# No KYC Trading Platform Entries Ranked by Asset Classes

Updated 24 September 2026, Terms read 18 September 2026, The Wallet First review desk

## Wallet-only venues by the asset classes they list

Two conditions, in this order. A venue is on this register at all only when the sign-in its own onboarding
pages document is a signature from a wallet the trader already holds, with no email account, no social
login and no wallet the venue opens on their behalf — which keeps ApeX Omni, Aster, dYdX, edgeX,
Hyperliquid and Paradex off every page of this site, several of them multi-asset venues. Of the four that
remain, this page then wants at least three asset classes beyond crypto, and all four qualify. What sets
the sequence is the third column and nothing else: asset classes on the venue's own market list, crypto
counted as one of them. Where two entries document the same number, the site total settles which goes
first. The totals are the ones the fixed formula produced, unchanged: this page reorders rows, it does not
reweight them. The market column counts every perpetual market a venue lists, crypto included. The two
agree at the top: Lighter is first on class count and on the weighted total, 4.5 of 5.

| Place | Venue | Asset classes listed | Score of 5 | Maker / taker | Perp markets |
|---|---|---|---|---|---|
| 1 | Lighter | crypto, stocks, FX, commodities, indices, pre-IPO, bonds | 4.5 | 0% / 0% | 214 |
| 2 | Extended | crypto, stocks, FX, commodities, indices, pre-IPO | 3.9 | 0% / 0.025% | 325 |
| 3 | EVEDEX | crypto, commodities, FX, stocks, indices, pre-IPO | 3.4 | 0.015% / 0.045% | 52 |
| 4 | Aevo | crypto, stocks, commodities, FX, pre-IPO | 3.3 | 0.050% / 0.080% | 102 |

Entry-tier fees on the BTC perpetual, read 18 September 2026.

## Verdict

A no KYC trading platform does not have to stop at crypto. All four wallet-only venues here list gold,
oil, FX or equity perpetuals, and this page places them by how many asset classes each documents: Lighter
seven, Extended and EVEDEX six apiece, Aevo five. Breadth is not depth, and it is not price either.

## 1 · [Lighter](https://docs.lighter.xyz) — the longest class list on the register, bonds included (4.5 of 5)
Lighter registers an account from a wallet signature and lists 214 perpetual
markets across seven asset classes, bonds included ([Lighter docs](https://docs.lighter.xyz/trading/api.md), checked 18 September 2026).
That seventh class is what puts it first here. The default account pays 0% maker / 0% taker with
300 ms of extra taker latency, and exits can be forced on-chain.

- For: 0% fees on the default account; Seven asset classes including bonds.
- Against: 300 ms taker delay on the free tier; No window documented for its pre-IPO contracts.
- Not for: traders who need sub-second taker fills for free.

## 2 · [Extended](https://docs.extended.exchange/) — pre-IPO and equities on a Starknet account (3.9 of 5)
Extended lists 325 perpetual markets across six classes, pre-IPO contracts
included, and registers an account with two wallet signatures
([Extended docs](https://docs.extended.exchange/extended-resources/account-operations/account-creation), checked 18 September 2026). Fees are 0% maker / 0.025% taker; its terms
reserve a risk assessment before access. It shares second place on the count and takes it on the total.

- For: 325 markets across six classes; 0.025% taker fee.
- Against: Terms reserve a risk assessment before access; Session-bound equity tiers with no clock times published.
- Not for: traders who want the policy ruled out in writing.

## 3 · EVEDEX — six classes on a short market list, one USDT balance (3.4 of 5)
One wallet signature at the door opens all 52 markets at once: 39 crypto pairs,
five US stocks, an index proxy, gold by way of XAUT, silver, crude oil, EUR/USD, USD/JPY and a pair of
pre-IPO contracts. Six classes, the same number Extended documents, on a market list a fraction of the
size. Behind them sits a single balance, posted in USDT under cross margin, charged at
0.015% maker / 0.045% taker before any cashback comes back.

- For: Gold, silver, crude oil, FX and shares beside its crypto book; Six asset classes on one USDT account.
- Against: 52 markets against hundreds on the widest venues; Cross margin only, so every position shares one balance.
- Not for: UK retail clients.

## 4 · [Aevo](https://www.aevo.xyz/docs) — pre-IPO names from a wallet (3.3 of 5)
Aevo lists 102 perpetual markets across five classes, pre-IPO contracts included, and
its terms state that transactions run only through the trader's own wallet service
([Aevo terms](https://app.aevo.xyz/terms), checked 18 September 2026). Fees are 0.050% maker / 0.080% taker, the highest here, and the fifth
class is where the sequence ends.

- For: Five classes over 102 markets, pre-IPO included; Wallet-only sign-in.
- Against: 0.080% taker fee, the highest here; No trading window documented for any class it lists.
- Not for: cost-sensitive traders.

