Brokers with No KYC or Identity Checks
Open an account in seconds and trade CFDs on Forex, cryptocurrencies and shares anonymously. Keep your trading activity anonymous, away from prying eyes.
Start trading in 40 seconds, with no prior KYC or compliance checks, with PrimeXBT.com. PrimeXBT's trading platform was voted "Best Platform for Margin Trading" in the 2020 ADVFN International Finance Awards.
- Markets: Forex (CFD), Cryptos (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
- Platforms: Copy trading, Mirror trading
- Regulators: None
- Incorporated: 2018
Trade Forex, cryptocurrencies as well as CFDs on stocks, indices and commodities with an STP/ECN broker. EagleFX (EagleFX.com) supports all trading styles and Expert Advisors on MetaTrader 4.
- Markets: Forex (CFD), Cryptos (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
- Platforms: MetaTrader 4
- Regulators: None
- Incorporated: NA
Brokers with No KYC
Trade 55 currency pairs, crypto-currencies as well as CFDs on commodities, stock indices and popular shares with EagleFX.com. EagleFX supports MetaTrader 4 and accepts all trading styles, including hedging, scalping and news trading. Open an account with a base currency of either USD, GBP, EUR or Bitcoin.
Trade 46 currency pairs, crypto-currencies as well as CFDs on precious metals, energies and stock indices with PrimeXBT.com. PrimeXBT's trading platform was voted "Best Platform for Margin Trading" in the 2020 ADVFN International Finance Awards. PrimeXBT only supports Bitcoin as a base currency. If you don't already hold Bitcoin, you can easily fund your account by credit card, with purchases processed through CEX.io, a large Bitcoin exchange.
To compare EagleFX vs. PrimeXBT in more detail, click the 'Compare' link at the top of this article. If you are reading this article on your phone, you'll need to expand the menu first.
Pros and Cons
- Speed: with EagleFX and PrimeXTB, you can open an account in seconds and fund your account immediately after that. This will allow you to seize trading opportunities, when speed is a key consideration. In contrast, most brokers will require that you provide proof of identity and proof of address, which may also may need to be certified.
- Anonymity: you'll be anonymous to your broker as they require neither proof of identity nor proof of address. If you trade with EagleFX.com you'll only need an email address and a telephone number to verify your account. If you trade with PrimeXBT, you'll only need an email address and may add Two-Factor Authentication for enhanced security. You should note that both brokers reserve the right to subsequently request further documents in order to meet anti-money laundering requirements.
- Privacy: because neither EagleFX nor PrimeXBT.com require tax identification numbers, your trading activity and assets will remain private. It is your responsibility to ensure that all tax due is paid.
- Lack of regulation: brokers with no "Know Your Customer" checks are typically incorporated in countries with less rigorous governance standards. This means that you may lack the peace of mind that comes with with dealing with a licensed business, overseen by a financial regulator.
- Lack of protection: brokers with no KYC checks are typically incorporated in countries with no investor compensation funds. This means that you could lose the entirety of your balance, in the unlikely event of your broker's bankruptcy. In contrast, investors who trade through brokers regulated by the FCA or CySEC are automatically eligible for protection, up to a certain amount.
- Risk of fraud: crucially, you will need to trust your broker to do the right thing. For this reason, we suggest trading through established brokers who have achieved recognition in their industry. You may also want to open an account with more than one broker in order to diversify your investments.
If you open an account with either EagleFX.com or PrimeXBT.com, post a message in our forums to share your experience with others. Both companies will also reward you financially for referring other users.
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