Best crypto exchanges for big swaps without verification

There are many ways to convert one cryptocurrency to another, but the most convenient and safest is to use cryptocurrency exchanges’ services.

Vulnerabilities of centralized exchanges

In the early stages of the formation of the cryptocurrency market, its development was largely spontaneous, as is typical for early needs. Initially, the vast majority of such sites were centralized (CEX), but over time, this solution’s typical shortcomings began to appear.

First of all, we are talking about different types of cybercrime. This definition includes outright scammers who create one-day exchanges and hackers who attack sites created by conscientious people. There is a need for regulatory intervention.

The legalization of the activities of cryptocurrency exchanges increases the legal security of both the exchange itself and its clients. However, this comes at a cost. More and more CEX are demanding to pass KYC, which, in principle, contradicts the principles of anonymity of cryptocurrency. In light of recent events with Binance and FTX hacks, it is logical to expect tightening of requirements from regulators. It is quite possible that in the foreseeable future it will be impossible to convert even 0.0008 BTC to USD and keep incognito.

A number of CECs do not yet require identity verification, but the possibilities of anonymous users are usually significantly limited. Some functions of the platform remain unavailable to them, and trading volumes and/or withdrawal amounts are limited.

Decentralized exchanges

The first decentralized exchanges (DEX) appeared almost simultaneously with centralized ones, but this market segment began to develop actively three years ago. DE[ are based on the blockchain. Registration is not required to work with DEX, you just need to connect a cryptocurrency wallet to the platform or create it, if required. That is, there is no technical possibility to somehow restrict the user’s activity.

It is still difficult to organize the exchange of tokens from different blockchains to DEX. This problem is now partially solved by synthetic assets. When it is eliminated, this type of trading platforms will receive a powerful boost to development.

Against the background of the more developed CEX segment, DEX still look rather modest and are inferior to them in many market indicators. However, many experts believe that over time, DEX can seriously compete with CEX, and possibly even displace them.

How to choose DEX

Whatever you choose, your main concern is to find the option that best suits your needs. DEX is no exception. Main selection criteria:

Availability of the necessary trading pairs.
Support for the required blockchain.
Liquidity.
Safety. You do not provide any information about yourself and store your funds yourself. Threats can come from protocol vulnerabilities. Verify that the protocol has been audited.
Commission size.
Simplicity and convenience of the interface.

Where can I do anonymous swaps

Uniswap

It is a decentralized protocol for the exchange of tokens based on Ethereum. Instead of an order book, an automatic market maker method is used. The platform supports the exchange of tokens, users can create and manage their own liquidity pools. Liquidity providers are rewarded in UNI tokens. In total, more than 1200 cryptocurrencies are supported.

Balancer

Balancer is another popular Ethereum based platform launched in 2020. The site uses AMM, that is, users can create liquidity pools or replenish existing pools. Several types of pools work on Balancer, which differ in the principles of control. Liquidity providers are rewarded in BAL tokens.

LetsExchange

Cryptocurrency quick exchange service, which is available without registration. The platform supports about 2000 coins and tokens. It doesn’t really matter which VET vs HBAR coin is better for your purposes. Using the services of LetsExchange, you can buy any of them without restrictions on the swap amount.