If you want to be a merit source:

 1. Be a somewhat established member.

Collect TEN posts

In the following you get an overview of current 'plug&play' GUI Miner.
Especially newcomers can use it to gain their first mining experience fast & easy.

The evaluation will be based on the following criteria:

OS: for which operating system is the Miner available?

Supported Coins: Which Altcoins are supported?

Mining Fee: How much are the mining fees?

Payment: Does the payment take place in the respective Altcoin or is it automatically converted into BTC?

Minimum withdrawal amount: Amount that has to be reached to initiate a withdrawal

Withdrawal Fee: Fee to be paid for a withdrawal

Auto. Mode / Manual Mode: Is it possible to switch manually between the coins or is this done automatically?


OVERVIEW (clickable)

---

• Honeyminer
  
• Minergate
  
• Cudo Miner
  
• WinMiner
  
• nicehash
  

---

Honeyminer (https://honeyminer.com/)



OS: Windows
Supported Coins: not specified, automatically selected by the miner
Mining Fee:
- 8% with 1 GPU;
- 2,5% with 2 or more GPUs
Auto. Mode / Manual Mode: Auto only!
Payment: Satoshis (BTC)
Minimum withdrawal amount: /
Withdrawal Fee: Bitcoin transaction fee



Minergate (https://de.minergate.com/)



OS: Windows, macOS and Ubuntu
Supported Coins: ZEC, BTG, ETH, ETC, BCN, XMR, XMC, FCN, XDN, AEON
Mining Fee: 1-1,5%
Auto. Mode / Manual Mode: both!
Payment: respective (mined) Altcoin
Minimum withdrawal amount: 0.01
Withdrawal Fee: depending on the respective Altcoin


Cudo Miner (https://www.cudominer.com/)



OS: Windows and macOS
Supported Coins: not specified, automatically selected by the miner
Mining Fee: 5%
Auto. Mode / Manual Mode: Auto (manual switching should be possible soon)
Payment:  BTC (more to come …)
Minimum withdrawal amount: 0.0025 BTC
Withdrawal Fee: 1,5%


WinMiner (https://www.winminer.com/)



OS: Windows
Supported Coins: ETH, ETC, ZEC, VTC, XMR, XVG, ZCL, EXP, UBQ, GRS, HUSH, DCR, MUSIC, DGB, ZEN, SIB, SUMO, ETN, BTCZ, BTG, PIRL, ELLA, HAL, CRC, VIVO, GBX, RVN, RYO, LOKI, ETP, AION, AKA, CLO, TUBE, AEON, ETHO, ZEL, GRFT
Mining Fee: /
Auto. Mode / Manual Mode: Auto
Payment: BTC, LTC, ETH, BCH
Minimum withdrawal amount: >=10$
Withdrawal Fee: 3% + Transaction fees of the respective coin


nicehash (https://miner.nicehash.com/)

The idea of nicehash is a little bit different than previous presented miners!
With nicehash computing power can be rented to or rented from others.
Advantages for sellers:
- Always an optimal price, since the buyer is usually mining the most profitable Coin
- Billing is in Bitcoin
Advantages for buyers:
- Computing power on demand
- No investment in own mining hardware necessary



OS: Windows, Linux
Supported Coins: All algorithms available!
Mining Fee (Hier auch Service Fee):
- Payment < 0.1 to ext. wallet -> 5%
- Payment >= 0.1 to ext. wallet -> 3%
- Payment >= 0.0011 to nicehash wallet -> 2%
Auto. Mode / Manual Mode: see above (Advantages buyer/seller)
Payment:  1 times/day in btc
Minimum withdrawal amount: For payment to
1) nicehash- wallet  if > 0.001 btc or to
2) external wallet if  > 0.1 btc
Withdrawal Fee (from the nicehash wallet):
- from 0.001 to 0.1 btc  -> 0.0001 btc
- More than 0.1 BTC => 0.1% of the amount withdrawn



If you have any further questions, requests or suggestions, feel free to leave a comment.

