Best No KYC Crypto Exchanges May 2024 (2024)

Our crypto tax professionals have researched and identified the best no KYC crypto exchanges available to buy crypto with no kyc.

See our choices of the best crypto exchanges and apps generally for alternatives. Centralized exchanges often offer no KYC as a starter option, with increasing levels of verification to unlock additional features and higher withdrawal limits.

Here are our top three choices for those who opt to use a centralized, no KYC crypto exchange, followed by a complete list of our top picks with reviews (including a P2P Bitcoin trading option).

Here are our crypto tax professionals’ picks of the best no KYC crypto exchanges available on the market today. Note that these exchanges may or may not be available or legal to use in a given region, and again, we generally do not recommend centralized no KYC exchanges.

In our quest to buy crypto with no KYC, Phemex stands out as a top contender and is one of the best crypto exchanges without KYC available to users. Phemex features strong security measures and a clean security record.

It allows traders worldwide to trade without KYC verification, making it accessible to a broad audience while maintaining a high daily withdrawal limit for unverified users.

Phemex's commitment to anonymity and strong security makes it a standout choice for crypto users who prioritize safety. However, Phemex is unavailable in the US, Canada, Hong Kong, South Korea, and several other regions.

Changelly notably accepts users from around the world as an alternative to Phemex for users in regions where Phemex is unavailable.

When it comes to finding a no KYC crypto exchange with the lowest fees, Changelly is a top pick. Changelly's straightforward email-based signup process caters to beginners, making it an excellent option for those who want to get started in the crypto world without much hassle.

While KYC is required for advanced features, the platform offers access to fiat-to-crypto trading, allowing users to convert fiat currencies into cryptocurrencies. While the focus here is on user-friendliness, consider that lower fees often come with certain trade-offs in terms of features and services.

Looking to calculate your crypto profit? Try our free crypto profit calculator.

For beginners venturing into the world of cryptocurrency trading without the need for KYC verification, Changelly stands out as a top choice. Its easy signup process, requiring only an email address, makes it incredibly accessible for newcomers to the crypto space. Changelly allows beginners to dip their toes into crypto trading.

While KYC becomes necessary for advanced features, Changelly's simplicity and fiat-to-crypto trading options make it a useful starting point for those new to cryptocurrency. Changelly is also available to users globally, unlike Phemex.

Yes, the IRS requires that all cryptocurrency transactions, including those on no KYC platforms, are subject to tax reporting. Anonymity on these exchanges does not exempt users from tax obligations. Failure to report can result in penalties or legal consequences.

To comply, users should keep detailed records of all transactions, noting dates, amounts, and cryptocurrency types. Accurate record-keeping ensures proper tax reporting and helps avoid IRS issues.

How TokenTax can help

TokenTax simplifies crypto tax reporting by offering comprehensive services that track and organize all your cryptocurrency transactions. Our robust software integrates with various exchanges, including no KYC platforms, to automatically import and categorize your trades.

Phemex is our top recommendation for the best no KYC crypto exchange. It offers a combination of anonymity, accessibility for traders worldwide, and strong security measures and stands out as our pick for the best crypto exchange without KYC.

Phemex's daily withdrawal limit for unverified users, impressive security record, and broad accessibility make it a standout choice.

However, it's essential to consider individual preferences and needs when selecting a no KYC exchange, as each option has its unique strengths and trade-offs. For users in regions where Phemex is unavailable, we recommend Changelly as an alternative.

Here are answers to frequently asked questions about the best no KYC crypto exchanges, crypto exchanges without KYC, and more.

Which is the best crypto exchange without ID verification

The best crypto exchange without ID verification can vary depending on your needs and preferences. Changelly, Phemex, and MexC are top choices for those seeking exchanges without ID verification requirements. These exchanges offer a range of features and services, making them suitable for different trading styles and goals.

What is a crypto exchange that has no KYC?

A no KYC crypto exchange permits users to transact without undergoing KYC verification. KYC stands for "know your customer," which refers to a set of standards and regulations enabling financial institutions to verify the identity of their customers. KYC laws exist to ensure transparency and security within the financial sector and compliance with tax laws.

What are the different types of crypto exchanges?

There are primarily two categories of cryptocurrency exchanges: Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs).

CEXs operate much like traditional stock exchanges and brokerages. They are subject to regulation by a single governing authority that oversees all transactions and user accounts.

DEXs function on a distributed ledger infrastructure and enable trading without central authority. Users maintain full control over their digital assets and keys, ensuring heightened security and privacy.

What are the downsides of having a crypto exchange without ID verification

Neglecting or underestimating the importance of regulatory compliance can be a significant downside for no KYC exchanges. Crypto exchanges must understand and adhere to legal and regulatory requirements in their jurisdictions.

Can I use crypto without KYC?

Yes, it is possible to use crypto without KYC. We do not, however, recommend it. Trading on a non-KYC exchange carries several risks, including fees, lack of liquidity, and security issues.

Which crypto payment gateway has no KYC?

Blockonomics is a crypto payment gateway that supports Bitcoin Cash and accepts Bitcoin payments with a decentralized exchange model. You can set this up in under five minutes and provide a checkout experience integrated with your site's design.

Is it illegal to buy crypto without KYC?

The legality of buying crypto without KYC depends on the jurisdiction and local regulations. These regulations can change year over year, as well. It's crucial to stay aware of and comply with the legal requirements in your location.

What is the best crypto app without verification?

Phemex and Changelly are our top recommendations as the best crypto apps without verification requirements. Phemex combines anonymity, global accessibility, and thorough security with a substantial daily withdrawal limit for unverified users, while Changelly offers a reliable platform globally.