12 Best P2P Crypto Exchanges in 2024

Peer-to-peer (P2P) exchanges allow buyers and sellers to trade directly, meaning the buyer transfers fiat money to the seller’s account. And the seller transfers the coins to the buyer’s wallet. This eliminates the need to trade crypto via centralized order books.

Crucially, P2P trades are facilitated by an escrow tool, ensuring buyers and sellers are equally protected. This guide reveals which P2P crypto exchanges offer the best user experience, the safest transfer process, and the lowest fees. Read on to get started with a legit P2P platform in under 10 minutes.

Detailed Reviews of the Best P2P Crypto Exchanges

I’ll now review the P2P platforms listed above. I reveal the most important factors about each provider, including supported cryptocurrencies, trading fees, and security. Read on to select the best P2P cryptocurrency exchange for you.

1. Best Wallet – The Overall Best Way to Trade Crypto On-Chain

Best Wallet is my overall top pick. It offers the safest and most decentralized way to trade cryptocurrencies. No third parties or escrow tools are needed, as the Best Wallet exchange is 100% on-chain. This is because trades are facilitated by liquidity pools.

For example, suppose you want to swap USDC for USDT. This would go through the USDC/USDT pool, meaning USDC can be exchanged for USDT without needing another market participant. What’s more, the trade is secured by a smart contract, and the receiving cryptocurrencies are automatically deposited in your wallet. This removes the counterparty risk associated with traditional P2P crypto exchanges.

Best Wallet supports thousands of cryptocurrencies from over 60 chains. This includes Bitcoin, XRP, TON, Solana, BNB Chain, and Ethereum. Swaps are executed at the best available price, with Best Wallet partnering with multiple liquidity providers. Best Wallet is also a non-custodial wallet, so you trade and store cryptocurrencies in one safe place. 

Pros

• Trade cryptocurrencies via smart contracts and liquidity pools
• Remain on-chain 100% of the time
• Avoid centralized counterparty risks
• Supports more than 60 blockchain networks
• Also considered one of the best decentralized crypto wallets

Cons

• Liquidity pools only support crypto-to-crypto trading
• Some features and tools are still being developed

Visit Best Wallet

2. Exodus – Trade and Store Crypto Coins via a Non-Custodial Wallet

The next option is Exodus, an established crypto wallet for desktops, mobiles, and browser extensions. Exodus has developed an in-wallet exchange, allowing users to swap one crypto for another. This offers added convenience: there is no requirement to leave the wallet interface.

Exodus offers decentralized liquidity pools, so it never touches the user’s cryptocurrency. This means trades don’t require centralized escrow tools. Nor do buyers need sellers to trade cryptocurrencies, and vice versa. Exodus not only supports Bitcoin but some of the best altcoins. This includes cryptocurrencies from over 50 blockchains, such as Ethereum, BNB Chain, Solana, and Dogecoin.

Its exchange protocol also supports cross-chain swaps. For instance, you can trade SOL for DOGE or BNB for ETH. Transaction fees are shown when creating an order and built into the final exchange rate. Exodus doesn’t support fiat-centric P2P trades. But it does enable users to directly buy cryptocurrencies with a debit/credit card.

Pros

• Top-rated wallet provider with an in-built crypto swap platform
• Trade cryptocurrencies from over 50 blockchains
• Purchased coins are automatically added to the wallet balance
• Offers native software for desktops, mobiles, and browsers
• Sources the best exchange rates via liquidity providers

Cons

• Fiat purchases must go through centralized on-ramps
• Doesn’t offer two-factor authentication

Visit Exodus

3. MEXC – Popular P2P Exchange for Traders in South Korea, Russia, and Vietnam 

MEXC, one of the biggest crypto exchanges for volume and active traders, offers a native P2P platform. This is separate from its primary exchange. Just three countries are supported — South Korea, Russia, and Vietnam. Eligible traders can exchange KWR, RUB, and VND for Bitcoin, Ethereum, USDT, and USDC.

