Cryptocurrency exchanges without verification : a list of the top 20 cryptocurrency exchanges without verification and identity verification
Cryptocurrency exchanges differ from each other in many ways, one of which is the presence or absence of verification, identity confirmation. Some users prefer to remain anonymous, some simply want to start trading as quickly as possible, without wasting time waiting for confirmation from the exchange administration.
Cryptocurrency exchanges without verification are online platforms for trading, exchanging digital assets without having to go through the identity verification procedure (without KYC, AML). On decentralized exchanges (DEX) there is no verification procedure at all – you can trade anonymously on any of them.
The Btcnewsweb.com editors have compiled a list of the most popular p2p platforms and exchanges that do not require verification:
|Crypto exchange name||Verification||Fiat gateway||Markets|
|Binance||Optional for withdrawals up to 2 BTC in 24H. When working with fiat, verification is required.||Yes||Spot, derivatives, p2p|
|Payeer||Withdrawal limit for unverified accounts is $ 2000 per day||Yes||Spot|
|CryptoLocator||Verification is not required for a trade turnover of up to EUR 10,000||Yes||P2P|
|LocalBitcoins||Verification is not required for buyers with a turnover of up to 1000 euros||Yes||P2P|
|PaxFul||With a turnover of up to $ 1500, verification is not required (only email and phone number)||Yes||P2P|
The data in the table are given as of 11/02/2020. When legislation changes regarding the regulation of cryptocurrencies, exchanges can introduce mandatory verification or cancel it. We periodically update the information, but for current questions about verification, always look at the official website of the cryptoexchange.
- 1 What is verification and what is it for
- 2 Verification stages
- 3 Cryptocurrency exchanges without verification
- 3.1 Bitmex Exchange
- 3.2 Binance Exchange
- 3.3 Livecoin exchange
- 3.4 CREX24 Exchange
- 3.5 p2p exchange Bitpapa
- 3.6 p2p-exchange Cryptolocator
- 3.7 Bybit Exchange
- 3.8 StormGain Exchange
- 3.9 Yobit Exchange
- 3.10 p2p exchange LocalBitcoins
- 3.11 OKEx Exchange
- 3.12 FTX Exchange
- 3.13 Payeer Exchange
- 3.14 Exchange BTC-alpha
- 4 Questions and answers
- 5 Conclusion
What is verification and what is it for
Technologies are developing, gradually removing traditional barriers of distance and language, opening up a world of unlimited economic opportunities. But at the same time, doing business, in particular in Europe, becomes riskier. The authorities put pressure on companies to identify and analyze with whom they do business – this is necessary to reduce the threat of financial crime and terrorism.
This pressure has led to the creation of certain regulatory rules: methods of determining the identity of the customer – Know Your Customer (KYC), directives against money laundering (AML).
Legislation may vary slightly in different regions, but the basic requirements are similar. Any organization doing business internationally must comply with the KYC standards of the jurisdictions with which it does business. Gradually, compliance with KYC and AML requirements is becoming the norm, even in those industries that traditionally did not require it.
Nevertheless, cryptocurrency exchanges understand their users’ penchant for anonymity, because this is one of the meanings of cryptocurrency. Therefore, many of them relaxed the rules, forcing only large clients working with large amounts of money to undergo verification. The rest can freely use the functionality without disclosing confidential information.
Fifth EU Anti-Money Laundering Directive (AMLD5)
The directive entered into force on January 10, 2020. The EU frequently updates legislation to combat the financing of terrorism and money laundering, and one of the most recent major updates is AMLD5. It includes quite a few different changes, but we will focus only on those that are important for cryptocurrency exchanges:
✅ The platforms must be registered with the financial supervisory authorities of the country to which they belong (for the UK – FCA, for Germany – BaFin, etc.).
✅ All exchanges, exchangers, crypto banks, wallets and other cryptocurrency service providers must comply with the KYC / AML rules, as they are recognized by the same financial institutions as traditional banks.
✅ Platforms must track every transaction and report suspicious transactions to the authorities.
✅ Platforms must maintain a register of users and their cryptocurrency addresses so that supervisors can find out at any time who owns the wallet.
As you can see, the rules have become much stricter compared to the directive from 2017, and they are maximally aimed at disclosing the privacy of cryptocurrency holders.
In connection with this directive, almost all popular crypto platforms operating in EU jurisdictions have introduced mandatory verification. And some have changed their place of registration – for example, Deribit legally “moved” to Panama from the Netherlands.
