List of Trustable Crypto Exchanges

[Granwasa]

Good Morning Gentlemen,
I hope this post finds you well.

I felt like a good list of trustable Crypto Exchanges was needed.
After researching, comparing and inquiring, below you may find the only trustable exchanges, currently.
I am aware that many more exist. However, they displayed red flags that cannot be ignored, such as delayed withdrawal (Shapeshift, Bithumb), selective scamming (Spectrocoin, HitBTC) and hidden fees (Changelly).

Nevertheless, any advice regarding other reliable exchanges, is more than welcome.

Binance. Chinese. Deposit Methods: Cryptocurrency, E-wallets, Credit Card via Simplex.
OKcoin. Chinese. Deposit Methods: Cryptocurrency.
Kucoin. Chinese. Deposit Methods: Cryptocurrency.
Huobi. Chinese. Deposit Methods: Cryptocurrency.
IDCM. Chinese. Deposit Methods: Cryptocurrency, SWIFT.
Kraken. EU/US based. Deposit Methods: Cryptocurrency, SEPA, SWIFT.
Coinbase. EU/US based. Discloses tax ID with US gov. Deposit Methods: Cryptocurrency, SEPA, ACH, Credit Card.
Bittrex. US based. Deposit Methods: Cryptocurrency, SWIFT.
Ftx.com. US based. Deposit Methods: Cryptocurrency, SEPA, ACH, SWIFT, Credit Card.
Bitstamp. US based. Deposit Methods: Cryptocurrency, SEPA, Credit Card. Extensive institutional KYC.
PrimeXBT. US based. Deposit Methods: Cryptocurrency.
Bitpanda. EU based. Deposit Methods: Cryptocurrency, SEPA, E-wallets, Credit Card. Video call verification.
Coinmama. EU based. Deposit Methods: Cryptocurrency, SEPA, Credit Card.
Globitex. EU based. Deposit Methods: Cryptocurrency, SEPA, SWIFT.
Coinburp. UK based. Deposit Methods: Cryptocurrency, SEPA. To trade more than 15k/year you need to verify a second ID.
Crypto.com. Malta Based. Deposit Methods: Cryptocurrency, SEPA. Mastercard available for EU citizens.
Bitflyer. Japan based. Deposit Methods: Cryptocurrency, SEPA, ACH, JPY transfers.
ABCC. Singapore based. Deposit Methods: Cryptocurrency.
Luno. Support African users from Nigeria, Uganda, Zambia, South Africa. Deposit Methods: Cryptocurrency, SEPA, Credit Card.

NON-KYC exchanges:
Kriptode.
Godex.
Fox.Exchange.


I wish you a pleasant day.
Granwasa.

 

[Sir Gelato]

Good report and research, anymore on the non kyc needed? Thanks!!!

 

[extremedox101]

you can add bitit to list 10% credit card fee like coinmama .

does bittrex accept credit card or it just promotion ?

i have verified 2 accounts with bitstamp it's not big deal to pass kyc, but i started to read poor reviews about it on reddit ,

 

[Granwasa]

Good morning @Sir Gelato,
Most of the exchanges listed, allows unverified users to trade crypto. However, the trading limits are very low and FIAT deposits are restricted.
The three Non-kyc listed are the one used the most.

@extremedox101 yes, it seems that Bittrex recently added credit card funding. My bad, I missed that Info.

 

[JohnLocke]

Interesting list you have compiled there. What makes an exchange "trustable" to get on this list?

 

[Granwasa]

@Admin, below you may find the criteria used to define an exchange "trustable".

NO HACKS. All the exchanges have suffered no hacks from their birth, a part from Binance in 2019.
No problems with withdrawals or deposits. Management board and CEO publicly known.
Low fees. Live chat or 24/7h support. No KYC re-verification in order to hold your funds hostage.
Most of the countries accepted. No selective scamming, like HitBTC. No IP connection problems.
Good UI and UX.

Granwasa.

 

[Obelix]

Never heared HitBTC scam, why? and thx for your help

 

[JohnLocke]

Okay sounds good, I still rather do my own research to make sure not to tap into a trap at some point.

 

[Granwasa]

From my experience also an humble advice:
Stay away from any exchange that contain the word BIT or BTC.

