Best Anonymous Bitcoin Exchanges / No KYC
There are several bitcoin exchanges on the market which allow you to use the services without verifying your identity. This means that during registration or when using the exchange you do not need to provide any personal details or you do not need to verify the provided information. At an anonymous bitcoin exchange, most of the cases you just need to enter an email and a password and you can start trading instantly.
Advantages of Anonymous Exchanges Without KYC
The identity verification process at bitcoin exchanges usually involves providing personal details, such as name, address, date of birth, and attaching proof of identity and proof of residence documents. Most of the exchanges require identity verification process for AML – anti-money laundering – purposes and run a process called KYC – know your customer – to be compliant with the regulation applicable in the country where they are operating.
There can be several reasons why a user wants to avoid exposing personal information on a bitcoin exchange. Users can hide their credentials so no authorities, be it government or tax authority will be able to see their investments, profits, and losses in bitcoins. It is also possible that you just do not trust the platform enough to provide your credentials to the owner of the site as you are not confident in them for safeguarding your personal. Other people then just want to hide proceeds from various people, such as creditors, employees, or even spouses for various personal reasons.
On the other side, the verification process also includes providing documents to prove your identity in the form of a government-issued photo ID and prove your residence in the form of utility bills. Validating this information may take longer, sometimes even weeks in case of increased interest in the platform’s services. While you can start trading right away after sign up for an anonymous bitcoin exchange as you do not have to wait until the verification process goes through approval at the platform.
Disadvantages of Anonymous Exchanges without Verification
The biggest limitation of anonymous bitcoin exchange platforms is they apply a certain threshold for unverified users both in terms of trading volume and daily or lifetime withdrawals. This can cause a potential problem for those who would like to engage in trading activity anonymously with a high amount of funds.
The credibility of the Exchange
With the rising number of regulations concerning the anti-money laundering aspects of cryptocurrency exchanges, the demand for anonymous exchanges is ever-growing. More and more people are looking to purchase and trade bitcoins anonymously while the number of legit places are decreasing rapidly in the sector where you do not need to verify yourself. This situation is making ground for fraudulent businesses that offer anonymous trading service, but after all vanishes with its user’s funds.
Exit scams are on the rise as with an anonymous exchange, there is no supervisory from authorities and there is no real way to track down convicts if they steal the client’s fund. Make sure whenever you buy bitcoin anonymously, you make your own research about the platform you are using and if you are using P2P partners, check their track record to minimalize the risk of being caught up in a fraud.
Why Bitcoin Exchange Privacy matters
It is known that information is leaked or lost in hacks all the time. If you own a good stack of wealth in cryptocurrencies, the information used for KYC ( passport, a selfie with passport, and a utility bill from the last few months) can easily be used to track down who you are and where you live. After several reports of bitcoin traders already being attacked, tortured, and kidnapped to steal their coins, it is more than understandable that you do not want your KYC verification information being leaked, stolen, or published on the web or in darknet forums. This has nothing to do with you wanting to do illegal activities – you just take your privacy seriously and protect yourself and your family.
Due to the recently developing regulatory environment around cryptocurrencies, most of the jurisdictions in the world have introduced protective measures to avoid money laundering. This means that in most western European countries along with the US, cryptocurrency exchanges must identify their customers through the Know Your Client (in short KYC) processes. However, you can still find legit ways to buy and trade bitcoin anonymously even if you are a resident in this area.
Top anonymous exchanges to trade bitcoin
At couple of exchanges, you can engage in trading activity right after signing up, however, the registration process involves providing a phone number. These exchanges often apply multiple levels of verifications, where on the first level you do not have to provide too much information about your self just to get started. Limits are applicable however in these cases too.
BaseFEX has been introducing its trading platform to the market promising no KYC process at all. They never ask for any kind of personal details when you use the site, you only need to provide an email to register. BaseFEX only accept deposits in bitcoin and similarly, you can only withdraw bitcoin only from the platform, they do not work with any fiat money at all.
PrimeXBT offers margin trading option without ID verification. For sign-ups you only need to provide an email and a password and your account is ready to be funded for trading. This is a crypto-only trading platform, so no option to deposit or withdraw fiats, but this also means, there is no verification process at all and there is no applicable limits on trading or depositing.
SimpleFX lets you to trade with a number of different altcoins, bitcoin, forex and indices without verification if you deposit using bitcoin. Upon registration, you are only prompted to enter an email and you will receive an email with instructions on setting up your password. However, if you want to deposit any fiat money or withdraw it from the platform, you will still need to go through the verification process.
HitBTC has been on the bitcoin trading market for quite some time now where you can trade a lot of different altcoins beyond bitcoin. Deposits and withdrawals are only allowed in cryptocurrency and while the exchange does have a verification process, you do not have to go through it. Verifying yourself however will enable you to increase your withdrawal limits.
