In the ever-evolving world of crypto trading, P2P cryptocurrency exchanges stand out as a user-friendly option for buying or selling digital assets. These exchanges offer a unique peer-to-peer experience, ensuring both buyers and sellers transact securely through an escrow service. Whether you’re a seasoned trader or just starting, here are the platforms you should know about.
Best platforms to start trading in 2024
KuCoin
Best for low fees
Coinbase
Best for begginers
OKX
Best for multifunctionality
- What are P2P crypto exchanges?
- 12 best P2P crypto exchanges in 2024
- 1. OpenPeer
- 2. Coinbase
- 3. Dukascopy Bank
- 4. KuCoin P2P
- 5. OKX P2P
- 6. Bitget P2P
- 7. Binance P2P
- 8. Bybit P2P
- 9. BingX P2P
- 10. MEXC P2P
- 11. Huobi P2P
- 12. Gate.IO P2P
- Why use a P2P crypto exchange?
- Is P2P illegal in crypto?
- Will P2P change the crypto trading world?
- Frequently asked questions
What are P2P crypto exchanges?
On a peer-to-peer (P2P) exchange, people can buy and sell cryptocurrencies directly with each other. Think of it like an online marketplace where you can set your price and choose how you want to get paid. Plus, you can use many payment methods, including credit cards and even local currencies specific to certain countries.
Usually, these exchanges work in a few simple steps. Firstly, the seller posts their crypto offer and the preferred payment method, which can even be a bank transfer. Then, if a buyer accepts that offer, they complete the payment and then will receive the crypto.
Now, to make sure everything’s safe, top P2P exchanges use something called an “escrow system.” Here’s how it works:
- After the buyer agrees to buy, the seller puts the crypto into a special locked account on the exchange.
- This crypto stays locked until the seller says they got the buyer’s payment.
- Once confirmed, the crypto is released to the buyer.
This system makes sure both parties keep their promises and everyone is protected. However, even with a safety system like escrow, P2P trading can be risky. Some buyers might falsely claim the trade was a scam and ask for a refund, especially if they used platforms like PayPal. There are also scams with payment methods you can’t take back, like Western Union or MoneyGram.
On a more positive note, P2P exchanges have their perks. In places where it’s hard to buy bitcoin or other popular cryptocurrencies, P2P platforms can be a quick fix. They’re also great for sellers who need specific payment methods not found on usual platforms.
12 best P2P crypto exchanges in 2024
1. OpenPeer
OpenPeer is the latest decentralized application to provide a platform for peer-to-peer exchanges. In the spirit of decentralization, the protocol enables parties to transact with each other — without the need for intermediaries.
Additionally, you will be happy to know that OpenPeer is self-custodial. This means that OpenPeer never holds customers funds. What’s even better is that the protocol does not hold any of your personal data either.
For those who like to preserve privacy, KYC is optional. On the other hand, OpenPeer uses decentralized identity proof of humanity solutions to allow users to KYC. Those who choose to KYC tend to find matches for trades faster.
To continue, while the protocol exists on Ethereum, it also exists on chains like Polygon, Binance Smart Chain, and Arbitrum to take advantage of lower gas fees. However, OpenPeer uses relayers to cover gas fees. Which means that you do not need to hold the blockchain’s native token to pay for gas. You can simply hold stablecoins.
Speaking of gas fees OpenPeer does not charge buyer’s fees. The protocol only charges a 0.3% seller’s fee. Additionally, there are no minimum transaction sizes or fees. This makes it more available to many more users that want to trade.
- Wide range of fiat payment methods to on-ramp users (100+)
- Does not collect customer's personal data
- No need to pay gas to interact with OpenPeer's contracts
- Globally available, which is ideal for users in developing countries
- Non-custodial, trade directly from wallets like Metamask
- Low P2P fees
- KYC optional, but recommended for faster trades
- Deployer contracts may be susceptible to frontrunning attacks
- New platform with limited liquidity in some currencies
2. Coinbase
Coinbase stands as a pivotal platform for purchasing P2P, albeit not directly available on its centralized exchange. It offers an alternative route through the use of Coinbase Wallet, enabling the acquisition of P2P by swapping Ethereum (ETH). This approach caters to those seeking to delve into P2P and similar cryptocurrencies.
The process on Coinbase is designed to ensure security and ease of use. From the necessity of a unique username for your Coinbase Wallet to the critical step of securing your recovery phrase, each aspect is geared towards a seamless and safe experience in crypto transactions.
The platform’s structure is tailored to guide both seasoned traders and newcomers in the crypto market.
- Detailed guidance for purchasing P2P
- Option to buy P2P using ETH in Coinbase Wallet
- Supports multiple fiat currencies for broader access
- Offers insights into market stats for informed trading
- Highly secure with mandatory KYC and recovery phrase protection
- P2P not directly available on Coinbase’s centralized exchange
- Requires buying and transferring ETH to Coinbase Wallet for P2P purchase
- Limited payment options for certain regions, like using PayPal only in the U.S.
