You must have read a lot about cryptocurrency wallets and exchanges. Besides this, you must also be familiar with KYC (Know Your Customer) and the cryptocurrency exchanges which allow it. But today, we are going to let you know about those cryptocurrency exchanges where there is no need for KYC. These are those exchanges which can be accessed without risking your identity and personal documents. But apart from it, you need to be careful while using these non-KYC cryptocurrency exchanges.
What Is KYC?
For those who are unaware of the actual role of KYC (Know Your Customer) legislation, let us tell you that it asks businesses for the verification of the individual identities with the help of their service, to know about the whereabouts of money transmission. Virtual currencies are also included in it. Now the enforcement of KYC is applicable in crypto exchanges. But KYC is not that a mandatory part, which is necessary to be included in the cryptocurrency exchanges for trading. There are many exchanges, which do not require KYC at all and legally runs without it, neither they comprise any official headquarters, landing them into trouble of legal obligations.
Now if you observe about those exchanges which are KYC friendly, then you will find that they ensure about customer’s security and helps in rectifying hacking whenever something goes wrong. But that does not mean to look KYC-free cryptocurrency exchanges with suspicion. They too are reliable. A trader must take the onus to choose a cryptocurrency exchange having a reputation.
Also, you don’t need to fall in the wrong notion about KYC-free exchanges to be used by deceitful minds for unlawful motives. Rather, you will surprise to know that various traders prefer these exchanges as they don’t believe in KYC’s need, which is not 100% safe. They think it is the best platform for hackers. If privacy is your main priority and wants your details safe from the prying eyes of criminals, then it is better to tick on those platforms, where you can claim your right for cryptocurrency trading without fear. So if you want to know about those cryptocurrency exchanges which don’t rely upon KYC, then here are those exchanges:
Binance ranks among the world’s best cryptocurrency exchanges. It does fall into the category among those exchanges which do not use KYC. But there is some caution involved in it. Firstly, the trading must be done by citizens of the U.S. on Binance US, associated with KYC. There are some indications when Binance might move to complete KYC at some point, where it is obliged to follow many jurisdictions on which it functions. But there is a possibility to access spot trading without KYC need, and withdrawing of 2 BTC per day becomes possible.
There is much beyond Bitcoin.com exchange than merely limited to signing up without KYC. The trading pairs of BCH, SLP tokens, and other important assets that cannot be found in other platforms are featured in the Bitcoin.com exchange. The brand of Bitcoin.com exchange is of much value, which makes it worthier than its KYC-free cryptocurrency exchange platforms in the market.
Coming on to the next cryptocurrency exchange which finds no need for KYC is Nominex. This platform fares better in faster trading, modern bidding tools, and also minimal fees. It facilitates depositing 3 BTC a day and can also be withdrawn without the KYC requirement.
Coming on to next is Kucoin. Now, this cryptocurrency exchange is a bit different from its counterparts. The above-mentioned exchanges run without the need of KYC, but this exchange is partially associated with KYC. Now there is a specific reason behind it, which says that traders are not allowed for the completion of verification, till the time there is a matter of suspicion. Just like one of the cryptocurrency exchanges above, Kucoin has also moved into a crypto firm that provides a vast range of services, functioning under several subdivisions. Besides liquidity, which can be much better, Kucoin fares in other aspects. It is simple to use and features numerous token, that you won’t find in other big exchanges.
Being a newbie trader, you are advised to follow DYOR (Do Your Research), instead of taking any hasty decision by signing up for a cryptocurrency exchange. Be smart in reading reviews, understanding its policies, and acknowledging the exchange platform from multiple countries, and analyzing the customer support of its quality. It is applicable for all cryptocurrency exchanges that work without KYC. Besides this, you should be deposit as per your trading needs. The remaining stack could be kept in a noncustodial wallet. In the end, we would again like to suggest you practice safe trading, staying away from spying exchanges to keep your identity private, and follow breaking crypto news.
There are cryptocurrency exchanges like Kucoin, Binance, Nominex and Bitcoin.com which don’t find any mandatory use of KYC. But better do your own research.
Primary keyword: Cryptocurrency exchanges