In the early days of the Cryptocurrency industry, it looked like KYC verification would be abolished. However, KYC in the Crypto realm has now become an unavoidable reality for the majority of consumers. If you've ever opened an account with one of the big Cryptocurrency exchanges, you've most certainly been required to complete the KYC procedure before you can make any trades. The fact that KYC may be an effective anti-money laundering tool is one of the most essential reasons for complying with it.

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What Is KYC?

The term KYC refers to 'Know Your Client' or 'Know Your Consumer.' It means the procedure of verifying a customer's identification. Identification verification implies the use of personal information that may be used to verify identity like ID card, a passport, personal bills, and so on. These ID document requirements differ according to the exchange. KYC is widely used to manage transactions, trace criminal activity, and avoid terrorist financing. Following are some of the best KYC Free Exchanges

1. Binance

It accepts all popular altcoins and allows anonymous usage. Binance is one of the leading Cryptocurrency exchanges. If your daily withdrawal limit is less than 2 BTC, you do not need to complete KYC. According to recent rumours, Binance has increased the daily withdrawal limit for no KYC customers to 2000 USDT for users who have completed basic verification. For those who want more than just spot trading, you may also access margin and futures trading on the same platform. This exchange is registered in Malta and outside the jurisdiction of the USA, China or other countries that require user data.

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2. dYdX Exchange

In terms of volume exchanged, dYdY is the biggest decentralised exchange. dYdX, which debuted in April 2019, is a non-custodial order-book DEX built on Ethereum. It is based on certified smart contracts, which provide transparency, liquidity, and security. It has collaborated with StarkWare to develop a Layer 2 protocol for cross-margined Perpetuals that dramatically scales trade by leveraging StarkWare's StarkEx scalability engine and dYdX's Perpetual smart contracts. Users can trade with no gas expenses, cheaper trade minimums, and lower trading fees. Traders often pay a maker-taker charge ranging from 0 to 0.05 percent.

3. KuCoin

KuCoin is a Singapore-based decentralised exchange. It lets you to trade over 370 Cryptocurrencies, which is one of the most diverse ranges available on Crypto exchanges. This includes its native coin, KCS, which can be used to minimise costs and gain incentives. People can trade Crypto using just an email address if the account verification step is skipped. With KuCoin, you may receive early access to projects that aren't yet on major exchanges like Binance and Coinbase, which opens up a lot of possibilities. Obtaining it is advantageous because if one of them is listed on major exchanges, its price is likely to rise. This allows you to jump in before the pump and make a lot of money.

4. Changelly

Changelly is a centralised Altcoin switching service that does not need you to complete KYC or AML in order to utilise its services. There is no ID verification registration required to use their services. You may use this service in conjunction with a VPN for further protection. This strategy, however, necessitates the presence of supporting currencies. If you have altcoins, you may use Changelly to buy Bitcoin in seconds with no verification.

5. Uniswap V3

The most well-known exchange is probably Uniswap. Because the protocol is built on top of Ethereum's blockchain, it is totally decentralised. Uniswap V3, an upgraded version of Uniswap V1, became online in May 2021. The DEX core and its peripherals are now incorporated into a binary system of smart contracts in the most recent version. Uniswap's distinguishing characteristic is that it is not just a trading platform, but also a DeFi ecosystem with hundreds of programmes and protocols that allow users to trade, earn, and vote.

6. CoinEx

Its characteristics include the ability to trade on margin and perpetual contracts. CoinEx is a no-knowledge-of-you exchange. There are hundreds of Cryptocurrencies and tokens available on the platform, including its own currency, the CET. Lower commission costs arise from trading with the Cryptocurrency. Large trade volumes are rewarded with favourable terms on CoinEx. Without KYC, withdrawal costs for CoinEx are $10,000 every 24 hours, however with KYC, withdrawal fees are $1,000,000.

7. 1InchExchange

1InchExchange is possibly the greatest non-KYC exchange for ERC20 tokens. This DEX aggregator has aggregated Uniswap, Sushi, and other decentralized exchanges. If you want to trade without KYC, you can connect to 1InchExchange using Metamask or any other wallet that supports Crypto wallets.

Disclaimer - The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.