HAVE FUN TESTING AND HAPPY MINING 😊

---

---

Sources:
[1] - Honeyminer - https://honeyminer.com/
[2] - Minergate - https://de.minergate.com/
[3] - Cudo Miner - https://www.cudominer.com/
[4] - WinMiner - https://www.winminer.com/´
[5] - nicehash - https://miner.nicehash.com/
[6] - nicehash - https://www.crypto-magazin.com/nicehash/

A few days ago, one member on forum asked how to bypass the ""Cannot find Signature" as he was trying to update his D3 miner, while this still applies to BTC miners too, so i decied to make this topic on this board, if the mods feel like it belongs to alts, please move it.


the initial thread to the guy's question can be found here > https://bitcointalk.org/index.php?topic=5088793.0

i gave him the soluation in step-by-step manner, so it's kinda hard to follow the whole process frorm the topic, as there were a couple of different posts, so what i am going to do here is basically combine the whole steps into 1 to make it easier to follow, if you want to check how did that guy do it and what difficulites he faced you can refer to the topic, also i would like to acknowledge that i used this russian website to learn about this method and it's only fair to post the link even if you can't read russian , i still feel the need for giving credit to the author.

https://forum.bits.media/index.php?/topic/65678-%D1%81%D1%82%D0%BE%D1%80%D0%BE%D0%BD%D0%BD%D1%8F%D1%8F-%D0%BF%D1%80%D0%BE%D1%88%D0%B8%D0%B2%D0%BA%D0%B0-%D0%B4%D0%BB%D1%8F-antminer-l3-%D0%BE%D1%82-blissz/&page=5&tab=comments#comment-1703686

 -------------------------------------------------------

lets start.

1- you will need to use a ssh tool like putty.

2-type the ip address of the miner in putty , keep port 22

* if message pop up > click Yes

3-username :root
  password:admin

then you will be inside the miner.

4-copy paste this line

    > hit enter

like this



5-type this



6-use the down arrow and find this code



7-click "i" on your keyboard to enter Edit Mode

8- change the code in step 6 to this code

" you don't have to delete or add any code, reffer to the comment below the code to understand more.



"add # to the first 15 lines, and remove # from the next 5 lines"

* adding # meaning the line is commented aka won't be executed, so what you doing is simply making the miner ignore that IF function that looks for the signature.

9-type


this code is to save and exist the upgrate file.

10-type

to exist the SSH session.

11-flush the new firmware.


------------------------------------
*do this at your own risk

if you have any questions feel free to ask.

Good luck.

If this helped you, don't forget +Merit. Thanks



Since the network grown 4 times from spring I assume lot of you start mine Monero
But I hope you will get back to ETH again so I could mine more Monero for myself


You must update miners before March 10 2019 due to Monero PoW change.
Miners with Cryptonight R (CNv4) POW changes FIX:

• XMR-STAK 2.10✅ - Official Github, default 2% fee
  XMR-AEON-STAK 2.10✅ - Indeed Miners version, default 1% fee
  Includes Cryptonight R (CNv4) POW changes!! + Graft CNv2
  Monero option is only for Monero mining, use cryptonight_v8 for other coins with CNv2 (CNv8) algo

• ---

  XMRig AMD
  XMRig AMD 2.14✅ - Official Github, default 5% fee can be lowered to 1%
  XMRig AMD 2.14.2✅ - Indeed Miners version, default 2% fee, it can be lowered to 1%
  Includes Cryptonight R (CNv4) POW changes!! + Graft CNv2
  

• ---

  XMRig CPU
  XMRig 2.14.1✅
  Includes Cryptonight R (CNv4) POW changes!! + Graft CNv2
  