## What sets the order

1. One count sets the sequence: asset classes on the venue's own market list, crypto counted as one of them.
2. Lighter documents seven, bonds included; Extended and EVEDEX six each; Aevo five.
3. Equal counts are separated by the site total, which is what puts Extended above EVEDEX at six apiece.
4. Classes are not markets: Extended lists 325 perpetuals, EVEDEX 52.
5. Hours are documented unevenly here, and so is the evidence: three venues were read end to end for this page, while the EVEDEX line was taken as written.

Weights: access 30, custody 25, cost 20, coverage 15, liquidity 10 (https://cafrodytes.com/how-we-score)

## Order books

BTC perpetual books sampled on 19 September 2026, ten minutes between readings, beginning just after midnight UTC; medians of all successful snapshots.

| Venue | $10,000 round trip | Spread | Depth, 10 bps | Impact, $100,000 | Snapshots |
|---|---|---|---|---|---|
| Lighter | $0.00 | 0.01 bps | $16.7 million | 0.62 bps | 56 |
| Extended | $5.00 | 0.12 bps | $7.3 million | 0.06 bps | 56 |
| EVEDEX | $9.00 | 4.12 bps | $17.9 million | 2.06 bps | 56 |
| Aevo | $16.00 | 1.91 bps | $3.8 million | 3.04 bps | 56 |

## How this no KYC trading platform register counts an asset class

The count in the table is the venue's own. Each entry publishes a market list, and each list divides
itself into groups: crypto, commodities, FX, equities, index trackers, pre-IPO contracts, and on one
venue fixed income. Crypto counts as one group like any other, which is why the column runs from five
to seven rather than from four to six.

Four of those groups are what a reader who has come past crypto is usually after. Commodities, usually
gold and crude oil, and the gold contract is not the same one everywhere: Lighter, Extended and Aevo
list it as XAU, EVEDEX as XAUT, a tokenised gold price, and none of the four hands over metal. FX
pairs, typically EUR/USD and USD/JPY, margined from the stablecoin balance the account already
holds rather than from the currency being traded. What each venue accepts as that balance is not
set out in the documents this desk read, so it is not compared here. Equity perpetuals on a handful of large listed companies and index proxies. And pre-IPO
contracts on private companies, where the price comes from a secondary market rather than an
exchange.

None of these gives ownership of anything: they are contracts that track a price. That is what makes
them available from a wallet with no paperwork, and it is also the reason the exposure ends when the
position is closed. Whatever the door asks for, a leveraged position asks for margin and can take all of it.

A class count says how wide a venue reaches and nothing whatever about how far it goes inside any one
group: Aevo's thirty-two single-stock perpetuals and EVEDEX's five each count once.

## What each venue documents about when these markets are open

Breadth invites a second question the column cannot answer: when is any of it open? On that this page
can report only what each venue has written down, which is not the same as what each runs. Taken in
the order of the table: Lighter states in one line that its real-world-asset markets trade 24/7, uses
session language about the same gold market a few lines further down, and leaves its pre-IPO
contracts with no window at all. Extended states 24/7 for its order-book real-world markets,
documents two session-bound tiers of equities without publishing their clock times, and also leaves
pre-IPO silent. EVEDEX states one window in its contract specifications, 24/7, covering the whole
list including shares, FX and commodities. Aevo documents no trading window for any class it lists,
crypto included.

Read that as completeness of documentation and nothing more, and read the evidence behind it as
uneven. The gaps listed for Lighter, Extended and Aevo come from reading each of those venues end to
end on 23 September 2026 — 254 pages at Aevo, 34 at Lighter — and counting a class the documentation
leaves silent as silent. The EVEDEX line went through no such audit: it is the one row its contract
specifications page carries, taken as written. A venue that has written nothing about
hours may well quote a price at three on a Sunday morning; what a trader cannot do is check in advance.
Oracle-priced venues off this register, Ostium and gTrade among them, are the opposite case: they
follow the sessions of the underlying market and say so, so their gold, FX and equity pairs pause when
those markets close. Neither approach is free. A continuous quote on an asset whose cash market is shut
has to come from somewhere, and that somewhere is the venue's own book.

## The multi-asset venues the door keeps out

Breadth beyond crypto is common enough that the register's test does most of the filtering here. ApeX
Omni lists equity and commodity exposure; Aster spans six asset classes over
578 perpetual markets, more than any venue this desk reads; Hyperliquid lists stocks,
FX, commodities and indices beside its crypto book; edgeX and dYdX each add something outside crypto
as well. Every one of them is absent from the table above for the same single
reason: an email address or a social account opens an account there too.

A reader who cares only about the market list and not about the door will find those venues better
furnished than three of the four here. That is the cost of a register with a rule, and it is cheaper
than the alternative, which is a shortlist whose boundary nobody can check.

