Home Cryptocurrency 10 Best No-KYC Exchanges for Crypto Trading in 2025

10 Best No-KYC Exchanges for Crypto Trading in 2025

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No-KYC exchanges allow users to start trading without submitting ID documents like a passport or driving license. With cryptocurrency constantly breaking new ground, more users prioritize privacy and anonymity.

The regulatory landscape can change at any moment. In the future, crypto exchanges may request all users undergo a KYC verification procedure. To save you time and effort, these are the best exchanges to buy crypto without KYC in 2025.

Margex
  • Trade crypto with upto 100x leverage
  • Copy other winning traders with copy trading or bots
  • Despoit with credit or debit card instantly
Editor's Choice
Best Wallet
9
  • Buy, store and spend thousands of cryptocurrencies
  • 60+ chains supported including Bitcoin, Ethereum and Solana
  • Earn rewards with staking, cashback and airdrops
Phemex
7
  • No KYC and P2P trading available for enhanced privacy
  • Trade crypto with 100x leverage
  • Earn rewards with staking, lending and token launches

In our latest update, we removed MEXC and ByBit as these exchanges now require KYC to deposit and trade crypto. These have been replaced with fresh exchanges.

The best no KYC crypto exchanges to consider in 2025

Let’s start by taking a quick look at our selections for the best no KYC crypto exchanges in 2025.

  1. Best Wallet: Best no KYC crypto exchange, combining an anonymous crypto wallet with an integrated no KYC exchange
  2. Margex: Top no KYC exchange offers up to 100x leverage, copy trading, and trading bots
  3. Exodus: No KYC exchange gives users control over their private keys, trade 260+ cryptos
  4. BloFin: Crypto exchange charging extremely low spot and futures trading fees
  5. KCEX: Top no KYC exchange charges 0% spot trading fees, offers up to 100x leverage, and supports advanced charting tools
  6. BingX: Trade 700+ cryptos and access top features such as crypto loans and copy trading
  7. Phemex: A crypto exchange that combines CeFi’s security with DeFi’s innovation. It offers a Web3 ecosystem with its own token, NFT identity, and DAO governance.
  8. Lbank: Established in 2015, LBank is a global crypto exchange offering spot, futures, and ETF trading. It offers over 800 cryptocurrencies, diverse payment options, and a user-friendly mobile app, catering to all experience levels.
  9. HTX: A leading global crypto exchange offering a vast selection of trading options, DeFi and NFT integration, and advanced analytical tools for a comprehensive user experience.
  10. ProBit: A crypto exchange offering a curated marketplace, high-speed trading engine, and utility token (PROB) for fee discounts.

How we chose the best no KYC crypto exchanges

We analyzed the best no KYC crypto exchanges on the market using criteria such as trading limits, fees, quality of customer support, and range of trading tools. Our expert reviewers also used their own experience with cryptocurrencies to offer an informed judgment on the quality of each exchange. Read more about how we rank the best no KYC exchanges in our full methodology below.

Our top platforms to buy crypto with no KYC

Now, let’s provide a more detailed overview of our top no-KYC crypto apps and exchanges. We’ll discuss fees, features, payment methods, and more.

1. Best Wallet: The best all-in-one no KYC wallet/exchange

Best Wallet makes this list because it offers a true non-KYC experience while supporting thousands of cryptocurrencies across over 60 chains.

You can buy, swap, store, and sell digital assets without providing personal identification, making it a go-to choice for users who value privacy.

It also integrates a decentralized exchange, cross-chain swaps, and an in-app token launchpad. With advanced security features and seamless access to DeFi, Best Wallet provides a complete crypto management solution without compromising anonymity.

Best Wallet interface

Overview of Best Wallet

Best Wallet is a fully non-custodial app, meaning you maintain full control over your assets at all times. It features decentralized account recovery and advanced fraud protection to safeguard your funds. Whether you’re holding Bitcoin, Ethereum, or stablecoins, all assets stay in your possession without third-party risks.

Buying crypto is simple with Best Wallet’s Onramper integration, offering competitive exchange rates and low fees. You can purchase Bitcoin, Ethereum, Solana, and more while reducing costs by holding the $BEST token.

