Buy Crypto Without KYC: Introducing the Best No-KYC Crypto Exchanges in 2024

Protect your privacy with these KYC-free trading platforms.

A very pleasant man welcoming customers through an open pink door.
Created by Gabor Kovacs from DailyCoin

Buying crypto without KYC (Know-Your-Customer) is getting more and more difficult. For years, digital asset enthusiasts have relied on popular no-KYC crypto exchanges like Kucoin and ByBit to support their anonymous trading habits. However, 2024 has had different plans, with most exchanges tightening their verification processes.  

The balance between security and privacy is a delicate one. While KYC procedures are designed to protect us from money laundering, fraud, and other illegal activities, they can often feel intrusive and time-consuming. 

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For crypto investors who value their privacy or simply want to trade without the hassle, no-KYC crypto exchanges are the perfect solution. In this comprehensive guide, we’ll explore the best platforms where you can buy crypto without KYC, ensuring your trading experience is smooth, secure, and private.

What is KYC Verification?

KYC, or Know Your Customer, is a standard identity verification process financial institutions use. It’s a way businesses can verify the identity of their clients and assess potential risks of illegal intentions. 

Cartoon man inspect KYC documents.
Source: ctms.fr

The process typically involves collecting and validating personal data about a customer, such as their name, physical address, date of birth, and government-issued identification documents. Some KYC procedures also ask you to take a quick video or selfie to ensure you are who your document says you are!

Why Do Most Crypto Exchanges Require KYC?

Most crypto exchanges require KYC to stay onside with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Theoretically, verifying the identity of their users means crypto exchanges prevent their trading platforms from being overrun by bots or used for illegal activities.

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KYC procedures also help protect users from fraud. By ensuring all users are who they claim to be, exchanges like Coinbase and Binance can provide a safer trading environment. This is particularly important in the case of disputes or investigations, where verified user information can be the difference between winning or losing a legal case.

Moreover, KYC verification helps exchanges maintain a good relationship with banks and payment processors. If your bank account suddenly received millions of USD from an unknown source, they’d be more likely to freeze the funds than if they could confirm that the value came from your crypto exchange account.

Why Do Crypto Investors Avoid KYC?

On paper, KYC is a great tool that protects the crypto market from malicious actors and gives us a safer environment to buy Bitcoin (BTC) and learn about blockchain technology. 

So what’s all the fuss about? Why do crypto investors work so hard to avoid KYC?

  • Privacy Concerns – KYC procedures require users to provide personal information and documents, which can concern those who value their privacy. Many people aren’t comfortable sharing this information with a crypto exchange, especially given the potential risk of data breaches.
  • Ease of Access – Completing KYC procedures can be time-consuming and require significant effort. Users who want to start trading quickly may prefer a no-KYC exchange to avoid these hurdles.
  • Global Accessibility – Not everyone has the same access to the personal documentation required for KYC procedures, or they may live in a country unsupported by the exchange. No KYC exchanges often have fewer restrictions, making them more accessible to users worldwide.
  • KYC is Anti-Crypto – Anonymity, decentralization, and self-custody are the cornerstones of the cryptocurrency movement. Know Your Customer verification is a direct clash with all of these values. 

Best Crypto Exchanges With No KYC

While Non-KYC crypto exchanges are getting harder to find, a few platforms are still committed to user privacy and ease of access. These exchanges allow users to trade cryptocurrencies without the often tedious KYC procedures. Let’s take a closer look at some of the best no-KYC crypto exchanges in the space.

1. MEXC

MEXC homepage.
Source: MEXC

MEXC is a popular choice among crypto enthusiasts who prefer to trade without needing KYC verification. This cryptocurrency exchange offers a wide range of trading pairs, including essentials like Ethereum (ETH) and Tether (USDT), making it a versatile platform for beginners and seasoned traders.

One of the standout features of MEXC is its user-friendly interface and mobile app, which makes trading a breeze for newcomers. The exchange platform also supports credit card payments.

Without KYC, MEXC enjoys a generous daily withdrawal limit of up to 2 BTC. However, if you choose to complete the KYC process, this limit increases, giving high-volume traders greater flexibility. MEXC also benefits from low trading fees, giving traders more bang for their buck.