## Quoted

> "With Ostium, you keep full custody of your funds. There are no account approvals, no frozen positions, no hidden spreads" — Ostium, home page, 18 September 2026. https://www.ostium.com/
> "The trading engine is fully decentralized, and users keep custody of their funds. No signup or deposit is required to start" — gTrade documentation, Overview, 18 September 2026. https://docs.gains.trade/gtrade-leveraged-trading/overview
> "Aevo is a decentralized derivatives exchange built on a custom OP Stack Layer 2." — Aevo documentation, Readme, 18 September 2026. https://www.aevo.xyz/docs/readme
## Method and limits

Not one of these figures was requested from a venue. The sign-up page, the terms of use behind it, the
fee schedule, the market list — each quoted as it stood on 18 September 2026, and where a marketing
line and a contract disagree the contract is what gets printed. All 4 venues here are
marked against [one rubric](/how-we-score), set down on 21 September 2026 before any had been read. Depth
is the exception: nobody publishes it usefully, so each venue's public BTC book was opened here and
sampled on 19 September 2026, ten minutes between readings, beginning just after midnight UTC. No account was registered, no order sent.

Which venues were eligible to be marked at all is settled before any of that, by the one test this
desk applies: the sign-in a venue's own onboarding pages document has to be a signature from a wallet
the trader already holds, with no email account, no social login and no wallet the venue opens for them
behind it. EVEDEX, Extended, Lighter and Aevo meet it and carry an order book we could sample. The
[admission test](/how-we-score#what-puts-a-venue-on-this-register) names the venues it keeps out, and
the front-page door count is where a reader can check the sorting venue by venue.

Silence in a column is not a clean finding: a venue that writes nothing about screening is recorded as
having written nothing. Every door and every custody line above is a venue describing itself, in a
document it wrote and may rewrite, and one address on one day can be asked for more than any page here
records.

Two narrower ones. Depth was read on BTC books alone; fee columns carry the rate a new account is
charged, nothing taken off.

## FAQ

### Can you trade gold with crypto?

Through a perpetual contract, yes. All four venues here list a gold perpetual and none of them
delivers metal. Lighter, Extended and Aevo quote gold as XAU; EVEDEX quotes XAUT, a tokenised gold
price. The margin behind the position is the stablecoin balance the account already holds — USDC on
Lighter, USDT on EVEDEX.

### What does no KYC mean in crypto?

That trading starts without identity documents. It applies to the equity and commodity markets on this
page too, because each one is a contract on a price rather than the asset itself: no brokerage account
is created, nothing is delivered, and the whole position settles in the venue's own collateral
balance like any other perpetual there.

### Can I trade stocks without KYC?

Equity perpetuals track the price of a listed share without giving ownership, dividends or voting
rights, which is why these venues open them from a wallet with no documents. EVEDEX lists five such
markets plus an index proxy, while Extended, Lighter and Aevo each list their own sets of equity
contracts.

### Which crypto exchanges have no KYC?

Many, but this page carries only four. ApeX Omni, Aster, dYdX, edgeX, Hyperliquid, Paradex and the
pool-priced GMX, gTrade, Ostium, Jupiter Perps and Drift's Velocity fork ask for no documents either.
They are missing here because an email or a social account opens an account on each of them.

### Are non-KYC exchanges safe?

The paperwork is not what protects a trader; custody is. Of these four only Lighter documents an exit
that bypasses the operator, and our custody criterion counts exactly that. Multi-asset venues add a
second question worth asking: what happens to an equity position when the underlying market is closed
and only the venue is quoting it.

### Do stock perpetuals pay dividends?

No. A perpetual tracks a price through funding payments between longs and shorts; there is no share
behind it and no dividend. Corporate actions are handled by the venue's own rules, which differ, so
read them before holding through one.

### Which platform has the most markets?

Of the four here, Extended at 325 perpetual markets, then Lighter at
214 and Aevo at 102. That is a different question from the one
this page orders by: Lighter leads on asset classes with seven while listing fewer markets than
Extended. A long list is only useful if the market you want is on it.

### What is XAUT gold?

XAUT is a token whose issuer states it is backed by physical gold. A XAUT perpetual tracks that token's
price, so a trader is two steps from bullion: the contract follows the token, and the token follows
the metal. The venue here that lists it settles in USDT, and no metal or token changes hands.

### Can you trade oil on a crypto exchange?

All four venues here list a crude oil perpetual. As with gold, the contract follows a price feed
rather than a barrel, and it closes against the collateral the account holds: USDT on EVEDEX, a
USDC-led balance elsewhere. Hours are the second thing to check, since a feed can pause when its
market does.

### Are markets open on weekends?

Crypto is, always. For the rest it is what each venue writes, not what this desk watched: EVEDEX
states 24/7 across its whole list, Lighter and Extended state it for their real-world markets but
leave pre-IPO silent, Aevo documents no window. Silence is an unanswered question, not a closure.

## Corrections

One formula, fixed 21 September 2026. The Wallet First review desk, 24 September 2026. Corrections: desk@cafrodytes.com

Publication here is paid for.