- Involves Ethereum network fees and a 1% transaction fee for swaps
3. Dukascopy Bank
Dukascopy Bank offers a unique and secure approach to P2P crypto exchanges, which is why it stands out as a top choice. This bank ensures the safety of fiat currency settlements during independent blockchain transactions, adding a significant trust factor to the process. Its involvement in the transactions provides an extra layer of security and reliability, making it a preferred platform for those seeking secure and hassle-free P2P crypto exchanges.
Clients can easily find counterparts for their transactions using the “P2P” public channel in the “Dukascopy Connect 911” messenger app, simplifying the process of crypto exchanges. The broad list of available cryptocurrencies caters to a wide range of preferences and investment strategies, appealing to both seasoned traders and newcomers in the crypto market.
Dukascopy Bank’s has an ongoing campaign for its 911 Crypto P2P service. It offers liquidity providers a chance to earn a 0.5% bonus on successful P2P transactions. Eligibility requires placing both BUY and SELL ads within a -3%/+3% price range for specific cryptocurrencies, including USDC, LTC, ADA, and others, while keeping these ads active simultaneously for at least 30% of the campaign duration.
Additional rewards, ranging from $3 to $6, are available for ads active over 50% of the time, based on their price range. However, Dukascopy Bank may disqualify providers for unsatisfactory service, such as delayed responses.
- Secured fiat transactions secured by the bank
- Ability to find transaction counterparts via an app
- Broad list of cryptocurrencies for exchange
- Potential to earn from completed deals
- Option for crypto lending, enhancing financial flexibility
- Requirement to open a Multi-Currency Account for participation
- Subject to the available liquidity when using the Dukascopy Connect 911 app to find counterparts
4. KuCoin P2P
KuCoin stands out as a leading P2P crypto exchange, especially for those in emerging markets where restrictions on cryptocurrency trading exist. It’s tailored to support payment modes and currencies specific to these regions. For instance, traders in Vietnam have the convenience of transacting in cryptocurrencies using Momo, a widely-used local e-wallet.
Similarly, traders from India benefit from a broad spectrum of localised payment options such as PhonePe, UPI, IMPS, and conventional bank transfers. Additionally, KuCoin’s P2P platform caters to global users by supporting principal currencies like USD, EUR, and GBP.
It offers a selection of cryptocurrencies, including tether, bitcoin, ethereum, USD Coin, and the KuCoin token.
- Accepts local payment methods in emerging markets (India, Vietnam etc.)
- P2P has zero fees
- Large P2P trades
- Limited range of cryptocurrencies
- Limited filtering options on the P2P platform
5. OKX P2P
OKX stands out as a top peer-to-peer (P2P) cryptocurrency exchange. The platform offers six cryptocurrencies like BTC and ETH, and supports over 100 global fiat currencies. You’ll also find a wide choice of over 900 payment methods, from bank transfers to services like Revolut and Wise.
How OKX works:
Buyers can easily search for sellers using various filters like cryptocurrency type, payment method, or the amount they want to buy.
The platform then shows sellers offering the best rates first.
Sellers set their desired price and payment method.
When a buyer selects a seller, the seller receives a notification, provides payment details, and places the chosen cryptocurrency into the OKX escrow.
After the buyer pays and the seller confirms, OKX releases the cryptocurrency from escrow.
- Zero fees for P2P trades
- Users can see and give feedback
- Buyers can even set their price, waiting for a seller to agree
- All users need to complete KYC for a safe trading market
- Limited range of cryptocurrencies
6. Bitget P2P
Bitget P2P Platform distinguishes itself due to its notable features and advantages. Notably, the platform offers a rare Zero Fee Program. Beyond the cost-saving element, Bitget is user-centric, offering a user-friendly interface that promises heightened security and convenience.
How Bitget works:
Buyers can peruse and select their desired sellers based on their listed offers.
The seller’s assets are locked on the platform once a buyer places an order, ensuring safety.
Should any disputes arise during the transaction, the Bitget Customer Support team intervenes, offering a resolution and ensuring the integrity of the trade.
After both parties confirm the transaction’s completion, assets are released from the escrow-like system.
- No fees for P2P trading
- Extensive payment method options, including bank transfers, PayPal, WebMoney, global e-wallets, and more.
- Robust security protocols ensure assets are safeguarded during transactions.
- Round-the-clock customer support with a focus on resolving disputes.
- Limited range of cryptocurrencies
7. Binance P2P
While many know Binance mainly for spot trading, it’s also a P2P crypto exchange for those who trade frequently. Binance’s P2P section offers seven cryptocurrencies including bitcoin, ethereum, and Shiba Inu. They also support over 100 payment methods.
