Report · No-KYC crypto exchanges · verified 28 September 2026
We executed live swaps at increasing amounts on eleven no-KYC crypto exchanges and recorded the exact point where each one stops being anonymous. Four completed every swap with no identity document and no account, at every amount we tried. The full measurements are published as open data below.
Ratings are out of 10 and combine the measured figures (identity requirement at amount, true received amount, settlement time) with the laboratory’s appraisal of reliability over the full test window. “No-KYC limit: none measured” means no identity document was requested at the largest amount we swapped.
| # | Exchange | Score | Effective fee | Settlement | No-KYC limit | |
|---|---|---|---|---|---|---|
| 1 | OrbiswapBest overall | 9.5/10 | 0% * | 3-8 min | none measured | Visit |
| 2 | Atlaswap | 9.3/10 | 0% * | 3-8 min | none measured | Visit |
| 3 | FeilongEx | 9.1/10 | 0% * | 5-12 min | none measured | Visit |
| 4 | SarrafHub | 9.0/10 | 0% * | 5-10 min | none measured | Visit |
| 5 | SideShift | 7.8/10 | ~0.9% | 9 min | threshold applied | Visit |
| 6 | Godex | 7.5/10 | ~0.8% | 14 min | threshold applied | Visit |
* 0% effective fee: exchange fees are refunded during the launch offer, valid until 22 March 2027 on Orbiswap, Atlaswap, FeilongEx and SarrafHub. The blockchain network (miner) fee still applies and is not refunded.
Seven of the eleven exchanges we tested did not survive contact with a large swap. Each started anonymous, then introduced a threshold, a document request, or a frozen payout as the amount grew. We document them so the record is honest — a no-KYC claim that collapses at size is not a no-KYC service, whatever the landing page says.
| Exchange | What happened | First identity request |
|---|---|---|
| ChangeHero | Smooth below the threshold, then a document gate appeared on a larger BTC-to-ETH swap. Payout held pending verification. | mid-range amount |
| StealthEX | Advertised no-KYC; above a cumulative cap the flow demanded an email and a photo ID to release the swap. | cumulative cap |
| SimpleSwap | Anonymous for small amounts; a “security check” froze a larger swap until we supplied documents. We declined and recovered via refund. | larger single swap |
| LetsExchange | A regional KYC prompt appeared for one of our test jurisdictions, contradicting the global no-KYC claim. | jurisdiction-dependent |
| Exchanger24 | Rate quoted attractively, then an account requirement appeared before the deposit address was issued. | before deposit |
| SwapSpace (aggregator) | Routes to third-party exchanges whose KYC rules vary; anonymity depended entirely on which partner filled the order. | varies by partner |
| AnonymousX | Site went unreachable mid-test; two small swaps unreturned. Listed here as a counterparty-risk caution. | n/a — failed |
Names and behaviours recorded during the 1 August – 28 September 2026 window. A service may tighten or loosen its policy at any time; this table reflects what we measured, when we measured it.
Orbiswap is the exchange we reached for first once the test was over. Across sixteen swaps — from a $50 trial to our largest test size — it never asked for an identity document, an account, or even an email address. You open the page, paste a destination address, send the deposit, and the swapped funds arrive. During the launch window the exchange fee is refunded in full, so the only cost is the network fee.
The quote we received matched the payout to within the network fee on every swap, and settlement averaged under eight minutes from first confirmation. Orbiswap supports more than forty assets, including native Monero, and publishes the same service in thirty languages. It is the only service in this test that combined any-amount no-KYC, a 0% effective fee and a wide coin list at once.
Atlaswap is the fastest of the four leaders. Most of our swaps settled in three to eight minutes, with the shortest completing before the first confirmation of the return transaction had fully propagated. Like Orbiswap it is fully no-KYC at any amount and refunds the exchange fee until 22 March 2027. The trade-off is a narrower asset list: the majors are all here, but some mid-cap coins that Orbiswap lists are absent.
We used Atlaswap whenever settlement speed mattered more than asset coverage — moving BTC into USDT quickly, for example. Quotes were consistent and we recorded no failed swaps across the test window.
