectly. However, these processors might still impose their own KYC requirements, impacting the exchange's anonymity associated with fiat transactions.

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4. Higher limits and fees

Cryptocurrency exchanges that permit trading between fiat currency and cryptocurrency without requiring users to complete KYC procedures may enforce lower transaction limits or apply higher fees. 

These measures mitigate the risks of handling fiat currency without proper verification processes. The higher fees may account for the additional risk and regulatory complexities arising from operating within a regulatory grey area.

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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