Swapping tokens is efficient with Best DEX, which aggregates liquidity from over 60 decentralized exchanges. The autorouter ensures the best trading rates and lowest fees, supporting cross-chain swaps across multiple networks.

Spending crypto is seamless with the Best Card, which integrates with Google and Apple Pay. Holding and staking $BEST unlocks up to 8% cashback and lower transaction fees.

For early investors, Best Wallet’s token launchpad provides access to exclusive presales. Users can analyze tokenomics, buy at the earliest stage, and track presale progress directly in the app.

Best Wallet combines security, privacy, and full DeFi functionality, making it one of the best non-KYC exchanges to use in 2025.

Early investors have poured more than $9 million into the $BEST presale, showing confidence in its potential.


KYC tiers, limits, and restrictions

No KYC account limitsNone
Payment methodsMCredit Card, Skrill, Neteller, Google Pay, Debit Card, Cryptocurrencies
CryptocurrenciesSupports the Ethereum Mainnet, Polygon Mainnet, and BSC Mainnet
Trading feesNo additional markups from liquidity providers

Pros

  • Multi-chain support.
  • Integrated swap and utility token.
  • No limits on KYC.

Cons:

  • Currently only available as a mobile app.


2. Margex: The top no-KYC crypto exchange for novice investors

Margex is a top no KYC crypto exchanges in 2025, thanks to its wide range of features, with just an email address required to start trading.

This decentralized exchange platform allows users to go long or short on 36 different cryptocurrencies and trade with leverage of up to 100x. It also boasts low trading commissions, at just 0.06% per slide on market orders and 0.019% on limit orders.

Margex interface

Overview of Margex

Margex is one of the most reputable no KYC crypto exchanges on the market thanks to its wide range of features, user-friendly interface, robust security and high leverage.

The platform’s 100x leverage on crypto futures is a standout attribute, opening the door to higher returns. However, this can also increase the risk of losses, so users are advised to approach this feature carefully.

Margex also boasts features such as a demo account, allowing users to practice and hone their strategies without committing financially, and copy trading, allowing users to replicate the trades of highly reputable investors. 

Also noteworthy is the inclusion of educational content on the Margex platform, enabling users to bolster their understanding of the crypto market before investing.

These features make Margex an ideal choice for novice investors lacking in confidence.

KYC tiers, limits, and restrictions

No KYC account limitsAccounts without KYC can only be funded with crypto
Payment methodsMore than 150 options, including various cryptocurrencies and stablecoins, MasterCard, Visa, Google Pay, Apple Pay etc
Cryptocurrencies36
Trading fees0.06% (market orders) or 0.019% (limit orders)

Pros

  • Up to 100x leverage on futures
  • Great for beginners (demo account, copy trading, educational resources)
  • User-friendly interface

Cons:

  • High leverage can mean greater risk
  • Fairly limited crypto selection


3. Exodus: Non-Custodial No-KYC Crypto Wallet 

The next best no-KYC wallet on our list is Exodus – a non-custodial wallet that combines security and functionality, ideal for users prioritizing privacy and flexibility across blockchain networks.

Exodus stands out among the best hot wallets, offering a secure, non-custodial exchange platform that prioritizes user control and privacy.

With support for over 150 cryptocurrencies and multiple blockchain standards like Bitcoin, Ethereum, BSC, and Polygon, Exodus enables seamless, private trading with no KYC required.

Exodus Wallet

Overview of Exodus

With the Exodus non-custodial crypto wallet, users get total control over their private keys and store assets securely using seed phrases. The platform supports multiple blockchain standards – including Bitcoin, Ethereum, Polygon, etc. 

Investors can buy, sell, and manage over 1000 crypto assets. Notably, the wallet’s in-built cross-chain token swaps are convenient, allowing direct BTC-ETH-BNB conversions without added fees, just standard gas fees.

Exodus combines user-focused features and security for private crypto management. Further features such as token staking and portfolio management services are also provided by Exodus. Exodus is an excellent choice for users who value privacy, control, and simplicity in their crypto management.

Exodus has received SEC approval to list on the NYSE American exchange following compliance.