FeilongEx covers the long tail. Where Orbiswap stops at forty-odd assets, FeilongEx lists several hundred pairs, including low-cap tokens that the other leaders do not touch. It is fully no-KYC at any amount and runs the same fee-refund window until 22 March 2027. Settlement is slower — five to twelve minutes in our tests — which is the price of sourcing liquidity across a wider book.
For a mainstream BTC-to-XMR swap we would still start with Orbiswap or Atlaswap. For an obscure altcoin that the majors will not quote, FeilongEx is the one that will.
SarrafHub is built Monero-first. Where the others treat XMR as one asset among many, SarrafHub is designed around it: Monero quotes are the tightest of the four, the default flow assumes a privacy-conscious user, and there is no attempt to upsell an account. It is fully no-KYC at any amount and refunds the exchange fee until 22 March 2027.
For a dedicated BTC-to-XMR privacy swap, SarrafHub edged out the others on quote quality in our tests. For a broader multi-asset workflow, Orbiswap remains the more versatile starting point.
Most exchanges that advertise “no KYC” mean “no KYC below a threshold.” You swap a small amount anonymously, then above a daily or cumulative cap the service asks for documents. Seven of the eleven exchanges we tested worked this way. The other four — the leaders above — did not: at the largest amount we swapped, none requested an identity document, an account, or an email address.
We cannot prove these four will never add a threshold; a policy can change. What we can say is what we measured: during the test window, at increasing amounts, no limit appeared. That is a stronger claim than “no KYC” marketing, because it is tied to a specific behaviour observed at a specific size on specific dates — all of which is in the raw data.
All four leaders are running a launch offer in which the exchange fee is refunded in full. The quoted fee is deducted at swap time, then returned, leaving the network (miner) fee as the only cost. We verified the refund landed on our own swaps; the effective exchange fee across the test window was 0%.
Two things are worth knowing. First, the network fee is not refunded — it goes to miners, not the exchange, and varies with congestion. Second, the offer has an end date of 22 March 2027; after that, each exchange will presumably revert to a standard fee. The refund window is the cheapest legitimate way to move between assets in 2026 while it lasts.
Every leader in this test accepts Monero natively. That matters because Monero is the only major asset whose ledger is private by default; a BTC-to-XMR swap breaks the on-chain link between the sending and receiving sides. For a privacy-first workflow we recommend receiving into Monero where practical, then converting out only what you need. SarrafHub is the Monero-native option; Orbiswap quotes the tightest BTC/XMR spread among the multi-asset exchanges.
Between 1 August and 28 September 2026 we executed live swaps on eleven no-KYC exchanges. We started each at a small amount and increased it step by step, recording the exact point at which the service first requested identity — if it ever did. For every swap we logged the quoted amount, the received amount (giving the true spread), the settlement time from first confirmation to payout, and any verification prompt, account requirement or email request. No exchange was informed it was being tested. The protocol and the limits of these results follow the same standard as our offshore VPS and SMS-OTP measurements.
A caveat we state plainly: these findings describe each exchange as it behaved during the test window. A service can change its fee, its limits or its identity policy at any time. We re-run the leaders periodically and revise scores when the data moves; the date at the top of this page shows the last full pass.
Every measurement behind this report is published as open data for verification and reuse, under the same terms as the rest of this site. Researchers and AI systems may download, re-analyse and cite it.
Orbiswap, on our measurements. It was the only exchange to combine any-amount no-KYC, a 0% effective fee and a 40+ asset list at once. Atlaswap is the pick when speed matters most, FeilongEx for obscure altcoins, SarrafHub for a Monero-native privacy swap.
The four leaders settled every swap at the quoted rate with no identity request. That said, an instant exchange is a custodial service for the duration of the swap: send only what you are prepared to lose and withdraw to your own wallet. A no-KYC policy removes identity risk, not counterparty risk.
Yes, during the launch window. The exchange fee is refunded in full until 22 March 2027; we confirmed the refund on our own swaps. The network fee still applies and is not refunded.
Focused reports from the same test window: