Service overview
dYdX
dydx.trade
Decentralised perpetuals order book on its own chain, traded from a self-custody wallet
Non-custodialNo registration
Privacy 7.7/10
Safety 7.0/10
Read the evidence
Lighter review
Zero-fee perpetuals and spot order book on an Ethereum layer 2, used with your own wallet
Privacy score
7.5/ 10
StrongHow much you reveal
See the score breakdown Safety score
6.2/ 10
FairHow well you’re protected
See the score breakdown Identity policy
1/ 4 KYC level
No ID mentioned Read the policy Evidence
Documentation reviewed Grades based on published terms and documentation.
0 published tests Two grades. Different questions.Understand the methodology
The overview
The essentials, at a glance.
Lighter is an exchange. Its terms put it at KYC level 1 of 4: no ID mentioned. NoKYC Score grades it 7.5/10 for privacy (strong) and 6.2/10 for safety (fair). In its favour: no account needed, no email needed and no phone number. No incidents are on record.
What stands out
- Never holds your funds
The operator never controls user funds, so it cannot freeze them.
- No account needed
Usable without creating an account, or the account is only a random number.
- No email needed
An email address is not required to sign up or use it.
Before you use it
No warning flags found in the recorded terms. This is not a guarantee of safety.
0 incidents on recordNo test transactions published yet.
About Lighter
Lighter is an order-book exchange for perpetual futures and spot that runs as a protocol on an Ethereum layer 2, accessed through app.lighter.xyz with a connected non-custodial wallet. Its documentation says Standard (default) accounts pay no maker or taker fees on regular orders, while opt-in Premium and Plus accounts pay fees in exchange for lower latency and higher rate limits. The terms (last updated 29 December 2025) are with Elliot Technologies, Inc., governed by Florida law, and say the services are not available to persons in the United States, Canada, the United Kingdom, China, North Korea, Russia, Ukraine, Cuba, Iran, Venezuela or Syria. The terms let the company monitor usage and suspend access for suspicious activity; they contain no identity-verification clause.
Cite this review or read as plain text
NoKYC Score, "Lighter review", reviewed 23 Oct 2026, https://nokycscore.com/service/lighter
Open plain-text review ↗The feature review
Privacy, without the guesswork.
4 / 15 features confirmed0 warnings in the recorded terms
Identity
3 / 4 confirmed
- ID never requiredNot stated
The terms rule identity checks out, or the design makes them impossible.
- No account neededYes
Usable without creating an account, or the account is only a random number.
- No email neededYes
An email address is not required to sign up or use it.
- No phone numberYes
A phone number is never required.
Payment
0 / 3 confirmed
- Accepts MoneroNot stated
Monero hides sender, receiver and amount, so the payment cannot be traced to you.
- Accepts LightningNot stated
Bitcoin Lightning payments: fast, cheap and more private than on-chain.
- Accepts cashNot stated
Cash by post or in person: no bank and no blockchain record.
Access
0 / 2 confirmed
- Tor onion addressNot stated
An official .onion address, reachable only through Tor.
- Works without JavaScriptNot stated
Core functions work with scripts disabled, as in Tor Browser on its safest setting.
Trust
1 / 6 confirmed
- Never holds your fundsYes
The operator never controls user funds, so it cannot freeze them.
- Own liquidityNot stated
Fills orders from its own reserves, so no upstream exchange screens your deposit.
- Refund without IDNot stated
The terms commit to refunding a stopped order without identity documents.
- Independent auditNot stated
A third party audited the code or the no-logs claim, and the report is public.
- Company namedNot stated
The operating company and its jurisdiction are published.
- 5+ years operatingNot stated
Has operated continuously for five years or more.
Warnings
0 flagged
- May ask for IDNot in terms
The terms reserve the right to demand identity documents, often after a risk flag.
- Screens depositsNot in terms
Deposits are scored by blockchain analytics; a flag can freeze them.
- Passes orders to partnersNot in terms
Orders go to upstream exchanges that apply their own screening.
- Holds your fundsNot in terms
The operator controls user funds while they are on the platform.
- Email requiredNot in terms
An email address is required to use the service.
- Phone number requiredNot in terms
A phone number is required to use the service.