In terms of security, MEXC uses advanced technology to protect users’ assets, including cold storage for cryptocurrencies and multi-signature wallets. This makes MEXC a secure and convenient option for those trading crypto without KYC.

Register with MEXC

Key Takeaways

  • User-friendly interface
  • Liquid markets
  • Tight security
  • Generous No-KYC deposit and withdrawal limits

2. PrimeXBT

Primexbt homepage.
Source: PrimeXBT

Next up, PrimeXBT. Another long-term favorite, PrimeXBT is an excellent platform that allows users to trade top cryptocurrencies without the invasive KYC procedures. Like MEXC, this crypto exchange is known for its advanced trading features, including leverage trading, which can be a powerful tool for experienced traders.

One of the things people love about PrimeXBT is the seamless registration process. The exchange platform only requires an email address to create an account, ensuring your personal information remains confidential. This makes it an ideal choice for traders who prioritize privacy.

In terms of trading volume and liquidity, PrimeXBT ranks high, ensuring smooth and efficient trading experiences. The platform also offers a robust security system to safeguard crypto assets, including two-factor authentication and cold wallet storage.

Register with PrimeXBT

Key Takeaways

  • Powerful trading tools, including leveraged trading
  • Simple sign-up process
  • Also offers ForEx and stock trading

3. dydx

dydx homepage with "Trading, decentralized" writen.
Source: dydx

Let’s bring this list onto the blockchain in the true spirit of cryptocurrency. If you’re into decentralized exchanges, dydx is a platform you should definitely consider. This DEX allows users to trade various cryptocurrencies using an on-chain order book without needing KYC verification.

One of the key features of dydx is its offering of derivative products, including perpetual contracts and margin trading. This allows traders to leverage their positions and potentially increase their profits. However, it’s worth noting that these features also come with increased risk and should be used with caution, especially by less experienced traders.

In terms of security, dydx operates on smart contracts, which adds an extra layer of safety for users’ funds. The platform also has a clean and intuitive interface, making it easy to navigate even for beginners. These smart contracts also reward traders with DYDX tokens, giving users an extra incentive to trade crypto on the platform.

Being a DeFi application offers a raft of benefits but also a few flaws. On the plus side, anyone can access the exchange by connecting their crypto wallet address and start trading immediately. On the other hand, dydx doesn’t support fiat currencies, so traders can only buy crypto if they already have some in their wallets.

Visit dydx

Key Takeaways

  • Decentralized exchange with a wide range of crypto assets
  • Traders are rewarded with DYDX tokens
  • Available to anyone with a crypto wallet

4. BYDFi

Bydfi homepage with "Build your dream finance" written.
Source: BYDFI

Short for Build Your Dream Finance, BYDFi is a one-stop trading platform for digital assets that has quickly gained popularity in the crypto community. 

Offering a wide range of cryptocurrencies, including Litecoin (LTC), Dogecoin (DOGE), and other altcoins, BYDFi caters to both beginners and seasoned traders. As we’ve come to expect, the platform also offers leveraged tokens and perpetual futures, providing various trading options to its users.

One of the key features of BYDFi is its ease of use. BYDFi claims that users can get their first coin in just 30 seconds, providing a fast and easy trading experience. This is complemented by easy deposit and withdrawal options, simplifying those fiat-to-crypto onramps.

On top of that, BYDFi also offers a fun ‘Copy Trading’ tool, where users can copy the trading strategies of successful traders, potentially boosting their own trading success.

Register with BYDFi

Key Takeaways

  • Fast and user-friendly exchange
  • Helpful Copy Trading tool helps beginners learn the ropes
  • Vast range of altcoins

5. Bisq

BisQ homepage with a "Exchange, decentralized" written.
Source: BisQ

Bitcoin Maxis, your champion is here. Bisq is a decentralized exchange that operates as an open-source desktop application, allowing users to buy Bitcoin in exchange for fiat currencies. Bisq is as frictionless as you can imagine: no registration, no KYC, and no limits.

