Using P2P Crypto Exchanges, peers can buy and sell digital currency without a third-party intermediary, such as a bank. P2P Bitcoin exchange is a chain of computers that must all approve a cryptocurrency trade in order to prevent duplicative transactions. It’s getting easier and easier to buy cryptocurrency on the best peer-to-peer exchanges.
Peer-to-peer Bitcoin trading will be defined and compared to over-the-counter trading in this article. Peer-to-peer exchanges for cryptocurrencies will also be highlighted, with our list of top 15.
P2P Crypto Exchange: What Is It?
Using a P2P crypto exchange eliminates the need for an intermediary, such as a bank, to facilitate the exchange of cryptocurrencies between users.
P2P crypto exchanges make it easy for verified users to trade their assets without any hassle. As an alternative to using an order book to pair orders and control the platform’s assets, a P2P model allows users to transact directly with each other without the need for an intermediary.
You must open an account and verify your identity in order to trade on a P2P exchange. Identity verification may be required depending on the platform you choose. You are only a few clicks away from engaging in transactions with other users from that point onward.
Which Is Better, P2P or OTC?
Despite the fact that they sound more complicated than traditional exchanges, peer-to-peer crypto exchanges are becoming increasingly popular.
Advantages and Disadvantages of the Top P2P Crypto Exchanges
These are some of the advantages of utilising a peer-to-peer exchange:
- Flexible Payment Options: You can use any payment method that the seller accepts in a peer-to-peer cryptocurrency exchange. This means that Bitcoin can be purchased using digital payments, gift cards, and even checks. There are no restrictions on the use of peer-to-peer payment options. Traditional platforms often only accept credit and debit cards.
- Security: Over the past few years, escrow system security has greatly improved. The most reputable peer-to-peer cryptocurrency exchanges are safer trading platforms because of their third-party nature. P2P altcoin exchange platforms are protected by escrow systems, as are all parties involved in a transaction. Users don’t have to worry about their cryptocurrency being stolen because the exchanges themselves don’t keep any.
- Low Fee: Some P2P exchanges charge a fee, but it is typically much lower than the fee charged by standard exchanges. Peer-to-peer exchanges typically only charge an escrow fee due to the absence of a middleman.
- Accessibility: Peer-to-peer exchanges don’t require a bank account to buy cryptocurrency, making them more accessible to people in underbanked areas. For the most part, all you need is an internet connection and a smartphone to use any of these services.
P2P crypto exchanges have a number of drawbacks, including:
- Speed: P2P platform transactions may take longer if a third-party mediator is not involved. Without a matchmaker, payment options are less flexible.
- Ease of Use: Again, without a middleman, even the best peer-to-peer crypto exchanges are not always easy to use. An inherent learning curve exists.
- Anonymity: P2P crypto exchanges, which let you transact with other users directly, typically provide less anonymity than OTC exchanges. P2P cryptocurrency exchanges with reputation systems are commonplace.
Between P2P and OTC Exchanges, the main differences are as follows:
Over-the-counter currency exchanges and peer-to-peer Bitcoin exchanges are two popular types of trading platforms.
Every endeavour relies heavily on timing. It is possible to buy and sell cryptocurrencies on OTC exchanges without having to go through an intermediary or broker. As a result, these transactions are completed right away.
P2P cryptocurrency exchanges allow you to conduct transactions with other users directly. The sale cannot be completed until the buyer has found a seller, has started a trade, and has received the seller’s permission to do so. Because the transaction’s duration is entirely dependent on the availability of each party to complete their portion, it is impossible to predict.
Over-the-counter exchanges are the best option for quick transactions. Peer-to-peer exchanges, on the other hand, allow you to meet a greater number of people at once while also offering a higher profit margin. P2P altcoin exchanges and OTC platforms both have their benefits and drawbacks, at the end of the day.
Which P2P Crypto Exchanges Are the Best?
There is a lot of interest in cryptocurrencies because of their potential to rise in value, but investment returns are not always guaranteed.
Cryptocurrencies are more volatile than stocks because of this, but peer-to-peer Bitcoin exchanges have the potential to generate enormous profits. The best P2P crypto exchange for your needs should be the first stop for any extra money you have in your portfolio. Then, you can invest some of it in cryptocurrencies.
1. Bybit- Top P2P Crypto Exchange
To maximise profit potential, Bybit is the best peer-to-peer (P2P) cryptocurrency exchange for traders from all over the world. To make it easier for two people to exchange assets at a price they both agree on, Bybit’s P2P platform supports more than 80 different payment methods. Paying with a debit or credit card, as well as with cash, are all examples of this.