KYC tiers, limits, and restrictions

No KYC account limitsNon-custodial wallet. No KYC required for basic use.
Payment methodsUsers can fund through crypto deposits or by purchasing directly with a debit/credit card, though these come with a 5.45% transaction fee
Cryptocurrencies150+
Trading feesExodus doesn’t add markup fees, charging only variable gas fees on transactions. Cross-chain swaps (e.g., BTC to ETH) are supported directly within the wallet

Pros

  • Gives users full control over their private keys
  • Supports over 260 cryptos
  • Offers built-in token swaps

Cons:

  • 5.45% debit card fees
  • No support for advanced trading tools


4. BloFin – Top No-KYC Exchange Charges Low Trading Fees

BloFin stands out as a secure, privacy-focused platform with extensive trading options and robust security. With spot and futures trading built into the wallet, users can trade more than 120 cryptocurrencies, including BTC and ETH. 

Prioritizing anonymity, BloFin allows for up to $20,000 in withdrawals without KYC verification. 

BloFin rewards hub

Overview of BloFin

Launched in 2023, BloFin is a top platform for accessing futures and spot crypto trading. While users can access no-KYC trading for up to $20K in withdrawals, they must verify their accounts once this threshold is reached. 

On BloFin, users can trade more than 120 digital assets, starting with an extremely low trading fee of 0.1% per transaction. BloFin integrates spot and futures trading in a secure environment, backed by partnerships with Fireblocks and Chainalysis for enhanced security. 

Staking options, such as up to 3% APY on Bitcoin, add appeal, while the platform’s passkey authentication and transparent 1:1 asset reserve reinforce user trust. These features make BloFin ideal for privacy-focused investors who value asset security and anonymous withdrawals.

KYC tiers, limits, and restrictions

No KYC account limitsUp to $20K in withdrawals. KYC may also be required for certain features.
Payment methodsDebit/Credit cards + direct crypto payment methods
Cryptocurrencies120+
Trading feesStarts from 0.1% per transaction

Pros

  • Supports staking options
  • Low trading fees (0.1% per transaction)
  • 1:1 asset reserve ratio

Cons:

  • $20K no-KYC withdrawal limit
  • Limited number of tradable assets


5. KCEX – Pay 0% Spot Trading Fees with this No-KYC Exchange

KCEX is a top choice for no-KYC crypto trading, offering a streamlined registration process requiring only a phone number and passcode.

This centralized exchange supports over 170 cryptocurrencies, with 0% fees on all spot trades, allowing users to trade anonymously without verification.

KCEX interface

Overview of KCEX

Launched in 2021, KCEX is designed for traders seeking anonymity and low fees. To start trading, users only need to enter a valid phone number and create a unique passcode for the platform. 

Notably, KCEX offers zero-fees spot trading on the 170+ digital assets supported on the ecosystem. Furthermore, users can also trade crypto futures and perpetual contracts – applying up to 100x leverage on their trades. The platform charges a Taker fee of 0.01% on futures but no Maker fees. 

KCEX also offers advanced charting tools for technical analysis courtesy of TradingView. With desktop and mobile access, KCEX is ideal for users seeking a day trading no-KYC platform with extensive trading options and a user-friendly experience.

KYC tiers, limits, and restrictions

No KYC account limitsKYC required to unlock higher withdrawal limits. The daily withdrawal limit for basic verification is 30 BTC
Payment methodsSupports only crypto payments
Cryptocurrencies~500
Trading feesNo spot trading fees

Pros

  • Does not charge spot trading fees
  • Access up to 100x leverage on specific trades
  • Supports advanced charting tools

Cons:

  • No fiat payment options available
  • Limited number of cryptos compared to other platforms


6. BingX – Trade 700+ Cryptos with this No-KYC Exchange

BingX is a standout no-KYC exchange, allowing users to trade over 750 assets without identity verification. This platform is ideal for those valuing privacy, as it offers a daily withdrawal limit of $20,000 without requiring KYC checks. 

BingX homepage
Source: BingX

Overview of BingX

On BingX, users can trade up to $20K in daily withdrawals anonymously. However, P2P trading will not be supported without verifying your identity. The platform supports advanced trading features, including perpetual futures with leverage options up to 150x, making it appealing.

