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.
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/DASHetc to exchange for BTC or any other supporting currency. If you have altcoins, you can buy Bitcoins in seconds with no verification using Changelly.
Use ShapeShift Now
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 doesnt require any registration or KYC to start with. The only thing that you need to take care 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
Thevolumeat the time of writing on this exchange is 1900 BTC which is fairly decent for a decentralized exchange with no AML or KYC.
Use OpenLedger Dex Now
CryptoBrige is another decentralized exchange which has come up only recently.
Being a decentralized exchange means this too doesnt 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 safely.
The password will look something like:P5K19WQQp1WWtWQjXwDA2cmPpoyqJhcCfhqYQt5TFC4tW
Thevolume at the time of writingon this exchange is 201 BTC which is not a bad number for a decentralized exchange with 56 cryptocurrencies/crypto assets pairs listed on it.
Use Crypto Bridge Dex Now
How to Stake BCO on CryptoBridge Decentralised Exchange [Tutorial]
Bitmex is another centralized exchange which doesnt require you to undergo AML and KYC for deposit and withdrawals.
Despite it being a predominantly BTC exchange, you will also find some altcoins like DASH, Cardano, Bitcoin Cash, Ethereum, Ethereum Classic etc.
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.
5.Bisq (aka BitSquare)
BitSquare is a peer-to-peer marketplace forcryptocurrencieslikeBTC, 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 doesnt hold fiat or bitcoins on their serversor in their account. Currently, itsupports 126 cryptocurrencies(including BTC) and is available on Windows, Mac and Linux platforms. The trade volumes, however, are low.
Thevolume at the time of writingon 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 only drawback of this exchange is the speed as everything you do on this exchange is smart contract-powered and requires you to pay GAS price.
Thevolume at the time of writingon this exchange is 1308 BTC with 335+ cryptocurrencies/crypto assets pairs listed on it.
Note: Do not leave your cryptos on EtherDeltas 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 doesnt 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.
Thevolume at the time of writingon 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.
Well, that is all from my side.
Now it is time to hear from you: If you know more altcoin and cryptocurrency services that dont require AML & KYC, share it with us in the comment section below.
Some hand-picked articles for further reading onCoinSutra:
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