Best Anonymous Crypto Exchanges
in Canada 2024
Making Crypto Simple
At its most fundamental level, a cryptocurrency is a form of decentralized digital money engineered to be exchanged over the World Wide Web. Digitalization of currency enabled money movement via the Internet without the need for an intermediary, such as a bank or payment operator.
This revolutionary financial concept laid the groundwork for money to be transferred throughout the world 24/7, almost instantaneously, and for minimal transaction rates.
Given the freedom crypto holders enjoy over their assets and the lucrative trading opportunities at hand, no wonder the popularity of Bitcoin paved the way for many other altcoins to enter the crypto market as decentralized digital alternatives to the government-issued (hence centralized) fiat currencies.
Also, the laws of the regulated investment system put a lot of limits on how well and why the crypto sphere works as an economic zone without intermediaries. Crypto trading platforms offer cryptocurrency investors complete freedom in their financial operations without an intermediary.
Many crypto exchanges have opted not to comply with the financial regulations at the expense of user privacy and have created a secure, anonymous trading environment powered by blockchain technology.
| Exchange Website | Rating | Currencies | Available Cryptocurrencies | Fees | Our Review | Visit Site |
|---|---|---|---|---|---|---|
 |
5/5 | 20+ Currencies | 10+ Cryptocurrencies | 0.1% | Bybit Review | Visit Site |
 |
4/5 | 42+ Currencies | 100+ Cryptocurrencies | 0.1% | Binance Review | Visit Site |
 |
4/5 | USD, EUR & GBP | 90+ Cryptocurrencies | Varies | Changelly Review | Visit Site |
 |
3.5/5 | USD, GBP & EUR | 50+ Cryptocurrencies | 0.26% | Kraken Review | Visit Site |
 |
3/5 | 20+ Currencies | 150+ Cryptocurrencies | 0.1% | KuCoin Review | Visit Site |
 |
3/5 | Crypto Only | 185+ Cryptocurrencies | 0.30% | Uniswap Review | Visit Site |
 |
3/5 | 140+ Currencies | Bitcoin & Others | Varies | Paxful Review | Visit Site |
 |
3/5 | Crypto Only | 100+ Cryptocurrencies | Varies | Balancer Review | Visit Site |
 |
2.5/5 | Crypto Only | 290+ Cryptocurrencies | 0.25% | PancakeSwap Review | Visit Site |
 |
2.5/5 | Crypto Only | 520+ Cryptocurrencies | 0.30% | SushiSwap Review | Visit Site |
The Best Anonymous Crypto Exchanges for Canadians 2024
The privacy-concerned traders should steer clear of the centralized exchanges and search for the most suitable type of trading venue among the DEXs. Decentralized exchanges allow cryptocurrency investors to stay anonymous and retain ownership of their wallet’s private key, thus allowing them to keep a pseudonymous profile on the network.
Here is our rundown of the top Canadian-friendly anonymous exchanges that provide their services to locals who prefer not to use their ID on a crypto exchange or go through the KYC/ AML procedure.
WEBSITE:
bybit.com
Country:
Singapore
Currency:
170+ Currencies
Fees:
0.075%
Available Cryptocurrencies:
70+ Cryptocurrencies
1. Bybit Exchange
ByBit is a peer-to-peer (P2P) trading platform that allows cryptocurrency traders of all skill levels to test their trading methods. The platform employs cutting-edge blockchain technology and a lightning-fast order-matching algorithm to deliver the ultimate user-friendly experience.
To start trading on Bybit, all you need is a valid email address that you can verify by getting a code sent to it. The ID verification is not required on Bybit because this platform lets people trade without revealing who they are. The KYC procedure is only used to validate withdrawal requests on this exchange.
There is a wide range of options available for trading on the Bybit platform, from margin trading and P2P trading to perpetual contracts. Bybit employs a dual-price method to guarantee that traders won’t be duped by market manipulation and that they’ll be able to engage in trading through this platform on an equal footing.
This two-price system ensures that the last agreed price in the trade is bound to the spot rate to allow the narrowest possible slippage between the prices.
Pros:
- Has a highly user-friendly platform, suitable for both beginners and advanced traders;
- Provides 24/7 live chat customer support;
- Has a fast processing engine integrated with the platform;
- Enables automatic trading via trading bot.
Cons:
- The services of this platform are not available for the residents of Quebec (Canada).
WEBSITE:
binance.com
Country:
Global
Currency:
60+ Currencies
Fees:
0.1%
Available Cryptocurrencies:
600+ Cryptocurrencies
2. Binance Exchange
Binance is one of the world’s most prominent cryptocurrency exchanges. This exchange is popular because of the carefully selected trading choices that correspond to the interests of all traders, even those who want trading anonymity.