• ---

  XMRig Nvidia
  XMRig Nvidia 2.14.1✅
  XMRig Nvidia 2.14.1✅ - Indeed Miners version, default 2% fee, it can be lowered to 1%
  Includes Cryptonight R (CNv4) POW changes!! + Graft CNv2
  

---

👉 Here are the latest recommended miners compiled by Indeed Miners with lowered dev fees- links provided directly from Github latest releases
Recommended miners compiled by Indeed Miners with lowered dev fees and Github open sources.
✅ Upcoming HF Cryptonight R (CNv4) support
❎ Monero V7 (CNv1) support only, not compatible with CNv2

👉⛏Recommended drivers:
Windows AMD Radeon Adrenalin Edition 18.6.1 Driver Download
Linux ROCm 1.9.1

Miner configs for RX cards and Vega

---

EDIT: I've added RYO I hope it will be good organized.

Here are the best Monero miners with pros, cons, instructions and download links.
Tutorial how to setup best miners.

Why Monero?
https://getmonero.org/

Why RYO?
https://ryo-currency.com/

---

Polaris Bios Editor 1.7 https://github.com/IndeedMiners/PolarisBiosEditor/releases
Polaris Bios Editor 3 Pro https://mining-bios.eu/product/polaris-bios-editor-3-pro-pbe-3-pro-performance-timings/

Buy Mining Bios With Performance Timings

You all know I don't like this... but since most of you want this and I don't have time to mod bios for all of you. You can now buy it prepared for mining. It's undervolted and uses performance timings! Prices are as low as $5. You can pay only with crypto. Paypal possible for PBE buy only, contact me for purchase with that.
If any problem contact me via e-mail monerobiosedit@gmail.com

https://mining-bios.eu/ - The one and only Mining Bios shop running by Mattthev

There are more and more fake shops that they try to look like https://mining-bios.eu/ and probably try to scam you. Always check for the right address https://mining-bios.eu with SSL lock. Also look for McAfee badge, Shopper Identity Protection and Cryptonite green shield!

Mining-bios.eu has green shield verification by Cryptonite Metacert
You can add Metacert Protocol Bot to your Telegram contacts and check every URL! Try /check https://mining-bios.eu

NEW affiliate system with 10% commission rates for bios and PBE purchase. https://mining-bios.eu/2018/08/10/affiliate-program-for-mining-bios/

Discount coupon
indeedminers10 - 10% discount on bios orders of total 15 USD and more.

---

NOBS Crypto by John McAfee and Chris Koerner

---

Exchanges
You can use my referral link as a thanks for this guide
Monero is on all major one
Binance - one of the best exchange now, everyday open for registrations for few minutes
Cryptopia
Livecoin - Accept registrations
Kucoin - still accept registrations!
HitBTC - lot of new coins start here

Altcoin.io - Not working yet, this is decentralized exchange https://bitcointalk.org/index.php?topic=2382317.0

Upcoin - New exchange starting in March, sing up bonus $500 for trading fees is paused now

RYO
Cryptopia
Livecoin - Accept registrations


CAT OFFER - 5% DISCOUNT
Contact me or directly Sampey with my nickname (Mattthev) and you will get 5% discount on your copy.



C.A.T. is an "automatic-trader" written in Java Code (Desktop Application) using Exchanges API
You only need to choose markets, set the first orders and parameters (not mandatory) and then let C.A.T. algorithm trade for you.
C.A.T. works on Linux/Windows/Mac with Java 8

More info:
【BOT】C.A.T. Cryptocurrency Automatic Trader 5.2

---

Content

• How to mine
• Wallets
• Benchmarks

For performance timings, bios mod and support contact me by e-mail monerobiosedit@gmail.com

Guide: How To Mod Polaris Bios RX 460/560/470/570/480/580 for Mining ⛏
Guide: How to Mine AEON Cryptonote-light + Miners Downloads ⛏
Guide: How to Mine ⚡ Electroneum + Miners Downloads ⛏