One of BingX’s highlights is its competitive Taker fees, starting at 0.10%, and a range of innovative features. Users can engage in copy trading by selecting from over 17,000 elite traders, offering a way to mirror successful trading strategies. BingX also boasts strong cybersecurity measures, backed by proof-of-reserve verification with top cybersecurity partners.

Additionally, the platform offers staking and crypto-backed loans, further enhancing its value for users seeking versatile crypto investment options. These features make BingX a strong choice for those looking to trade with privacy, flexibility, and robust security.

KYC tiers, limits, and restrictions

No KYC account limitsUp to $20K in daily withdrawals, no P2P trading features available
Payment methodsP2P payments, Apple Pay, Google Pay, Debit/Credit card payments
Cryptocurrencies750+
Trading feesStarts at 0.10% per transaction

Pros

  • No KYC required for trading up to a $20,000 daily withdrawal limit
  • Offers high leverage up to 150x for futures trading
  • Access to copy trading with over 17,000 elite traders

Cons:

  • Limited to $20,000 daily withdrawals without KYC
  • No peer-to-peer (P2P) trading feature for anonymous users


7. Phemex: The best no-KYC exchange for advanced tools

With its unique blend of centralized finance (CeFi) and decentralized finance (DeFi) features, Phemex is an excellent, robust option for more experienced crypto traders.

Moreover, the platform allows users to deposit, trade, and withdraw crypto using just an email address and password, comfortably qualifying Phemex as one of the best no-KYC crypto exchanges in 2025.

a screenshot of the phemex website
Source: Phemex

Overview of Phemex

Since its 2019 launch, Phemex has rapidly gained popularity because of its easy-to-use interface, powerful trading system, and creative features; this is despite a recent 85M 2025 hack.

Phemex stands out for its “Semi-Centralized” model. It leverages centralized crypto exchanges’ security and speed while incorporating DeFi elements like proof-of-reserves.

This hybrid approach aims to provide users with the best of both worlds: a secure and reliable trading experience with a glimpse into the future of decentralized finance.

Phemex is also building a comprehensive Web3 world dubbed “Phemexia.” This ecosystem features its utility token (PT), an NFT called the Phemex Soul Pass (PSP), and DAO governance.

Even disregarding these features, Phemex is undeniably attractive due to its lack of KYC requirements for crypto deposits and withdrawals. However, those wishing to purchase crypto and withdraw fiat via the platform must complete some relevant KYC procedures.

KYC tiers, limits, and restrictions

No KYC account limitsKYC is required to purchase crypto or withdraw fiat
Payment methodsCrypto (BTC, ETH, XRP, LINK, USDT), credit/debit card, Union Pay, Bank Transfer, SEPA, Apple Pay, POLi, Bpay, PayId, IDEAL, and Sofort.
Cryptocurrencies465
Trading fees0.01% (Maker) – 0.06% (Taker)

Pros

  • Innovative features such as the “Semi-centralized” hybrid model
  • VIP program with lower fees for high volume traders
  • Over 600,000 trading bots available with tracked performance

Cons:

  • Minimum trading volume for full Phemexia access
  • Not available to UK clients


8. LBank: The most versatile no-KYC exchange

LBank is a centralized exchange (CEX) platform established in 2015. Headquartered in Indonesia, LBank boasts a global user base and caters to a wide range of investor preferences.

Crucial to this philosophy is that everyone can trade crypto on LBank with no KYC required. There is a detailed tier system attached to this, which we will explain later on.

LBank interface

Overview of LBank

Beyond the typical spot and margin trading, LBank offers a comprehensive suite of financial products, including crypto futures trading, options, staking, and even ETF trading of crypto assets.

For users seeking peer-to-peer (P2P) experiences, LBank’s P2P market facilitates secure transactions between users using fiat currencies. This feature removes barriers to entry and exit from the crypto market while ensuring user control over transactions.

With 15M+ traders looking to leverage their positions can explore LBank’s derivatives market, offering futures trading and options contracts. These instruments allow speculation on price movements without directly owning the underlying assets but carry a higher degree of risk.

LBank caters to risk management strategies as well, by offering ETF trading, a basket-based investment approach similar to traditional stock exchanges.

