There is no crypto exchange without KYC that is licensed in Germany. Every provider that runs an account for crypto assets for you in the EU has to identify you first, which means checking your ID and address. Without ID you can only trade outside this framework: on decentralised exchanges (DEX) directly from your wallet, on perp DEXs for derivatives, in trading between private individuals (P2P) or via the swap function of a software wallet. Each of these routes has limits, and almost all of them start with a step where you do have to identify yourself: buying with euros.

This guide explains why the requirement has applied without exception since MiCA, which routes without ID exist, what they cost and where the risks lie. It is…