A wide range of fiat payment methods are supported, including local bank transfers, Perfect Money, Advcash, and Payeer. MEXC offers a solid user experience when setting up trades. Buyers specify the preferred fiat currency, receiving crypto, payment type, and the amount. MEXC then displays suitable sellers, ranked by the exchange rate.

MEXC doesn’t charge fees on P2P trades. This means buyers pay the seller’s asking price without additional markups. What’s more, P2P trades are safe; MEXC leverages a secure escrow tool. The seller deposits coins before the buyer sends the funds. The coins are released to the buyer once the seller confirms that payment has been received.

Pros

• Supports Bitcoin, Ethereum, USDT, and USDC
• No fees are charged on P2P trades
• Buyers and sellers are protected by an escrow tool
• MEXC’s main exchange supports over 2,000 cryptocurrencies
• Also considered one of the best crypto leverage trading platforms

Cons

• P2P trading is only available in three countries
• Doesn’t display whether rates are above or below the spot price

Visit MEXC

Feel free to check out our dedicated MEXC Review to learn more about this top-rated crypto exchange.

4. OKX – Top-Rated P2P Platform Supporting 900+ Payment Methods

OKX is another spot trading exchange that also offers P2P trading tools. It supports over 100 fiat currencies, covering everything from GBP and USD to EUR, DKK, and INR. What’s more, buyers can choose from over 900 payment methods. This includes local bank transfers, Paysend, Skrill, Western Union, and World Remit.

OKX’s P2P dashboard supports four cryptocurrencies; Bitcoin, Ethereum, USDT, and USDC. No additional fees are charged by OKX — buyers pay the seller’s asking price. Another feature is OKX’s express trade which streamlines P2P purchases, with OKX obtaining the best available exchange rates based on the buyer’s requirements.

OKX, like other leading P2P crypto exchanges, protects traders via an escrow tool. Once you’ve obtained the purchased crypto, you can access OKX’s other offerings. This includes a spot trading exchange with hundreds of pairs, not to mention leveraged perpetual futures and DeFi tools like structured products, loans, and a decentralized exchange.

Pros

• The best P2P crypto exchange for supported payment methods
• More than 100 fiat currencies are supported
• No additional fees are added to the seller’s exchange rate
• Also offers a spot and derivative trading platform

Cons

• Doesn’t support PayPal payments
• Not all P2P sellers are OKX-verified merchants

Visit OKX

5. Binance – A Great Option for Customization Tools and High Liquidity

Binance is one of the best P2P crypto exchanges for customization. Especially if you’re a buyer with specific requirements. For example, the initial search requires the preferred currency, payment type, and country. Buyers can choose from Bitcoin, Ethereum, BNB, Dai, USDC, FDUSD, and USDT; there’s always adequate liquidity for each option.

More than 900 payment methods are accepted, including local and regional bank transfers (e.g. SEPA), Skrill, Neteller, and MasterCard Send. Binance then displays appropriate sellers, listed from the best exchange rate. Sellers can also be filtered by the number of completed trades and the average payment time.

The latter will be important if you’re looking to complete a trade quickly. Clicking a P2P seller reveals additional information, allowing buyers to make an informed decision. All P2P trades go through the Binance escrow for additional safety. No additional fees are charged. Do note that while USD is accepted, US clients can’t use the P2P platform.

Pros

• Buy and sell cryptocurrencies with over 800 payment types
• A great option for customization tools
• No commissions are added to P2P trades
• Backed by the world’s largest exchange
• Also offers spot trading, leveraged futures, DeFi products, and more

Cons

• US clients can’t use the P2P platform
• Some sellers implement KYC requirements

Visit Binance

6. Bybit – Fee-Free P2P Crypto Trading With 60+ Local Fiat Currencies

Bybit is another tier-one exchange offering P2P services. Buyers and sellers benefit from fee-free trading. More than 60 fiat currencies are supported, including USD, EUR, and AUD. P2P trades support four cryptocurrencies: Bitcoin, Ethereum, USDT, and USDC.

