7 Altcoin Exchanges To Start Trading On Without KYC & AML
Start Trading On Without KYC & AML
- Are you interested in buying altcoins without getting into the hassle of answering questions?
- Tired of going through the KYC process over and over again on crypto exchanges?
- Are you looking for options to evade the haggling KYC & AML processes?
If you are, you have come to the right place.
I am going to tell you about a few altcoin exchanges that allow you to trade without going through the KYC and AML check. Not only this, there are no withdrawal or deposit limits to stop you from buying/selling bags of altcoins.
Needless to say, this will be the norm once the decentralized exchanges increase their market share, which I think is going to take a while.
Until then, we can use these services, some of which are centralized and some of which are decentralized, to avoid KYC and AML to protect your privacy.
7 Altcoin Exchanges Without KYC & AML
Changelly, a centralized cryptocurrency swapping service, which does not push you to complete the KYC or AML in order to use its services.
There is no ID verification registration that you need to do for using their services. For enhanced security, you can even use this service with a VPN.
This method, however, requires you to have supporting altcoins like LTC/ETH/DASH etc to exchange for BTC or any other supporting currency. If you have altcoins, you can buy Bitcoins in seconds with no verification using Changelly.
BitShares is decentralized exchange based on graphene blockchain technology.
As it is a decentralized exchange, there is no need for any verification, KYC or AML, before using this service.
Opening an account on BitShares is quite easy as it doesn’t require any registration or KYC to start with. The only thing that you need to take care of is your login password and username because that is what will help you in case something goes wrong.
Your password will look something like: P5KSgr3tMUE4vLo9uwWJScsD5sQYg6BLa7QCT3e9XTe6C
The volume at the time of writing on this exchange is 1900 BTC which is fairly decent for a decentralized exchange with no AML or KYC.
CryptoBrige is another decentralized exchange which has come up only recently.
Being a decentralized exchange means this too doesn’t require any AML or KYC. They also have their native token called BCO which you can hold and stake to receive bonus rewards from the CryptoBridge exchange. If you want to deep dive into BCO and CryptoBridge, read this detailed guide on CryptoBridge DEX.
The login process is quite simple where you simply need to select a unique username post which a cryptographic password will be generated automatically which you need to note down and keep safe.
The password will look something like: P5K19WQQp1WWtWQjXwDA2cmPpoyqJhcCfhqYQt5TFC4tW
The volume at the time of writing on this exchange is 201 BTC which is not a bad number for a decentralized exchange with 56 cryptocurrencies/crypto assets pairs listed on it.
Bitmex is another centralized exchange which doesn’t require you to undergo AML and KYC for deposit and withdrawals.
When you use the Bitmex exchange, you need not worry about liquidity because it has a humongous volume of over 126,000 BTC with a ranking in top 10 on CMC.
BitSquare is a peer-to-peer marketplace for cryptocurrencies like BTC, ETH etc. It is a fully decentralized exchange which requires no name, email ID or verification so there is no question of KYC or AML.
Also, your privacy is secured because it uses Tor and doesn’t hold fiat or bitcoins on their servers or in their account. Currently, it supports 126 cryptocurrencies (including BTC) and is available on Windows, Mac, and Linux platforms. The trade volumes, however, are low.
The volume at the time of writing on this exchange is 4 BTC with 11 cryptocurrencies/crypto assets pairs listed on it.
Here is an introductory video on Bitsquare:
EtherDelta is an altcoin exchange only for Ethereum based tokens also know as ERC 20 tokens.
It is also a decentralized exchange so there are no deposit or withdrawal limits or any requirement of AML or KYC.
The volume at the time of writing on this exchange is 1308 BTC with 335+ cryptocurrencies/crypto assets pairs listed on it.
Note: Do not leave your cryptos on EtherDelta’s contracts. Instead, you can use this exchange safely without worrying about hacks via Ledger Nano S (Link Ledger Nano S & EtherDelta Article)
IDEX is the most advanced decentralized exchange for Ethereum-based tokens.
It has gas-free cancels and limit orders which you will not find in EtherDelta. Being a decentralized exchange means that one doesn’t need to go through AML or KYC verification for trading on it.
To get started on IDEX, you can simply create a new account and save your private keys offline and also use this exchange in tandem with Ledger Nano S without the fear of getting hacked.
The volume at the time of writing on this exchange is 590 BTC with +100 cryptocurrencies/crypto assets pairs listed on it.
I think not requiring AML and KYC will become more mainstream this year because a lot of decentralized exchanges are in the pipeline which may put the centralized exchanges under pressure to get rid of the KYC requirements.
Also, having AML and KYC goes against the basic tenant of decentralized currencies which is why we are witnessing the unprecedented development of decentralized infrastructure which is putting privacy at the forefront.