Newcomers in the crypto investment field learn the KYC term as soon as they have made up their minds to start using crypto exchanges. What stands behind it is the Know Your Client guideline that requires verification of the identity and risks involved with maintaining relations in the financial sphere. It refers not only to the bank regulations and to anti-money laundering regulations, but also to the digital money world. Therefore, a great number of crypto exchanges request their followers the KYC registration. However, there are still many exchanges admitting users without personal identification and necessary documents. What exchange is better to choose? Let’s have a closer look at this topic.
Taking into consideration the general scheme of KYC performance, the KYC exchanges propose better security for its clients in comparison with the ones without the verification procedures. In case of the unauthorized intrusion into an exchange system, KYC exchanges may provide greater refund. At the same time, it does not mean that the ones without KYC are less safe.
Each crypto user has to choose reputable platforms only having checked all the necessary data about it to be sure in its security. At first sight, one can assume that only scammers are looking for exchanges without KYC to avoid tax payments and other unlawful acts. However, many traders prefer these platforms, because they are not eager to provide their personal documents at risk that hackers are more interested in the platforms with valuable data, which might consequently be used for other criminal acts.
People are used to associating Bitcoin with financial sovereignty and personal freedom. These have always been the basic principles of the digital money. It is logical that crypto enthusiasts should have a possibility to make all the possible operations and transactions of digital currencies anonymously.
On the other hand, Bitcoin’s position is changing and the current tendency transforms crypto money into an investment asset limiting holder’s anonymity. KYC is most likely to become mandatory all over the world, but at present, it is not. There is a great number of platforms for people to use if they are eager to keep their privacy. The following crypto exchanges are just some among the ones that fulfill such a requirement.
The largest cryptocurrency exchange Binance is the first in the list. However, there are some peculiarities to take into account. Spot trading can be accessed without requiring KYC, but U.S. citizens must trade on Binance US that comes with KYC. In addition, the platform requires KYC for margin trading, as well as for various other Binance products.
Nominex is a crypto platform for convenient trading experience with low fees and numerous instruments. It provides distinct advantages for new and advanced traders. Among the plans of the platform is the launch of daily trading tournaments.
The KuCoin platform offers a great range of services; they state one out of four crypto holders worldwide stays with KuCoin. What is specific about its verification procedure is that it is partial. That is that the platform does not require completing KYC unless there is suspicious activity or users wish to exceed the limit of trading (which is equal to two Bitcoins).
The same withdrawal limit works for the popular altcoin platform BitMax. Since its launch in 2018, the platform has supported financial market innovation and blockchain structural optimization.