What’s more, Bybit supports a huge selection of payment methods. This includes PayPal, unlike many P2P platforms. Exchange rates are often super competitive too. However, users must manually compare rates to the real-time spot price; this information isn’t provided by Bybit. Nonetheless, most P2P trades are completed in under five minutes.

The coins are released from Bybit’s escrow tool once the seller confirms they’ve received the funds. In addition to P2P transactions, Bytbit also offers a comprehensive spot trading exchange that covers thousands of pairs. Bybit is also a great choice for trading leveraged products, including delivery/perpetual futures and options.

Pros

• P2P trading in over 60 fiat currencies including USD and EUR
• One of the few P2P platforms to support PayPal
• Some of the best exchange rates in the market
• The spot trading platform supports thousands of pairs
• Get leverage of up to 200x when trading derivatives

Cons

• Doesn’t accept US clients
• Isn’t regulated in any jurisdictions

Visit Bybit

7. BingX – One of the Best Options for Anonymous P2P Purchases

BingX is also a great option for anonymous P2P trading and is considered one of the best no KYC crypto exchanges. The account opening process merely requires an email address and a password. Users can then find a suitable P2P seller by clicking the ‘No Verification Required’ button. This ensures that buyers only transact with sellers who won’t ask for verification documents.

About 100 fiat currencies are accepted, including USD, EUR, AUD, and THB. Moreover, traders can choose from a wide selection of payment types. This includes everything from Google Pay and local bank transfers to Wise, Payeer, and Revolut. However, the main drawback is that BingX only supports USDT.

That said, once you’ve obtained USDT, it can be swapped with hundreds of other cryptocurrencies on the spot trading exchange. Commissions of just 0.1% will be applied. And, no fees are charged when using the P2P tool. This not only makes BingX a solid option for anonymity but cost-effectiveness too.

Pros

• Place P2P trades without KYC processes
• Open an account with only an email and password
• Supports about 100 fiat currencies
• Payment methods include bank transfers, e-wallets, and more

Cons

• Only USDT is supported by the P2P platform
• Anonymity doesn’t extend to US clients

Visit BingX

8. Gemini – Best Option for Institutional Clients Seeking OTC Services

Gemini is an established crypto exchange that’s regulated in the US, among other key markets. It offers spot trading and derivative products, not to mention DeFi tools like staking.

While Gemini isn’t a conventional P2P exchange, it does offer eOTC (electronic over-the-counter) services. This enables institutional clients to trade directly. Gemini’s eOTC platform offers premium, tier-one liquidity, ensuring large trades are executed without slippage. It also offers intraday credit. This enables Gemini clients to settle eOTC positions at the market close, meaning maximum capital efficiency.

Moreover, Gemini is a full-reserve platform, meaning client balances are backed 1:1 by stable digital assets. In addition to the US, the eOTC platform is available in 70 jurisdictions. The main drawback for non-US clients is that the onboarding process can be slow. This is to be expected when dealing with foreign-owned entities.

Pros

• The best option for institutional clients
• Offers OTC services via an electronic dashboard
• Available in over 70 countries including the US
• Regulated in multiple jurisdictions
• Also offers spot trading for retail clients

Cons

• The onboarding process is slow for non-US entities
• Much higher fees than other exchanges

Visit Gemini

9. Kucoin – Tier-One Crypto Exchange With P2P, Spot, and Derivative Trading

KuCoin is a popular tier-one exchange offering every crypto product imaginable. In addition to P2P trading, it offers a comprehensive spot exchange with over 800 markets. This includes a blend of large and small-cap projects. KuCoin is also a top derivative platform.

This includes USD and coin-margined contracts. It also offers DeFi services, such as staking, savings accounts, and dual investments. KuCoin’s P22 dashboard offers a fee-free trading experience. It supports five cryptocurrencies; Bitcoin, Ethereum, USDC, USDT, and KCS.

