The crypto industry is snowballing, and more people, even nations, are finding it very useful and beneficial. So, as demand for Bitcoin and other crypto grows, more ways to buy them emerge. If you’re also wondering how to buy Bitcoin, we have a complete guide that explains this process from scratch here.
But the point is that as the crypto industry develops and becomes more regulated in 2024, you have fewer options to buy Bitcoin without KYC than ten or even five years before.
However, such need is still popular among many crypto enthusiasts and investors for different reasons, from living in politically and economically unstable locations to being principled about financial security and privacy.
This article will help you better understand why you should or should not avoid KYC, how to buy Bitcoin without KYC verification, and the best platforms and features for doing so in 2024.
Why Avoid KYC When Buying Bitcoin?
The question may arise: Why should I avoid KYC when buying Bitcoin or other crypto if it aims to provide safety and security?
- Privacy. Safety and security come with a price you may not want to pay – privacy. For instance, some locations worldwide are unwelcome, but companies that operate there must comply the local jurisdiction. These local jurisdiction regulations can force them to share the data you provided, and for many people, it can be highly risky even if they did nothing wrong.
- Access to Non-Mainstream Exchanges. Mainstream exchanges can be excellent places because of their feature richness to gain users, high-security measures because their reputation is too big to put it at risk, etc. But they often have an issue that they rely a lot on the most popular trends, so you may not find some desired features, coins, rates, etc.
- Instant Access. The KYC process can be time-consuming because it asks you to provide your data during registration and requires additional authorization mechanisms, such as two-factor or multi-factor authentication, sometimes using a few devices. So, each time you buy Bitcoin or other crypto, you must pass multiple steps, which can be exhausting or even unacceptable to some investors.
Why You Shouldn’t Avoid KYC When Buying Bitcoin
But here are some reasons why you should not avoid KYC buying Bitcoin or other crypto.
- Taxes. If you think buying Bitcoin without KYC makes it tax-free from a legal perspective, that’s not how it works. Yes, your identity is not attached to your transactions in this case. Still, if you buy crypto and you are a citizen of the jurisdiction where crypto is taxable in one way or another – you have to pay taxes, and by not doing so, you are breaking the law, which you should not do anyway. Always be aware of your jurisdictions’ regulations and adhere to them.
- No Trading Experience. If you have just started your crypto journey, centralized crypto exchanges with robust KYC are the first thing you need. Most non-mainstream exchanges, not all of them, are not so friendly for new users and expect you already have some awareness and experience about crypto, so they provide you more freedom but more responsibility for your decisions and actions. On the contrary, most mainstream exchanges are more friendly for new users and have a lot of built-in safety mechanisms that just would not let you do some risky actions or can resolve some of the issues if such occur. Of course, to make it possible, they have to verify your identity, estimate your actions, and then provide possible solutions in your individual case.
How to Buy Bitcoin Without KYC in 2024
If you have a reason to buy Bitcoin without KYC verification in 2024, you have several options to do so.
- Centralized Exchanges (CEXs). Yes, many centralized exchanges still provide options to buy Bitcoin without KYC, but with some limitations. There can be 24-hour buying, selling, and withdrawal limits, which differ for each exchange. But still, if you are fine with having some limits, CEXs are options for you.
- Decentralized Exchanges (DEXs). On the contrary, DEXc advocates privacy not less than security, so most don’t require KYC to buy or sell crypto and put no limits on the trading amount. But, mostly, there is much more responsibility for your security on your side.
- P2P Platforms. Some CEXs and DEXs provide built-in for P2P crypto trading without KYC. However, there are still standalone and dedicated P2P crypto trading platforms that also advocate privacy and enable you to buy Bitcoin without KYC.
- Bitcoin ATMs. Bitcoin ATMs are the same as regular ATMs, but instead of being connected to banking networks, they are connected to blockchain networks. So, in the same way, you use regular ATMs to deposit or withdraw cash from your bank card, you can do this for your crypto wallet. It enables you to buy Bitcoin with credit card without KYC or directly with cash without bank account and KYC.
- Privacy Coins. As you already know, security and privacy aren’t the same thing. Bitcoin and most other cryptos are built around security because of immutable blockchain networks, but they are not about privacy because they are completely transparent. However, some coins focus on both, and you can use them to buy Bitcoin without KYC. The main one is Monero, which has additional privacy features to mask the transaction destination and amount, such as stealth addresses, ring signatures, and more. But be aware that it’s banned in a lot of jurisdictions, and we especially do not recommend using it there.
- Gift Cards. Some exchanges do not require KYC and accept gift cards for specific Bitcoin amounts. So, if you provide those cards, you can receive Bitcoins in your wallet without KYC and even without a bank account.
Best Non-KYC Centralized Exchanges in 2024
Despite CEXs mostly trying to implement KYC for global adoption and adhering to multiple regulations, many of them provide a limited trading amount that you can use to buy Bitcoin without KYC verification.
BloFin
One of the fastest growing platforms, founded in 2019 and quickly rising into the top 10, offering a wide range of functionality for beginners and professionals alike, going beyond Spot and futures and offering advanced derivatives types, copy and bot trading, as well as plenty of quality tutorials and feedback.
They offer over 300 USDT-margined pairs, including buying Bitcoin without KYC, and noticeably low fees even for non-verified users. Namely Spot trading with 0.1% maker and taker fees, futures trading with 0.02% maker and 0.06% taker fees, and x150 leverage.
However, without KYC, you have a withdrawal 24H Limit of 20,000 USDT.
KCEX
The following young player is also very interesting. It was launched in 2021 and is quickly gaining popularity as one of the best no-KYC CEXs.
To be precise, you can pass KYC, but the daily withdrawal limit is 30 BTC, which is highly impressive and more than all other competitors.