With Bybit’s KYC, customers can make unlimited deposits, withdrawals and transactions. There are no transaction fees for buyers or sellers on Bybit’s new P2P trading feature. Merchants may be required to pay transaction fees to the payment provider depending on the payment method they choose.
Download here: https://app.bybit.com/download/download.html
Litecoin, Chainlink, and Dogecoin can all be purchased on Binance, making it one of the most popular peer-to-peer Bitcoin exchanges around. Binance’s P2P altcoin exchange charges a maker fee of up to 0.35 percent even though there are no taker fees. In order to buy and sell a wide range of altcoins, P2P advocates from around the world rely on it heavily.
Many currencies are accepted on the Binance platform, as well as the option to make instant transfers for just 0.5%.
Download here: https://www.binance.com/en/download
All cryptocurrencies can be traded on WazirX, an Indian peer-to-peer cryptocurrency exchange. In November 2019, Binance acquired WazirX, India’s most trusted P2P cryptocurrency exchange, for an undisclosed sum. As of December 2021, the platform’s 24-hour trading volume is $153 million. This shows that the P2P platform has a lot of liquidity, which makes it easy for users to transact. It is worth noting that WazirX does not allow the purchase or sale of any other stablecoins, despite being a top P2P crypto exchange. From Indian Rupees to Turkish Liras, it supports eight different fiat currencies and does not charge markup or markdown fees.
Download here: https://apps.apple.com/in/app/wazirx/id1349082789
A well-known P2P cryptocurrency exchange in Asia, Huobi has offered one of the largest platforms for cryptocurrency trading since 2013. Reassurance in an unstable market can be found in the fact that customer service has a surprising level of speed and responsiveness. Compared to other top P2P cryptocurrency exchanges, this P2P exchange charges no transaction fees for both buyers and sellers, making it extremely cost-effective.
To create an account, click the Sign Up button in the upper right corner of the website. A valid email address, a strong password, and your country of residence are all that are required. It’s important to keep in mind that once you’ve entered this value into your account, you can’t change it. Huobi’s platform is simple to use while also being visually appealing, elegant, and useful.
Download here: https://www.huobi.com/en-us/download/
5. Paxful- One of the Best P2P Crypto Exchange
P2P cryptocurrency exchange Paxful is one of the best in the US. While ensuring maximum security, it promises to simplify all peer-to-peer transactions. Transactions are more secure because biometric information is provided by users as part of the verification process. However, cryptocurrency purchases are always free on Paxful.com. Sellers must pay a fee of between 0.5 percent and 5 percent depending on the currency.
However, the process of signing up for Paxful is simple, but requires a fair amount of time and effort to be completed. A trader’s identification must be verified, and senior traders must provide video verification as well. Once you’ve verified your account, you can use the website’s simple navigation to fund your wallet. Choosing a payment method on Paxful brings up a list of sellers who have been verified by the service. Users who have traded more than 200 times are included in this list.
Download here: https://paxful.en.softonic.com/
Using LocalBitcoins, anyone can buy cryptocurrency in just a few minutes. For those who are interested in buying and selling cryptocurrency locally, Coinbase is a leading peer-to-peer cryptocurrency exchange that tries to connect buyers and sellers in their area. In addition, the company charges sellers a flat 1% transaction fee on all trades, making it even more straightforward. Bitcoin traders, on the other hand, are exempt from this rule. Money sent to another LocalBitcoins user’s wallet is completely free.
A wide range of payment methods are supported by this peer-to-peer cryptocurrency exchange.
Download here: https://localbitcoins.net/
In addition to being one of the best P2P crypto exchanges, OKX supports advanced trading in more than 200 countries. For international users, OKX is one of the most popular P2P exchanges for trading Tether, Bitcoin, and Ether.
A phone number, email address, or Telegram or Google account is required for account creation. Access to more features is granted at each level of verification, which is indicated by the number of levels. Level 2 users, for example, must provide a photo ID and facial verification in order to increase their transaction limit to $10,000.
Download here: https://www.okx.com/download
P2P cryptocurrency exchange KuCoin is one of the best options for non-American traders who are ready to make the switch to a more advanced platform with additional features. Additionally, you can earn interest on your cryptocurrency while it’s sitting in your wallet, making it one of the best P2P cryptocurrency exchanges on the market. According to KuCoin, one-fourth of cryptocurrency users have assets stored on the platform, which means there is a large pool of buyers and sellers to trade with in order to increase the liquidity of a cryptocurrency. Depending on the currency and the third-party application, transfer fees can vary.