About 20 payment methods are accepted, which is considerably less than other P2P sites. Nonetheless, this includes local bank transfers, Skrill, Perfect Money, Apple Pay, and Revolut. KuCoin offers an extensive feedback system that ensures buyers are connected with legit sellers, and vice versa. It also offers a robust escrow tool.

Pros

• Trade crypto via the P2P, spot, or derivative markets
• No fees on P2P transactions
• Supports five P2P cryptocurrencies
• Has developed an extensive feedback system

Cons

• KYC is required before using the P2P platform
• Was recently charged by the US for money laundering failure

Visit KuCoin

10. Bitget – User-Friendly P2P Services With Copy Trading and Leveraged Products 

Bitget offers a user-friendly P2P trading platform. It supports seven cryptocurrencies; Bitcoin, Ethereum, USDC, Bitget Token, Dai, Worldcoin, and USDT. A huge selection of fiat currencies are supported too including everything from USD, GBP, and EUR to MXN, INR, and NGN.

Payment methods include e-wallets like Skrill and Neteller, not to mention local bank transfers. Challenger banks can also be used, such as Revolut and Wise. However, I found that most P2P trades come with a high minimum order requirement. This is often at least $500, meaning Bitget might not be suitable for casual traders.

Nonetheless, Bitget claims that P2P sellers are verified merchants. This ensures buyers can transact safely. Sellers are protected too via the Bitget escrow system. I also like that P2P trades are executed without additional fees. Bitget also offers spot exchanges, leveraged derivatives, and a fully-fledged copy trading tool.

Pros

• P2P trading is free for buyers and sellers
• Lists seven P2P cryptocurrencies
• Supports lots of convenient payment types
• Sellers are verified merchants
• Also a great option for derivatives and copy trading

Cons

• P2P minimums (set by sellers) are often around $500
• Some sellers offer prices much higher than the spot rate

Visit Bitget

11. CoinEx – Buy USDT via P2P and Access 1,600+ Crypto Trading Markets

CoinEx is one of the best options for portfolio diversification. Although its P2P platform only supports USDT, the spot exchange lists more than 1,600 crypto markets. This includes some of the best meme coins, such as cats in a dogs world, Baby Doge, Pepe, and Shiba Inu. CoinEx also offers a comprehensive futures platform.

This supports long and short trading with leverage of up to 100x. Other top features include automated market making (AMM) for passive income, plus staking and crypto loans. CoinEx also offers copy trading services and instant crypto swaps.

Going back to its P2P platform, CoinEx supports dozens of fiat currencies including USD, GBP, EUR, and AUD. Popular payment methods include local bank transfers, SEPA, Revolut, and Google/Apple Pay. The main drawback is that CoinEx’s P2P dashboard often struggles with liquidity. This can result in unfavorable exchange rates, so ensure you check prices before proceeding.

Pros

• Supports dozens of fiat currencies
• A great P2P option when using Google/Apple Pay
• Also supports local and regional bank payments
• The spot/derivative platform supports over 1,600 markets
• Is also considered the best P2P crypto lending site

Cons

• Only USDT is supported on the P2P dashboard
• P2P liquidity levels are often low

Visit CoinEx

12. Gate io – A Solid P2P Option for Investing in the Global DeFi Industry 

The final P2P crypto exchange to consider is Gate.io. This established trading site was launched in 2013. It boasts more than 17  million users and billions of dollars in daily trading volumes. Gate.io’s P2P dashboard supports over 100 fiat currencies. Not to mention more than 300 payment methods.

This includes bank payments, Western Union, Advcash, PayPal, and Google Pay. P2P buyers can access Bitcoin, Ethereum, USDT, and Dogecoin. No fees are charged when executing P2P trades. However, some sellers set unfavorable exchange rates, so ensure you’re extra vigilant before accepting a deal.

