KYC (Know Your Customer) laws and regulations have been enacted in many countries around the world, including the United States, Canada, the United Kingdom, New Zealand, and Australia, to prevent banks and other financial institutions from being used by criminals for money laundering activities.
Best Anonymous Cryptocurrency Exchanges that Do Not Require KYC Verification
If you are looking for an exchange that does not require stringent KYC verification, we highly recommend Binance, the world’s largest crypto exchange. These accounts are ideal for inexperienced investors who want to own a small amount of cryptocurrency.
With an unverified account, you can withdraw up to 2 BTC per day; all you need is an email address.
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Many cryptocurrency investors were surprised to learn that these laws and regulations also apply to cryptocurrency exchanges. In practice, this often means that withdrawing money from an exchange with KYC verification is far more difficult and time-consuming than sending money to the exchange. Such transactions frequently necessitate the submission of two or more pieces of personal identification, and the submission does not guarantee verification.
If you intend to cash out your cryptocurrency investment in the near future or would prefer to keep your personal information private, we have compiled a list of the top 5 anonymous cryptocurrency exchanges that do not require KYC verification and would be delighted to do business with you in 2018.
With over 6 million users, this relatively new Hong Kong-based exchange has recently surpassed Bittrex as the most popular cryptocurrency exchange in the world, with a 24-hour trading volume of $4 billion.
Binance is led by Changpeng Zhao, who is known for his unwavering pursuit of innovative features such as the creation of the Binance Coin (BNB) token on the Ethereum blockchain to provide a 50% reduction in fees, as well as a daily withdrawal limit of up to 2 BTC worth of cryptocurrency for users with basic verification. To make the exchange even more appealing, Binance offers its users the opportunity to earn BNB tokens and other rewards by referring new users to the platform.
Kraken, a well-known cryptocurrency exchange based in the United States, released its official iOS app in 2014. The app is available to all Kraken customers and allows them to trade Bitcoin and other digital assets on the exchange, read cryptocurrency news, and manage their personal account information. Unfortunately, the app hasn’t improved much since it was first released, as evidenced by its low rating of 1.3 stars out of 5. Despite the numerous negative reviews, the app covers all of the essentials, and its outdated design isn’t impossible to get used to.
Kraken has five verification tiers, numbered from 0 to 4. Tier 0 users are only required to submit their email address and can do nothing else but look around. Those who enter their full name, date of birth, country, and phone number are immediately promoted to Tier 1, which allows them to deposit and withdraw only in digital currency. Users must also provide their address to gain access to Tier 2. Tier 2 allows all users to make digital currency deposits, withdrawals, and trades, as well as fiat currency funding in certain countries.
Shapeshift differs from the previous two exchanges on this list in that it does not require you to create an account in order to use it. Furthermore, the company behind it does not collect personal information about its customers. The disadvantage of this privacy-first approach is that ShapeShift will retain all user assets unless the affected user requests a refund within 90 days of an exchange failure.
ShapeShift allows you to exchange Bitcoin and dozens of other blockchain assets in real time and at a low cost. Simply choose one anonymous cryptocurrency exchange as the input and another as the output, enter your addresses, click “I agree to Terms,” and then click the Start Transaction button.
ShapeShift’s mobile app provides the same functionality as the website, but in a smaller package that fits in your pocket.
Changelly, like ShapeShift, is an anonymous cryptocurrency exchange service that enables instant transfers from one cryptocurrency wallet to another across multiple cryptocurrencies. Changelly charges a reasonable fee of only 0.5 percent, and its dedication to protecting its users’ privacy is evident by the fact that it only requires users to submit an email address, and Changelly does not even verify whether the address is valid or not.
Although Changelly does not have its own iOS app, it is integrated into the Stratis app. With the app, you can buy and sell $STRAT with Changelly in a few clicks right on your mobile device. $STRAT is a cryptographic token that powers the Stratis blockchain and is freely traded as one of the top cryptocurrencies by market capitalization on open exchanges.
5. Bitcoin ATM
If you’re lucky enough to live in a country that is bullish on Bitcoin and other cryptocurrencies, Bitcoin ATMs may be the best way to exchange your cryptocurrency assets while avoiding KYC verification, as long as you’re willing to accept relatively high exchange fees. We recommend the Coin ATM Radar iOS app for locating the nearest Bitcoin ATM. The app is free, and it includes a comprehensive and regularly updated map of Bitcoin ATMs from various companies.
And there you have it! The 5 best anonymous cryptocurrency exchanges in 2021. I trust you have found this helpful. Do kindly leave your questions and comments in the comments section below. Thanks for your time!