Good exchanges with lax KYC ?

[mobfigure]

So from personal experience i stay very far away from bitfinex, just search on google "bitfinex frozen money" and youll see
https://i.ibb.co/kDvJ7SW/Screenshot-20210603-222649.png

A bunch of users complaining on reddit that bitfinex froze their funds on endless non-compliable KYC demands.

For binance.. read here:

https://www.coindesk.com/locked-out-binance-users-accounts-frozen-for-months


Need I say more?

I didnt think so.



For gemini, they are a great exchange.
Never had problems with them freezing my shit.
The only problem is they dont have a trading app for mobile and their active trader is limited in comparisson to other big exchanges (see bitfinex and binance).


I heard bitmex used to be great, (no KYC bullshit) but as with all great exchanges the feds come at them just like with btc-e.


So begs the question.. which exchange can I use that has a lot of volume and has a mobile app for trading that wont randomly freeze my shit, and hold my coins, on the basis of endless KYC questions..?

Dont name me some no name exchanges with absolutely no KYC. I only put my money in trusted exchanges with a name.. ughh how ironic that sounds 🤣

[1714141879]

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[Darker45]

I don't think any centralized exchange in operation right now can absolutely guarantee to their clients that in no time in the future will they ever ask for a KYC. After all, they are all registered centralized exchanges running within the bounds of regulatory policies. They cannot but comply to what is required by the state's authorities.

Anyway, you might want to check out KuCoin. KYC is not required for users. But there's a withdrawal limit of 5BTC every 24 hours for unverified users. They also have a mobile trading app.

[Jawhead999]

So begs the question.. which exchange can I use that has a lot of volume and has a mobile app for trading that wont randomly freeze my shit, and hold my coins, on the basis of endless KYC questions..?

None, if you consider to except the volume and mobile app you could use Bisq.

Centralized exchanges almost frozen your coins due to several rules, so if you don't want to face this problem you need to stay away from all centralized exchanges. Different user will have different experience, if in your experience your coins never got frozen... there's another victim will got it, just like your thread.

In your experience you using Gemini and Bitmex without any problem, but you need to read this :

1. Gemini.com suddenly bans account and froze complete access to the account.
2. gEMINI CLOSED MY ACCOUNT WITH no EXPLANATION... WHY?
3. Are bitmex just trying to scam with their kyc policy?

[pooya87]

Anyway, you might want to check out KuCoin. KYC is not required for users. But there's a withdrawal limit of 5BTC every 24 hours for unverified users. They also have a mobile trading app.

If the exchange is centralized they will have strict KYC rules at some point no matter what they are doing right now. If they already enforce some level of KYC like this case (eg. for some users with higher trading volume) then they will eventually enforce stricter KYC rules or selectively freeze some users' funds to demand the strict KYC compliance.
There has been many cases on different exchanges of freezing funds that you can't trust any of them any more.

[sheenshane]

Anyway, you might want to check out KuCoin. KYC is not required for users. But there's a withdrawal limit of 5BTC every 24 hours for unverified users. They also have a mobile trading app.

If the exchange is centralized they will have strict KYC rules at some point no matter what they are doing right now. If they already enforce some level of KYC like this case (eg. for some users with higher trading volume) then they will eventually enforce stricter KYC rules or selectively freeze some users' funds to demand the strict KYC compliance.
There has been many cases on different exchanges of freezing funds that you can't trust any of them any more.

That's expected that there's KYC stuff in any centralized platform that related to a financial asset.  It involved freezing fund because they don't fuck up the money laundering cases which is heavily regulated by the law and follow country's jurisdiction.  That's why upon using an exchange platform, always put in mind reading the Terms of Service (TOS) or even the Frequently Ask Question (FAQ).

Go for any P2P exchange if you're trying to avoid this freezing fund due to KYC.  Bisq or Hodl-Hodl are the best options when it comes to P2P trading exchange.

[stomachgrowls]

Anyway, you might want to check out KuCoin. KYC is not required for users. But there's a withdrawal limit of 5BTC every 24 hours for unverified users. They also have a mobile trading app.