In the UK, many users prefer Faster Payments transfers, Skrill, or Neteller. Binance’s P2P platform is easy to navigate, making it simple for both buyers and sellers to find what they need.
How Binance P2P works:
Buyers can look for deals tailored to their preferred currency or payment method.
Offers are shown based on the rates given by sellers.
When a buyer picks a deal, the seller moves the chosen cryptocurrency to Binance’s secure escrow wallet.
The cryptocurrency gets released to the buyer after the seller confirms receiving the payment.
What’s more, Binance doesn’t charge any fees for regular P2P trades. But if someone wants to set their own price and advertise it, there’s a small fee, up to 0.35%.
- High liquidity levels
- Solid escrow system
- Educational guides on P2P best practices
- A trading fee of up to 0.35% may apply to market makers when posting a custom deal
8. Bybit P2P
Bybit stands out as a leading P2P crypto platform, especially for frequent traders. It’s widely recognized for its margin trading feature, letting users access leverage up to a whopping 100x.
In the P2P section, Bybit offers trading in four cryptocurrencies, including BTC and ETH. The platform caters to a broad range of fiat currencies and support numerous payment options like Wise, PayPal, and Skrill.
- Bybit sellers offer competitive rates
- Bybit's P2P platform is entirely fee-free
- It supports only four cryptos
9. BingX P2P
BingX’s P2P trading stands out due to its significantly lower fees when compared to conventional centralized exchanges. BingX’s P2P platform has adopted cutting-edge measures to ensure the safety of transactions. Funds are held in neutral accounts until all parties meet their commitments, drastically lowering the chances of fraud or disagreements and bolstering overall trust and security.
Moreover, BingX P2P has cultivated an active and supportive trading community. Pricing on BingX P2P is competitive, granting sellers autonomy in pricing while giving buyers a diverse array of appealing deals. This direct transaction model ensures both sides benefit, contrasting with centralized exchanges that might levy fees or offer less appealing rates.
- High no. of sellers
- Over 400 payment methods
- No fees for buying and selling
- Supports more than 40 fiat currencies
- Slow transaction time
10. MEXC P2P
The MEXC P2P marketplace is a trusted platform that facilitates direct crypto transactions between users. Catering to over 7 million traders from 200 regions, it supports multiple languages and offers a vast array of payment methods, reflecting its global reach.
Key features of MEXC P2P include a real-time chat for seamless user communication,a user-friendly interface, a 24/7 help centre for round-the-clock support, and zero fees for P2P trading. Furthermore, the platform prioritises user safety with robust encryption and offers perks through its New User Reward Program. Compatible across all devices, MEXC ensures a user-friendly and secure trading experience.
- Zero fees
- Help Center
- Educational tutorials for the P2P marketplace
- Very limited range of fiat currencies supported (VND, RUB, KRW)
11. Huobi P2P
Huobi is a renowned P2P cryptocurrency exchange highly favored by traders in emerging markets, especially in Asian countries like Vietnam, Malaysia, Taiwan, Indonesia, and the Philippines. Although it supports fewer payment methods compared to many competitors, it includes well-known options like Skrill, Neteller, Perfect Money, ADVCash, and local bank transfers. The platform offers a user friendly interface, suitable for all users.
The platform offers six cryptocurrencies including tether, bitcoin, USDD, huobi token, tron, and ethereum. Huobi stands out by not levying fees on trades and providing round-the-clock customer support. For security, they’ve implemented an anti-fraud practitioner to identify dubious P2P listings and also incentivize users through a bounty program to report suspicious activities or site vulnerabilities.
- Zero fees for P2P trades
- Anti-fraud practitioner to identify dubious P2P listings
- 24/7 customer support
- Focus on the Asia markets
- Fewer payment methods
12. Gate.IO P2P
Gate.io offers a seamless P2P trading experience for KYC-verified users. After accessing your Gate.io account, navigate to the Buy Crypto tab and select P2P Trading. Here, you can decide to buy or sell popular cryptocurrencies such as USDT, BTC, ETH, or DOGE, and pick your preferred merchant.
One unique feature of Gate.io is the opportunity to become a merchant by undergoing an additional KYC step and holding a minimum of 100 USDT.
As a merchant, you can personalise your profile, earn a credibility badge to attract more trades, and even participate in the Global Merchant Trading Competition. Here monthly rewards totalling 200,000 USDT are distributed to top merchants.
- Zero fees for P2P trading
- Simple KYC process
- Enables users to become merchants
- Only four crypto assets
- Not licensed to operate in the U.S.
- Phishing scams are common (only perform trades on the platform to stay safe)
Why use a P2P crypto exchange?
