The infamous application of cryptocurrencies for illicit activities like darknet money laundering and terrorist financing has driven countries to prescribe Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols of exchanges.
Quite obviously, KYC is seen as a barrier for investors looking to gain from the crypto market while keeping their personal data protected from privacy issues. KYC is well represented in the verification processes of many crypto exchanges – the platforms require investor dates of birth, address, name and proof of identity documents.
Why Choose a Crypto Exchange With No KYC?
The simple reason why most people may want to skip KYC when using crypto exchanges is to avoid detection by the authorities, including tax agencies and governments, who may have precise knowledge about an investor’s profits and losses in crypto.
Other people try to avoid KYC-compliant crypto exchanges for the simple reason that they do not want to expose their personal information concerning proceeds made from digital currencies – they may include spouses, employees and creditors. Still a number of investors are simply worried of about the potential personal damage they would incur if their personal information was entrusted to crypto exchanges.
Before we go ahead to list the Top 3 crypto exchanges with no KYC, it is important to remember that these platforms are not without their disadvantages. The most significant problem with these crypto exchanges is the fact that they apply a certain threshold for unverified users within various contexts – withdrawals and trading volumes happen to be the most common thresholds.
Having said that, here’s the list that you’ve been waiting for;
This crypto exchange is the most recommended in our list because apart from eliminating the need to provide personal info to trade crypto, you don’t even need an account to use it. The platform has gone further to guarantee users that their personal information will not be collected for whatever reason.
ShapeShift provides users with the opportunity to instantly swap Bitcoin and various other digital currencies. To use the platform, you’ll first choose one anonymous exchange as the input and select another as the output. The next step will be to provide your addresses and agree to the platform’s terms and conditions before actualizing a transaction.
The other strength boasted by ShapeShift is its availability as a mobile app, which functions as good as the website. The only disadvantage with the platform’s privacy-centric approach can be seen in the context of transaction fails – in such a scenario, the exchange will keep all user assets unless they make a refund claim within 90 days.
This crypto trading platform allows users to benefit from the opportunity of margin trading without the need of providing ID verification.
Figure 1: PrimeXBT landing page
To use PrimeXBT, all you need to is key in an email address and password to log in, then make sure that your account is funded before any trading can take place. Considering that the platform only deals in crypto, you need to keep in mind the fact that you’ll not be able to deposit of withdraw fiat currencies.
From the very early onset, BaseFEX unveiled its crypto trading platform without the need for any KYC processes. The entire procedure of signing up to use the platform takes only a few minutes.
The fact that users are not required to go through any complicated KYC process, in addition to eliminating the need to upload any identification documents, qualifies this platform to our list of crypto exchanges to choose from this September 2021.
To use the exchange, all you’ll need to provide is a valid email address before you can deposit any bitcoin and start trading. Take note that the crypto exchange only accepts Bitcoin transactions, it does not support any fiat trading.