P2P cryptocurrency exchanges are a user-friendly option for buying or selling digital assets. In this article, we explore exchanges that offer a unique peer-to-peer experience, ensuring 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.
Methodology
This guide selected eleven of the leading P2P crypto exchanges in 2024. The exchanges were chosen based on several stringent criteria, and the selection followed nine months of testing via BeInCrypto’s product testing teams. Here are the reasons why we chose these esteemed platforms:
OpenPeer
- Utilizes blockchain technology for enhanced security
- Provides integration with multiple blockchain networks
- Allows custom smart contract conditions for transactions
Coinbase
- Offers a user-friendly interface ideal for beginners
- Provides insured wallets for added protection against theft
- Includes educational materials to help users understand crypto trading and more
Dukascopy Bank
- Combines traditional banking services with crypto features
- Offers regulated services, ensuring legal compliance
- Provides trading with leverage options for major cryptos
- Supports fiat currencies for easy deposits and withdrawals
OKX
- Features a wide selection of cryptocurrencies
- Includes multiple payment options facilitating global trade
- Provides an escrow service ensuring the security of trades
Bitget
- Unique Zero Fee Program for cost-effective trading
- Implements rigorous security protocols to protect user assets
- Features a feedback system to rate buyer and seller reliability
- Offers diverse payment methodsincludinglocal options depending on your region
Binance
- Offers trading with zero fees for regular transactions
- Provides a secure escrow service for safe trading
- Features a comprehensive rating system for traders
- Allows traders to post customized trade ads with a minimal fee
Bybit
- Provides multilingual support to cater to a global audience
- Features advanced price alert tools to optimize buying and selling times
- Ensures trade safety with a secure escrow system
- Offers a user verification process to increase trustworthiness
BingX
- Offers competitive pricing through a transparent order book
- Provides an escrow system to ensure the safety of funds
- Facilitates quick resolution of disputes between parties
MEXC
- Offers an intuitive interface for seamless trading experiences
- Supports multiple payment methods for global accessibility
- Features a dynamic pricing model to reflect market conditions
- Ensures secure transactions with escrow services
Huobi
- Features a straightforward user interface for easy trading
- Supports multiple payment methods
- Provides a secure trading environment with escrow protection
- Facilitates rapid dispute-resolution mechanisms
Gate.IO
- Offers a diverse range of cryptocurrencies for P2P trading
- Provides detailed trader profiles for informed decision-making
- Supports numerous payment methods for global traders
- Features an efficient dispute resolution process
- Ensures secure trading with a reliable escrow system
For further information and insight into BeInCrypto’s verification methodologies, clickthis link.
In this guide:
- The best P2P crypto exchanges in 2024
- 1. OpenPeer
- 2. Coinbase
- 3. Dukascopy Bank
- 4. OKX P2P
- 6. Bitget P2P
- 7. Binance P2P
- 8. Bybit P2P
- 9. BingX P2P
- 10. MEXC P2P
- 11. Huobi P2P
- 12. Gate.IO P2P
- What are P2P crypto exchanges?
- What’s the difference between a lender and a borrower?
- Why use a P2P crypto exchange?
- Is P2P illegal in crypto?
- Will P2P change the crypto trading world?
- Frequently asked questions
The best P2P crypto exchanges in 2024
1. OpenPeer
Best for buyers
P2P fees
0.3% for sellers
Fiats available
100+
KYC
Optional
OpenPeer is an ideal P2P crypto platform because it represents the latest in decentralized applications for peer-to-peer exchanges. OpenPeer supports direct transactions between parties without intermediaries, emphasizing the core principles of decentralization. Importantly, OpenPeer is a self-custodial service, ensuring that it neither holds customers’ funds nor retains personal data.
Privacy advocates would appreciate it if KYC verification were optional on OpenPeer. However, the platform offers decentralized identity-proof solutions for those opting for KYC, which can accelerate the matching process for trades. Additionally, OpenPeer operates across multiple blockchains, including Ethereum, Polygon, Binance Smart Chain, and Arbitrum, leveraging these to reduce gas fees. Notably, OpenPeer covers gas fees through relayers, allowing users to transact without holding native blockchain tokens — stablecoins suffice.
Pros
- 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
Cons
- Deployer contracts may be susceptible to frontrunning attacks
- New platform with limited liquidity in some currencies
2. Coinbase
Your gateway to buying P2P
coinbase.com
P2P fees
Ethereum network fees + 1% swap fee
Fiats available
Multiple global currencies
KYC
Required
Coinbase is 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 phase, each aspect is geared towards a seamless and safe experience in crypto transactions.
The platform’s structure is tailored to guide seasoned traders and crypto market newcomers.
Pros
- 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
Cons
- 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
Your Partner in P2P Crypto Exchange
P2P fees
0.5%. seller fee
KYC
Account holders with Extended KYC gets increased quarterly limit for P2P operations
Fiats available
1 (USD)
Dukascopy Bank is well-known for its secure approach to P2P crypto exchanges, so 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. The broad list of available cryptocurrencies caters to a wide range of preferences and investment strategies, appealing to seasoned traders and crypto market newcomers.
