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12 Best P2P Crypto Exchanges You Need To Know About in 2024

17 mins
Fact Checked
by Ish Bautista
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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
KuCoin
Explore platform on KuCoin’s official website
Spot cryptos 700+
KYC required Yes
Welcome bonus up to $100 for sign up

Coinbase

Best for begginers
Coinbase
Explore platform on Coinbase’s official website
Spot cryptos 250+
KYC required Yes
Welsome bonus up to $200 for US users

OKX

Best for multifunctionality
OKX
Explore platform on OKX’s official website
Spot cryptos 350+
KYC required Yes
Welcome bonus up to $10,000 mystery box

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:

  1. After the buyer agrees to buy, the seller puts the crypto into a special locked account on the exchange.
  2. This crypto stays locked until the seller says they got the buyer’s payment.
  3. 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

Best for buyers
P2P fees
0.3% for sellers
Cryptos
8
Fiats available
100+
KYC
Optional

2. Coinbase

Your gateway to buying P2P
P2P fees
Ethereum network fees + 1% swap fee
Cryptos
P2P available only through ETH swap
Fiats available
Multiple global currencies
KYC
Required

3. Dukascopy Bank

Your Partner in P2P Crypto Exchange
P2P fees
0.5% for sellers, free for buyers. Customers of Loyalty program are eligible for discounts of 20%, 35%, or 50%.
KYC
Account holders with Extended KYC gets increased quarterly limit for P2P operations
Cryptos
14
Fiats available
1 (USD)

4. KuCoin P2P

Best for altcoins
P2P fees
0%
Cryptos
5
Fiats available
40
KYC
Yes

5. OKX P2P

Best for overall P2P crypto exchange
P2P fees
0%
Cryptos
6
Fiats available
102
KYC
Yes

6. Bitget P2P

Best for overall P2P crypto exchange
P2P fees
0%
Cryptos
6
Fiats available
140
KYC
Yes

7. Binance P2P

Best for all traders
P2P fees
0%
Cryptos
7
Fiats available
85
KYC
Yes

8. Bybit P2P

Best for leveraged cryptos
P2P fees
0%
Cryptos
4
Fiats available
62
KYC
Yes

9. BingX P2P

Best for safety
P2P fees
0%
Cryptos
3
Fiats available
65
KYC
No

10. MEXC P2P

Best for user communication
P2P fees
0%
Cryptos
3
Fiats available
3
KYC
Yes

11. Huobi P2P

Best for user experience
P2P fees
0%
Cryptos
6
Fiats available
74
KYC
Yes

12. Gate.IO P2P

Best for merchants
P2P fees
0%
Cryptos
4
Fiats available
36
KYC
Yes

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

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 

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.

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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?

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Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
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