KuCoin is a more complicated platform than the other P2P altcoin exchanges on this list, making it less user-friendly. To get the most out of your trading experience, it is important to learn how to use the platform’s learning curve. For example, margin trading and trading robots can be found here.
Download here: https://www.kucoin.com/download
One of the most reliable Bitcoin exchanges for both novices and experts is Coindirect. At just $1, Coindirect is an excellent P2P cryptocurrency exchange for small investors. As a result, you can trade with a higher profit margin because there are no additional transaction fees.
As with the other P2P altcoin exchanges on this list, the registration and verification procedures are simple. You’ll be ready to trade cryptocurrencies in no time at all on this user-friendly platform. You’ll have no problem using the trading terminal, but you’ll need your own data sources because there’s no analytical news feed available.
Download here: https://www.coindirect.com/app
This list of the top 10 P2P cryptocurrency exchanges includes Gemini, a trading platform designed for beginners. Our focus is on the Gemini Clearing portal. There are over 50 different cryptocurrencies available on this peer-to-peer exchange, and fees are equal to the spread. With no minimum order size and anonymous settlement, this is one of the best peer-to-peer (P2P) crypto exchanges for both new and experienced investors and traders.
A few seconds is all it takes to create an account on Gemini’s peer-to-peer cryptocurrency exchange platform, which is designed for beginners. You won’t have any trouble finding what you’re looking for or figuring out how to buy cryptocurrency with Gemini.
11. Hodl Hodl
Hodl Hodl is one of the best P2P crypto exchanges for traders looking to buy or sell Bitcoin directly with other users and does not require a KYC check. The lending service offered by this peer-to-peer Bitcoin exchange platform is also available. Referring a user to the site can lower the transaction fee for newly registered users to 0.6%.
After completing the simple registration process, you’ll be able to buy Bitcoin. You can sort by the number of Bitcoins or their equivalent in another currency in the Buy Bitcoins section. Clicking the Accept Offer and Create Contract button will begin the trading process once you’ve found an acceptable offer.
Download here: https://hodlwallet.com/
In terms of instant auctions, WhalesHeaven is the second best P2P crypto exchange. Multicurrency and multisignature wallets are used for trading flexibility and security in this peer-to-peer cryptocurrency exchange Customer support is available around the clock as well. Using WhalesHeaven, you don’t have to worry about losing money when exchanging tokens from different blockchains.
After registering on their user-friendly platform, you can set up auctions and buy Bitcoin from other users. There are no charges for cashing out.
Ethereum, SmartChain, Binance Smart Chain, and Avalanche are just a few of the exchanges where you can buy and sell Bitcoin and other cryptocurrencies right now.
Download here: https://www.whalesheaven.com/
When it comes to digital tokens, Remitano is the best peer-to-peer (P2P) exchange platform. The use of a margin account is also an option for more complex trading. In contrast to other peer-to-peer cryptocurrency exchanges on this list, Remitano enforces strict KYC requirements. Sellers on Remitano frequently demand that buyers have already been authenticated.
The registration process for this P2P altcoin exchange is simple, and account levels are based on the level of identity verification that the user provides. A phone call is all that is needed for the most basic level of verification, while more advanced levels require official documentation. On Remitano, the process of buying cryptocurrencies is similar to other exchanges.
Since LocalCoinSwap has a user-friendly interface for beginners, it is one of the most popular P2P crypto exchanges in existence. Escrow services are typically used to protect money and data transfers on the platform. In addition, this peer-to-peer cryptocurrency exchange is community-driven and includes optional KYC verifications.
Users who aren’t used to having their screens clogged with graphs will appreciate how easy it is to trade on this platform. You can buy and sell cryptocurrency right from the homepage, and you’ll also find it in your order history. A 1% trading fee and a 0.00045 BTC withdrawal fee are the two types of charges.
Register yourself now: https://localcoinswap.com/
As a decentralised platform that doesn’t rely on third-party technology, Bisq completes the best peer-to-peer cryptocurrency exchanges. Anyone can sign up for an account on this user-friendly website and conduct transactions for a nominal fee. There is an additional mining fee for traders of 0.003 BTC.
The first step in creating an account is downloading the app. Afterwards, you can either make an offer or look for your own cryptocurrency. Due to the user interface’s clear instructions on how to complete transactions and complete a trade, it is an excellent P2P cryptocurrency exchange for beginners.
Download here: https://bisq.network/downloads/
The Bottom Line
When it comes to the best P2P crypto exchanges, investors and traders will be able to choose from a variety of options, including Bybit, Huobi, and LocalBitcoins, among others. If you’re looking for a way to make anonymous, fee-free, and secure peer-to-peer transactions, we hope our list of the best P2P crypto exchanges has been helpful.