Crucially, I found that Gate.io is one of the best P2P crypto exchanges for accessing DeFi services. It offers savings accounts, ETH 2.0 staking, structured products, auto portfolio investing, and arbitrage strategies. APYs are super competitive too. Gate.io also offers traditional spot trading; more than 2,500 cryptocurrencies are listed.

Pros

• Used by over 17 million traders
• Has been operating since 2013
• One of the few P2P platforms to support Dogecoin
• The spot trading exchange lists over 2,500 cryptocurrencies
• A great option for investing in high-yield DeFi products

Cons

• Is no longer available in the US
• The interface user experience could be improved

Visit Gate.io

What Is a Peer-to-Peer Exchange in Crypto?

Peer-to-peer trading enables buyers and sellers to transact without a third party. The concept enables traders to eliminate intermediaries and traditional order books.

• Sellers initiate the process by listing the cryptocurrencies they want to sell alongside their preferred exchange rate.
• This can be above or below the spot price, although it’s typically the former.
• Sellers will also specify how much crypto they have for sale and which payment methods they’re happy to accept.
• This could be anything from local bank transfers or PayPal to Google Pay, Wise, or Western Union.

Conversely, buyers start the process by specifying their P2P parameters. This includes the currency, amount, payment method, and the crypto they want to buy. The P2P platform will then match buyers with appropriate sellers as per the stated requirements.

Sellers are usually listed by the exchange rate, from the best to the worst. Buyers can choose which seller they want to deal with and initiate the trade. The seller will then be required to deposit the exact number of coins into the exchange’s escrow wallet. Only then should the buyer complete the payment.

This will be made directly to the seller. For example, if it’s a bank transfer, the buyer will transfer funds to the seller’s bank account. Once received, the seller marks the payment as complete, and the exchange releases the cryptocurrencies from the escrow wallet. A few seconds later, the buyer receives the cryptocurrencies, and the trade is finalized.

How Do P2P Crypto Exchanges Work? A Closer Look

Let’s take a closer look at how peer-to-peer crypto exchanges work. I’ll take you through the typical journey experienced by buyers and sellers.

Search Parameters

First, the buyer will use the P2P exchange’s search function. This allows buyers to specify their requirements.

This includes the following:

• Fiat Currency (e.g. USD or EUR)
• Receiving Crypto (e.g. Bitcoin or USDT)
• Payment Method (e.g. local bank transfer or Skrill)
• Amount (e.g. $100)

As mentioned, the P2P platform will then list sellers that meet the buyer’s requirements. This should be listed from the most competitive exchange rate downwards. Users can click on a P2P seller for additional information.

This is an important part of the risk management process. For example, it’s best to use sellers that are verified, meaning the P2P exchange has conducted KYC verification. It’s also wise to use sellers with excellent feedback and a large number of completed trades.

Initiating the Trade

The buyer is required to accept the seller’s exchange rate. The seller will then receive a notification from the P2P platform informing them that a buyer is ready to trade.

The seller will provide the buyer with their payment details. For instance, a PayPal email address or a bank account number. Either way, the seller must transfer the cryptocurrencies to the exchange’s escrow wallet. Crucially, buyers must never initiate a payment until the escrow wallet has been funded.

The exchange will notify you when this has happened; it shouldn’t take more than a few minutes. Then the buyer proceeds to make the payment. They will then mark the payment as complete, and the seller will check their account.

The Seller Releases the Cryptocurrencies

Once the seller confirms they have received the buyer’s payment, they will mark the P2P trade as complete. This means the P2P exchange will release the cryptocurrencies from the escrow wallet and transfer them to the buyer.

The buyer then has two options:

• First, the buyer can withdraw the purchased cryptocurrencies to a private wallet.
• Alternatively, they can use the purchased coins for other services offered by the peer-to-peer cryptocurrency exchange. This often includes spot trading, leveraged derivatives, and DeFi products.

What Advantages Do P2P Crypto Exchanges Offer Over Traditional Exchanges?

