Forex Brokers Without ID Verification

3.1 / 5

Official website ▷

Start trading in minutes, without ID verification, from a low $250 deposit with leverage up to 1:1000. PrimeXBT.com was voted "Best Cryptocurrency Broker" in 2024.

• Likes
• Start trading in minutes.
• No KYC and no ID verification prior to trading.
• Small initial deposit of 0.001 BTC (approximately US$ 40).
• Trade CFDs on cryptocurrencies, Forex, indices, energies and metals.
• Leverage up to 1:000.

• Dislikes
• No CFDs on individual stocks or ETFs.
• No support for MT4, TradingView or cTrader.
• PrimeXBT only accepts crypto-currency deposits.
• PrimeXBT is not regulated or licensed.

Our take on PrimeXBT

Open and fund an account in minutes, and trade shortly after that with PrimeXBT. This broker accepts card and crypto-currency payments for instant deposits.

However, PrimeXBT reserves the right to ask you for identity documents at a later date, depending on your profile or trading activity.

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Advantages of a broker without ID checks

• Speed: We were able to open and fund an account with RoboForex and PrimeXBT in minutes, and trade immediately after that. This made it possible to seize trading opportunities almost as they occurred. In contrast, most brokers require proof of identity and proof of address to validate your account.
• Anonymity: You'll be anonymous to either broker and can start trading in minutes with only an email address. However, you'll be asked for proof of identity (usually in the form of a passport) and proof of address in order to withdraw funds. This is the case with all brokers featured in this guide.
• Privacy: Your trading activity and any profits will remain private, as neither RoboForex nor PrimeXBT require tax identification numbers. It is your responsibility to ensure that any taxes due are paid. However, Belize, where RoboForex is established, has signed tax information sharing agreements Australia, Switzerland and others⁽¹⁾.

Disadvantages of a broker without ID checks

• Lack of transparency: Brokers without ID checks are typically incorporated in countries with weak governance standards. This means that you may struggle to find out who ultimately owns your broker to seek redress, in the event of foul play.
• Lack of protection: Brokers that do not conduct KYC (Know Your Customer) checks often run their operations from countries lacking investor compensation schemes. This situation also applies to firms like LHFX and RoboForex. Should either of these brokers face bankruptcy, you could risk the entirety of your account's balance.
• Risk of fraud: Crucially, you will need to trust your broker to do the right thing. PrimeXBT has been in business since 2018, and is a broker we have partnered with for several years. As for RoboForex, it has won over 30 awards since its launch in 2009, including that of Best Mobile Trading App in the 2023 GF Awards (B2B).

Conclusion

Brokers without ID checks offer advantages like rapid account setup, anonymity, and enhanced privacy. These factors appeal to traders seeking discretion or immediate access to the financial markets. However, there are notable drawbacks to consider. Operating in countries with weaker governance can pose transparency issues. And the absence of investor compensation funds could put your funds at risk in the event of bankruptcy.

If in doubt, focus your search on brokers with a successful track record like PrimeXBT.com and RoboForex.com. You may also want to open accounts with several brokers, rather than one, if you are planning on investing large sums of money.

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About the author

I'm Stefan, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.