Instant Exchanges with no Registration- Pros and Cons

Instant Exchanges with no Registration- Pros and Cons

To prevent money laundering and to enforce local laws, most crypto exchanges are enforcing anti-money laundering rules. With exchanges that trade exchanges for cash, in particular, it’s hard to make a trade without giving up crucial personal details like names and addresses.

It’s easy to understand why exchanges have to enforce KYC rules, but sometimes it does not work in the trader’s favor. Exchanges take up to a month to do background checks. Withdrawing funds in some exchanges can take weeks, all along while the exchange blame it on enforcing anti-money laundering rules.

Of late, cryptocurrency exchanges focused on privacy are increasing. You can now trade top cryptocurrencies without giving up any of your personal information. The following is a list of the best instant exchanges where you can make a trade with nearly no verification process.

Flyp.me

Flyp.me is an ingenious no registration crypto exchange designed by popular multi-currency crypto wallets, Holy Transaction. Like the parent wallet company, Flyp.me is designed with utmost security. It’s also unique, designed to allow traders to buy and sell up to 19 cryptocurrencies without the need of providing any verification details. Here is how it works:

  • Visit Flyp.me here
  • Choose Cryptocurrency in your wallet
  • Select the coin you want exchanged to
  • Provide your wallet address and an optional refund address
  • Select amount of coins you want to exchange and confirm payment

Pros

  • Easy to use zero registration process
  • Multiple currencies exchanged
  • Quick exchange services
  • Unique token that allows profit sharing with the company
  • Kind and helpful customer services

Cons

  • Does not support fiat conversions

ShapeShift

ShapeShift is arguably the most popular cryptocurrency exchange with a zero registration process. No sign-up process, no email or login details required. Additionally, the exchange does not charge trading fees. Given the exchange’s ease of use and lack of fees, you would assume ShapeShift would be the biggest exchanges today. But it’s not.

  • Visit ShapeShift and select the cryptocurrency you want to exchange
  • Select amount of coins you want to exchange
  • Select the cryptocurrency you want your coins to be exchanged to
  • Key in your wallet’s address and an option address where coins will be refunded if the exchange does not work out
  • There are up to 90 coins to choose from
  • ShapeShift will provide an address to send your coins and they will complete the exchange process for you

Pros

  • No registration process
  • Fast and easy to use
  • No trading fee requested
  • Huge number of altcoins supported
  • Accept traders worldwide
  • Works as an API hosted on crypto wallets like Exodus- if you have a wallet that support ShapeShift, you can trade coins without leaving your wallet

Cons

  • Sets higher than average miners’ fee- customers often complain about the exchange’s huge miners’ fees
  • Poor customer services- ShapeShift is often accused of ignoring customer requesting, especially when trades take longer than normal to complete
  • It takes up to 30 days to get coins refunded after the trading process fails

Changelly

Like ShapeShift, Changelly works as an API integrated with popular crypto wallets like Jaxx and Coinimi. The exchange also works as a regular exchange that accepts credit card payments for popular cryptos. To make it work like an account, Changelly asks you to provide an email address where a password is emailed. Other than that, here is a quick overview of how Changelly works:

  • Access Changelly on the web, apps or on partnering wallets
  • Select amount in cash and the crypto you want to buy
  • Provide a wallet address
  • Expect to receive bitcoins within three hours (it can take longer)

Pros

  • Easy to use exchange with an instant sign up process
  • Supports up to 50 cryptocurrencies
  • Allow buying Bitcoins with cash instantly
  • Accept members from any part of the world

Cons

  • High fees- takes up to 10% to buy coins with BTC and 0.5% to trade
  • Frequent delays in executing trades

Fortunately for Changelly customers, the exchange demonstrates genuine concern for customers. They will regularly and effectively help customers who may be experiencing issues.  Changelly also have a ton of happy customers.

LocalMonero.co

This exchange is a peer to peer platform, tailored to help Monero buyers meet sellers. The exchange offers a quick sign up process, with no extra verification required. Like most P2P exchanges, localMonero allows traders to use any payment method, as long as both parties are comfortable. Here is an overview of how to trade one of the most anonymous cryptocurrencies in the world without leaving your info:

  • Create an account on the exchange- providing an email is optional
  • Scroll through the exchange for traders with the best deals in your country
  • Alternatively, find international traders
  • Complete the trade- the exchange holds coins in an escrow until you pay

Pros

  • Easy quick sign up process
  • Customized to help you find the best traders locally
  • Secure exchange
  • Great exchange for trading Monero

Cons

  • The exchange only lists Monero coins
  • There is low liquidity
  • Charges slightly higher than average 1% fee per trade

Binance

Binance is the largest cryptocurrency exchange in the world based on 24-hour trading volumes. More than $2 billion is traded on the exchange on a daily basis, with 100% of the trades being crypto to crypto trading. And despite that, Binance offers a quick sign up process with no verification for tier one traders. You can buy and sell more than 100 cryptos on Binance with no verification needed. Here is a quick overview of how it works:

  • Visit Binance.com
  • Create an account by providing an email address and login details
  • Use a new email address if you want to keep things private
  • Buy Bitcoins elsewhere and transfer them to your Binance account
  • Use your funds to buy other coins

Pros

  • Easy to use and quick sign up process
  • Accepts members from around the world
  • Extremely low fees at 0.1%
  • High ratings
  • Great liquidity and multiple coins accepted

Cons

  • Does not accept fiat payments
  • You must verify details to make high trades

Conclusion

Nowadays it’s difficult to find a crypto exchange that requires no registration or verification, but they exist. If you love trading anonymously and you can’t trust your personal information with exchanges, try out any of the above-reviewed exchanges.

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