KYC tiers, limits, and restrictions

No KYC account limitsKYC is required for most features. Limits and requirements vary.
Payment methods20+ including MasterCard, Visa, Google Pay, ApplePay, bank transfer etc
Cryptocurrencies775+
Trading fees0.02% (Maker) – 0.06% (Taker)

Pros

  • Diverse Investment Options (Spot & ETF trading, futures, and staking)
  • Beginner-Friendly – intuitive interface, P2P market, and educational resources
  • Regulatory licenses from FinCEN and FINTRAC

Cons:

  • Only licensed in a handful of countries
  • Somewhat low trading volumes compared to other exchanges


9. HTX: The best no-KYC exchange for deep liquidity

HTX, formerly known as Huobi, is a global decentralized exchange for crypto, boasting deep liquidity. Following a strategic rebranding in 2023, HTX has signaled its focus on international expansion, boasting a presence in over 100 countries and exceeding $4 billion in daily trading volumes.

HTX also allows access to trading with no KYC requirements.

A screenshot of the HTX homepage
Source: HTX

Overview of HTX

HTX caters to diverse users, from seasoned traders to those new to the cryptocurrency landscape. The platform offers a comprehensive suite of trading options, including spot, futures, and options markets, allowing users to tailor their investment strategies.

For those seeking to learn from experienced investors, HTX provides a copy trading service that enables users to mimic successful figures’ trades within the platform.

Beyond traditional trading, seamless integration with DeFi ecosystems and Web3 wallets empowers users to manage their decentralized portfolios and interact with leading dApps across finance and blockchain-based gaming.

HTX offers a compelling proposition for various investor profiles. The platform’s diverse trading options and advanced charting tools cater to experienced traders seeking sophisticated investment strategies.

For those who are new to cryptocurrency, HTX’s copy trading services and educational resources can provide valuable guidance. Additionally, the platform’s integration with DeFi and Web3 technologies positions HTX at the forefront of the evolving financial landscape.

KYC tiers, limits, and restrictions

No KYC account limitsFour-tier system, varies by currency. E.g., deposit limits range from 6,000 GBP to 150,000 GBP per year.
Payment methodsUSD = Purchase crypto via card, Bank transfer/ABA, SWIFT, SEN fiat deposits
Cryptocurrencies600+
Trading feesUSD = 0% for domestic wire transfer, Swift, and Silvergate Exchange Network (SEN) transfers

Pros

  • Diverse Trading Options
  • Advanced Analytical Tools w/ sophisticated charting capabilities and strategic insights
  • DeFi and Web3 Integration

Cons:

  • Regulatory restrictions may limit access in certain areas
  • Hot wallets on HTX and HECO chain were compromiisd on 22 November 2023 (full compensation was assured)


10. ProBit: The best no-KYC exchange for a wide range of fiat and cryptocurrencies

ProBit is a robust, modern cryptocurrency exchange allowing users to withdraw up to $5,000 dollars in crypto without any KYC requirements.

The platform boasts a huge range of supported currencies, with more than 800 cryptos and 150 fiat currencies. It’s also designed to be accessible to the widest possible userbase, with over 40 languages supported.

a screenshot of the probit website
Source: ProBit

Overview of ProBit

Unlike other crypto exchanges, ProBit implements a selective listing process, aiming to onboard only ‘quality’ projects—this curated approach and a high-performance trading engine position ProBit as a highly attractive platform.

ProBit’s native token, $PROB, plays a central role in the exchange’s ecosystem. By holding $PROB, users benefit from a tiered fee discount structure, effectively reducing trading costs.

ProBit’s “trade mining service” adds another layer of utility. Users can earn transaction fee rebates in $PROB by participating in this service while using specific trading pairs to incentivize trading activity and rewards users with the platform’s native token.

Notably, ProBit prioritizes security, as evidenced by its emphasis on cold storage for most assets, FIDO U2F multi-factor authentication, and hardware security keys.

Most importantly, according to its KYC policy, ProBit offers a completely no KYC option with a generous withdrawal limit of $5,000. Those wanting to access the increased limit of $500,000 will need to complete identity verification.