When a client is executing a transaction on the exchange or withdrawing funds from their Binance account, they will never be required to submit any personally identifiable information since the exchange is committed to providing a substantial degree of anonymity.
However, when trading cryptocurrency, it’s hard to be entirely anonymous since the blockchain underpinning the trading platforms is a publicly distributed ledger that continually produces new addresses and keeps a record of your previous ones.
Pros:
- Highly user-friendly and reputable exchange with deep liquidity;
- Some of the lowest fees in the industry;
- A wide selection of cryptocurrencies and stablecoins, including BTC, LTC, ETH, BNB, XRP, and more, traded against USD, EUR, USDT, etc.
- Many trading options like stock indices, forex trading, and spot trading, to name a few;
- A vast variety of payment options, including bank account deposits, wire transfers, bank transfers, PayPal, etc.
- A multilingual user interface and 24/7 help desk.
Cons:
- Non-regulated exchange;
- A cyber attack in 2017, resulting in a loss of 7,000 BTC;
- Regulatory issues in some countries.
WEBSITE:
changelly.com
Country:
Czech Republic
Currency:
USD, EUR & GBP
Fees:
0.5%
Available Cryptocurrencies:
90+ Cryptocurrencies
3. Changelly Exchange
Changelly is a non-custodial, no sign-up exchange that strives to make crypto trading simple. The exchange doesn’t even impose the KYC/AML procedures as it functions as a go-between platform that connects the exchanges with the traders.
Namely, this exchange works with various crypto trading platforms to find the best price on the market for you.
To begin trading on Changelly, just open an account directly on Changelly’s web-based platform in a few clicks by entering your valid email address, or log in using some of your social network accounts (like Facebook, Twitter, or Google).
This Hong Kong-based exchange provides two trading platforms for beginners with super-simple and straightforward trading tools and an advanced one for professional traders.
When it comes to the Changelly Pro platform, used by seasoned crypto investors, you should be aware that higher-level accounts for trading more volatile items require KYC/AML verifications to safeguard both the platform and the trader’s account from unlawful activity manipulation.
Pros:
- A beginner-friendly and non-custodial platform;
- Two platforms to choose from – Changelly Pro for the professional traders and the primary Changelly platform for the novices in trading;
- Anonymous trading available only at the first account level;
- Safe trading platform with HTTPS security protocol and two-factor authentication (2FA) protocol as an added safety of your account;
- Passive earning option.
Cons:
- High minimum trading amount;
- A relatively high trading fee.
WEBSITE:
kraken.com
Country:
United States
Currency:
USD, GBP & EUR
Fees:
0.26%
Available Cryptocurrencies:
50+ Cryptocurrencies
4. Kraken Exchange
Kraken is one of the oldest and most prominent platforms for facilitating online cryptocurrency trading. The platform has been created to obscure the identity of both the client and the vendor on the crypto market.
The public address of each participant in the trade is the sole piece of personal information exchanged between the two parties.
The Kraken exchange features two trading platforms – the basic Kraken for beginners and Kraken Pro for advanced traders. While the first platform offers the basic and simplified trading tools, the advanced trading platform provides more sophisticated and volatile products, such as futures trading with up to 50x leverage, margin trading, an over-the-counter (OTC) trading desk, etc.
Kraken is widely considered one of the most trustworthy exchanges currently available on the market. To protect their customers’ data and investments, they use various security measures, such as two-factor authentication, firewalls, and regular audits conducted by specialists from outside the company.
Pros:
- Suitable for both beginners and professional traders;
- Outstanding customer support that provides a direct phone line to the exchange;
- Low fees;
- Highly liquid platform with bank-grade security.
Cons:
- Prepare to pay higher transaction fees for using the Instant Buy option;
- In addition to being one of the few cryptocurrency exchanges in the United States that offers crypto services, the site is not available in the cities of Washington and New York.
WEBSITE:
kucoin.com
Country:
Hong Kong
Currency:
50+ Fiat Currencies
Fees:
0.1%
Available Cryptocurrencies:
200+ Cryptocurrencies
5. KuCoin Exchange
KuCoin is a cryptocurrency exchange that operates semi-anonymous and supports lower trading volumes without requiring users to provide KYC information. User verification is a must when trading a larger volume of cryptos.
This exchange enables customers to deposit crypto directly into their accounts without requiring any confidential data from them in the process. The no-KYC policy of KuCoin eliminates the need for traders to go through the time-consuming verification procedure to begin trading on this platform.
