One of the main points of appeal when dealing with cryptocurrencies is the fact that they allow anonymous transactions. However, to make the world of crypto a lot more accessible, many centralized cryptocurrency exchanges have made it mandatory for users to complete know-your-customer (KYC) procedures, which in the eyes of many privacy-conscious investors, defeated the initial purpose and appeal of crypto.
That said, there are still platforms out there that will allow you to trade cryptocurrencies anonymously, and today we’ll go over which ones are the best.
Top 3 Best Anonymous Crypto Exchanges
If you are the type of person who does not want to give out their identity yet wants exposure to the cryptocurrency market, these are the best options for you.
Paxful is essentially this online marketplace that lets buyers and sellers of cryptocurrencies meet up online and trade their coins. It offers a wide range of payment methods and buying options, but best of all, it has four verification levels, all of which differ in terms of their limits. In other words, you will only need to verify your ID as soon as your account reaches a total lifetime wallet or trade volume of $1,000 worth of Bitcoin. Otherwise, you do not have to submit any documentation.
Bisq is an exchange founded in 2014 to keep the original spirit of cryptocurrencies alive. In other words, it intends to let traders trade without needing to verify their accounts. Instead of going through a website, users just need to run an app to trade on this platform. Due to the fact that it is peer-to-peer (P2P), users do not need to verify anything on the platform, and neither does it store any crypto on their servers.
Binance is by far one of the largest centralized cryptocurrency exchanges out there, which offers many trading options. It supports a wide range of cryptocurrency assets; however, it also features a peer-to-peer (P2P) trading platform. Binance was founded in 2017 by software developer Changpeng Zhao. Binance lets users create accounts, use basic functions, and perform limited transactions without completing KYC.
What is the best anonymous crypto exchange?
Bisq is one of the best anonymous cryptocurrency exchanges on this list, as it is specifically designed to keep the original spirit of cryptos alive. Users do not have to submit any documentation in order to use the platform, and it’s all peer-to-peer (P2P) based.
Is Binance anonymous?
Binance can be anonymous if a user is okay with the limits. In other words, users can create accounts, use the basic functions on the exchange, and perform limited transactions without needing to submit any KYC; however, in order to gain full access and increase higher deposit as well as withdrawal limits, they will need to complete the KYC verification process.
Is Kraken anonymous?
There are multiple account levels available on the Kraken cryptocurrency exchange. These range from Starter, Express, Intermediate, and Pro. In the Starter package, users need to provide their email, full name, date of birth, phone number, and a physical address to use the platform, to begin with. That said, Kraken, as a result of this, is not an anonymous exchange and not recommended for users who want to keep their anonymity.
If the main point of appeal for cryptocurrencies in your case has been the level of anonymity surrounding the transactions, and the fact that nobody has to know who you are or how much crypto you have on your account, hopefully, now you have a heightened perspective as to how that can be achieved through the usage of the aforementioned exchanges.