5 Best Crypto Exchanges Without “KYC”?

What does mean KYC?

KYC does exactly what is expressed in the English phrase of this concept (Know Your Customer); Knowing customers. Since money laundering and terrorist financing issues have become prominent in global forums, financial service providers have become more persistent and rigorous in identifying their users. Knowing the nationality and geographical location of users is one of the ways to know their identity.

KYC allows users to claim ownership of their assets, regardless of the institutions’ monitoring of individuals’ financial transactions and operations. Once you complete the authentication process on a platform, the full ownership of the account will belong to you.

Advantages of KYC in cryptocurrency exchanges:

Increased trust: KYC can help increase trust between the exchange and its customers.

Increased security: KYC can help increase the security of user accounts in exchanges.

Access to more services: Some exchanges offer access to more services such as margin trading, lending, and staking only for KYC users.

Disadvantages of KYC in cryptocurrency exchanges:

Loss of privacy: Some users may not be comfortable sharing their personal information with exchanges.

Complicated process: The KYC process in some exchanges can be complicated and time-consuming.

Access restrictions: In some cases, exchanges may not provide services to users from certain countries due to laws and regulations.

I strongly suggest you to complete the identity verification process in your exchange, but if you are unable to do so, you can do it in exchanges that have not made KYC official and mandatory, taking into account the aforementioned risks do the trading. I will introduce some of them below.

1. BingX

BingX Exchange was founded in 2018 and is a trading platform formerly known as Bingbon. This platform is known as the largest exchange in the field of social trading. It offers users a wide range of trading options, including cash, futures and copy trading services. This service is available for more than 100 countries worldwide.
If you are also into copy trade, you can benefit from the copy trade services of Bing X exchange.

2. CoinEx

CoinEx is a popular online platform that provides a safe and efficient way to trade cryptocurrencies. Founded in 2017, CoinEx has gained a reputation in the cryptocurrency community for its user-friendly interface, advanced trading features, and commitment to maintaining high security standards. The headquarters of CoinEx is also located on the island of Seychelles. This island, which is located in Africa, does not have any legislation to operate in the field of cryptocurrencies.

3. Changelly

Changelly is a powerful and reliable exchange among cryptocurrency exchanges, where the process of buying and converting currency is done instantly and does not require authentication. Another advantage of Changelly site is providing the best exchange fee rate in the market. This exchange is actually a robot that interacts with major global exchanges. After registering the request in the shortest time, this robot registers the purchase and sale requests in these exchanges, then selects the best available price and shows it to the user.

4. LBank

LBank Exchange is a digital currency buying and selling platform that was established and launched in 2015. The head office of this company is located in Indonesia and provides services to almost 200 countries of the world. The important feature of this exchange is the presence of spot, futures and ETF trading markets. Also, LBank exchange supports more than 450 cryptocurrencies.
According to our latest inquiry, this exchange still does not require KYC and users can operate without authentication in LBank. However, in the Policy Risk section of this exchange, it is written that the legislation and policies of different countries are subject to change and this issue can affect the users of those regions.

5. CoinLocally

CoinLocally Exchange is a newly established cryptocurrency trading platform launched in 2022. According to the information provided on the website of this exchange, the head office of this platform is located in Armenia.