The Best Anonymous Cryptocurrency Exchanges in 2023

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ShapeShift has gone through many turbulent iterations. Since its establishment in 2014, the platform has vowed to respect its users’ privacy. They didn’t implement KYC up until 2018 when they were forced to, but after three years of functioning under those regulations, they decided to cease holding crypto and directly transacting with customers.

While they left their roots behind, they stayed true to their cause and now largely function as a sort of a gateway to the world of DEXs, allowing trade via multiple decentralized protocols. As such, they’re ending all regulated activity and are no longer subject to KYC, while vowing that they’ll continue to implement any and all protocols to “protect their customers”.

All in all, however unconventional, ShapeShift is one of the alternative trading options if you were to trade cryptocurrency anonymously. For how long they can keep the current modus operandi, only time will tell.

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While some traders choose to invest in altcoins to diversify their portfolio, others prefer not to stick their necks out too much. Instead, they stay true to the most prominent crypto asset, Bitcoin. To those traders, we recommend checking out Bisq, a decentralized, open-source, peer-to-peer Bitcoin exchange.

Bisq was built as a Decentralized Autonomous Organization (DAO) on top of Bitcoin’s blockchain. This in short means that developers are free to use and tweak the software in order to help the network grow. If you want to use Bisq, you simply download the app onto your device. There’s no need for registration, thus, no KYC checks either.

You might be wondering how Bisq succeeded in being fully decentralized. The answer lies in the technology used by the platform. Thanks to TOR, free software for anonymous communication, Bisq can encrypt and protect all the data that goes through its network channels.

Unlike most DEXs which use automated order matching processes to connect buyers and sellers, Bisq has an extensive order book that puts traders in charge of finding and executing their deals. As mentioned before, the information that circulates between buyers and sellers is encrypted with Tor routing.

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Kucoin is a centralized crypto exchange launched in 2017 and headquartered in Seychelles. What’s interesting about this platform is that its founders had been working on it since 2011 and its technical architecture had been in function as early as 2013. However, the team wanted to be sure they’ve got everything sorted out before making it available worldwide.

However, determination and ambition are not the only things that made us include Kucoin on our list. We also like the fact that Kucoin takes into account customers’ needs and feedback which is why from a crypto-to-crypto exchange, the platform gradually expanded its services to include fiat swaps as well via their ‘Buy Crypto’ feature that lets you link your bank account and purchase crypto with debit or credit card.

Kucoin also has a range of cryptocurrencies on offer such as BTC, ETH, BCH, LTC, XRP, Dash, Monero, etc, and over a hundred different trading pairs. It even has its own digital currency, Kucoin Shares (KCS) that you can use to get discounts and referral bonuses.

Now, although Kucoin isn’t KYC-free, you can transact unverified as long as you don’t need to withdraw more than 5 BTC per day and are comfortable with trading a maximum of 1,000 USD daily.

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Uniswap Exchange Protocol is the newest sensation in the world of decentralized finance. Not so long ago, this swap protocol even managed to exceed Coinbase’s daily trading volume! But what’s the hype all about and how does Uniswap differ from other DEX platforms?

First of all, you need to know that Uniswap focuses on the exchange of ERC-20 tokens, i.e. tokens created on Ethereum’s blockchain that are mostly used by Ethereum-based projects. Therefore, the easiest way to purchase these coins is to buy Ethereum first as they’re all paired against it.

Next, Uniswap doesn’t require any personal details from its users. The only thing you need in order to trade tokens is a wallet address (again, an encrypted piece of code that doesn’t disclose your real identity).

Finally, Uniswap stands out by being an Automated Market Maker rather than an Order Book exchange. This means that Uniswap functions as a smart contract that creates a liquidity pool of ERC-20 tokens and determines the price of these tokens based on algorithms that assess the available liquidity of the trading pair and let other users contribute to this liquidity.

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Balancer was co-founded by Brazilian entrepreneur Fernando Martinelli and Nikolai Mushegian who has since then left the project. The platform was built by Mike McDonald following the Uniswap AMM model and launched in 2019 which makes it the newest crypto exchange on our list.

