Top 3 Crypto Exchanges With No KYC

Casper Brown blog August 24, 2020

Bitcoin

Top 3 Crypto Exchanges With No KYC

You sign up to a new exchange, start trading, and settle in. You start to take a liking to your digital home from home. Pretty soon, you can’t imagine trading anywhere else. Then, one day, the exchange announces that it’s going to enforce KYC across the board. You’re left with an ultimatum: undergo customer verification and the instant privacy loss this entails, or up sticks and take your custom elsewhere. After BitMEX announced that it will be enforcing KYC, many traders have elected for the latter option, and are now seeking derivatives exchanges that won’t claim their identity. Here are three of the best.

Bybit

The closest analog to BitMEX, Bybit offers the same 100x leverage and futures contracts. It’s got decent liquidity, a range of markets including ETH, XRP, and EOS all paired against USD, and a reliable trading engine that won’t go cold when the market turns hot. The main advantage that Bybit holds over BitMEX right now, however, is that it doesn’t require KYC. As a result, traders can sign up and deposit funds without worrying that hackers might steal their photographic ID, which could make them a target for home invasions and cyber attacks.

Because while many traders resent the concept of KYC and everything it stands for – loss of privacy; geographical restrictions; opaque data sharing – others are simply worried that their identity may fall hostage to hackers or intrusive government agencies. Not only is Bybit a KYC-free zone, but its security record has been impeccable to date, which augurs well. With volume now reaching $2 billion a day, Bybit also has the all-important liquidity.

BitMax

For traders seeking an all-round exchange for spot and derivatives, BitMax is a good bet. KYC isn’t mandatory, and save for a handful of the usual countries, traders from anywhere in the world are welcome to sign up. Modeled on Binance, BitMax supports staking, spot, margin, and futures trading, and has a native BTMX token for discounted fees. Its margin trading is limited to 10x leverage, but futures options extend to the full 100x. BitMax has recently earned praise for its bold listing policy, having been first to add hot new defi assets and projects leading the way for interoperability and blockchain scaling. If you like Binance but don’t want to have to undergo KYC to participate in margin trading, BitMax is worth a look.

KuCoin

Like BitMax, KuCoin is an exchange that got off to an auspicious start, at the tailend of the last bull market, lost its way for a while, and is now reinvigorated. Like many exchanges, it operates a voluntary KYC policy. In other words, you don’t have to undergo it unless you’re needing to withdraw large amounts of cryptocurrency at a time. There’s a limit of 2 BTC every 24 hours for non-verified users, which ought to be enough for most traders.

KuCoin has been first to list many of the most eagerly anticipated tokens this year, including its latest addition, DIA. There’s margin trading with 10x leverage, there are lending and staking portals, and multiple order types are supported on its spot exchange.

If your favorite exchange has started making unreasonable verification requirements, don’t suffer it indignantly: withdraw your crypto and go find a new place to play.

Author: Casper Brown
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.
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Casper Brown 304 Articles
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.
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