Best P2P Cryptocurrency Exchanges In 2024
For transactions with digital currencies, users often use P2P platforms (peer-to-peer, “from equal to equal”). These peer-to-peer systems provide decentralization, subjects transaction equality and their free interaction.
P2P as a form of trading has been around for a long time, and now many large marketplaces are adding the function of direct transactions between users, acting as a kind of “meeting point” for the seller and buyer of assets.
In the new article we will tell you about the features of P2P exchanges and highlight the TOP 5 of the best of them. We also compare peer-to-peer platforms with OTC and conventional exchanges.
TOP 5 best P2P exchanges
1. OKX
P2P platform address: https://www.okx.com/p2p-markets
- Multilingual interface;
- Verification required;
- Direct transactions with top currencies: BTC, ETH, USDT, USDC, TUSD, DAI;
- Purchase cryptocurrency for 100+ fiat currencies: USD, EUR, GBP, etc.;
- Intuitive interface and simple application form;
- A large number of payment methods, including bank cards and transfers;
- For reliability, you can set the required level of KYC of the counterparty;
- P2P guide with platform guide.
2. Bybit
P2P platform address: https://www.bybit.com/fiat/trade/otc
- Multilingual interface;
- Verification optional;
- Direct trades with BTC, ETH, USDT;
- Purchase cryptocurrency for 25+ fiat currencies;
- Zero commission for all participants in the transaction;
- Wide variety of payment methods.
3. Binance
P2P platform address: https://p2p.binance.com/en
- P2P trading from the largest crypto exchange by trading volume;
- Multilingual interface;
- Requires mandatory verification, as well as setting up SMS and Google authentication;
- Direct transactions with Bitcoin and popular altcoins (ETH, USDT, DAI, BUSD, BNB);
- Purchase cryptocurrency for 80+ fiat currencies;
- 100+ payment options;
- Commission for transactions: 0%;
- An outstanding number of direct exchange offers and payment methods.
4. Bitpapa
P2P platform address: https://bitpapa.com/
- Multilingual interface;
- Anonymous transactions without registration and verification;
- Top cryptocurrencies are available for direct transactions: BTC, ETH, USDT, TON, XMR;
- Purchase of cryptocurrency for fiat currencies: USD, EUR, GBP, TRY, UAH, etc.;
- 100+ payment methods;
- P2P transactions using Telegram bot;
- Free multi-currency wallet.
5. Kucoin
P2P platform address: https://www.kucoin.com/otc
- Multilingual interface;
- Mandatory verification is not required, but you need to link a phone number to your account;
- Direct transactions with BTC, ETH, USDT, USDC and the exchange’s native token – KCS;
- 20+ payment methods;
- Transactions without commission.
Features of P2P exchanges
Peer-to-peer platforms work on the principle of direct sale from person to person. A P2P transaction occurs as follows: the user leaves an order for the sale or purchase of a certain asset, indicates the quantity. If the second party to the transaction is satisfied with the offer, it responds to the request and the exchange is carried out. The P2P platform in this case acts as a transaction guarantor.
Features of P2P platforms:
- Decentralization;
- Equality of rights for all participants in the transaction;
- Transactions on users’ own terms (exchange rate and payment methods);
- No transaction fees;
- Fair deal guarantee.
P2P vs OTC
In terms of time spent on transactions, OTC (over-the-counter) exchanges provide the ability to buy and sell cryptocurrencies instantly through an administrator or broker.
On P2P exchanges, users trade directly with other users. In order for the transaction to take place, the buyer needs to find the seller, initiate the transaction and wait until the seller agrees to it. Therefore, the duration of the transaction is difficult to predict, since it depends on the willingness of each party to complete their part of the transaction.
Over-the-counter (OTC) trades are better suited for larger and anonymous trades. P2P transactions are best for small transactions as the minimum amount can be as low as $10. Peer-to-peer systems also allow you to develop a private crypto business: you can build business relationships with users with whom you interact frequently, and so on.
P2P vs Regular Exchanges
Unlike classical centralized exchanges, where the asset rate is formed by the market (the ratio of supply and demand), on P2P platforms the price is set at the discretion of the user. It can be either better or worse than the market. However, you can choose the offer that suits you and buy or sell cryptocurrency on the most favorable terms.
In addition, the absence of intermediaries allows you to conduct transactions with 0% commission. Also P2P exchange often does not require verification, so you can trade cryptocurrency anonymously. Another one feature is the list of payment methods is pretty wide, so you can choose any you want almost anytime.
How to choose a reliable P2P exchange
There are several parameters should be taken into account to select a p2p platform: project reputation, trading conditions, verification requirements, reviews and so on.
One of the most important points is security measures on the platform and the security of user funds. Most P2P services use the escrow system. It assumes that during the transaction, funds are transferred to a special account and are available only after confirmation of payment.
How to buy and sell cryptocurrency on a P2P exchange
Let’s see how it works on the example of Binacne P2P.
- Go to https://p2p.binance.com/en and create an order to buy/sell an asset;
- Select the Buy tab on the left for buying and Sell for selling;
- Choose cryptocurrency that you will buy/sell (BTC, ETH, USDT, DAI, BUSD, BNB are currently available on the exchange). For example, buy USDT;
- Select the fiat currency for payment, for example, EUR and enter its amount in Amount;
- Define payment method, for example, Payeer;
- Then, you can select region(optional), or you can leave line All Regions;
- The platform will issue offers from USDT sellers who sell coins for EUR based on filled parameters, accept payment via Payeer and have enough coins to trade with you;
- Choose the best offer in your opinion and, on the contrary, press Buy USDT;
Buying UDT with EUR - More detailed information on your application will be available in a special window: enter the amount in EUR, and the system will automatically calculate how much USDT you will receive;
- If everything suits you, click Buy USDT and proceed to payment.
Order to buy USDT
Pros and cons of P2P exchanges
FAQ
Comments (0)
