Anonymous Crypto Exchange: How Does It Work?

 Anonymous Crypto Exchange: How Does It Work?

An anonymous crypto exchange allows you to trade and transact cryptocurrency without KYC requirements. It offers the same service all other exchanges offer, but the difference is that it doesn’t need your personal data to allow you to access its platform.

In most cases, to start trading on an anonymous exchange, an email address and a password should be enough. They serve as user authentication to prevent unauthorized access to your wallet and assets.

So, how to choose the platform that will suit your needs and guarantee you anonymity?

  • Consider security measures 

The security of your funds should be your priority when choosing an exchange. You don’t want to wake up to sorry tales of hacks, bugs, or your provider closing shop and absconding with your assets.

  • Do your research 

If they are hiding something, then it is not a good sign. A good crypto exchange should make its services and charges transparent to its users.

  • Check payment methods

Look through the banking options they offer to make sure they have what you need. Some accept PayPal, credit and debit cards, while others only cryptocurrency.

  • Choose a user-friendly exchange

User-friendliness and intuitive navigation are a must for both beginners and pro traders.

  • Check their users

The number of users of a cryptocurrency exchange says a lot about their services and whether people like them.

Kraken

Kraken is a globally accessible cryptocurrency exchange with offices all around the world. It allows you to trade and store crypto. Originally established in 2011, Kraken offers its services to 185 countries.

It supports over 50 crypto assets that you can buy, exchange, store, or sell on the platform. You can do your transactions on Kraken using any of the supported crypto assets or popular fiat currencies like USD, CAD, EUR, CHF, and JPY.

Kraken currently has around 7 million active users, and it’s deemed one of the largest exchanges in the world.

The platform offers both spots and futures trading alternatives. It also provides useful resources, including videos, webinars, consultations, and charting tools for beginners and expert traders.

Cryptex

Cryptex is a completely anonymous crypto trading platform that enables fiat to crypto transactions. You only have to register with an email address to access Cryptex and all its services.

Founded in 2016, with its headquarters located in Edinburgh, the United Kingdom, it serves 11 countries, however, with plans for expansion. Cryptex supports exchange between Perfect Money, Advcash, USD, USDT, and Bitcoin.

While Cryptex is accessible through the web for now, the company has recently announced plans to launch a mobile application for users.

Godex

Godex is a cryptocurrency exchange platform that allows you to swap your digital coins quickly, conveniently, and anonymously. The platform was launched in 2018 and since then, has focused on simplicity, efficiency, and speed.

Godex is currently one of the fastest crypto swap platforms, with order completion times ranging from 5 to 30 minutes. The time also depends on the validation speed in a decentralized network.

To access Godex, you are not required to create an account. Just deposit your asset and quickly swap it to another crypto. Godex currently supports about 300 different coins and tokens.

BaseFEX

BaseFEX is a crypto derivative digital marketplace that offers margin and futures trading in the form of perpetual contracts. On this platform, you can place orders with a leverage of up to 100x for BTC, ETH, XRP, BCH, and LTC, among others.

BaseFEX requires only your email while registering. It was launched in 2018; currently, its headquarters are in Mahe, Seychelles.

BaseFEX currently supports perpetual contracts for seven cryptocurrencies, namely;

  • Bitcoin
  • Ethereum
  • EOS
  • Binance Coin
  • Bitcoin Cash
  • Litecoin
  • Ripple

UniSwap

UniSwap is a decentralized exchange that is based on the Ethereum network and allows you to swap ERC20 tokens. Trading on Uniswap is simple and anonymous; you only need to make sure you already have an ERC-20 wallet installed. You transfer some ether to your chosen wallet, the ether allows you to pay the transaction fee, also called the gas fee on UniSwap.

The cost of gas varies based on the number of individuals who use the network.

In May 2021, Uniswap V3 was released, including new features, such as concentrated liquidity and several fee categories.

Conclusion

All of the exchanges on our list offer quite different crypto services. Some are based on perpetual contracts, others do swaps or provide storage services. It is up to you to decide which exchange you would use based on what you need most. You may even choose to combine two or more platforms to trade privately and securely.

Check out: Cryptocurrency Trends: How to Use a Bitcoin ATM

Shabbir Ahmad

https://shiftedmag.com

Shabbir Ahmed is a Professional Blogger, Writer, SEO Expert & Founder of Dive in SEO. With over 5 years of experience, he handles clients globally & also educates others with different digital marketing tactics.