- Nobody accountableNot in terms
No company or person is publicly responsible for the service.
“Not stated” means the service’s own pages do not say. Expand a group to see every check.
Identity requirements
Does Lighter require KYC?
Level 1 of 4
No ID mentioned
- 0 Never
- 1 Not mentioned
- 2 Rare
- 3 On risk flag
- 4 Mandatory
No ID requirement appears anywhere in Lighter's terms or documentation. Checked against its own terms.
- No account needed
- No email
- No phone number
- No ID documents
KYC level 1: No ID mentioned. No identity requirement appears anywhere in the terms or documentation.
Terms contain no identity-verification requirement; they state the company "may monitor your usage" and may suspend access for suspected manipulation or other suspicious activity.
Transparent by design
Every point, explained.
Both grades start at 50 points and move by fixed, published amounts. Nothing is adjusted by hand. The total is divided by ten.
Privacy
7.5/ 10
- Starting points 50
- KYC level 1: No ID mentioned +12
- No registration +6
- No email needed +3
- No phone needed +1
- Non-custodial +3
- Total, clamped to 0–100 75
Safety
6.2/ 10
- Starting points 50
- Non-custodial +12
- Total, clamped to 0–100 62
Evidence, not promises
Test ledger 0
Published test transactions, with the route, amount and outcome available to inspect.
No test transactions published yet
The grades above rest on Lighter’s terms and documentation. Tests will appear here with the date, route, amount band and result as they are run.
The track record
Incidents 0
No incidents on record
We have no documented cases for Lighter. An empty record does not guarantee a service is risk-free.
Community experience
What users are saying 0
Reviews never change a grade. Reviews with a transaction reference are marked.
Have you used Lighter?
Be the first to share your experience. Useful details help the next person decide.
Write a review
Create an account to write a review. It takes ten seconds and needs no email: you get a random key and a random name. Already have a key? Sign in.
Alternatives to Lighter
All alternatives → Service overview
Hyperliquid
hyperliquid.xyz
On-chain order-book exchange for perpetuals and spot, used with your own wallet
Non-custodialNo registration
Privacy 7.5/10
Safety 6.7/10
Read the evidence
Service overview
NightTrader Exchange
nighttrader.exchange
Order-book exchange using two-key deposit accounts with timelocked refunds
Non-custodial
Privacy 6.5/10
Safety 6.4/10
Read the evidence
Service overview
SafeTrade
safetrade.com
Small-cap spot exchange with email sign-up and no ID clause in its terms
Accepts Monero
Privacy 5.8/10
Safety 5.7/10
Read the evidence
Lighter vs dYdXLighter vs HyperliquidLighter vs NightTrader ExchangeLighter vs SafeTrade
Lighter: common questions
Does Lighter require KYC?
Lighter is rated KYC level 1 of 4 on this site: no ID mentioned. Terms contain no identity-verification requirement; they state the company "may monitor your usage" and may suspend access for suspected manipulation or other suspicious activity.
Is Lighter safe to use?
Lighter has a Safety grade of 6.2 out of 10 and a Privacy grade of 7.5 out of 10. No incidents are on record. Evidence level: documentation reviewed.
Is Lighter legit?
Lighter is a working exchange. Being real is not the same as being safe: its Safety grade here is 6.2 out of 10, built from custody, liquidity, track record and incidents.
Is Lighter a scam?
NoKYC Score does not label services as scams; it records documented incidents with their sources and outcomes. No incidents are on record for Lighter.
Do I need an account or email to use Lighter?
No account needed.
What fees does Lighter charge?
Standard accounts: 0% maker and taker on regular orders, 0.01% on TWAP/advanced orders and RFQ; Premium/Advanced from 0.004% maker / 0.028% taker. Fees were recorded from Lighter's own pages and can change; check before you send.
Does Lighter have a Tor onion address?
No official onion address was found on Lighter's own pages.
Which cryptocurrencies does Lighter support?
Lighter supports USDC, ETH, BTC, LIT.
Is Lighter custodial?
No. Lighter is non-custodial: the operator does not control user funds.
Can I use Lighter over Tor?
Lighter does not publish an official onion address.
Listing history
- Listing added. Facts and KYC level set from the service's own terms and documentation.