Verification on the exchange almost always includes the following steps:
- Identity verification. This includes filling out passport data, full name, information about the place of registration. For confirmation, you need to upload a scan of your passport or other identity document (only the original).
- To confirm that the passport really belongs to the user, they are also asked to upload a selfie with the document. The face and passport data must be clearly visible on it. Any processing of scans or photographs is not allowed.
- Often, the exchange also requires proof of residential address. To do this, you need to download a scan of one of the following documents (issued no earlier than 3 months before the current date): tax documentation, receipt for utility services, bank statement, certificate of registration. The document must show the home address, as well as the full name.
- Bank card verification is also often required on those crypto exchanges that work with fiat (for example, EXMO). It is necessary to send a selfie with a card or just a photo of it so that the name on the card matches the name specified during identity verification, and the first six and four last digits are visible. It is not necessary to show the expiration date and the three-digit CVV code, you can cover it up with something.
After sending all the information, the waiting time can take from several minutes to several days, depending on the site and the workload of operators. Successful completion (or failure) is notified by email. If verification was denied, the reason will be given. Having eliminated it, you can try again, but the number of attempts per day is usually limited.
Cryptocurrency exchanges without verification
Below is a list of cryptocurrency exchanges where you can still freely trade without verification, if you do not exceed certain limits.
Bitmex exchange for trading cryptocurrency derivatives with leverage up to 100x. Perpetual contracts and futures are available for Bitcoin and multiple altcoins. Bitcoin is referred to here as XBT, not BTC, and the main contract is BTCUSD. Withdrawal of funds from the site is carried out only after two checks from specialists for suspicious activity; thus, the likelihood of theft of funds is minimized.
✅ Verification is not needed, full functionality is available without it.
✅ Identity confirmation may only be required in individual cases. For example, if you want to reset two-factor authentication.
✅ There are no restrictions for unverified users to withdraw, deposit or trade.
Binance exchange for leveraged spot and futures trading. It has been developing rapidly since 2017 and is currently considered the largest cryptocurrency exchange in terms of trading volume and number of users. Works with all popular and many rare cryptocurrencies / tokens, also supports several popular fiat currencies, including the ruble.
✅ Verification is optional.
✅ For unverified users, the daily withdrawal limit is 2 BTC.
✅ After verification, you can purchase cryptocurrency for fiat from a bank card.
Livecoin is a cryptocurrency exchange that works with fiat currencies and is on the list of leaders in terms of trading volumes. Conveniently, you can withdraw money to all popular e-wallets and bank cards. All funds on the user’s balance are stored in cold wallets. The site is distinguished by an impressive number of currencies and trading pairs (over 760).
✅ Verification is not required.
✅ Previously, such a function was, but was not required – with its help it was possible to open the possibility of withdrawing to a bank account and contact technical support. Now the verification has been removed altogether.
Cryptocurrency exchange with the ability to deposit and withdraw in fiat. Offers low commissions both for withdrawals (from 1%) and for trading (from 0.06% of the transaction amount). CREX24 is one of the exchanges that add to the listing not only top, but also rare cryptocurrencies and tokens that seem promising to it.
✅ Verification is optional for non-EC clients.
✅ A verified user is able to withdraw money in fiat (to bank cards, e-wallets such as Yandex or Qiwi).
p2p exchange Bitpapa
Bitpapa is a peer-to-peer service for buying and selling cryptocurrency without intermediaries. Works with Bitcoin and Ethereum, as well as USDT stablecoin. Almost all popular payment systems and large banks are used as payment methods. Internal transfers, like the transactions themselves, are not subject to commission.
✅ There is no mandatory verification.
✅ You can verify your phone number to open more available ads.
✅ Some sellers request documents from the counterparty to be sure of his honesty. As a rule, scans of documents, selfies with them or a bank card from which you plan to transfer funds are requested. But when exchanging small amounts, this usually does not happen.
Cryptolocator is another p2p marketplace that works with Bitcoin and Ethereum. There is a fully functional mobile application, Telegram bot. The exchange is carried out as quickly and simply as possible, the commission on transactions is 1% from the creator of the ad. There is no commission for a deposit, for a withdrawal – 0.00015 BTC or 0.00084 ETH.
✅ Verification is optional.
✅ Some ad creators indicate that they only want to work with verified users. Thus, verification expands the list of available ads.
✅ In addition, identity verification removes the € 1,000 limit on transactions.
✅ Verification to CryptoLocator is very simple and requires only uploading a scan of your passport without a selfie or confirming your address.
