Best Non-KYC Crypto Exchanges
Non-KYC Exchanges have become popular among crypto traders in recent years because of their suitable trading experience that doesn’t require personal verification. By providing a secure and accessible trading environment for all users, such platforms are revolutionizing the way we trade.
In this article, we’ll break down some of the best exchanges that allow customers to trade in cryptocurrencies without identity verification.
To read about the Top 5 Altcoin Echanges for Beginners in 2023 click here
BingX
Founded in 2018, BingX is a popular crypto exchange offering advanced trading features such as Grid Trading, Copy, and Derivative trading, and provides a seamless experience. Currently, it is functional in over 100 countries and has more than 5 million active users.
Use the special Coin Labs referral code below to sign up for BingX!
Withdrawal Limit
As of latest withdrawal limit update, unverified (Non-KYC) users can withdraw up to 50,000 USD in 24 Hours, while cumulative withdrawal limit is 100,000 USD. However, verified users can withdraw up to 1,000,000 USD in 24 hours with no cumulative withdrawal limit.
Pros
- Provides multi-layer security options and minimizes the chances of fraud and scams
- Allow traders to trade in over 510 Coins, including BTC and major altcoins like Ethereum and Binance Smart Chain (BNB)
- Attractive for users who prioritize privacy
- Features live support to help assist in real-time 24/7
Cons
- Unfortunately, it’s not available in the USA
- Might not be suitable for all traders because of low altcoins liquidity
To learn how to trade on BingX click here
Bitget
Bitget is a centralized exchange providing crypto trading services in more than 100 countries across the world. It was founded by Sandra Lou in 2018, with the aim of providing easy-to-navigate, reliable, and secure trading opportunities for both novice and professional traders looking for advance trading tools.
Use the special Coin Labs referral code below to sign up for Bitget!
Withdrawal Limit
On 13th January 2023, Bitget changed its withdrawal policy for all customers. Users with non-verified accounts are allowed to withdraw up to 50,000 USD per day and cumulatively up to 100,000 USD, on average, in a month.
Pros
- Low trading fees for both Spot and Future Trading
- Exclusive copy trading features for all customers
- Bank-level security to safeguard user funds
- For mobile users, the platform offers a user-friendly application
- Trade with Fiat currencies directly via P2P trading option, at 0% fee
Cons
- It is not regulated under USA law, and users from affiliated regions might not be able to use services
- Only option to withdraw funds is via cryptocurrencies
- Doesn’t support direct Fiat to crypto trading
To learn how to trade on Bitget click here
BKEX
Operating under the parent company name of BTC King Technology Co, Ltd. and registered in the British Virgin Islands with the registration code of 198707, BKEX is a world’s leading crypto trading platform, with a company size of 201-500 employees. The platform was initially launched in June 2018, and allows investors to trade cryptocurrencies with basic email verification.
Use the special Coin Labs referral code below to sign up for BKEX!
Withdrawal Limit
Withdrawal limit for non-KYC users on BKEX is around 2 BTC per day. However, users with proper identity verification (KYC) can withdraw as much as 10 BTC, and even more per day with an unlimited cumulative yearly limit.
Pros
- Offers trading of more than 580 coins across different blockchain networks
- Features multi-factor authentications and cold wallets to ensure the safety of user funds
- Supports up to 100X leverage for Perpetual Future contracts
- Exclusive discounts for BKK (native token) holders
- Learn and earn as a beginner with services like Staking, BKEX earn, Express Mining, Hashrate Mining and Copy Trade Masters
Cons
- Non-KYC users can’t withdraw more than 2BTC
- Doesn’t offer Option Contract trading
Gate.io
Gate.io is a leading cryptocurrency exchange known for its beginner-friendly interface and diverse range of over 1500+ cryptocurrencies and stablecoins, including popular ones like Bitcoin, Ethereum, and Dogecoin. The platform appeals to both novice traders and experienced investors alike.
Use the special Coin Labs referral code below to sign up for Gate.io!
Withdrawal Limit
The withdrawal limit for new users with basic phone/email verification, is up to 100,000 USD daily. While on the other hand, accounts with Tier-1 KYC verifications can withdraw up to 2,000,000 USD.
Pros
- Wide variety of cryptocurrencies available for trading
- Beginner-friendly interface
- Advanced security features, including 2FA and SSL encryption
- Offers various security tools, such as SMS and email notifications
- Accessible in more than 224 countries across the world
- Exchange Proof of Reserve is available publicly
Cons
- Limited payment options are available
- Due to support for a vast variety of altcoins, and low trading volume, traders might face liquidity issues
To learn how to deposit in Gate.io click here
Kine Protocol
Kine Exchange, also known as Kine Protocol, is a decentralized crypto exchange launched in March 2021 by Kine Technology. The parent company behind Kine Protocol operations is located in Singapore and aims to provide peer-to-pool derivative trading. Unlike other DEX, Kine supports perpetual contracts trading with zero slippage and up to 200x leverage.