I know that could sound as a nonsense. However, please look below.
HitBTC has been accused multiple times of selective scamming and being completely insolvent. A brief Google search will reveal you more details.
Upbit, in 2019, declared that an hacker stole 50$M of users funds. Later investigations showed proofs of an inside job.
Pure Bit pulled an exit scam in 2018.
Bitisis pulled an exit scam in June 2020.
Bitfinex is currently under US investigations for 850$M fraud.
BitConnect a simple ponzi scheme.

Granwasa.

 

[Igemon]

What about Poloniex? Why isn't it on the list? I thought it perfectly fits the description.

 

[Granwasa]

@Igemon your post was reported.
Please, do not mislead users.

Poloniex is an old, proven, scam exchange. To date it has over 600 complaints with the BBB.

Granwasa.

 

[Igemon]

@Granwasa Are you going to report every question you are asked? It's a public forum and I'm not advertizing anything.
What kind of complaints are you talking about? I want to know this because Poloniex has one of my primary cryptoaccounts, along with Binance, Kraken and BitStamp.

 

[Spinat]

OP think he is owning this thread silly attempt to run a advertising thread for free I wonder why @Admin allow this thread to stay.

 

[Granwasa]

@<<snippet>>, the list contains all the major exchanges on the market. How would I be an advertiser?

Talking about Poloniex.
The exchange, in as little as four years, was sold before to Circle and then to an Asian investing group, lead by Justin Sun, founder of TRON.
From the day it was purchased by Circle, Poloniex has conduct business in a very unethical way.
Freezing users funds, rejecting withdrawals, hidden fees and long KYC re-verification in order to hold funds.

Just the Better Business Bureau collected over 633 complaints in the last 3 years.
Please take a look at the link.

Therefore, @Igemon, saying "What about Poloniex? Why isn't it on the list? I thought it perfectly fits the description" it is just a bit a ironical.

 

[Igemon]

Just the Better Business Bureau collected over 633 complaints in the last 3 years.
Please take a look at the link.

Thank you. I looked at this complaints and immediately noticed almost all of them are from 2017, while in 2018-2020 there were only 1-5 complaints a year.
Moreover, Coinbase which IS on your list, has 1,228 complaints which is twice as much, Bittrex which also is on your list, has 1019 complaints.

 

[Granwasa]

Common Standard Reporting.

All the mentioned bitcoin exchanges, with the exception of Globitex, do not apply Common Standard Reporting.
Bitpanda refused to answer the question.

This information was personally verified, inquiring each support, as well as examining their ToS.

This post is purely meant for news reporting and not as source of financial advice.

About Coinbase and CRS, the answer is not clear.
Their ToS states:
"It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Coinbase Services, and to withhold, collect, report and remit the correct amount of tax to the appropriate tax authorities."

However, they report US costumers to the IRS.
This could potentially indicate that also CRS may be applied.

 

[Txaxandlxaxwxyxexr]

About Coinbase and CRS, the answer is not clear.
Their ToS states:
"It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Coinbase Services, and to withhold, collect, report and remit the correct amount of tax to the appropriate tax authorities."

However, they report US costumers to the IRS.
This could potentially indicate that also CRS may be applied.

Your list is very helpful and I would like to share with you my reasoning to see where are the faults in it.
I started to study this system thinking that for a cripto exchange would be possible to avoid crs rules only if the exchange itself is based on a non crs country (and i was reasoning under this assumption).
So i collect the complete list of non crs countries:
These do collaborate for tax reason with other countries but they did not sign the crs: Armenia, Azerbaijan, Botswana, Burkina Faso, Cameroon, Chad, Côte d’Ivoire, Djibouti, Dominican Republic, Ecuador, Egypt, El Salvador, Gabon, Georgia, Guatemala, Guyana, Jamaica, Kenya, Kingdom of Lesotho, Liberia, Maldives, Mauritania, Moldova, Morocco, Niger, Nigeria, Papua New Guinea, Paraguay, Peru, Philippines, North Macedonia, Senegal, Tanzania, Thailand, Togo, Tunisia, Uganda, Ukraine, United States.
There do not even collaborate (and of course did not sign any CRS): Afghanistan, Algeria, Angola, Bangladesh, Belarus, Benin, Bhutan, Bolivia, Burundi, Central African Republic, Comoros, Congo, Cuba, East Timor, Equatorial Guinea, Eritrea, Ethiopia, Fiji, Georgia, Gambia, Guinea-Bissau, Honduras, Iran, Iraq, Jordan, Kiribati, Kyrgyzstan, Laos, Libya, Malawi, Mali, Mozambique, Myanmar, Namibia, Nepal, Nicaragua, North Korea, Palau, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sri Lanka, Sudan, Suriname, Swaziland, Syria, Taiwan, Tajikistan, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vatican City State, Venezuela, Vietnam, Yemen, Zambia, Zimbabwe.
So my 3° step was to look for an exchange based on a non crs countries.
So far I was studying more LUNO (that is based in multiple countries and I think that they are basing the business in one of their base countries without CRS, and this could be why they don't speak about crs rules in their conditions) and KUNA exchange that is based on Ukraine (that did not sign CRS), but it is very difficult to use because you cant deposit with SEPA.
So, how the other exchange based on CRS countries could avoid crs rules if they are based on a crs country?
I would really like your comments about it.
Thank you Granwasa

