Before you create an account or start trading on non KYC crypto exchanges, there are a few factors to look out for, they include;
No-KYC Limits
While some exchanges do not enforce the KYC policy generally, the no-KYC privileges are usually limited. Usual limits include limits on crypto and fiat withdrawals and Fiat deposits. Non KYC Exchanges can also place restrictions on accessible financial services, for instance, Non-verified users could be limited to spot trading only. KYC exchanges like Kucoin only allow non-verified users to SELL. Users must be verified to make crypto purchases. Ascertain the no-KYC limits on the exchange you wish to use and ensure that this aligns with your trading plans.
Regulatory Compliance And User Security
Verify the security practices of the exchange and how the no KYC policy affects their compliance with regulatory specifications. Especially for the exchanges operating in your region. Ensure that you use an exchange that conforms to the financial rules of your region, and evaluate the fund and user security practices of the platform.
Supported Assets And Services
Also, consider the assets tradable on the platform and the available financial services. Ensure that the no-KYC exchange supports the assets you wish to trade and offers basic services like spot and Derivative trading and any other additional financial services that apply to you.
Liquidity
To avoid significant slippages on the non KYC exchange it is also recommended that you evaluate the liquidity on the platform. Parameters like daily trading volume and the spread between order levels in the order book are good measures of liquidity. Evaluate these parameters as they apply to you before creating an account or transferring funds to the exchange platform.