Best anonymous exchanges to buy and sell bitcoin
If an exchange offer fiat payment options, in most of the cases clients need to go through identity verifications. You still have two choices if you would like to remain anonymous when buying bitcoin. Either buy only a small amount of bitcoin as there are certain sites that lets you get into bitcoin without ID verification of your purchase amount is limited to a smaller fund. The other options are to use peer-to-peer exchanges, where you can buy and sell bitcoin directly from other fellow bitcoiners.
Evonax is a new cryptocurrency exchange platform where you can perform instant exchanges of a range of cryptocurrencies for each other. The provider even enables crypto-to-Paypal exchange, making the service quite versatile. Therefore users can even use the platform for crypto cashouts to a certain degree. The cryptocurrencies supported by Evonax are Bitcoin, Bitcoin Gold, Bitcoin Cash, Bitcoin SV, Dash, Doge, Ethereum, Litecoin, Monero and Zcash. Pure crypto-to-crypto exchanges can be performed anonymously as you need nothing more than the wallet addresses.
HodlHodl (best decentralized option) – The main idea behind bitcoin is to make payment completely decentralized without a central party handling the transactions. HodlHodl is going back to this idea, offering a truly decentralized market place where you can buy and sell bitcoin from other individuals and remaining completely anonymous.
Localbitcoins (most reputable P2P platform) is the oldest and probably the most reputable P2P exchange where you can buy and sell bitcoin directly from other bitcoiners. Some of the sellers have built a very reputable portfolio of prior reviews so you can be sure that your counterparties are legit. Unfortunately, Localbitcoins ended the cash payment option just recently, but you can still buy bitcoin without ID verification using other payment methods.
BitQuick (best for US customers) offers anonymous purchases for US residents up to $400. The process of purchasing is a bit more complicated as you need to use a local branch of the seller’s bank and deposit money to the account in person, but once this is done, you will receive your bitcoins in a couple of hours time.
Paxful (best for cash) remained recently one of the last P2P trading platforms where you can still buy bitcoin in exchange for cash from other individuals. There are a vast variety of payment methods including cash and PayPal which you would not usually find elsewhere. ID verification is only required if the seller request you to do it, however always make sure you choose a reputable counterparty for your transaction with prior track record and reviews.
Top anonymous exchanges for altcoins
It is good news for those who want to buy or trade altcoins, that buying altcoins anonymously is much easier using bitcoin than fiat currencies. So if you already have bitcoin or other cryptocurrencies, there will be plenty of options to exchange bitcoin for altcoins. However if you want to purchase altcoins for fiat currency, like using USD or EUR you will still need to go through KYC processes just like in the case of buying bitcoin.
Binance – Did you know that one of the biggest crypto exchanges in terms of the volume offers anonymous trading possibility? Binance lets you to register, deposit and trade on your account with hundreds of altcoins without asking you to verify your account. Bear in mind however you can only use the platform up to 2 BTC, beyond that, you will be requested to verify your identity using government-issued IDs and proof of address just like in the case of any regular exchange.
BitMax is a crypto derivative platform offering altcoin trading on margin for a lot of less liquid cryptocurrencies. The registration and sign up is pretty straightforward, you only need to provide an email address to have your account opened. Verification is not mandatory, but you can only trade up to 1 BTC volume daily without passing the KYC process and withdrawals in certain cases also require verification, so make sure you check the terms and conditions before signing up.
Tradeogre is a less-known cryptocurrency platform offering truly anonymous trading options in hundreds of altcoins. The trading fee of 0.2% is very competitive on the market compared to other anonymous markets, however, unfortunately the team is also staying in anonymity raising some questions regarding the integrity and authority of the platform. Also there is no real support only a Twitter account leaving a lot of unanswered questions from users around the internet. Use it at your own discretion.
Livecoin – Livecoin.net offers altcoin trading option in almost any kind of altcoin you can imagine. Note some coins can have very low liquidity, but that is not necessarily the problem of Livecoin but the market of the coin. The trading fees are as low as 0.01%-0.1% and they accept a lot of different deposit and withdrawal methods, like Payeer, OkPay, and other similar alternative payment providers. Although the exchange support fiat currencies, you only need to go through the identity verification process if you would like to use bank transfers for deposits or withdrawals. Otherwise, you can use the trading platform anonymously just with az email used for registration.
LocalCoinSwap service is very similar to the P2P marketplace LocalBitcoins offer with a simple twist that it is extending its coin offerings to multiple (or any kind of) altcoin. Since this is a P2P market, you can buy, sell and trade altcoins with other individuals, so make sure you choose a seller who has a reputable track record of past transactions to avoid frauds. Verification is not mandatory on the platform, however, some sellers may ask for your ID in their terms and conditions.