 

[Granwasa]

Good morning @Txaxandlxaxwxyxexr
All the listed exchanges are based in CRS countries.
None of them have started reporting yet. With the exception of Globitex and maybe Bitpanda, Coinbase.
However, be sure that this won't last forever. Soon or later CRS will be applied.

As you pointed out, one solution would be operating on a full non-CRS exchange.
You brought up KUNA, which seems to be great at first sight, nice contribution, thanks a lot.
This arrangement's weak point is that, to date, few non-CRS exchanges have enough volume or reliability.

Another solution would be opening, now, corporate accounts on each exchange, with nominee or offshore structures. The process is still enough easy. Therefore, in the near future, you will be able to trade without worrying about tax reporting.

Lastly, you mentioned Luno. The exchange is registered in Singapore, which is unfortunately a CRS country.
Luno Pte. Ltd. (2012 0954 5R).

 

[Txaxandlxaxwxyxexr]

Good morning @Txaxandlxaxwxyxexr
All the listed exchanges are based in CRS countries.
None of them have started reporting yet. With the exception of Globitex and maybe Bitpanda, Coinbase.
However, be sure that this won't last forever. Soon or later CRS will be applied.

As you pointed out, one solution would be operating on a full non-CRS exchange.
You brought up KUNA, which seems to be great at first sight, nice contribution, thanks a lot.
This arrangement's weak point is that, to date, few non-CRS exchanges have enough volume or reliability.

Another solution would be opening, now, corporate accounts on each exchange, with nominee or offshore structures. The process is still enough easy. Therefore, in the near future, you will be able to trade without worrying about tax reporting.

Lastly, you mentioned Luno. The exchange is registered in Singapore, which is unfortunately a CRS country.
Luno Pte. Ltd. (2012 0954 5R).

thank you. Is always interesting to read your opinion.
You are right, the main Luno is incorporated in Singapore but there are also multiple sub corporates:

• Indonesia: PT Luno Indonesia Ltd (4014111731102609)
• Malaysia: Luno Malaysia Sdn. Bhd. (1136927 A)
• Nigeria: BitX Payments Limited (RC1216337)
• South Africa: Luno (Pty) Ltd (2013/075107/07)
• Uganda: Luno Technology Uganda Limited (80020001421135)
• United Kingdom: Luno Money Limited (10388856)
• Zambia: Luno Technology Zambia Ltd (120180009295)
• Australia: Luno Australia Pty. Ltd (631 915 476)

Nigeria, Uganda and Zambia are all non crs countries.

I don't know where the accounts belongs, if the could make them belong into these sub corporates in order to have less bureaucracy and less expenses, they will solve many problems all together.

***

"Another solution would be opening, now, corporate accounts on each exchange, with nominee or offshore structures. The process is still enough easy. Therefore, in the near future, you will be able to trade without worrying about tax reporting."

Thank you.
If you have to start from zero in this road. I mean without having any offshore corporate yet and any nominee yet, how would you proceed? where would you create them and how would you find the nominees?

Thank you. It is always interesting to hear from you.

 

[Granwasa]

Regarding Luno and its sub-entities.
In case of a EU citizen, the account would be legally hold by the UK or the Singaporean main entity.
The other branches, like the Nigerian and Ugandan one, administrate clients from the respective countries.

If you have to start from zero in this road. I mean without having any offshore corporate yet and any nominee yet, how would you proceed? where would you create them and how would you find the nominees?

Currently, there are mainly two ways to create privacy focused accounts:

• Opening individuals accounts with "friends and family" documents.
• Exploiting nominee structures. The easiest to start with are UK and Cyprus LTDs.

Free advice.
NGO accounts on crypto exchanges are easy to open now. They will provide great freedom of action in the next fifty years.