KYC tiers, limits and restrictions

No KYC account limitsNon-verified users can access most features of the exchange but have a daily withdrawal limit of $5,000
Payment methodsBank transfer or range of cryptocurrencies
Cryptocurrencies500+
Trading fees0.03% (Maker) – 0.20% (Taker)

Pros

  • Selective listing process
  • PROB token utility for reduced fees and staking rewards
  • Multiple earning opportunities through staking, events, and affiliate programs

Cons:

  • Selective listing process might limit coin options
  • Focus on active traders may not suit all investors
  • Crypto traders from Singapore cannot use the platform


What is a No-KYC exchange? (simplified)

No-KYC exchanges, like Margex, allow users to trade cryptocurrencies without completing identity verification (Know Your Customer or KYC).

These exchanges allow users to remain anonymous, bypassing the usual submission of personal documents. They provide faster registration and access, attracting traders seeking privacy and those in jurisdictions with strict regulations.

However, as with some anonymous crypto casinos, no-KYC exchanges may have limitations, such as lower withdrawal thresholds or reduced customer support. Although they offer privacy, they carry higher risks, including potential legal issues or security vulnerabilities.

Despite these risks, no-KYC platforms remain popular among users who prioritize speed and anonymity.

Why choose a no-KYC exchange? (Explained using real-world scenarios)

Trading using No-KYC platforms is interesting for a number of reasons — we’ll explore the most notable ones below:

Fast onboardingPreserve privacyAccess within restricted regionsBypass regulatory barriersLow-volume tradesLimited access to traditional bankingLower transaction feesFiat currency limitationsCrypto enthusiast without ID

Fast onboarding

Imagine you want to start trading crypto immediately but don’t have the time or patience for lengthy KYC procedures. No-KYC exchanges allow you to begin in minutes.

Preserve privacy

You’re a privacy-conscious trader who doesn’t want to submit personal information to centralized databases. A no-KYC exchange ensures your details remain off the grid and ensures transaction anonymity.

Access within restricted regions

If you live in a country with limited access to crypto, a no-KYC exchange allows you to trade without worrying about local restrictions.

Bypass regulatory barriers

You’re from a jurisdiction with strict crypto laws but want to continue trading. No-KYC exchanges help you avoid the hassle of dealing with local regulations. They’re also perfect if you want to transfer assets between regions without legal or regulatory hassles

Low-volume trades

You’re only looking to make small, infrequent trades. Going through a KYC process feels excessive for such minimal activity, making no-KYC exchanges more appealing.

Limited access to traditional banking

You don’t have access to traditional banking or identification services and need a quick way to trade crypto. A no-KYC exchange is your best option.

Lower transaction fees

In some cases, no-KYC exchanges have lower fees since they don’t have to cover the costs of maintaining KYC infrastructure. This helps you maximize your profits on frequent trades.

Fiat currency limitations

You’re dealing with a volatile local currency and want to move into crypto quickly before your assets lose value. No-KYC exchanges let you make the shift without delays.

Crypto enthusiast without ID

You’re a young crypto enthusiast who hasn’t yet acquired formal identification like a passport or driver’s license. No-KYC exchanges let you participate in the crypto space early.


Pros and cons of non-KYC crypto exchanges

Pros

  • Enhanced Privacy
    Users avoid sharing personal information, protecting their financial activities from prying eyes.
  • Faster Sign-Up Process
    Registration is typically quick and easy, requiring minimal information.
  • Accessibility in Restrictive Regions
    Users in regions with strict financial regulations may find No KYC exchanges as their only option via VPN.
  • Potential for Censorship Resistance
    No KYC exchanges may be seen as more resistant to government control over financial transactions.
  • Private Data Leakage
    As no KYC was carried out, there is no risk of your documents being leaked.
  • Support New Cryptocurrencies
    No KYC exchanges may be more open to listing new or less popular cryptocurrencies.
  • Appeal to Libertarian Ideals
    No KYC exchanges align with the philosophy of decentralized finance and individual financial freedom.

Cons

  • Increased Illicit Activity
    The lack of KYC verification makes No KYC exchanges attractive for criminal activities.
  • Security Vulnerabilities
    Without KYC, identifying and preventing fraudulent activity can be harder.
  • Limited Features
    If you choose not to KYC, you will have limited features on the exchange.
  • Policy can Change
    Regulatory pressure could lead to the end of trading without KYC at any moment.
  • Higher Fees
    Some exchanges may impose higher fees for users who do not wish to KYC.
  • Limited Customer Support
    User support might be limited or non-existent due to the lack of user verification.
  • Deposit/Withdrawal Limits
    Restrictions on the amount you can deposit and the amount you can withdraw may be placed.