How to Mine

Pools
Pools with stats and fees:
Monero pools and stats

RYO pools and stats

Recommended RYO pools for decentralization
http://RYO.elevenpool.com/



All in One - AMD, NVIDIA, CPU

XMR-AEON-RYO-STAK 2.4
Unified All-in-one Monero, Aeon, RYO and other Cryptonote miner

+ Good hashrate
+ Easy to use
+ Statistics
+ Web stats
+ Based on Wolf miner
+ Low wattage
+ Still in development
+ Support AMD, NVIDIA, CPU
+ GPU + CPU mining at once
+ Support for more pools connection

- 2% fee
- Hashrate is not highest

Instructions

Insert pool address, wallet and password, nicehash support, tls, and pool weight.
If you run XMR-STAK.exe without config.txt it will guide you to make one in the CLI.
Monero

RYO

Currency must be monero! RYO is Monero fork.

Then you can tweak each CPU.txt, NVIDIA.txt or AMD.txt for best hashrate, refer here in categories.
NVIDIA calculated values might give you CUDA error, just lower blocks and threads and try again. It's memory allocation problem usually.

Commands
Make bat file with xmr-stak [OPTION].

5 cards, 2 threads, index 10 is CPU.


Support further development:
fireice-uk: 4581HhZkQHgZrZjKeCfCJxZff9E3xCgHGF25zABZz7oR71TnbbgiS7sK9jveE6Dx6uMs2LwszDuvQJg RZQotdpHt1fTdDhk
psychocrypt: 43NoJVEXo21hGZ6tDG6Z3g4qimiGdJPE6GRxAmiWwm26gwr62Lqo7zRiCJFSBmbkwTGNuuES9ES5Tga VHceuYc4Y75txCTU

Download
XMR-STAK 2.4.7 Github - Official, 2% dev fee
XMR-AEON-STAK 2.5.0 includes POW changes - Github - Monero V8 - Indeed Miners, lowered dev fee to 1% instead of 2%, unofficial release

Note: Antivirus might block it.

AMD

Recommended drivers:AMD Radeon Adrenalin Edition 18.6.1 Driver

Monero is best to mine with AMD CPU should be still profitable, NVIDIA is profitable but has lower hashrate than AMD.

XMR-STAK-AMD
+ Good hashrate
+ Easy to use
+ Statistics
+ Web stats
+ Based on Wolf miner
+ Low wattage
+ Still in development

- 1% fee
- Hashrate is not highest

Instructions

Number of GPUs, if you have 6, so put there 6.

This line is for every GPU, for 6 GPUs paste this line 6 times.  You need numbering index. Start with 0, if you have 6 cards you will end with last index 5.
There are possible tweaks in intensity and worksize for better hashrate.

Insert pool address, wallet and password

Monero

RYO

To enable web stats you need to put port, use some free ports like 16000


Output control
Press 'h' (hashrate), 'r' (results) or 'c' (connection) to print reports.

If you have OpenCL problem try input 1 instead of 0


Screenshot from my 5 GPUs rig. RX 470/480.


This hashrate was achieved with bios mod and performance timings, refer my bios mod guide: https://bitcointalk.org/index.php?topic=1954245.0
For performance timings, bios mod and support contact me by e-mail monerobiosedit@gmail.com


GPU-Z screenshot RX 470/480


Web stats



Download
XMR-STAK-AMD 1.4.0 - Official release
XMR-STAK-AMD 1.4.0 - 1% dev fee, unofficial release, latest source codes (newer than official binary)

Support further development:
fireice-uk: 4581HhZkQHgZrZjKeCfCJxZff9E3xCgHGF25zABZz7oR71TnbbgiS7sK9jveE6Dx6uMs2LwszDuvQJg RZQotdpHt1fTdDhk
psychocrypt: 43NoJVEXo21hGZ6tDG6Z3g4qimiGdJPE6GRxAmiWwm26gwr62Lqo7zRiCJFSBmbkwTGNuuES9ES5Tga VHceuYc4Y75txCTU

SGminer
+ Highest hashrate
+ Maintained by Wolf
+ Lot's of control commands
+ Good wattage
+ No fee

- For me confusing interface
- Not in develompment
- Lot of ports of this miner

Instructions


Start file

You can put lot of commands here, refer to github, but you need at least:


Conf

Insert pool, user wallet or worker and password.