Also, you will find Spot with about 400, futures with 300 available coins, and x100 leverage.
One of the biggest competitive advantages, besides the limits, is the zero maker & taker fees policy for spot trading.
Margex
Another of the top CEXs is beginner-friendly. It is especially suitable for fast trading due to its ability to trade 100,000 positions per second, with an execution time of under 8 milliseconds and no KYC required.
Margex was founded in 2019 and mainly focused on perpetual futures, offering x100 leverage. However, you will find many other features, such as staking, copy trading, and, of course, spot trading to buy Bitcoin without KYC verification. Yes, you will encounter daily limits on certain amounts, but if it becomes your priority, you can also use KYC to expand the limits.
We have done a detailed analysis and compiled a separate review for Margex, which you can read here.
TradeOgre
This is the only large centralized but privacy-focused exchange where you can buy Bitcoin without KYC and, moreover, make your purchase non-transparent using Monero, as we wrote above.
There are no purchase limits, but there are withdrawal fees, which are different for each cryptocurrency. For Bitcoin, in particular, they are 0.00005.
Best Non-KYC Decentralized Exchanges in 2024
DEXs provide you with both security and privacy but make you more responsible for your actions there. So, before exploring many of their unique features and coins, ensure that you are aware of the common mistakes and educated about the crypto industry.
Bisq
The most well-known and respected DEX, which for many has become an antonym for CEX, is Uniswap and Pankakeswap. However, they are built on Ethereum and Binance Smart Chain.
Of course, you can buy cryptocurrency without any KYC, and there, that’s what they were created for, but to buy Bitcoin, you will need to wrap it to get it through these networks, more specifically Wrapped Bitcoin (WBTC) or Binance-Peg BTC (BTCB).
But speaking of DEX for Bitcoin, which allows you to buy and store it directly, the obvious leader, Bisq, originally launched in 2016 and is about to relaunch in 2024 with the addition of many more trading features.
This decentralized exchange with p2p trading allows you to buy Bitcoin without KYC verification without wrapping it in WBTC or BTCB.
The security restriction is that trades must be no larger than 0.125 BTC for fiat and 1 BTC for altcoins.
Exodus
Exodus is not an exchange at its core but a self-custodial wallet with a built-in exchange that gives access to 300+ cryptocurrencies and NFT storage.
This makes it the most focused on privacy and security simultaneously, and it can also be paired with Trezor wallets.
It allows you to buy Bitcoin without going through any KYC and store it in your wallet immediately, without even thinking about the process and withdrawal limits like with exchange.
StealthEX
It is a non-custodial cryptocurrency exchange launched in 2018 with very wide accessibility, namely 1500+ digital assets, 10+ fiat currencies (USD, EUR, etc.)
It doesn’t require any KYC for purchase, but it has a fixed limit, namely cryptocurrency purchased for up to $700 per day.
This may not be enough for many, but the feature is that it gives a seamless entry for inexperienced users and strikes a balance between legal transactions worldwide and not having to report to AML regulators and implement KYC.
Since purchases under $700 don’t fall under such a necessity, you can be 100 percent sure that the platform doesn’t take risks for profit and is transparent about the limits and what they are conditioned on.
Best Non-KYC P2P Platforms in 2024
P2P platforms had to completely give way to exchanges as soon as cryptocurrencies entered the big economy and started to be used in many scenarios and tools of classical finance, especially when exchanges added the function of P2P cryptocurrency trading.
However, P2P platforms have remained and continue to evolve, and they still have their undeniable advantages in ease of use, speed, and privacy, allowing you to buy cryptocurrencies without KYC.
Hodl Hodl
Another advanced and very popular P2P platform with a 7-year history focused on trading Bitcoin while maintaining anonymity and security.
It is non custodian and also uses Multisig (P2SH) contracts and allows you to make transactions buying Bitcoin without KYC.
The platform charges fees of 0.95% of the transaction amount, split between 0.5% from the seller + 0.45% from the buyer.
RoboSats
It is a modern, advanced P2P platform running via Top that focuses on anonymity and performance.
Running on Lightning, LN Hodl invoices serve as bonds and escrows for high security and speed and allows you to make instant transactions buying Bitcoin without KYC.
The service itself charges a 0.2% fee of the total trade amount; this fee is distributed between the order maker and the order taker, who pay 0.025% and 0.175%, respectively.
The Future of Non-KYC Exchanges
The crypto industry is becoming increasingly regulated, so more crypto platforms are implementing KYC to be legit in more jurisdictions while scaling their business.
At the same time, the purpose of crypto has always been not only security but also privacy.
So, to scale the business, crypto platforms need to reach new markets and users and keep existing ones. That’s why even the biggest CEXs have to keep these no-KYC trading options, but they must limit them to prevent the operation of significant amounts of crypto outside of regulations.
Besides, if they make it so limited that it becomes useless even for regular users, we already have enough DEX and P2P platforms where you can buy Bitcoin without KYC, and as demand grows, there will be even more.
Conclusion
Whether you use CEXs, DEXs, P2P Platforms, or take advantage of Bitcoin ATMs and Monero for maximum privacy depends on your circumstances and respective decisions, but as you can see, there are many options.
Despite the abundance of features and elaborate use cases of regulated centralized platforms, although they try to maintain limited privacy, there is a clear need for dedicated solutions, which is also driving them forward.
The more Bitcoin and crypto platforms are regulated, which in many ways is a good thing and keeps regular users safe from scammers and companies safe from fines – it can always turn out differently for each person in each situation.
Therefore, the variety of solutions and their active development give each of us many options regarding which to prioritize—security or privacy—or to choose optimal solutions focusing on each.
However, it is worth remembering that the crypto industry, its regulations, and platform rules are constantly changing, so any choice you make should be reasonable, informed, and responsible.