The platform operates on a peer-to-peer network, which means trades are conducted directly between users through an automated process. This eliminates the need for a central authority and ensures high privacy and control over your funds.

However, it’s worth noting that due to its decentralized nature and strictly P2P market, the trading volume on Bisq can be lower than on centralized exchanges like Kraken, which may impact liquidity.

With its strong commitment to privacy and decentralization, Bisq is an excellent choice for those who want to buy crypto without KYC and maintain full self-custody over their funds.

Visit BisQ

Key Takeaways

  • Bitcoin P2P trading market
  • Decentralized application
  • Trade BTC directly for fiat currency

6. LBank

Lbank hompage with an "experience the best in cryptocurrency" written.
Source: LBank

A relatively new player on the scene, LBank is a global cryptocurrency exchange offering a wide range of digital assets available for trading without needing KYC verification. This makes it an attractive platform for traders who value privacy and want to start trading quickly.

What traders like about LBank is that the exchange is quick to list new meme coins like PEPE and SNEK, meaning that meme coins fans can join this pocket of the crypto market without needing to trade directly on-chain.

LBank also boasts crypto staking services and its very own NFT marketplace. These extra functions give customers more ways to engage with blockchain technology.

Register with LBank

Key Takeaways

  • Simple user interface
  • Lists meme coins like PEPE and SNEK before larger exchanges 
  • Crypto staking services and NFT marketplace

7. BitForex

BitForex homepage with "trade at BitForex invest in the future" written.
Source: Bitforex

Last, but definitely not least, we have BitForex. BitForex is a no-KYC crypto exchange with a quality range of crypto assets and many payment methods. This makes it an attractive platform for traders who value privacy and want to start trading quickly.

One of the key features of BitForex is its user-friendly interface, which makes it easy to navigate even for beginners. The platform also offers advanced trading features, including spot, futures, and margin trading, catering to traders of all levels.

If we dig beneath the surface, we can also find a thriving NFT marketplace and extra financial tools, like staking services and instant crypto loans.

Moreover, BitForex security is no slouch, employing a multi-layer security mechanism that includes cold storage and multi-signature wallets to protect users’ assets. The platform also offers 24/7 customer support, ensuring issues or queries are resolved promptly.

Register with BitForex

Key Takeaways

  • High liquidity crypto exchange
  • Excellent range of trading pairs
  • Robust security features
  • NFT Marketplace and added financial tools

8. Phemex

phemex crypto exchange
Source: Phemex

One of the most popular KYC-free crypto exchanges, Phemex is a fantastic option for traders who want the full experience. In fact, you’d be forgiven for thinking that Phemex was a top-tier exchange, judging by the range of extra features.

Phemex offers everything you’d expect from a leading exchange. It boasts an impressive range of spot trading pairs, highly liquid perpetuals, and futures trading markets. 

For hands-free crypto traders, the exchange also provides a range of trading bots. Naturally, there’s no guarantee that these trading bots will deliver profitable returns, but they do claim to cater to different risk tolerances and asset groups.

For beginners, Phemex also features a helpful Learn & Earn program, making learning the crypto ropes and earning crypto rewards easy. 

On top of that, Phemex also provides several yield-generating services, like crypto staking. Phemex Earn helps users grow their portfolio passively by providing staking, yield-farm, and launchpad services.

Key Takeaways

  • Comprehensive range of extra features
  • Convenient fiat onramps, including credit/debit cards
  • Learn & Earn program

9. CoinEx

coinex exchange
Source: CoinEx

Growing in popularity, CoinEx joins the ranks in ninth position. CoinEx provides plenty of highly liquid markets across a wide range of digital assets, including everything from major coins like Bitcoin and Ethereum to viral meme coins like PEPE.

Supporting over 5 million users, CoinEx also provides leverage trading and futures markets alongside standard extra features like crypto staking subscriptions, lending, and a helpful Learn & Earn program.

Beyond the typical offerings, CoinEx has also developed self-custodial crypto wallet software, which allows eager Web3 users to explore the CoinEx Smart Chain. 

While the CoinEx Smart Chain’s adoption rates obviously trail those of other CEX-driven chains, the platform’s capacity to offer these services to users is a good indication of CoinEx’s growth potential.