With all this in mind, what is the standard view regarding No-KYC?


Is KYC good or bad?

The idea that “if you’ve got nothing to hide, you don’t need privacy” is flawed. You wouldn’t want your emails exposed to the world, and the same applies to your financial transactions.

These reveal far more—your wealth, spending patterns, and even political affiliations. In some countries, donations to certain causes could lead to persecution. As reported by Reuters, Hong Kong protestors learned this firsthand when their bank accounts were closed.

Even Bitcoin users should be cautious; a transaction linked to your identity could make you a target. Enhancing privacy isn’t always necessary, but it strengthens Bitcoin’s fungibility and makes it a more secure store of value for everyone.

Comparison of KYC, P2P, and No-KYC Exchanges

FeatureNo-KYC exchangeP2P exchangeKYC exchange
KYC requirementNo identity verification requiredOptional identity verificationMandatory identity verification
AnonymityHigh level of anonymityModerate level of anonymityLow level of anonymity
Security & customer protectionLower security due to lack of identity verificationModerate security, depends on peer-to-peer verificationHigher security due to identity verification
Regulatory complianceOften operate in unregulated marketsMay operate in regulated markets, but with varying levels of complianceMust comply with strict regulatory requirements
AccessibilityEasy to use, no registration processModerate accessibility, requires finding a trading partnerMay have more complex registration processes
Transaction speed(s)Generally faster transactionsCan be slower due to peer-to-peer matchingMay have faster transactions due to centralized verification
Transaction limitsHigher transaction limits due to lack of regulationVarying transaction limits based on peer-to-peer reputationLower transaction limits due to regulatory compliance
SuitabilityIdeal for privacy-conscious users and small transactionsSuitable for both privacy-conscious and regulated usersBest for regulated users and large transactions
RiskHigher risk due to lack of identity verificationModerate risk, depends on peer-to-peer reputationLower risk due to regulatory compliance
Market liquidityLimited market liquidity due to lack of regulationModerate market liquidity, depends on peer-to-peer networkHigh market liquidity due to regulatory compliance
Transaction feesMay have lower transaction fees due to lack of regulationVarying transaction fees based on peer-to-peer agreementHigher transaction fees due to regulatory compliance
Fiat currency supportLimited fiat currency supportVarying fiat currency supportExtensive fiat currency support
Leverage tradingMay not offer leverage tradingLimited leverage tradingOften offers leverage trading
Derivative productsLimited derivative productsMay offer limited derivative productsOffers a wide range of derivative products
Tax reportingMinimal tax reportingLimited tax reportingComprehensive tax reporting

Regulations and No-KYC Exchanges: What you need to know

As crypto evolves, so do global regulations.

The International Organization of Securities Commissions (IOSCO) laid out 18 global recommendations, while the World Economic Forum (WEF) led the Digital Assets Regulatory (DAR) initiative, analyzing national regulatory strategies.

Europe’s Markets in Crypto-Assets Regulation (MiCA), introduced in May 2023, sets strict rules, including wallet ownership verification for self-hosted wallets exceeding 1,000 euros.

Asia has significant variances in crypto laws. Japan welcomes crypto as legal property, while China and India maintain strict bans on exchanges and mining. South Korea, however, has passed the Virtual Asset Users Protection Act to enhance transparency.

Any firm offering digital currencies in Britain must be authorized by the Financial Conduct Authority (FCA), even if it is based outside the UK.

Global regulatory bodies aim to balance innovation with consumer protection, making it essential for users to stay informed about evolving rules around no-KYC exchanges.


How do no-KYC exchanges affect tax reporting?

No-KYC exchanges can complicate tax reporting. Since non-KYC Bitcoin isn’t tied to your identity, many users may not declare it to tax agencies.

However, if Bitcoin’s value skyrockets and you decide to make a large purchase, such as a house, your declared income may not justify the transaction.