While more exchanges are implementing this P2P feature, not all platforms offer the same level of trading volumes or digital assets. Some new P2P exchange users might not still understand the benefits of using such a platform. Here are the main reasons why P2P is useful.
More payment choices P2P exchanges allow a variety of payment methods
This includes popular options like PayPal, Skrill, and Western Union. Additionally, they support local payment methods, like bank transfers or mobile payments. In contrast, traditional crypto exchanges usually offer fewer options.
Faster transactions some P2P exchanges speed up the trading process
If both the buyer and seller are active online, then this can be a quick process to buy or sell crypto.
- The buyer quickly transfers the payment.
- Once confirmed by the seller, the buyer gets their cryptocurrency right away.
- The buyer can then move the cryptocurrency to their personal wallet. Traditional exchanges might be slower due to extra steps like approval for withdrawals.
Set your own prices
P2P exchanges let sellers set their own prices. Of course, a seller might ask for more if they accept rare payment methods. Similarly, a buyer might look for deals on less popular cryptocurrencies. Traditional exchanges set prices based on market demand.
Great for countries with restrictions
Some countries have laws that make trading crypto hard, like China and Bangladesh. P2P exchanges are a workaround because the transactions happen directly between people. So, if someone in China uses a local bank transfer for a P2P trade, the bank just sees a regular money transfer, not a crypto deal.
Safety with escrow
Escrow systems lock the crypto almost at a halfway point between the buyer and the seller, protecting both parties.
Seamless journey to trading
After purchasing your crypto, you can then keep it on the same P2P platform and use that crypto exchange for day trading.
Can you buy crypto P2P?
Yes, you can buy crypto through P2P (peer-to-peer) methods, allowing direct trading between individuals. P2P trading can offer more control and potentially fewer fees. That’s why it’s crucial to be aware of its associated risks. Always do your due diligence and proceed with caution.
/Related
More Articles
Before initiating any P2P trade, it’s essential to consider several factors:
- Platform choice. The ideal P2P trading platform depends on your specific needs. While some traders might prefer dedicated P2P platforms, others may opt for established exchanges like KuCoin or Binance if they already have accounts there.
- Account verification. Almost all P2P platforms require account verification, entailing a Know Your Customer (KYC) process. This procedure typically involves submitting personal details and photo identification.
Potential risks
- Direct communication. Some P2P platforms facilitate direct communication between traders. It’s vital never to share personal or financial details, as phishing attempts and scams are prevalent.
- Transaction delays. P2P trades often come with a timeout. If a transaction isn’t finalized within the set window, it might be reversed or fail.
- Premature approvals. As a seller, you should only release crypto assets after confirming the receipt of payment. Releasing them beforehand risks irreversible loss.
- Price fluctuations. Prices can be highly volatile in the crypto space. It’s crucial to double-check rates before finalizing trades to avoid potential losses due to sudden market shifts.
- Low liquidity. P2P platforms generally offer less liquidity compared to traditional exchanges. If you’re aiming to process large transactions promptly, mainstream exchanges might be more appropriate.
- User interface familiarity. P2P platforms often have unique user interfaces. It’s easy to make errors if you’re not accustomed to the system. Always take advantage of any available tutorials or guidelines to ensure smooth trading.
Is P2P illegal in crypto?
No, P2P is not illegal. P2P technology is globally accepted unless used for illegal activities, leading some countries to regulate it based on specific applications. For instance, while China and Saudi Arabia have banned bitcoin, Bolivia has made P2P crypto trading illegal. Furthermore, over 20% of Asia Pacific countries restrict P2P lending. In the U.S., P2P betting is permissible only in states that have legalized sports betting.
Such regulations have impacted P2P technology adoption in various regions. A notable consequence was the migration of bitcoin miners from China, underscoring the country’s reluctance to embrace decentralized digital currencies.
To make sure you’re staying away from anything illegal, always choose to perform any P2P trading on one of these best P2P crypto exchanges.
Will P2P change the crypto trading world?
In all, peer-to-peer (P2P) crypto trading is a fantastic innovation in the world of cryptocurrency. These best P2P crypto exchanges offer a more personalized and direct way to engage in transactions. It offers a bridge towards this digital financial world for those unserved by banks and financial institutions.
Yes, P2P markets might not be as liquid as some traditional trading platforms. But their rising popularity can’t be denied, especially with many top-tier platforms, including the best crypto exchanges for beginners, now incorporating P2P features. Setting up an account is as straightforward as it is on any other platform. Of course, the added layer of KYC verification ensures an extra level of security for users. However, as with all online transactions, it’s always wise to stay vigilant against potential phishing attempts and to always review transactions carefully before finalizing.
Frequently asked questions
What is the best P2P crypto exchange?
Which crypto exchange supports P2P?
Is P2P safe on Binance?
Is Binance P2P cheaper?
What is OpenPeer?
Trusted
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