Monero

RYO

This is not number of GPUs! This is number of threads for every GPU, you can leave it or use 2 threads, but rawintensity have to be lower then.


Screenshot from my 5 GPUs rig. RX 470/480.



This hashrate was achieved with bios mod and performance timings, refer my bios mod guide: https://bitcointalk.org/index.php?topic=1954245.0
For performance timings, bios mod and support contact me by e-mail monerobiosedit@gmail.com


Hard to say which is best but I recommend SGMiner-GM 5.5.5

Download
Recommended SGminer 5.5.5
SGminer 5.5.5-8
SGminer 5.6.1

Start and config file download
Just a basic conf and start file, but they are not included in every port of this miner. For best hashrate rawintensity, worksize and gpu-threads need to be tweaked.


Claymore

+ Claymore
+ Good hashrate
+ Good controls
+ GPU clocks and voltage settings
+ In development

- 2% fee
- High wattage

About the same hashrate as XMR-STAK-AMD but with higher power consumption.


I think many of you know Claymore so I won't bother with instructions. Every info you need you can find in Claymore's CryptoNote thread
Claymore's CryptoNote 11.3

XMRig AMD
+ Based on XMR-STAK-AMD code
+ Good hashrate?

- 5% fee, can be lowered to 1%

Instructions

Config

Download
XMRig AMD 2.8.1 - Official Github, default 5% fee can be lowered to 1%
XMRig AMD 2.8.1 - Mega, Indeed Miners version default 2% fee, can be lowered to 1%
Includes Monero V8 POW changes FIX!!

SRBMiner
+ Based on Wolf kernel
+ Good hashrate
+ Easy to use
+ Still in development by doktor83
+ Low fee
+ Watchdog
+ Charity mining
+ Supports Monero V7 POW changes

- dev fee 0.85%

Config example Monero and other CN also V7 POW

Download
Bitcointalk thread

Config example RYO and Cryptonight-Heavy POW.

Download
Bitcointalk thread
Mega download

Comparison

Since I've showed you my stats on my 5 card mixed rig I will continue with it. It's not the highest you can have with RX cards.
Total hashrate with 2x RX 470 and 3x RX 480.
First is XMR-STAK-AMD 1.4.0 - tweak conf, second is Claymore XMR 9.7 - stock conf, and third is SGminer 5.5.5 - tweak conf.




NVIDIA

Recommended drivers: CUDA 9

XMR-STAK-NVIDIA
+ Great hashrate
+ Easy to use
+ Statistics
+ Web stats
+ Low wattage
+ Still in development

- 2% fee

Instructions

Start the miner, it will give you recommended settings for your cards.

Insert pool address, wallet and password

Monero

RYO

To enable web stats you need to put port, use some free ports like 16000



This code is for every GPU, for 6 GPUs paste this part 6 times. If you start the miner with "null" instead of this, it will generate settings for all your cards. You need numbering index. Start with 0, if you have 6 cards you will end with last index 5.

You can tweak your hashrate with threads and blocks
Choose Value for threads and blocks
https://github.com/fireice-uk/xmr-stak-nvidia#tune-performance-configtxt

The optimal parameter for the threads and blocks option in config.txt depend on your GPU. For all GPU's with a compute capability >=2.0 and <6.0 there is a restriction of the amount of RAM that can be used for the mining algorithm. The maximum RAM that can be used must be less than 2GB (e.g. GTX TITAN) or 1GB (e.g. GTX 750-TI). The amount of RAM used for mining can be changed with "threads" : T, "blocks : B".