The vast majority of crypto volume is conducted on traditional spot trading platforms. This includes tier-one exchanges like MEXC, Binance, Coinbase, OKX, and Bybit.

So that begs the question; what are the benefits of P2P trading when compared to spot exchanges? Read on to discover the core advantages.  

Greater Accessibility

One of the main reasons people use P2P exchanges is to buy crypto with fiat money.  This is often because the preferred exchange doesn’t support fiat deposits from their country of residence. Binance, for example, often restricts UK residents from depositing GBP due to regulatory restrictions. 

Similarly, many exchanges prohibit US clients from depositing fiat money or even opening an account. P2P exchanges are considerably more inclusive.  After all, P2P trades operate in a gray regulatory area; buyers and sellers transact directly.  This is because cryptocurrencies are sold at the seller’s required exchange rate, and payments are made directly to their account.

Local Fiat Currencies and Payment Methods

P2P exchanges typically support a much wider range of fiat currencies, especially those from emerging countries. For example, while many leading exchanges support EUR and USD, rarely is there availability for Thai baht, Vietnamese dong, Mexican peso, or the Russian ruble. 

This means traders in certain countries witness higher deposit fees, as their local currency must be converted to an accepted one. Moreover, P2P exchanges are ideal for using niche payment methods that often aren’t accepted on traditional platforms. For example, most P2P trades go through local bank transfers, which are typically free and instant in most countries. 

This means P2P trades can be completed quickly. E-wallets are often supported too, such as Skrill, Neteller, Perfect Money, and PayPal. These payment methods are also speedy and cost-effective. P2P trades can also be facilitated with mobile payments, a method particularly popular in the developing world.

Transparent Pricing

P2P exchanges are great for traders who prioritize transparent pricing. This is often in contrast to traditional spot trading exchanges.

• For example, suppose you place a $1,000 market order to purchase Bitcoin.
• Depending on the exchange, that Bitcoin trade might witness slippage, meaning part of the order is executed at a higher price than you initially anticipated.
• The only way to avoid slippage is to place a limit order, which enables traders to specify the price at which the position is executed.
• However, limit orders can remain pending indefinitely if that price isn’t triggered by the markets.

Now compare this to the P2P process.

• Sellers specify the exchange rate they wish to charge.
• Buyers can view that exchange rate before accepting the deal.
• Once accepted, that exchange rate cannot be amended, meaning the price is locked in until the trade is completed.
• Oftentimes, buyers have several hours to complete the payment.

That said, it’s best to transfer the funds straight away. Otherwise, you might receive a subpar rating from the seller.

Anonymity

Some P2P exchanges still support anonymous trading. This means buyers can open accounts without providing personal information. The only data collected is an email address. This allows privacy-conscious traders to avoid the KYC process, which typically requires a government-issued ID. 

However, do remember that some P2P sellers will request verification documents when you first initiate a trade. This could be because the seller is a registered business, so the regulatory demands are stricter. As such, some P2P exchanges have a search filter, enabling buyers to only view sellers without KYC practices. 

In contrast, many tier-one crypto exchanges now have verification processes when opening an account. 

Cross-Border Trading

The most convenient way for buyers to trade on P2P exchanges is to use sellers based in their home country. This means sellers accept the same fiat currency and local payment methods.

However, P2P exchanges also enable buyers to purchase cryptocurrencies from sellers around the world. This can be beneficial to traders living in countries with strict crypto laws. This also ensures the buyer doesn’t have their bank account closed, which is often a problem for those purchasing cryptocurrencies online.

Is It Safe to Use a P2P Crypto Exchange? Safety Considerations

In general, P2P crypto trading is safe. Especially when using a reputable platform, like those discussed on this page. Crucially, P2P trades should be facilitated by an escrow service. As mentioned, this protects buyers and sellers. For instance, the buyer isn’t required to send the funds until the seller transfers the cryptocurrencies to the escrow wallet. 