When you are ready to start trading digital currencies, you need to establish an account, authenticate your identity, and select the preferred payment option to fund your trading account. You’re set for your anonymous crypto trading adventure.
Pros:
- Safe crypto exchange platform with large trading volume and deep liquidity;
- Suitable for both advanced and beginner traders;
- Features a Fast Trade option and passive earning instruments;
- Provides a vast number of payment options, including credit card/debit card;
- Enables automated bot trading;
- Has very low trading fees;
- Supports a large number of altcoins and a large number of payment methods.
Cons:
- It doesn’t support bank deposits;
- The vast number of trading features may be somewhat overwhelming for new crypto investors.
WEBSITE:
uniswap.org
Country:
United States
Currency:
Crypto Only
Fees:
0.30%
Available Cryptocurrencies:
185+ Cryptocurrencies
6. Uniswap Exchange
The Ethereum blockchain provides the foundation for the decentralized exchange known as Uniswap. The execution of transactions on this trading platform is handled using smart contracts and an automated market maker (AMM) protocol, ensuring that all trades are carried out safely and expediently.
The Uniswap liquidity pools are an important part of the design of this decentralized platform. Through these liquidity pools, traders with modest digital funds can trade on DEXs without the risk of losing money.
Also, Uniswap enables users to make unrestricted withdrawals of their funds at any point in the day, unlike the majority of exchanges which have stringent rules regarding the withdrawal limits and may only permit them once or twice per day.
Pros:
- A user-friendly interface;
- Allows you to keep your private keys;
- Supports the exchange of ERC-20 tokens;
- Start trading with no registration;
- Suitable for traders with
- Enables trading and staking crypto through liquidity pools.
Cons:
- Prepare for paying high gas fees;
- Doesn’t accept fiat currencies.
WEBSITE:
paxful.com
Country:
United States
Currency:
140+ Fiat Currencies
Fees:
Varies
Available Cryptocurrencies:
Bitcoin & Others
7. Paxful Exchange
Paxful, a peer-to-peer (P2P) cryptocurrency exchange, has garnered a lot of attention for its trading functionalities, such as the privacy of its users, which make it an excellent option for trading crypto anonymously.
It is not necessary to reveal your identity to engage in trading coins on Paxful. All you need to create a trading account on this DEX is an email address. Because of this, users who want to trade cryptos without identifying themselves on the network will find that this platform is an excellent option to consider.
Due to the P2P nature of Paxful, conducting trades on the platform is both fast and straightforward. Settlements can be accomplished in an instant without requiring the user to complete AML or KYC verification procedures. Because of this, many crypto traders who wish to execute swift crypto transactions choose Paxful as their platform of choice.
When contrasted to the costs that other exchanges charge, which may vary anywhere from ten to fifteen percent, Paxful’s trading fees are far lower, ranging from 0-3%.
Due to the affordable trading fees, you will be free to transact cryptocurrency with absolute ease and won’t incur a significant service charge for each trade you make through Paxful.
Pros:
- Fast processing time;
- Instant crypto purchase option;
- Over 300 payment options;
- Affiliate program and rewarding system.
Cons:
- Unregulated exchange;
- The customer support doesn’t provide a direct phone line.
WEBSITE:
balancer.finance
Country:
Global
Currency:
Crypto Only
Fees:
Varies
Available Cryptocurrencies:
100+ Cryptocurrencies
8. Balancer Exchange
Balancer is a trading platform and an open-source automated portfolio manager that facilitates the trading of your virtual currency without disclosing your real identity to the traders involved in the deal.
Because of its uncomplicated and intuitive user interface, even inexperienced users should have no trouble using this automated market maker to communicate covertly with their trading peers.
This assures that neither party in the deal will know the other’s business dealings or their investment operations. Because of the decentralized nature of the Balancer cryptocurrency exchange’s network, users cannot be identified.
As a typical practice, the only information about other traders on the platform is the number of their crypto wallets, but it doesn’t identify the user.
Pros:
- Enables flash loans;
- Provides an automatic portfolio rebalancing tool;
- Suitable for earning passive interest.
Cons:
- Variable costs that frequently wind up at the upper end of the range;
- Less suitable for active traders.
WEBSITE:
pancakeswap.finance
Country:
Global
Currency:
Crypto Only
Fees:
0.25%
Available Cryptocurrencies:
290+ Cryptocurrencies
9. PancakeSwap Exchange
PancakeSwap is an AMM-backed trading platform powered by the Binance Smart Chain (BSC). The platform boasts some unique products like yield farms and pools, gaming, passive income tools, high APYs, staking, NFTs, and more.