If the exchange is centralized they will have strict KYC rules at some point no matter what they are doing right now. If they already enforce some level of KYC like this case (eg. for some users with higher trading volume) then they will eventually enforce stricter KYC rules or selectively freeze some users' funds to demand the strict KYC compliance.
There has been many cases on different exchanges of freezing funds that you can't trust any of them any more.

Even with top centralized exchange platforms as this moment is something we cant really just trust but to think off that we do have some options if we get caught our self in the middle of such changes or alteration?

For now Binance is really on the top of the chain in terms of CEX where KYC is not really that mandatory hence daily limit is considerable.Just put up into your mind that chances of lock up and getting caught due to some changes do really lies ahead.

Therefore, its not really that suggested nor recommended on storing up huge funds into these platforms no matter how reputable and trustable they are
as of this moment. Basing off with past experiences and events just like what happened in Polo and bittrex etc. which are top platforms in the past.
We had seen up such sudden change.

[TryNinja]

You can't run away from it. If you don't want to risk getting your money frozen by a central authority, you will probably need to use a decentralized exchange.

- If you're trading ERC20 tokens, you could use Uniswap/Sushiswap or Quickswap on Polygon (ETH sidechain).
- If you're trading multi-chain coins, you can try Thorswap.finance (Thorchain a.k.a RUNE) which let's you trade, for example, BTC <> other coins directly through your wallet.
- If you're trading BTC/ETH <> USDC/USDT, you can also try Mango.markets or Raydium on Solana.

[The Sceptical Chymist]

Kucoin, maybe?  They don't seem to ask for any KYC, though I don't know if that's true if you want to trade with fiat (I'm assuming not even if they deal with fiat).  Kucoin might not be one of the biggest exchanges, but they have a decent reputation with very few complaints that I've seen--and they have tons of altcoins to trade.

As mentioned, all the big exchanges are heavily regulated and are going to require full KYC.  That's just the nature of the game these days and it's only going to get worse as time goes on.  P2P exchanges might not require KYC, but the only one I've ever used (BTCPop if I remember correctly) had lousy liquidity and I wasn't impressed with them at all.  Not sure how the other ones are.

[Darker45]

Anyway, you might want to check out KuCoin. KYC is not required for users. But there's a withdrawal limit of 5BTC every 24 hours for unverified users. They also have a mobile trading app.

There has been many cases on different exchanges of freezing funds that you can't trust any of them any more.

I definitely agree. There is enough reason not to trust them. There is an abundance of precedents in probably all exchanges that despite allowing unverified users, funds are still frozen out of the blue pending KYC. However, it seems active day traders are left with not much choice.

Go for any P2P exchange if you're trying to avoid this freezing fund due to KYC.  Bisq or Hodl-Hodl are the best options when it comes to P2P trading exchange.

Unfortunately, for an active day trader, which is what OP probably is, liquidity is what is important, so is the availability of a wide array of trading pairs, and so on; things which you cannot enjoy in P2P exchanges. Centralized exchanges offer the top platforms in crypto trading, leaving those who hate KYC no other choice but to embrace the possibility that sooner or later they might be asked for it.

[cabron]

Anyway, you might want to check out KuCoin. KYC is not required for users. But there's a withdrawal limit of 5BTC every 24 hours for unverified users. They also have a mobile trading app.

There has been many cases on different exchanges of freezing funds that you can't trust any of them any more.

I definitely agree. There is enough reason not to trust them. There is an abundance of precedents in probably all exchanges that despite allowing unverified users, funds are still frozen out of the blue pending KYC. However, it seems active day traders are left with not much choice.

Go for any P2P exchange if you're trying to avoid this freezing fund due to KYC.  Bisq or Hodl-Hodl are the best options when it comes to P2P trading exchange.

Unfortunately, for an active day trader, which is what OP probably is, liquidity is what is important, so is the availability of a wide array of trading pairs, and so on; things which you cannot enjoy in P2P exchanges. Centralized exchanges offer the top platforms in crypto trading, leaving those who hate KYC no other choice but to embrace the possibility that sooner or later they might be asked for it.

Sadly it's the centralized exchanges that have the liquidity needed for traders to make money so he has limited options. These are problems for traders who owns a lot of coins, you don't want encounter such problem. It didn't stop them from trading even when they started asking for KYC.