Similarly to Uniswap, Balancer creates liquidity pools for its tokens and lets users add up to that liquidity. They can even specify the asset percentage of their target trading pair. This is done by other traders who rebalance their portfolios. This rather complex process is explained in full in the project’s whitepaper.

To choose the best market order, Balancer uses an automated selection process called Smart Order Routing. Again, the focus is on ERC-20 tokens that users swap directly between wallets without depositing any funds on Balancer. As a result, there’s no need for users to disclose their personal details or perform a KYC check. If you’re using Uniswap or Balancer, the best crypto wallet that supports ERC-20 tokens is MetaMask.

The platform itself recognizes the existing risks with using new and experimental platforms such as Balancer. However, even though this is still a beta product, it has successfully passed three audits so far done by Trail of Bits, ConsenSys, and OpenZeppelin.

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Block DX is a decentralized peer-to-peer network built on the Blocknet Protocol that uses an order book that’s not tied to any central server. The platform is non-custodial which means there’s no one else in charge of your funds other than yourself. This, in turn, makes Block DX trustless and under no obligation to ask for users’ personal information.

Like most DEXs, Block DX is also open-source so that any enthusiast can contribute to the further development of the network and its features. There are no geographic restrictions, so you can use the platform wherever you are and trade the same assets as someone living on the other corner of the world.

Thanks to Block DX’s use of atomic swaps, you can make almost instantaneous transactions and pay a reasonable fee. Moreover, 100% of the trading fees are distributed among network nodes because there’s no central authority that gets the money. In regards to cryptocurrency selection, Block DX supports over 100 different tokens.

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Another great platform that doesn’t have mandatory KYC procedures is Bybit, an exchange launched in 2018 and headquartered on the British Virgin Island. This platform is aimed at more experienced traders, although novices can quickly get the hang of it too with a little extra effort thanks to Bybit’s user-friendly interface.

However, a major setback for beginners could be the limited selection of cryptocurrencies that you can buy with fiat deposits (BTC, ETH, and USDT), as Bybit is more of a crypto-to-crypto exchange. This limited fiat gateway is a recent addition thanks to the platform’s partnership with Banxa, Xanpool, Moonpay, and Mecuryo. On the other hand, these third-party payment providers incur KYC checks in order to approve users’ fiat deposits. If you’re fine with crypto trades, you can use Bybit without verifying your identity.

Unfortunately, Bybit is unavailable to traders living in the United States.

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1inch was co-founded by two Russian developers and crypto enthusiasts, Sergej Kunz and Anton Bukov in May 2019. Prior to 1inch, the two of them had worked on other crypto-related projects and participated in (and won!) numerous hackathons.

This exchange is like an aggregator that functions on the basis of gathering liquidity from all the major decentralized crypto exchanges (including Uniswap and Kyber Network) in order to offer customers the best-priced orders with low slippage.

1inch makes it significantly easier for traders to choose the right order as they can compare the liquidity, pricing, and gas fees across different platforms. This saves you both money and time spent on browsing through order books. The swaps are conducted via crypto wallets so there’s no need for registration.

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The last cryptocurrency exchange on our list is a reliable American-based Bitcoin exchange called Paxful. Paxful was founded in 2015 in Delaware by a group of developers who wanted to popularize Bitcoin trading by simplifying the buying and selling process and making Bitcoin transactions more private and autonomous.

Although the platform only supports Bitcoin and no other cryptocurrency, Paxful is a real winner when it comes to payment methods and fiat currency gateways. Based on your location, you can choose out of the 374 available methods including bank transfers, domestic or international wire transfers, over 160 online wallets, more than 100 gift cards, debit/credit cards, 18 cash payment choices, digital coins, and even some goods and services.

If you want to become a part of Paxful’s ecosystem, you need to register for an account. The platform lets you stay anonymous unless your country has certain laws that require crypto exchanges to perform KYC checks on all their customers in order to be compliant. Some payment methods also require some form of ID verification. Moreover, if you trade more than $1,000 in a year, you’ll be asked to verify your ID as well.

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