Pros
- 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
Cons
- 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. OKX P2P
Best for overall P2P crypto exchange
www.okx.com
P2P fees
0%
Fiats available
102
KYC
Yes
OKX has comprehensive offerings and flexibility. Additionally, OKX supports various major cryptocurrencies, including BTC and ETH, and facilitates transactions in over 100 global fiat currencies. The platform stands out for its extensive selection of payment methods, ranging from bank transfers to modern services like Revolut and Wise.
OKX operates dynamically, enhancing user experience significantly: Buyers use filters to search for sellers based on the type of cryptocurrency, preferred payment method, or the amount they wish to purchase. The platform prioritizes sellers who offer the best rates, streamlining the decision-making process. Once a buyer chooses a seller, OKX notifies the seller, who then provides payment details and secures the cryptocurrency in OKX’s escrow system. Following the buyer’s payment and the seller’s confirmation of the payment receipt, OKX swiftly releases the cryptocurrency from escrow, thus finalizing the transaction efficiently.
Pros
- 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
Cons
- Limited range of cryptocurrencies
6. Bitget P2P
Best for overall P2P crypto exchange
www.bitget.com
P2P fees
0%
Fiats available
140
KYC
Yes
The Bitget P2P Platform has notable features and advantages, including a unique Zero Fee Program that saves costs. Bitget focuses on the user, featuring a user-friendly interface that ensures heightened security and convenience. Here’s how Bitget works: Buyers peruse and select their desired sellers based on listed offers. Once a buyer orders, the seller’s assets are securely locked on the platform, ensuring safety. In case of disputes, the Bitget Customer Support team steps in to resolve issues and maintain the integrity of the trade. Once both parties confirm the transaction’s completion, assets are released from the escrow-like system.
Pros
- 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.
Cons
- Limited range of cryptocurrencies
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7. Binance P2P
Best for all traders
www.binance.com
P2P fees
0%
Fiats available
85
KYC
Yes
Binance is a viable P2P exchange because, while many know it is mainly for spot trading, it also caters to those who trade frequently through its P2P section. In the U.K., many users prefer Faster Payments transfers, Skrill, or Neteller. The platform is easy to navigate, enabling buyers and sellers to find what they need easily. Here’s how Binance P2P works: Buyers look for deals tailored to their preferred currency or payment method, and offers are displayed based on rates set by sellers. Once a buyer selects an agreement, the seller moves the chosen cryptocurrency to Binance’s secure escrow wallet. The cryptocurrency is then released to the buyer once the seller confirms receipt of payment. Furthermore, Binance doesn’t charge any fees for regular P2P trades.
Pros
- High liquidity levels
- Solid escrow system
- Educational guides on P2P best practices
Cons
- A trading fee of up to 0.35% may apply to market makers when posting a custom deal
8. Bybit P2P
Best for leveraged cryptos
www.bybit.com
P2P fees
0%
Fiats available
62
KYC
Yes
Bybit is a leading P2P crypto platform, especially for frequent traders. It’s widely recognized for itsmargin tradingfeature, 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 various fiat currencies and supports payment options like Wise, PayPal, and Skrill.
Pros
- Bybit sellers offer competitive rates
- Bybit's P2P platform is entirely fee-free
Cons
- It supports only four cryptos
9. BingX P2P
Best for safety
www.bingx.com
P2P fees
0%
Fiats available
65
KYC
No
BingX’s P2P trading platform is significant due to its lower fees than 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 while giving buyers a diverse array of appealing deals.
Pros
- High no. of sellers
- Over 400 payment methods
- No fees for buying and selling
- Supports more than 40 fiat currencies
Cons
- Slow transaction time
10. MEXC P2P
Best for user communication
www.mexc.com
P2P fees
0%
Fiats available
3
KYC
Yes
The MEXC P2P marketplace is a trusted platform facilitating direct crypto transactions between users. Catering to over 7 million traders from 200 regions, it supports multiple languages and offers various 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 center for round-the-clock support, and zero fees for P2P trading. Furthermore, the platform prioritizes user safety with robust encryption and offers perks through its New User Reward Program.
Pros
- Zero fees
- Help Center
- Educational tutorials for the P2P marketplace
Cons
- Very limited range of fiat currencies supported (VND, RUB, KRW)
11. Huobi P2P
Best for user experience
P2P fees
0%
Fiats available
74
KYC
Yes
Huobi is a well-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 than 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: USDT, BTC,USDD, Huobi token, TRON, and ETH. Huobi stands out by not levying trade fees and providing round-the-clock customer support. For security, they’ve implemented an anti-fraud practitioner to identify dubious P2P listings and incentivize users through a bounty program to report suspicious activities or site vulnerabilities.
Pros
- Zero fees for P2P trades
- Anti-fraud practitioner to identify dubious P2P listings
- 24/7 customer support
Cons
- Focus on the Asia markets
- Fewer payment methods
12. Gate.IO P2P
Best for merchants
P2P fees
0%
Fiats available
36
KYC
Yes
Lastly, 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 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 personalize your profile, earn a credibility badge to attract more trades, and even participate in the Global Merchant Trading Competition.
