Top No-KYC Crypto Trading Apps in Australia
We've meticulously evaluated various cryptocurrency platforms available to Australian investors by considering multiple key aspects. Our assessment includes the range of cryptocurrencies supported, options for AUD transactions, user interface quality, fee structures, and security measures. Additionally, we ensure that each platform does not require KYC. Based on this analysis, we've identified the top five non-KYC digital asset exchanges in Australia.
Gate.io is the top No-KYC exchange in Australia due to its wide variety of cryptocurrencies, multilingual support, and strong security features. Users can trade over 1700 cryptocurrencies, including stablecoins, memecoins, dogcoins, NFT coins, altcoins and more. The platform offers spot trading, futures contracts, and even options trading. Security is a priority, with cold storage for digital assets and two-factor authentication (2FA) for user accounts. Additionally, Gate.io has a mobile app for trading on the go and offers a staking service where users can earn interest on their crypto holdings.
- Fees: 0.3% on Spot markets, 0.015%/0.05% Maker/Taker fee on Futures. Deposit fees vary depending on the method.
- Trade Limits: $100,000 AUD withdrawals per day with no KYC unless you complete extra verification, then it can increase to 2,000,000.
- AUD Deposit Methods: Bank Transfer, POLi, PayID, Debit Card, Credit Card, Google Pay & Apple Pay.
- Supported Assets: 1700+ Cryptocurrencies.
MEXC comes in at second place, primarily because of its extensive range of trading options. The platform offers spot trading, futures, options, and even staking services, allowing traders to diversify their investment strategies. It supports over 200 cryptocurrencies, making it one of the most versatile platforms in the market. It also provides staking services and even has a launchpad for new tokens. With its low trading fees and high liquidity, it's an excellent choice for those looking to explore various trading avenues without undergoing KYC procedures.
- Fees: Zero fees on Spot markets, 0%/0.01% Maker/Taker fee on Futures. No deposit fees.
- Trade Limits: 40 BTC withdrawals per day with no KYC.
- AUD Deposit Methods: Debit Card, Credit Card, Google Pay & Apple Pay.
- Supported Assets: 200+ Cryptocurrencies.
Bitget ranks third and is known for its copy trading feature. Copy trading allows users to automatically mimic the trades of experienced traders. It offers a curated list of successful investors, complete with performance metrics and trading strategies. The platform offers a range of cryptocurrencies for spot and futures trading. Bitget also provides detailed performance metrics for each trader you can follow, helping users make informed decisions. Additionally, the platform has a derivatives market for those interested in trading crypto futures contracts.
- Fees: 0.1% fee on Spot markets, 0.02%/0.06% Maker/Taker fee on Futures. No deposit fees.
- Trade Limits: $10,000 withdrawals per day with no KYC.
- AUD Deposit Methods: Debit & Credit Card.
- Supported Assets: 500+ Cryptocurrencies.
PrimeXBT claims the fourth spot, excelling in multi-asset investing. Unlike other crypto-only platforms, PrimeXBT allows users to trade in other asset classes like forex, commodities, and indices. This makes it a one-stop shop for traders interested in diversifying their portfolios beyond cryptocurrencies. The platform also offers leverage up to 100x, providing opportunities for higher returns. Its covesting module allows users to follow and copy the strategies of professional traders, adding another layer of convenience and strategy to the trading experience.
- Fees: 0.01%/0.02% Maker/Taker fee on Futures. Deposit fees vary depending on the method.
- Trade Limits: $200,000 withdrawals per day with no KYC.
- AUD Deposit Methods: Bank Transfer and Debit or Credit Card.
- Supported Assets: 10 Cryptocurrencies & thousands of other assets.
Rounding out the list is Phemex, which is regarded for its focus on DeFi and Web3. The platform offers a range of tokens for trading and provides educational resources to help users understand the rapidly evolving DeFi landscape. It also supports Web3 integration, making it easier for users to interact with decentralised applications (dApps) directly through the platform. With its forward-thinking approach and commitment to embracing new technologies, Phemex is the go-to platform for traders interested in the future of finance.
- Fees: 0.01%/0.06% Maker/Taker fee on Futures. Deposit fees vary depending on the method.
- Trade Limits: $50,000 withdrawals per day with no KYC.
- AUD Deposit Methods: Debit or Credit Card.
- Supported Assets: 400+ Cryptocurrencies.
Is it Legal to use a No-KYC Exchange?
Yes, using a No KYC (Know Your Customer) digital asset exchange in Australia is considered legal because the country's regulatory framework around cryptocurrencies is relatively permissive. The Australian Transaction Reports and Analysis Centre (AUSTRAC) oversees cryptocurrency exchanges, but there is no explicit requirement for all exchanges to implement KYC procedures.
However, it's crucial to note that while using a No KYC exchange may be legal, it could expose users to higher fraud risks or other illicit activities. Therefore, users are advised to exercise caution and conduct thorough research before engaging with such platforms. Always remember that the absence of KYC doesn't absolve one from the responsibility of reporting taxable gains to the Australian Tax Office (ATO).
How to Buy Crypto with No KYC in Australia
To buy cryptocurrency through a no KYC exchange, first, you'll need to identify a reputable platform that doesn't require personal identification for account creation. Once you've chosen an exchange, sign up using an email address and a strong password. As previously mentioned, Gate.io is the best option as it offers free and instant AUD deposits through several payment methods. Follow this short guide to buy crypto with no KYC on Gate.io:
- Open a free account on Gate.io by submitting your email and creating a secure password.
- Go to ‘Buy Crypto’ and select AUD as your deposit currency.
- Pick a payment method and your desired digital asset.
- Input the amount you wish to invest and execute your trade.
Tax Implications on No-KYC Exchanges
In Australia, cryptocurrency transactions are subject to tax regulations, regardless of whether you use a No KYC exchange. The Australian Taxation Office (ATO)Australian Taxation Office (ATO) considers cryptocurrency as property, not currency, making it an asset for capital gains tax (CGT) purposes. This means that when you sell, trade, or dispose of your cryptocurrency, you may be liable for CGT.
Additionally, if you're using cryptocurrency for business transactions, you may also be subject to Goods and Services Tax (GST). It's crucial to maintain accurate records of your transactions for tax reporting, even if the exchange itself doesn't require KYC procedures. Failure to report can result in penalties. Always consult a tax professional for personalised advice.
To sum up, navigating the world of no-KYC cryptocurrency exchanges in Australia can be a complex task, but our in-depth analysis aims to simplify this journey for you. Gate.io is the top choice for its extensive range of cryptocurrencies, multiple AUD deposit methods, 24/7 customer support, and stringent security protocols. MEXC follows closely, followed by Bitget PrimeXBT and Phemex.