Not The Most Comfortable Of Experiences
Many believe that those not wishing to engage in KYC are perhaps suspect and have something to hide. This is however not necessarily true. Parting with the details of your identity is something that should take place in a very strict and secure environment. Some people simply choose not to have their details unnecessarily at risk. Personally, I do feel more secure performing KYC with a large well-known entity, as opposed to some small exchange somewhere. If a platform that offers me value requires KYC I will oblige but I am generally not a fan of parting with data when it comes to small unknown entities. The size and reputation are not necessarily a guarantee either, as many larger entities have seen their databases compromised in recent times.
It’s Just A Matter Of Time
As regulation and adoption increase, KYC will eventually become unavoidable. Hopefully, by this stage, there will also be requirements for those collecting data that promote better safety and privacy than what we are currently experiencing. Don’t be deceived to think that DEXs will be able to avoid this “advancement”. The recent Metamask issue should be an early warning of how DEXs are essentially no different from CEXs. The only real difference is that a CEX does not take possession of your coins. This is the only true benefit. However, until such a time that KYC is completely mandatory, the following options provide top-notch services without the requirement of KYC.
I recently wrote an article in which I described how well FTX’s FTT token has been doing, especially in comparison to the rest of the market. I have been using FTX since it launched and find it incredibly helpful to my daily activities. Users can trade both spot and futures markets, as well as tokenized stocks. Trading tokenized stocks will however require KYC. Users can otherwise make full use of the exchange to buy and trade Crypto. All withdrawals are free excluding Ethereum and ERC20 tokens. I am sure you can understand the need for that decision. Most exchanges will charge a flat fee of a dollar even on networks where the fee is only a few cents. It’s great to see that FTX has not gone the “penny wise” route. I must make mention that withdrawals have been free since inception.
The wallet also enables instant swaps with no minimum requirements. These services are often restricted to a $10 or $20 minimum requirement, which really doesn’t help when you are looking to convert dust and other small amounts into a coin you would like to hold. Micro earners can also send earnings to FTX in order to change to options not available on services such as FaucetPay. Overall, FTX offers a great product that I simply love using.
Many will be familiar with this exchange. This is also an exchange I began utilizing when it launched back in 2017 or 2018, I can’t quite recall. The general service and user experience are great when it comes to trading, withdrawals, and deposits. However, I find their referral system to be “glitchy”. I personally know someone who I referred to KuCoin who is actively trading and yet I have not been credited a single commission. Apart from this particular issue, I find the exchange to be fairly good and hassle-free. KuCoin gains a lot of users due to the exchange listing a lot of smaller unknown projects. AXPR is one such potential gem that is available on KuCoin.
As mentioned, utilizing KuCoin to buy, sell, and trade is hassle-free. I have personally not experienced any issues myself and have been using the exchange for years. KuCoin has grown a lot in popularity since the early days and I would hope to see it grow and develop even further in the years to come. A more efficient referral system would be a good place to start in my opinion.
All exchanges will at some point have to incorporate KYC whether you like it or not. At this stage, FTX and Kucoin are most likely your best options that do not require KYC. This is merely my opinion and I would encourage you to conduct your own research before making use of any services mentioned in this article. This is not investment advice but rather my experiences utilizing these particular platforms.