Pros
- Zero fees for P2P trading
- Simple KYC process
- Enables users to become merchants
Cons
- Not licensed to operate in the U.S.
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.
What’s an escrow system?
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.
What’s the difference between a lender and a borrower?
In peer-to-peer (P2P) lending, “lender” and “borrower” are terms that identify the principal parties involved in these transactions.Lenders are individuals or groups who invest their funds by lending them to others, hoping to receive their principal back with interest, often seeking better returns thanthose offered bytraditional financial avenues.
Borrowers, in contrast, are individuals or businesses seeking funds for various needs such as personal expenses, business expansion, or debt consolidation. They often resort to P2P platforms as these offer more accessible financing solutions, especially for those with lower credit ratings.
Why use a P2P crypto exchange?
Here are the main reasons P2P exchanges are useful:
- More payment choices:P2P exchanges support various payment methods, including popular ones like PayPal, Skrill, and Western Union, and local options such as bank transfers and mobile payments. Traditional crypto exchanges often offer fewer payment options.
- Faster transactions:Transactions on some P2P exchanges can be completed quickly ifboththe buyer and seller are active online. The process involves the buyer transferring payment, the seller confirming receipt, and then immediately releasing the cryptocurrency to the buyer, who can transfer it to their wallet.
- Set your prices:On P2P exchanges, sellers can set their prices, which may be higher if they accept rare payment methods. Buyers can also find deals on less popular cryptocurrencies. In contrast, prices on traditional exchanges are set based on market demand.
- Great for countries with restrictions:In countries with restrictive crypto trading laws, like China and Bangladesh, P2P exchanges offer a workaround by facilitating direct transactions between individuals. These are seen by banks simply as regular money transfers, not crypto transactions.
- Safety with escrow:P2P exchanges use escrow systems to hold the cryptocurrency during transactions, providing a secure midpoint that protects both the buyer and the seller.
- Seamless journey to trading:After purchasing cryptocurrency on a P2P platform, users can keep their assets on the same platform foruse in daytrading.
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 users greater control and potentially fewer fees.
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Always do your due diligence and proceed with caution. 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 Coinbase 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.
Risks of p2p trading
- 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.
Are you using Binance to trade P2P? Here’s how to protect yourself from Binance P2P scams and fraud.
Is P2P illegal in crypto?
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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.
In fact, the P2P market is booming. According to an Industry Arc report, the P2P lending market in India is projected to reach $10.5 billion by 2026, representing a compound annual growth rate (CAGR) of 21.6% from 2021 to 2026.To make sure you’re staying away from anything illegal, always choose to perform any P2P trading on one of the P2P crypto exchanges listed in this guide.
Will P2P change the crypto trading world?
In all, peer-to-peer (P2P) crypto trading is an invaluable tool for many. The best P2P crypto exchanges offer a personalized and direct way to engage in transactions. They offer a bridge towards the web3 financial world for those unserved by banks and financial institutions.
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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 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?
The best P2P crypto exchange varies based on individual preferences and needs, but platforms like OKX and Binance P2P are among the most popular and widely recognized in the industry. Always conduct your own research before choosing an exchange.
Which crypto exchange supports P2P?
The crypto exchanges that support P2P are Huobi, Gate.io, Bybit, Binance, and others. Always check the specific features and availability on each platform.
Is P2P safe on Binance?
P2P trading on Binance, like on many other established exchanges, is designed to be secure. Binance implements several measures, such as escrow services, to ensure the safety of transactions. However, users should always exercise caution. Always complete trades within the Binance platform to benefit from their escrow service. It’s advisable to always be wary of phishing scams and never share personal information. Even with these safeguards, no platform is completely immune from risks, so always be cautious and informed when trading.
Is Binance P2P cheaper?
Binance P2P often offers competitive rates because it allows direct trades between users, eliminating the need for intermediaries. Additionally, Binance frequently promotes its P2P platform by offering zero transaction fees for certain trades. Binance P2P typically has low or zero transaction fees for trades. Also, the rates on P2P platforms can be more favorable since they are set by individual traders and can sometimes be more competitive than rates on traditional trading pairs. Note that Binance P2P supports various payment methods, and depending on the method, there might be external charges, like bank transfer fees. While Binance P2P can be cost-effective, it’s essential to compare rates and fees across various platforms and consider all potential costs before trading.
What is OpenPeer?
OpenPeer is a decentralized application that facilitates peer-to-peer trades for individuals on a global scale. The platform is non-custodial, meaning the protocol does not hold user’s funds. You can trade from the comfort of your own wallet, such as Metamask. Additionally, OpenPeer is privacy-preserving, which means that it does not collect user’s personal data. However, KYC is optional for faster trades.
What’s the difference between a lender and a borrower?
In peer-to-peer (P2P) lending, a lender provides their own money to others, hoping to receive it back with interest, seeing it as an investment. Conversely, a borrower seeks funds for personal or business reasons, preferring P2P platforms for easier access and flexibility than traditional banks. P2P platforms serve as intermediaries that connect lenders with borrowers, facilitating transactions without the need fortraditionalfinancial institutions.
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