Key Takeaways

  • Native blockchain protocol and wallet software for Web3 enthusiasts
  • Popular value-add features, like staking and lending.
  • Offers leverage trading and futures markets

10. Margex Exchange

margex exchange
Source: Margex

A newcomer to the KYC-free crypto exchange scene, Margex presents itself as a slick, modern outfit designed with simplicity.

Margex offers a beginner-friendly interface and easy exposure to the crypto market’s most popular coins. While it may lack extra features like crypto lending markets, the exchange boasts a rather unique tool that new traders love: copy trading.

Margex’s copy trading platform allows users to automatically replicate the trades and behaviour of seasoned crypto trading professionals. While using this feature with caution is recommended, copy trading can be a great way for beginners to learn the ropes and get acquainted with the market.

Key Takeaways

  • Beginner-friendly interface
  • Convenient copy trading tool

A Note on Decentralized Exchanges

Of course, decentralized exchanges are the bread and butter of KYC-free trading in the cryptocurrency market. These market providers give users access to more crypto assets than any other trading platform without demanding personal details.

To trade on a decentralized exchange, all you need to do is connect your MetaMask, or any other funded crypto wallet, directly to sites like Uniswap, and you’re good to go.

However, where decentralized exchanges fall short is that they don’t typically provide crypto-fiat conversions. DEXes are great if you already have a funded wallet, but if you’re buying crypto for the first time, it’s best to use a platform with a trusted fiat on-ramp.

Pros and Cons of KYC

While KYC procedures are a common feature of many crypto exchanges, they have advantages and disadvantages. Understanding these can help you make an informed decision about whether or not you want to use a no-KYC crypto exchange.

Pros

  • Compliance with Regulations – KYC procedures help crypto exchanges comply with global anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This can protect the exchange from legal issues and ensure its long-term operation.
  • Prevention of Fraud – By verifying the identity of users, KYC procedures can help prevent fraudulent activities. This can create a safer trading environment for all users.
  • Dispute Resolution – Verifying user information can be crucial in a dispute or investigation. KYC procedures ensure that this information is available if needed.
  • Access to More Services – Most banks and payment processors require proof of KYC compliance. By implementing KYC procedures, crypto exchanges can offer more deposit and withdrawal options, enhancing the user experience.

Cons

  • Privacy Concerns – KYC procedures ask users to divulge their personal information and documents, which can concern those who value their privacy.
  • Time and Effort – KYC procedures can be time-consuming, which may discourage new buyers from entering the space.
  • Data Breaches – Despite their best efforts, crypto exchanges are common targets for cyber attacks. The personal information collected through KYC procedures could be exposed if a breach happens.
  • Access Limitations – Some users may not have the required documents to complete KYC procedures or live in a country not supported by the exchange. 

On the Flipside

  • If cryptocurrency is adopted by the general public and commonly used in everyday life, blockchain purists must accept that there will always be a level of KYC and identification involved.

Why This Matters

Some users need new trading platforms, with popular crypto exchanges like ByBit and KuCoin closing their doors on anonymous traders. This list helps you find the best no-KYC crypto exchange for your needs.

FAQs

Does ByBit require KYC?

Yes, ByBit introduced mandatory KYC verification for all accounts in mid-2023.

How can I buy crypto on Binance without KYC?

It is not currently possible to buy crypto on Binance without completing the KYC verification process.

Is KuCoin KYC mandatory?

Yes, ever since KuCoin changed its KYC rulings in mid-2023, traders have been required to complete KYC verification.

Does Coinbase require KYC?

Yes, Coinbase users must undergo a KYC verification process before trading crypto on the exchange platform.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Finn Miller

Finn Miller is a New Zealand-based blockchain writer for DailyCoin who specializes in simplifying complex blockchain topics. He is experienced in crafting whitepapers, researching on-chain data, and advising emerging crypto projects, and uses his unconventional approach to learning and passion for knowledge to provide cornerstone educational content for readers of all levels. When not exploring the depths of DeFi, Finn can be found exploring his other passion, the great outdoors.