While the crypto space started with complete anonymity, in recent times crypto exchanges have become centralized now more than ever. This means exchanges now have detailed know-your-customer procedures before and after signing up.
Now, there is a place for KYC rules, as procedures like these nip crimes like money laundering in the bud. However, there are millions of crypto users who want to be anonymous without any interest in these ills. Besides, isn’t that the point of cryptocurrencies, decentralization?
This article will explore what KYC is and the top secure crypto exchanges without any requirements for it.
Table of contents
What is KYC?
KYC is a system adopted by cryptocurrency and financial service providers aimed at censoring users on their platforms. As stated earlier, the term stands for “Know Your Customer” or “Know Your Client”.
Generally, the KYC process involves asking potential users for basic personal information before getting the service they need. Additionally, some service providers expect the users to undergo a more detailed verification process before they grant access.
This is hinged on the responsibility of these service providers to account for their consumers. These service providers include exchanges and platforms that sometimes need to know their customers.
However, some other crypto exchanges don’t request any verification before allowing people to use their services.
They leverage the fact that some customers want to be left anonymous or are uncertain about the use of their data. This is a good enough reason, especially in crypto trading, where transactions worth a lot of money take place.
Why might someone want to avoid KYC in crypto?
Crypto exchanges without KYC are a significant part of the decentralized ecosystem. They provide services to numerous traders and additionally come with some significant benefits:
- Absolute decentralization
- Anonymity of transactions
- Data privacy
- Hiding and protection of Identities
With basic knowledge of what no KYC crypto exchanges can offer, we can go on to discuss some major exchanges that provide services without verification.
TOP – 8 crypto exchanges without KYC
Here’s a list of our top 8 crypto exchanges without KYC
Swapzone – instant crypto exchange aggregator
Swapzone is at the top of our list with its easy-to-use and quick access system. Like all other no-KYC crypto exchanges, the platform gives access to new users without a verification process. No account creation is needed; nothing but just straight-to-the-point transactions.
Its clean simple interface both on mobile and desktop also makes it a very good choice for beginners as well as experts looking for uncluttered transactions.
Additionally, the exchange facilitates on-the-spot trading with its offer of about 300 assets ready to be swapped. Swapzone’s robust aggregating feature means users get a comprehensive price analysis and estimates for the tokens they want to trade.
While many exchanges are also limited in several countries, Swapzone.io isn’t. The non-custodial exchange supports the use of its service in several countries and might be a respite for territories with delicate KYC laws.
All in all, swapzone.io is one of the best no KYC crypto exchanges out there. It balances out on all fronts and delivers its promised result.
Alfacash, formerly known as Alfacashier before its rebrand, is another platform that doesn’t require verification. The exchange is a non-custodial platform with 28 different crypto assets it supports. The term non-custodial means that the exchange requires you to use your own wallet address for transactions.
All it does is validate and perform your transaction without creating a wallet for you. This gives you full custody of your wallets and more control over your deposit and withdrawal transactions.
The platform offers a secure payment system in partnership with Simplex. Alfacash also gives its users the option of using either a debit or credit card to buy any cryptocurrency.
However, Alfacash has a slight downside: it doesn’t support US-based investors and charges higher fees when compared to other trading platforms. A few users have also complained about a lack of transparency on security matters.
While Swapuz was only founded in 2018, it has managed to carve a solid reputation in the past four years. The non-custodial exchange offers users more than 300 tokens to work with. It also boasts quick fast transaction times and 24/7 support for customers.
In recent times, the trading platform has also partnered with other outfits like Swapzone.io to improve its operations and provide better services.
LetsExchange is somewhat considered more of a cryptocurrency store than an actual exchange. The platform offers its users its services without limits. It facilitates trading between two different cryptocurrencies and doesn’t support fiat.
Notably, the crypto platform doesn’t have an upper limit for its trades. It allows any amount to be traded, just like other non-KYC platforms.
Additionally, it is non-custodial, encrypts user data, and boasts of a solid security system. It also has a detailed design system that utilizes SmartRate technology to provide users with the best trading rates. Finally, the exchange has headquarters in Seychelles, Canada, and Lithuania.
SideShift is one of the most progressive exchanges at the moment. Even though it supports only about 50+ tokens, it is always one of the first to adopt user-friendly technology.
The platform was the first to adopt PayJoin, a payment system popularized with Bitcoin transactions. The method, alternatively called Pay-to-end-point (P2EP), can be simplified as a transaction payment made with leftover change.
Another novel method SideShift has integrated into its system is liquid payments. The system is an innovation by Blockstream that is forked from Bitcoin. It works by replacing the traditional proof-of-work consensus model with a more efficient federal consensus model.
SideShift seems to have all its boxes checked. However, its slow transaction time, estimated at 21 minutes, is something to consider. Finally, this platform is powered by its native token, the $XAI, which it uses to help bridge transactions on the platform.
Godex is another no-KYC exchange launched in 2017. The exchange, in addition to its lack of needed verifications, lets you trade without limits.
Additionally, it offers a big platform to trade cryptocurrency. Customers can access over 200 tokens, plus an affiliate program is available to users. Notably, one significant advantage Godex has is that it holds down crypto exchange rates for about half an hour after a transaction has begun. This way you’re assured of little to no fluctuations in fees while trading.
Fixed float is a Seychelles-based exchange founded in 2018 and aimed at fully automating trading operations. The platform is also the only instant exchanger that supports Bitcoin’s lightning network.
Its strength is hinged on the speed, rates, and secure exchanges it facilitates. The exchange supports only about 20 crypto tokens. It also operates a centralized system and doesn’t support fiat trading.
This Marshall Islands-based platform supports over 300 tokens, along with on-ramp exchanges. The company launched in 2018 and has been steadily improving since then.
Just like all other non-KYC crypto platforms, it allows you to use its services without verification. Additionally, there are no minimum deposit restrictions, nor does the platform charge for a withdrawal.
The native token $SWAP generally powers the exchange’s ecosystem and is usually offered as a cashback reward for registered customers who use the platform. However, the platform doesn’t support United States users and isn’t exactly decentralized. Another downside is its lack of automation and some advanced trading tools.
Flyp.me supports about 30 tokens on its exchange. The trading platform was developed by Holy Transaction, which is the first web-based multi-currency wallet.
This platform also has a native token $FYP that it issues to users giving them the power to vote on significant decisions. It also has APIs that clients can use without any special permissions.
Finally, just like all others we’ve discussed, there is no need for any KYC verification before use.
The Bottom Line: Choosing the best No-KYC Crypto Exchange
In conclusion, all these no-KYC platforms can meet the basic needs of any cryptocurrency trader. However, the sheer number of options available could cause inevitable confusion. In choosing the best suit for you, you might want to check out exchanges that check out on all fronts. Non-custodial exchanges like Swapzone.io thrive well in this regard.
To get started with your first transaction on Swapzone, click here.