Nowadays, it's hard to find a crypto trading platform that doesn't require verification for trading small amounts of crypto. So when you see one that promises just that... well, don't get your hopes high.
Nominex promises "No KYC" as one of their selling points right on their splash page. I tried to research this platform before trying it and found some negative reviews, but not as many as some of the other ones received.
So I decided to sign up and see if I could use them for trading. First, I poked around their interface, looked at the amount of trading going on and that seemed satisfactory to me. I deposited a small amount of crypto to see if I could trade on Nominex. When trying to submit a transaction nothing happened. I tried a few times and there was no system message of any kind to tell me that there was a problem.
After couple of days of trying different things I contacted Nominex support and described my problem. The first thing that came back from them was "You have to complete the verification process". Some time later, I tried a trade again and this time there was a message to the effect that "Your Nominex account has been restricted. Please follow the instructions on the Account verification page".
I was told that "their system's algorithms detected some suspicious activity and flagged my account". I asked their support several times what was my offense so I can avoid it in the future. They never told me what the problem was.
There's no logic to it, it makes no sense that going though the verification would somehow, magically, wave any red flags on my activity. So, after being verified, I could repeat the same "suspicious activity" and not be "flagged"?
In addition, when I asked them if I can withdraw my crypto from their platform, I was told that I would have to get verified to get my crypto back. You see folks, I didn't receive any warning that my account has been flagged, BEFORE I deposited my crypto on their platform.
It seems that their only answer to any issue - before you are verified - is to "get verified!". It's a scam. They know that there will be a number of people who will sign up because of the promise of "No KYC" who are not willing to go through the verification.
Besides their normal trading activities allowed for the verified users, their "side business" is luring people with the "No KYC" lie and scamming them with "our algorithms flagged your account" and locking their crypto.
The timeline of event is one of be best telltales here.
If they are dishonest - to say the least - in one thing, you don't know what they may hit you with even if you are verified. It just shows their character. My advice: stay away.