Bybit exchange specializes in trading cryptocurrency perpetual contracts. Contracts using Bitcoin, Ethereum, EOS, Ripple are available, leverage up to 100x can also be used in trading. The powerful core of the system allows processing up to 100,000 transactions in one second. There is a $ 10 welcome bonus for new users.
There is no account verification on Bybit, all functions and limits are open to any registered user.
StormGain is a platform that allows you to trade cryptocurrencies and futures contracts with leverage up to 200x. It attracts with low commissions for withdrawing funds and replenishing an account, a cumulative system of discounts on trading commissions. You can replenish your account from a bank card, but, unfortunately, not in Russian rubles.
Identity verification is not required.
The Yobit spot exchange offers a wide variety of currencies, including new ones. In addition to standard trading functions, it offers the possibility of investing through InvestBox – a risk-free deposit with interest.
The exchange does not require identity verification.
p2p exchange LocalBitcoins
LocalBitcoins is the oldest and most famous p2p Bitcoin exchanger. Allows you to quickly find a counterparty from any country in the world and buy or sell cryptocurrency, including for cash. Many convenient payment methods are supported – payment systems, bank cards. Using the filter system, it is easy to find ads that will suit the conditions.
At the beginning of autumn 2019, the exchanger introduced mandatory verification at the request of the local regulator. Its features:
✅ There are four levels of accounts – T0, T1, T2, T3.
✅ The T0 level requires confirmation only by email and phone, as well as the indication of the surname and country, and has a turnover limit of up to 1000 euros per year. In addition, this type of account only allows you to buy and not sell Bitcoins.
✅ The T1 level expands the limit to 20,000 euros. It is required to provide a physical address and send an identity card.
✅ T2 level implies proof of residence and expands the limit to 200,000 euros.
✅ There are no trading limits at the T3 level. To get it, you will need to go through extended ID-verification.
OKEx cryptocurrency exchange does not require identity verification, but verification can be done in order to:
✅Expand withdrawal limits.
✅Get access to additional features such as p2p trading.
✅Increase account security.
There is verification for both individual users and corporate. But you can enter funds and trade without providing detailed information about yourself. However, for many operations, the platform will require binding to a phone number.
There are three levels of account verification on FTX:
✅Not verified (level 0). An email address is enough. You cannot trade, deposit and withdraw assets.
✅Level 1. It is necessary to indicate the last name, first name, patronymic, country of residence. The functionality is fully open. Withdrawal limits – $ 2000 per day. If the trade turnover exceeds the amount of transfers, then the limit is increased to $ 9000.
✅Level 2. Additionally, you must indicate the date of birth, confirm the place of residence, source of income, provide an identity card. Verification removes all restrictions.
The volume of transfers means the sum of input and output transactions. Transfers between subaccounts are not counted.
Users of the wallet and part-time of the Payeer exchange can optionally go through identification, but this is not required. The only thing that the passing of the verification will give is the expansion of the withdrawal limits. Also, verified users can order a payment card in those jurisdictions where it is available.
Payeer has two types of accounts – personal (for private users) and corporate. In general, the functions do not differ, the only difference is in the required documents and in the limits that are opened as a result.
The BTC-alpha platform allows you to trade several dozen cryptocurrencies, while paying a small commission (from 0.1% of the amount). Offers the ability to withdraw funds in fiat to e-wallets. It is included in the top 15 most secure exchanges in the world and has more than 200,000 regular users.
✅ Verification is optional. Its purpose is to facilitate account recovery in case of loss of login information or other problems, as well as provide access to new coins to participate in IEO.
✅ Verification includes three steps. The first is the provision of personal information. The second is its confirmation. The third is proof of residence address.
Questions and answers
What is a crypto exchange without verification?
It is a platform that does not ask for any documents to verify identity.
Are exchanges without verification still alive?
Yes, there is a list of them in this review. Since the adoption of the EU’s Fifth Anti-Money Laundering Directive (AMLD5), their number has decreased.
Which popular exchanges or p2p exchangers do not require identity verification?
Bitmex, Binance, Bitpapa, Crex24, Livecoin, Yobit, BTC-alpha, etc. In general, verification is not required on futures exchanges.
Where else can you buy or sell cryptocurrency without verification?
Are crypto exchanges safe without verification? In general, yes. There is nothing dangerous in maintaining your anonymity, and the mechanism for sending and receiving cryptocurrencies is well protected. By introducing optional verification, the exchange can remain in the legal field and protect itself from fraud when transferring large amounts of funds. But everything goes to the fact that the verification procedure will become a more common practice.