Use the special Coin Labs referral code below to sign up for Kine Protocol!
Withdrawal Limit
It has no withdrawal or deposit limit because of its decentralized nature for all customers. However, it does charge a withdrawal fee that is used to validate transactions on the Blockchain.
Pros
- Ensures fairness and security by preventing smaller investors from being crowded out by more prominent investors
- Limits the damage that a data breach or platform hack could cause
- Offers complete decentralized trading
- Doesn’t charge any hidden trading fees
- Offers up to 200x leverage with margin trading in BTC and ETH
Cons
- Doesn’t feature Live Support option for user assistance
- Spot Trading and NFTs marketplace is not available as of 2023
For more information on how to use Kine Protocol click here
Comparing Non-KYC Crypto Exchanges
All the Non-KYC exchanges discussed above has some pros and cons. In order to help you make informed decisions about which exchange suits you the most, we have created a comparison table below that highlights the major potential pros and cons associated with each platform.
| Exchange | Security | Withdrawal Limit | Pros | Cons |
| BingX | High | 100,000 USD | Offers Low fees and fast transactions | Limited selection of cryptocurrencies for trade |
| Bitget | High | 50,000 USD | Exclusive Copy Trading Option and low fee for Future Contracts | Low Liquidity in Spot |
| BKEX | High | 2 BTC | Innovative trading engine | Higher withdrawal fees |
| Gate.io | High | 100,000 USD | Wide variety of cryptocurrencies | Low Liquidity and unavailability in some countries |
| Kine Protocol | High | No Limit | Up to 200x Leverage | No data about platform dev. is available |
What is KYC?
Know Your Customer, or in short KYC, is a customer regulatory system set up by financial organizations to ensure the legitimacy of business and comply with traditional governmental laws in order to prevent any kind of illegal activities, such as money laundering, terrorism funding, and drug dealing.
With KYC, platforms keep track of their users‘ financial information to monitor their transactions and report any suspicious activities to relevant authorities.
How KYC Works in Crypto
In crypto, it typically involves submitting personal identification documents like a government-issued ID, Passport, Utility Bill, Bank Statement, and proof of address.
Some platforms even require a selfie or a video call to verify the customer’s identity.
Once the necessary documents are submitted, then exchanges perform a background check to ensure that customer data is legal and was not used in illicit activities.
Why KYC is Unnecessary?
When it comes to crypto specifically, many experts believe that KYC is an unnecessary process. Below are some of the common reasons why.
Decentralization
As you all know, one of the important base points of cryptos, in general — which helped it gain a lot of traction amongst investors across the world — is its decentralized nature. This gives blockchain participants a surety that government institution or banks don’t control the crypto industry. On the other hand, with KYC, users are giving control of their assets to the exchanges or regulators, which goes against the fundamental idea of a decentralized financial system.
Potential for Abuse
Personal information collected from users during KYC may be mishandled, sold to third parties, or exposed through data breaches. This put traders’ privacy and financial security at risk.
Accessibility
Accessibility is another issue as it can limit access for people who lacks formal identification documents or those in countries with strict capital controls. This leads to excluding a significant portion of the global population from investing in the crypto market.
Benefits Without KYC
Financial Freedom
With it, users can enjoy financial freedom because non-identity verification exchanges don’t require identity proof in order to participate in crypto trading, allowing seamless cross-border dealing. With it, investor can maintain their privacy and avoid potential censorship from centralized authorities.
Transparency
Blockchain technology ensures transaction data is publicly available, while the lack of central authority minimizes the chances of manipulation or fraud, hence leading to a more transparent financial structure.
Security
Non-KYC platforms offer better protection by minimizing the risk of personal data breach, since no personal information is required. With that, users are less vulnerable to identity theft or other forms of financial fraud.
Cost Reduction
By avoiding the expenses associated with KYC compliance, Non-KYC platforms can offer lower fees and faster transaction times. This makes them more attractive to investors seeking cost-effective and efficient trading platforms.
FAQs
Which Crypto Exchanges can I use without KYC?
There are plenty of Crypto Exchanges available that allow trading without fulfilling complex Know-Your-Customer Verification. Some well-liked Non-KYC exchanges include BingX, Bitget, BKEX, Gate.io, and Kine Exchange.
What is KYC, and how does it work in crypto?
KYC (Know Your Customer) is a regulatory framework used to reduce money laundering, terror financing, and other illegal activity. In crypto, Know-Your-Customer usually involves collecting personal information such as name, address, and proof of identity from users before they can access services provided by the platform.
Why is KYC unnecessary, and what are the benefits without KYC?
According to experts, there are several reasons why KYC is needless as it can lead to potential privacy risk and data breach, and limit user’s access in countries with restricted financial service. Non-KYC exchanges offer multiple benefits, including financial freedom, transparency, security, and cost reduction, making it an attractive alternative for traders seeking a more flexible trading experience.