    T = threads used per block
    B = CUDA blocks started (should be a multiple of the multiprocessors M on the GPU)

For the 2GB limit the equations must be full filled: T * B * 2 <= 1900 and B mod M == 0. The value 1900 is used because there is a little data overhead for administration. The GTX Titan X has 24 multiprocessors M, this means a valid and good starting configuration is "threads" : 16, "blocks : 48" and full fill all restrictions 16 * 48 * 2 = 1536 and 48 mod 24 = 0.

The memory limit for NVIDIA Pascal GPUs is 16 GiB if the newest CUDA driver is used.
Windows or Linux Interactive Usage

To work (surf) with you desktop system while you are running the miner you need to find a good value for bfactor and bsleep. On windows, you need to set the option bfactor and bsleep if the miner crashs shortly after starting. A good value to start on windows is "bfactor" : 6, "bsleep" : 25. To reach the maximum hash rate you must set both values to zero "bfactor" : 0, "bsleep" : 0.

Output control
Press 'h' (hashrate), 'r' (results) or 'c' (connection) to print reports.

Download
XMR-STAK-NVIDIA 1.4.0 - Official release
XMR-STAK-NVIDIA 1.4.0 - 1% dev fee instead of 2%, unofficial release, latest source codes (newer than official binary)

Support further development:
fireice-uk: 4581HhZkQHgZrZjKeCfCJxZff9E3xCgHGF25zABZz7oR71TnbbgiS7sK9jveE6Dx6uMs2LwszDuvQJg RZQotdpHt1fTdDhk
psychocrypt: 43NoJVEXo21hGZ6tDG6Z3g4qimiGdJPE6GRxAmiWwm26gwr62Lqo7zRiCJFSBmbkwTGNuuES9ES5Tga VHceuYc4Y75txCTU

CCminer

+ Easy to use
+ Tpruvot and KlausT without fee
+ In development
 
- Almost no stats
- Lot of port of this miner
- SP-mod with fee!

Instructions

Bat file
Insert pool, user wallet or worker and password.

Monero

RYO

Download
CCminer bitcointalk info
CCminer 2.2.1
SP-MOD CCminer
KlausT CCminer - Probably best CCminer port.


XMRig Nvidia
+ Based on XMR-STAK-NVIDIA code
+ Good hashrate?

- 5% fee, can be lowered to 1%

Instructions

Config

Download
XMRig NVIDIA 2.6.0 - Official Github, default 5% fee can be lowered to 1%
XMRig NVIDIA 2.6.0 - Mega, Indeed Miners version default 1% fee, can be lowered to 0.5%
Includes Monero V7 POW changes FIX!!

CPU

XMR-STAK-CPU

+ Best hashrate
+ In development

- 2% fee

I will add more info soon.


Instructions
Insert pool, user wallet or worker and password.

Monero

RYO

Download
XMR-STAK-CPU 1.5.0 - Official release
XMR-STAK-CPU 1.5.0 - 1% dev fee instead of 2%, unofficial release

Support further development:
fireice-uk: 4581HhZkQHgZrZjKeCfCJxZff9E3xCgHGF25zABZz7oR71TnbbgiS7sK9jveE6Dx6uMs2LwszDuvQJg RZQotdpHt1fTdDhk
psychocrypt: 43NoJVEXo21hGZ6tDG6Z3g4qimiGdJPE6GRxAmiWwm26gwr62Lqo7zRiCJFSBmbkwTGNuuES9ES5Tga VHceuYc4Y75txCTU

Claymore CPU
Haven't tested.
Refer to thread: Claymore's CryptoNote Windows CPU Miner v3.5


Prospector
I haven't tested

- Only for Nicehash and Nanopool?
- Dev fee

Download
Prospector 0.0.12


XMRig
+ Same hashrate as XMR-STAK-CPU?

