Best Crypto Exchanges for Airdrop Farming

My picks for the best crypto exchange for airdrop farming are MEXC and ByBit. When Airdrop farming, interacting with a centralised exchange is often needed at some point whether to sell an airdrop, mix funds for a new wallet to be Sybil proof or simply if you want to start airdrop farming and need some initial tokens. To find the best options I have signed up and used countless exchanges.

From this I have chosen my options for the best exchanges specifically for airdrop farming which meet a few criteria. This means they are fast to deposit and withdraw tokens, can accept a large variety of tokens that we receive from airdrops which may not be on all popular exchanges, and finally, they preferably don’t require KYC or block certain airdrops depending on location. And yes I’m talking about $DYM and it being banned on Binance for the UK.

Written by

Razzaer

Published on

March 14, 2024

Crypto Exchanges, Crypto Guides

Table of Contents

Best Exchanges for Airdrop Farming

Best For no KYC, Fast transactions and large airdrop token listings: MEXC
Best for Beginners: Coinbase
Cheapest: OKX

Criteria for Selecting an Exchange for Airdrop Farming

Rapid Deposit and Withdrawal Processes: Speed is of the essence in airdrop farming. The ability to quickly deposit and withdraw tokens allows traders to efficiently manage their assets, capitalize on timely opportunities, and mitigate the risk of price volatility that can occur in the interval between receiving an airdrop and being able to trade it.
Wide Variety of Token Listings: The scope of tokens an exchange supports is crucial for airdrop farmers. Since airdrops can involve a diverse range of tokens, including newer or less known cryptocurrencies, an exchange that lists a wide array of tokens offers a significant advantage. This inclusivity ensures that farmers have a platform to trade their airdropped assets without needing to seek additional exchanges, which may incur extra fees and complicate the trading process.
Minimal KYC Requirements: Exchanges that require minimal or no Know Your Customer (KYC) procedures offer greater accessibility, especially for tokens that might be restricted in certain jurisdictions. For instance, the $DYM token faced restrictions on platforms like Binance for UK users. Exchanges without stringent KYC allow users from various regions to participate in airdrop farming without the barrier of geographical restrictions. This is particularly important for tokens that are banned or not supported in specific countries, as it provides a pathway for users to access and trade these tokens freely.
Low Priority for Fees: While low trading fees are always a benefit, they are not the top priority in the context of airdrop farming. The primary focus is on the accessibility and the ability to trade a wide range of tokens effectively. A slightly higher fee is often acceptable in exchange for the benefits of speed, token variety, and flexible KYC policies. The rationale is that the value derived from being able to promptly and easily sell airdropped tokens often outweighs the cost incurred from transaction fees.

MEXC

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Known for its user-friendly approach and minimal KYC barriers, MEXC is a prime choice for those starting their airdrop farming journey. Key advantages include rapid transaction capabilities, crucial for airdrop farmers needing to act swiftly in a volatile market. MEXC stands out for its extensive token listings, accommodating a broad range of cryptocurrencies, including those not widely accepted on other exchanges. This feature is particularly beneficial for dealing with newer or regionally restricted tokens like $DYM, ensuring traders have access to a diverse marketplace.

The exchange’s minimal KYC requirements offer a streamlined entry for global users, enabling participation without extensive verification processes. This is especially advantageous for trading tokens with geographical limitations, fostering an inclusive trading environment.

While MEXC’s fees might not be the lowest, the balance between transaction speed, token variety, and user accessibility outweighs the cost implication for transaction fees. These attributes collectively make MEXC a compelling platform for airdrop farming, prioritizing efficiency, inclusivity, and a wide-ranging crypto ecosystem.