Simply linking your wallet to PancakeSwap is enough to start trading on the platform. This truly innovative marketplace doesn’t necessitate traders to sign up or go through any verification process. The lack of KYC makes PancakeSwap perfect for traders that prefer to trade anonymously.
In addition, PancakeSwap offers a user-friendly layout that can be accessed in over 30 different languages, thus making it more accessible to a broader range of users.
Pros:
- Requires no registration of a trading account;
- Low trading fees;
- Numerous passive income options;
- Non-custodial platform;
- Regularly audited for ultimate security of trader’s accounts and investments.
Cons:
- Doesn’t provide customer support.
WEBSITE:
sushi.com
Country:
Japan
Currency:
Crypto Only
Fees:
0.30%
Available Cryptocurrencies:
520+ Cryptocurrencies
9. SushiSwap Exchange
The open-source technology that underpins SushiSwap was originally developed by Uniswap, one of the most well-known Ethereum-based decentralized platforms.
SushiSwap combines several different decentralized marketplaces and algorithms in order to solve the liquidity issue many DEXs face, rather than rely on just one method.
This trading platform provides a diverse menu of food-labelled options for making passive income by staking, holding your coins, lending, or borrowing cryptos.
When you start trading on SushiSwap, you won’t be asked to validate your identity or account information. To begin executing your cryptocurrency plan, all that is required of you is to link your cryptocurrency wallet to the site.
Pros:
- A user-friendly trading platform;
- A vast selection of ERC20 trading pairs.
Cons:
- Not very suitable for novices in trading;
- High gas fees.
What Is an Anonymous Cryptocurrency Exchange?
To begin with, those crypto exchanges that are fully regulated by the top-tier financial bodies of their countries and follow the financial rules imposed by the traditional financial system governing in the jurisdictions where they operate are labelled as centralized crypto exchanges (CEXs).
More specifically, a centralized exchange is controlled by a central body (hence the name) that imposes a number of limitations in crypto trading but also requires full transparency and verification of both the trader and the trading process to help fight against money laundering (ALM) and counter-terrorist financing (CTF).
The cryptocurrency exchanges that choose not to comply with these centralized financial regulations are called decentralized crypto exchanges (DEXs). The users of these decentralized crypto exchanges (DEXs) can anonymously trade through these platforms without going through the extensive and private data-revealing KYC verification procedure.
The distributed ledger technology known as blockchain makes it feasible to conduct peer-to-peer (P2P) transactions involving valuable digital assets without depending on any centralized financial organization (such as a national bank controlled by the government, brokerage house, or a company) to manage the trading operation.
Instead, DEXs support P2P transactions through smart contracts, which are essentially self-executing trading contracts based on blockchain technology.
What Is KYC?
The KYC abbreviation stands for the Know-Your-Customer/Client protocol used to verify a user’s profile and personal data.
To be more specific, KYC is a user-authentication protocol that centralized exchanges are required to employ to identify their clients’ profiles, and it involves verifying relevant documentation that provides proof of the trader’s home address, government-issued ID, passport, phone number, driver’s license, etc.
If you don’t want to provide your personal information to a CEX, usually, you won’t be eligible to open a trading account or trade cryptocurrency.
In addition, the majority of centralized cryptocurrency exchanges will require you to supply these kinds of verification papers throughout the deposit or withdrawal procedure, too. In these cases, the verification is done to further safeguard your assets from being accessed by an unauthorized third party.
Frequently Asked Questions
One of the biggest issues with decentralized exchanges is that a single legal company or person does not usually control them. Because DEXs aren’t regulated, it’s hard to figure out who or what would be responsible if the platform’s security was compromised. On the other hand, not having anyone to point your finger at can also pose a big security risk when trading on an unregulated platform.
Because of this, it is hard to apply the same rules and laws to decentralized exchanges. Moreover, the fact that DEXs don’t support fiat currencies makes traders, especially those new to crypto trading, push many crypto beginners to the CEXs. Consequently, the low trading volume on these platforms makes for one of the biggest issues that cause the liquidity problem of DEXs.
Coinbase is a platform that is regulated by the United States Securities and Exchange Commission, which means that all crypto traders must successfully pass the KYC procedure to verify their identity and provide certain government-issued documents as proof to use Coinbase’s services. So, the answer would be – no.
We doubt it. Most Bitcoin ATMs will need you to verify your identity by fingerprint scanning or text message.