KYC (Know Your Customer) identity verification can be one of the more frustrating aspects in crypto. One of the best exchanges that allows you to trade without KYC is Kucoin.
Kucoin is one of the lowest fee exchanges with many popular crypto trading pairs. Since Kucoin is headquartered in Seychelles, they don’t have to comply with the strict regulatory requirements that US-based companies like Coinbase and Gemini have.
Let’s explore what you can do on Kucoin with just a basic, unverified account.
Can You Deposit Into Kucoin Without KYC?
Yes, you can deposit crypto into Kucoin without completing KYC.
There is no deposit limit on unverified accounts. However, there is a 1 BTC per day withdrawal limit if you don’t complete KYC so be wary of how much you want to deposit.
Can You Trade on Kucoin Without KYC?
Yes, you can trade crypto on Kucoin without completing KYC.
There are no trading restrictions for unverified accounts. You can buy and sell the same tokens that a verified account can. Spot trading, margin trading, and even leveraged trading are all available.
The only difference is KYC will allow you to increase your max leverage on futures trading to 100x.
Can You Withdraw From Kucoin Without KYC?
Yes, you can withdraw crypto from Kucoin without completing KYC.
The current daily withdrawal limit is 1 BTC every 24 hours for unverified accounts. For fully verified accounts, it goes up to 200 BTC per day, as shown in the table below.
|Unverified||1 BTC||400 USDT|
|KYC1||1 BTC||2,000 USDT|
|KYC2||200 BTC||500,000 USDT|
|Institutional KYC||500 BTC||2,000,000 USDT|
Can You Buy With Fiat From Kucoin Without KYC?
No, you cannot use fiat to purchase crypto on Kucoin without completing KYC.
Purchasing crypto with fiat is just about the only thing you can’t do with a basic unverified account on Kucoin. Fiat onramps are one of the more heavily scrutinized areas in the world of finance.
However, if you have a Coinbase or Gemini account that has gone through KYC, you can use those platforms to swap your fiat to crypto. Then transfer that crypto into Kucoin to trade with.
If you’ve completed Kucoin KYC, the daily fiat to crypto trading limit is 70,000 USDT.
Can You Use Kucoin From the USA?
Yes, US users are allowed to use Kucoin with an unverified account. There is no IP ban so you do not need to use a VPN. That said, Kucoin does not accept US KYC so leave your account unverified to keep using the platform.
Kucoin’s full restricted country list is below:
- Bosnia & Herzegovina
- Burkina Faso
- Central African Republic
- Cayman Islands
- China (mainland)
- Democratic People’s Republic of Korea
- Democratic Republic of Congo
- South Sudan
How Long Does Kucoin KYC Verification Take?
To complete Kucoin’s KYC verification, you’ll be asked to submit an official ID along with a selfie holding that ID. The review process is manual and approval typically takes 24-48 hours from the time you submit the application. Kucoin has promised users it will take no more than 5 days.
The risk of using an unverified account is if it gets flagged for whatever reason. It’s unclear what triggers these flags but the most common reason is if their system detects suspicious activity. If you’re logging in from restricted countries or trying to withdraw more than the 1 BTC daily limit, that can set off triggers.
Be aware that if your account gets flagged you may be asked to provide verification to continue using it. This is why you should only keep amounts you’re comfortable with on the platform.
If you intend to trade large or withdraw large amounts from Kucoin, you’re best bet is to fully verify your account. Completing KYC also lets you reset your password or recover your account faster in case you do lose access or get hacked.
Kucoin is one of the most flexible exchanges for unverified accounts. You can deposit, trade, and withdraw crypto all without completing KYC. The only thing you can’t do is buy crypto directly with fiat without KYC.
If you’re worried if Kucoin is legitimate, the company recently raised $150 million at a $10 billion valuation from leading VCs like Jump Crypto, Circle Ventures, IDG Capital and Matrix Partners.