Even if you use Bitcoin directly, authorities could question how you acquired such wealth. This scenario raises concerns about future limitations on large purchases with non-KYC Bitcoin.

While moving between currencies without intent to sell may not trigger taxes, cashing out could lead to significant tax liabilities. In some countries, expats take advantage of tax-free havens, but U.S. citizens face capital gains taxes even when living abroad.

Disclaimer: These rules are subject to change as regulations develop.


Alternatives for no KYC crypto exchanges

For US-based traders, KYC is a requirement for all exchanges. Nevertheless, there are alternatives.

Decentralized Exchanges (DEXs) and non-custodial transaction services emerge as viable options. DEXs operate on a P2P network, eliminating the need for a central authority to hold user funds. This creates anonymity but may result in complexity and lower liquidity than traditional exchanges.

Non-custodial transaction services like MoonPay and Ramp offer another solution. These services act as fiat-to-crypto gateways, allowing users to purchase cryptocurrencies directly with debit or credit cards while being regulated in most states.

MoonPay, for instance, focuses on speed and user-friendliness, facilitating quick crypto purchases with minimal verification depending on the purchase amount.

Conversely, Ramp leverages KYC/anti-money laundering checks from licensed partners, enabling users to buy crypto using various payment methods while licensed in the United States.


Do I have to report my transactions on no KYC crypto exchanges?

While KYC exchanges are useful for bypassing the usual jurisdictional regulations and allowing you to trade crypto regardless, you must still declare your earnings from no KYC crypto exchanges. Failure to do so will be classed as tax avoidance.

Source: CryptoTax

For instance, while crypto tax has always been somewhat of a grey area in the UK, His Majesty’s Revenue and Customs (HMRC) has recently ramped up its crackdown on avoidance, sending ‘nudge’ letters to investors suspected of failing to declare earnings.

Similarly, in the US, cryptocurrencies are classed as property for tax purposes. While some crypto-related actions are not taxable, property tax must be paid on the sale of digital assets for fiat currency, selling or using such assets to pay for goods and services, and trading any digital asset for another.


Our methodology for reviewing no KYC crypto exchanges

Our team of experts assessed various factors for each exchange and arrived at a cumulative score for each.

Some of the areas examined by our experts were:

  • Security: One of the biggest drawbacks of even the best exchanges is that they can be a safety risk. With this in mind, security is an especially critical area to assess.
  • Fees: This is one of the most variable aspects of crypto exchanges and, therefore, a key competition area. The fees we examined include trading fees, deposit and withdrawal fees, and any other hidden fees imposed by the platform.
  • Liquidity: This is a critical aspect of any crypto exchange. High trading volumes mean more buyers and sellers, making trading easier without impacting the token’s price.
  • Customer service: This aspect can be tricky for some people, so customer support is one of the most critical elements for any exchange. We examined the range and quality of customer service channels available.

The best non-KYC crypto exchanges – Conclusion

After thoroughly examining 10 of the best no KYC exchanges for crypto, we determined that Best Wallet was the overall winner. Its all-in-one ecosystem of an exchange, wallet, and utility token is highly impressive and will likely tick all the boxes for most people.

Margex is another honorable mention. While its range of cryptocurrencies is fairly limited, we loved its beginner-friendly interface, low trading fees and charting tools.

We’ve also examined the regulations and alternatives for no-KYC exchanges in the USA and the tax obligations surrounding no-KYC crypto platforms. Most importantly, investors should know that most jurisdictions tax cryptocurrency profits.

FAQs

Is KYC mandatory for crypto?

Can I trade crypto without KYC?

Is is to safe to use an exchange without kyc?

Are there any benefits to trade without KYC?

Are non KYC exchanges safe?

References

Hong Kong bank account freezes rekindle asset safety fears | Reuters

KYC in Crypto: The Real Reason Exchanges Need Your ID, Daily Coin

Crypto investors warned over latest HMRC ‘nudge’ campaign, Financial Times

HTX Withdraws Hong Kong Crypto Exchange Application, CoinDesk

Exodus Rings NYSE Opening Bell, Celebrating a New Era for Crypto | GlobalNewsWire

LBank reaches 15 million users, achieving new milestone in global crypto exchange | CoinTelegraph

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Sal Miah
Crypto & Fintech Writer

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