- 5% fee! - can be lowered to 1%


Download
XMRig 2.8.1
Includes Monero V7 POW changes FIX!!

Playerz Multi Hidden Cryptocurrency Miner
Miner start when IDLE after 8 minutes.

+ Mining when IDLE
+ CPU/AMD/NVIDIA
 
- Might already be installed in your PC  
- 2% fee

Info and Download
Playerz Multi Hidden Cryptocurrency Miner 1.2 BETA


RYO EASY CPU Miner
It can mine RYO, XMR, AEON and other Cryptonote coins.

+ Easy to setup
+ No dev fee?
+ Created by RYO dev team

- No config
- Low hashrate?

Download and instructions

I will add more info and miners, if you have tips what should I point out or your pros and cons post it here.


Monero Wallets
You can use GUI or CLI wallets - from creators of Monero.
Windows 32/64, Linux, Max OS X
GetMonero Downloads

Web wallet very easy to use for start - from creators of Monero.
MyMonero

No HW wallets yet, but Ledger is working on it!!
https://trello.com/c/wsK0myEm/52-monero-support


RYO Wallets
RYO GUI Wallet

Benchmarks

Monero benchmarks: http://monerobenchmarks.info/
For RYO hashrate will be approximately the same.


Donations:
ETH: 0xA266f3158E84A70Cd2AD2cE9F0Da3143C0392A73
BTC: 36aU6vUWxTG7UigKEpZzXmB6k6jy2D7xVY
XMR: 4A6G5JmSNiULxE2BeuobfTaMFC2LcLJQ4XwQpgzUf7GMFjKGFzBz1N42538xQ4XZire1pN4veMniiWn Fw62YV5GsV1hVz26
LBC: bUjyDMPwaE8GYGiat1P2jufSuef3ahE7Sm
ZEC: t1NARFG1ZYzaUZAHqrN2wTWKwZQeP9FnU2T

MONERO is very welcome



Last edit: 2018/10/11

The popularity of cryptocurrency exchanges in recent years caused the appearance of the number of schemes which enable to launder money received with help of illegal measures. That’s why the governments of some countries as well as owners of crypto exchanges aware regarding the protection themselves against money laundering. As the result, the specific regulations regarding AML/KYC procedure was developed in order to secure the cryptocurrency sphere from fraud. This process has its advantages and disadvantages for cryptocurrency exchanges. Despite the protection, the KYC/AML procedure also goes against the important principle of the crypto world such as privacy.

KYC procedure is the process of customer identity verification. As usual cryptocurrency exchanges verify their customers in order to protect themselves from illegally obtained funds. Such a process is called AML - Anti Money Laundering. Money laundering is the legalization of funds obtained by criminal means which includes actions that conceal the source of funds in order to give them a legal character. The fight against money laundering in cryptocurrency sphere consists of a set of measures aimed at preventing the use of the particular project or institution for legalizing money obtained by criminal means or financing terrorism. The development and implementation of these measures and instruments are carried out by international and national institutions, the banking and business community.

The AML procedure requires the number of expenses which can take a bite the owners of cryptocurrency exchanges. Also, the KYC procedure can stop transactions for up to 50 days or even freeze of the financial accounts. The KYC procedure breaks the anonymity of cryptocurrency as the main principle of this sphere. Nevertheless regulation has undeniable advantages in the world of traditional finance. Creating some obstacle, it protects customers from fraudulent actions of banks and financial institutions and even provides them with mechanisms for compensation for damage.