One solution I guess is to have a wallet where your coins will stay while still have the ability to trade but the tradeoff is that they are WBTC or the likes of it.

[Darker45]

One solution I guess is to have a wallet where your coins will stay while still have the ability to trade but the tradeoff is that they are WBTC or the likes of it.

Provided the wallet where your coins will stay is under your sole control, which probably won't happen if you are to swap it into a wrapped version of any coin for the ease of trading. Now, the problem with wrapped versions is that they're like IOUs. Pardon my lack of knowledge about the likes of WBTC. I haven't had the chance to use it. But just like other tokens representing the real coin, how could we know that it is actually backed by, say, BTC 1:1? I remembered PayPal getting criticized for almost the same thing. You could buy, sell, and HODL Bitcoin within their system but you have no way to verify whether the Bitcoin you own in your PayPal wallet is indeed real.

[o_e_l_e_o]

Now, the problem with wrapped versions is that they're like IOUs. Pardon my lack of knowledge about the likes of WBTC. I haven't had the chance to use it. But just like other tokens representing the real coin, how could we know that it is actually backed by, say, BTC 1:1?

In the case of WBTC, the BTC you have to spend is deposited to a smart contract and held by a collection of organizations known as the BTC DAO, the idea being that it is all transparent and no one entity has the power to run off with your coins. However, there is nothing stopping collusion, and there is nothing stopping there being fatal bugs or flaws (accidentally or otherwise) in the smart contracts and related code, which I guarantee >99% of the owners/users of WBTC have not read.

Whenever your bitcoin leaves your wallet to deposited anywhere where you are not the sole owner of the associated private keys, whether that be a centralized exchange, casino, smart contract, etc., then your coins are no longer yours and therefore you are at risk of loss.

[ethereumhunter]

You need to search for what you want because even if we suggest you try one exchange, that will not mean that you will satisfy the exchange's services. We can suggest many exchanges, but you still need to test one by one to find what exchange suit of what you want. At least, that is what I did in the past, and I almost register many exchanges that I can found, but in the end, I only use Poloniex and Bittrex because a few years ago, those both exchanges is good and they do not apply KYC. But then, they use KYC and I do not mind doing that.

[jrrsparkles]

I didn't have any issues with binance! But don't forget that even they don't ask for mandatory KYC below 2BTC per day still they may ask because of AML policies and when someone suspected for doing other shady activities in their trading platform which is pretty much same on every centralized trading platform you are going to see.

[o_e_l_e_o]

I only use Poloniex and Bittrex because a few years ago, those both exchanges is good and they do not apply KYC.

All centralized exchanges could freeze your account and demand KYC at any time, it's as simple as that. Both Poloniex and Bittrex require KYC accounts to access all their features, and their continued support of non-KYC accounts is never guaranteed. If you do anything they don't like, trade too much, make too much profit, deposit coins from a source they don't like, etc., then your account is locked and KYC is demanded, with no way to access your coins if you don't comply. At any time the relevant government or other agency can put pressure on them to stop providing non-KYC accounts, and again, there is nothing you could do about it. You should only use a non-KYC account on any exchange if you are prepared to either complete KYC if required, or lose access to all the coins on that account.

I didn't have any issues with binance!

Binance have been hacked for thousands of customers' KYC details in the past. Just because they are a big name exchange does not mean your information is safe.

[jrrsparkles]

I didn't have any issues with binance!

Binance have been hacked for thousands of customers' KYC details in the past. Just because they are a big name exchange does not mean your information is safe.

Yup, that is the risk involved when we use anything on the internet even I found my email address was Pwned recently when I check the database so immediate I changed the passwords used on multiple platforms which includes social media account too.

[magneto]

There is no completely riskless platform. As long as the operations of an exchange is centralised, there will be a risk of them enforcing KYC arbitrarily - however minute that may be.

Binance is probably the closest you are going to get to a major exchange that still accepts semi-anonymous registrations right now, and even then it is extremely risky.

It's either a) you go with a smaller exchange with low security and liquidity, and have lower KYC requirements or b) take a small risk with a large centralised exchange that you'll get asked KYC questions. I'd rather choose b) if I were you.