Trading is easier when one is utilizing one of the best P2P crypto exchanges with no KYC requirement. When a crypto enthusiast wants to swap their token for another or fiat currency, and they opt for a centralized crypto exchange with KYC requirements, they have to jump through hoops before they can make any exchange.
Typical crypto exchanges that have a KYC verification process usually asks that a potential trader fills in their details, submit a legal identity document and take a live snapshot of themselves before they can trade Bitcoin or any other crypto.
This article will analyze the best P2P crypto exchange with no KYC process. From the list, it is easy to decide on what trading platform without KYC requirements ticks the box for you.
What is a peer to peer crypto exchange?
In the crypto world, there are different exchanges that allow users to swap their tokens. Some of them are p2p exchanges. P2P exchanges are crypto trading platforms whose key features focus on bridging a crypto buyer and seller together. In this case, it connects buyers with sellers, and they trade with each other. The crypto exchange does not interfere with the transaction, except in the case of offering escrow services to reduce the case of fraud occurring during the cryptocurrency trading activity.
Does every P2P trading platform offer no KYC verification process?
Not every peer to peer crypto trading platform allows crypto enthusiasts to use their feature without identifying themselves. In the case of the Binance P2P trading feature, crypto traders must identify themselves before they are allowed to register. Only a few P2P trading platforms like Whalesheaven allows users to buy and sell bitcoin and other cryptocurrencies anonymously.
What are the best peer to peer crypto exchanges with no ID verification process?
WhalesHeaven
Whalesheaven is one of the best p2p crypto exchanges that operate with no KYC verification process.
It is a decentralized exchange that allows non-custodial trading of digital assets with no ID verification process. It is different from most exchanges that do not allow their users to remain anonymous when they buy crypto with any payment method.
On Whalesheaven users can purchase digital assets on the crypto space, start trading, carry out peer to peer trading features, buy and sell bitcoin anonymously, without spending a lot in trading fees.
Every crypto that can be bought and sold on Whalesheaven is done without KYC.
Crypto enthusiasts can purchase and sell Bitcoin, Ether, Litecoin, Dogecoin, BNB, stablecoins, AVAX, Axie, SAND, and much more without verifying their identity.
As a custody-free exchange, Whalesheaven does not hold the crypto or fiat currencies of any user during transactions. The affordability of the trading fee makes it a great choice for traders that are tired of spending a lot on fees. This is one of the few P2P trading platforms that does not request withdrawal fees or add a limit in trading volume.
The trading process is done using multi-sig wallets, users are offered an extra layer of decentralized protection while they trade.
Creating a trade on Whalesheaven is as easy as reciting the alphabet, as the user interface was designed to improve user experience and satisfaction. Users can create a trade by merely setting their volume and offer, then submitting it. Immediately a buyer is found, they are notified with different communication channels.
ByBit
ByBit is included in the rank of the best p2p crypto exchange with no KYC requirements because a crypto enthusiast can utilize its trading features to a certain level without submitting an ID card or proof of residency document. The limit ranges from 500USDT to 1000 USDT for p2p traders that do not want to verify their identity. If a crypto enthusiast wants to go above the daily benchmark, they need to undergo the KYC process.
One of the strong points of this trading platform is its perpetual swaps. Users can trade multiple trading pairs like BTC/USD, ETH/USD, XRP/USD, and EOS/USD contracts with a leverage of up to 50X in some pairs and 100X on others.
Users can carry out withdrawal as much as they want or swap coins without stress and its security system is topnotch. Trades are executed quickly, while it operated a maker and taker transaction. fee structure. The maker fee is 0.025%, while the taker fee of 0.075%. Only a few payment methods are accepted when a trader wants to deposit on the platform.
LocalCoinSwap
This is a p2p exchange that permits traders to purchase and sell their tokens without KYC verification of any type.
With this trading platform, anyone can sell and buy Bitcoin anonymously, as well as other crypto like Ethereum, Dash, Tether and Dai Stablecoin.
A potential user can register, deposit funds, buy tokens or sell tokens for free. For every trade done on the platform, the user will pay a 1% transaction fee. The exchange allows users to buy and sell crypto with their bank cards. When a person is trading on LocalCoinSwap, only their wallet address, pseudonym and online profile will be seen by others.
LocalBitcoins
LocalBitcoins is one of the biggest P2P platforms in existence. This list of the best P2P crypto exchanges will not be complete without it. Like some of the exchanges in this list, it allows traders to utilize its services to a certain level without submitting their proof of identity.
The trading platform has multiple tiers that offer different features. For a new user that was onboarded on the platform and submitted only their full name, phone number, email address and country of residence, they are delegated to Tier 0. Those in this tier can only reply to orders made by other users. They are not allowed to create ads nor are they permitted to own a LocalBitcoins receiving wallet address. The only way to explore other functionalities is to verify one’s identity.
Remitano
Remitano is a global peer to peer crypto exchange that links buyers and sellers of cryptocurrencies together. It is also outfitted with an escrow service to reduce the chances of fraud.
The number of cryptocurrencies available on the trading platform is limited to the major coins. The minimum transaction limit on Remitano was reduced to 0.25 USD, allowing people to create buying or selling ads of at least $0.25.
Crypto enthusiasts are allowed to utilize its features without any verification process, but there is a snag to it. They can only carry out a trade of below 100 USDT daily without verifying their identity. Creating an account on Remitano is quite simple, as all that is needed is a phone number, though the trading features available are restricted until the KYC process is done.
For those that want a higher trading volume, they have to submit an identity document. Remitano charges both deposit and withdrawal fees based on the chosen payment method. It also charges a trading fee of 1%.
Hodl Hodl
Hodl Hodl is one of the best P2P crypto exchanges with no KYC requirement and it can be used in multiple countries. A bitcoin buyer can purchase the coin from a seller without using an intermediary. This means that it doesn’t hold any money during the trade. Funds are locked in multisig contracts. Usually, the process begins with the seller depositing their Bitcoin into the multisig Bitcoin address. When the buyer sends their fiat currency to the seller, the latter releases the crypto that has been locked to the address of the buyer.
Users can carry out trades without any type of KYC process, though there are some restrictions. The only thing requested is an email address during the signup process. As a multi-sig wallet, the users have control over the keys.
The trading fee is 0.6% for new users. New users that registered with a referral code are charged a fee of 0.55% per transaction. Those that refer at least one active trader will have their fee reduced to 0.55%. A trading fee of 0.5% is earmarked for those that verify their identity on Hodl Hodl.
Bisq
This is a decentralized peer to peer exchange that achieves privacy through its Tor hidden service that is incorporated into its node. People can use Bisq without verifying their identity, and carry out safe transactions via the 2-of-2 multisig wallets. The trading platform does not hold the funds. Bisq’s trading fees are 0.001 BTC and 0.007 BTC for the maker and taker fees respectively.
The decentralized p2p exchange limits the volume of transactions that a user can do within the first two months of opening the account.
Conclusion
When choosing the best P2P crypto exchange with no KYC requirement, the user should consider other factors. How many cryptocurrencies are available on the trading platform? What is the trading fee? What is the security system in place? Are there restrictions to the volume of transactions that a user can undertake without verifying their identity? Before you opt for an exchange, it is advisable to carry out a due diligence process.