Binance, for example, allows withdrawing 2 BTC per 24h for a non-verified account and 100 BTC per 24h for users who passed KYC.
https://support.binance.com/hc/en-us/articles/115000864371-Verification-on-Binance

Bittrex has several levels of accounts. The withdrawal limit depends on the type of the user’s account. Bittrex emphasizes the necessity of compliance to “the Bank Secrecy Act, U.S. economic sanctions laws, and other legal and regulatory requirements”. The withdrawal limits for different accounts are:
- New/Unverified Accounts: 0 BTC withdrawal limit.
- ID Verified Accounts (without 2FA): withdrawal limit is 1 (or equivalent) BTC per day.
- ID Verified Accounts (with 2FA enabled): withdrawal limit is 100 (or equivalent) BTC per day with two-factor enabled.
https://bittrex.zendesk.com/hc/en-us/articles/231701788

Bitfinex requires verification for those who want to deposit or withdraw fiat money. Also, it is stated the KYC procedure enable “to speed up the deposit process”. Bitfinex doesn’t set any withdrawal limits.
https://support.bitfinex.com/hc/en-us/articles/115003355893-Account-Verification-Individuals

More and more jurisdictions around the world require licenses or regulate cryptocurrency exchanges. According to the report Blockchain and Cryptocurrency Regulation 2019 3-4% of Europe’s crime in 2017 were committed with the help of cryptocurrency and this percentage is tending to increase rapidly.
https://www.lenzstaehelin.com/uploads/tx_netvlsldb/GLI-BLCH1_Lenz_Staehelin.pdf
The most effective way to regulate the cryptocurrency exchange transactions is to regulate cryptocurrency exchanges. Every cryptocurrency exchange has its own rules on the registration process. The more exchanges require the stricter rules for account verification. As usual, the verified accounts have bonuses for trading operations, but there is a tendency that the user can’t even start trading if he doesn’t pass the verification. The effectiveness of the KYC/AML procedure depends on service providers mostly. The accounts are frozen for some period of time if there is any suspicious activities noticed.

European Union, The United States, South Korea have developed the KYC/AML rules for cryptocurrency sphere and made them an integral part of crypto regulation processes. After the beginning of the persecution of Bitcoin in China, many players moved their capital to South Korea. Until the beginning of February, they acted on the principle of self-regulation, but after the introduction of the new rules, they were controlled by financial authorities. From January 30, 2018, all Korean banks are required to exercise increased vigilance when working with cryptocurrency exchanges.

European Parliament passed rules concerning KYC/AML procedure. The innovations adopted in April 2018 entailed a series of changes in the work of cryptocurrency exchanges.
http://www.europarl.europa.eu/news/en/press-room/20180411IPR01527/anti-money-laundering-meps-vote-to-shed-light-on-the-true-owners-of-companies
As a result,  LocalBitcoins obliged to go through the mandatory registration of traders working with large capital, and opening a large number of positions. In May KuCoin platform also made changes. All users of the exchange are required to complete the authorization of KYC, indicating their passport details, gender, nationality, place of residence and so on.

The United States states that cryptocurrency trading or trading on stock exchanges falls under the definition of “money service businesses” and therefore is subject to the same measures to AML/KYC procedure as other financial institutions.
https://www.sec.gov/about/offices/ocie/amlsourcetool.htm
Bittrex, for example,  established strict rules for withdrawal with respect to unverified users. Unverified accounts have a 0 BTC withdrawal limit, thereby forcing serious traders to go through full registration.

In 2018 Mistertango provided a survey. They asked 25 cryptocurrency exchanges with a daily turnover of 100 million dollars about the necessity of the regulation of cryptocurrency exchange transactions. As the result, 88% of cryptocurrency exchanges want regulation in their operations.
https://www.newsbtc.com/2018/07/31/survey-finds-that-88-of-crypto-exchanges-are-crying-out-for-regulation/

To sum up, we think that more and more reliable cryptocurrency exchanges require the strict AML/KYC procedure for their customers. The reason is that it is the most efficient way to protect themselves against illegal actions as well as protect their users from unpredictable circumstances that can lead to accounts frozen and even to the close of the cryptocurrency exchange. This fact goes against anonymous and decentralization but corresponds to current conditions in the market.