The P2P exchange notifies the buyer when this has been completed, and the minimum number of blockchain confirmations has been met. Similarly, the seller will only mark the P2P trade as complete once they have received the payment. The cryptocurrencies are then released to the buyer.

All that said, P2P trades aren’t 100% risk-free. These are some of the scams to be aware of:

• Request to Cancel Order: One scam is for P2P sellers to ask the buyer to cancel the trade after the payment has been made. If the buyer cancels the order, they won’t receive the cryptocurrencies they paid for. Instead, the cryptocurrencies will be transferred from the escrow back to the seller’s wallet. Therefore, buyers should never cancel a P2P trade when requested to. 
• Chargeback Scam: Scams can also be carried out by buyers. They’ll use a payment method with chargeback capabilities, such as a credit card or PayPal. After the cryptocurrencies are transferred by the seller, the buyer initiates a chargeback request, claiming they never received the cryptocurrencies or they didn’t authorize the transaction. Chargeback requests are often successful, meaning the funds will be deducted from the seller’s account.
• Fake Payments: Sellers should also be aware of fake payment confirmations. The buyer will send a fraudulent payment slip, such as a bank transfer, aiming to trick the seller into releasing the cryptocurrencies from escrow. However, the payment was never made. Once again, the seller will lose their cryptocurrencies should they fall victim to this scam.
• Overpayment: Another scam is linked to money laundering offenses. The buyer will transfer more than the required amount. They’ll then claim that the overpayment was an accident. The buyer will ask the seller to transfer the excess funds to a different account. This is because the funds were originally sent from a stolen payment method.
• Identity Theft: Some sellers will ask for KYC documents, such as a recent bank account statement and a government-issued ID. The issue here is that those documents could be used for fraudulent purposes. If you’re asked for KYC documents, consider requesting the same from the seller. This ensures the seller’s name matches the payment details they sent.
• Fake Feedback: The P2P feedback system isn’t 100% foolproof. Scammers have been known to artificially inflate their ratings. This is done by conducting small trades with themselves from multiple accounts. This makes it appear as if the seller is legitimate, but in reality, they might not be.

Completing Your First P2P Bitcoin Trade: Step-by-Step Process

We’ll now explain the P2P process for beginners. Follow the steps below to complete your first P2P trade in under 10 minutes:

• Step 1: Choose a Suitable P2P Exchange: The first step is to choose the right P2P exchange for your requirements. Key metrics should include supported fiat currencies, payment methods, and cryptocurrencies. You should also check fees, security practices, and whether KYC verification is needed.
• Step 2: Set the P2P Parameters: Next, set your P2P parameters. Enter the crypto you want to buy, the amount and the preferred payment method. A list of suitable sellers will then be provided.
• Step 3: Choose a Seller and Initiate the Trade: Now choose the best seller based on the exchange rate and their reputation on the P2P platform. Let the seller know you’re ready to trade, and they’ll reply with their personal account details.
• Step 4: Wait for Escrow: The seller will then transfer the cryptocurrencies to the exchange’s escrow wallet. You must wait for the minimum number of confirmations before sending the payment. The P2P exchange will let you know when this has been done.
• Step 5: Complete Payment: Once the escrow wallet is funded, proceed to make the payment. Make sure you send the exact amount as specified in the agreed exchange rate. Then, mark the payment as complete on the P2P platform. The seller will receive a notification, and they’ll check whether or not the payment has been received.
• Step 6: Escrow Release: The final step sees the seller mark the payment as complete. This means the cryptocurrencies will be released from the escrow wallet. The buyer should receive the cryptocurrencies a few seconds later. They can then be withdrawn to a private wallet or used for other products on the respective P2P platform.

Conclusion

In summary, I’ve revealed the top P2P crypto exchanges for 2024. This marketplace is ideal for traders who want to buy cryptocurrencies with a local currency or payment method. P2P trading is also popular with traders living in countries with strict crypto regulations.

Other P2P benefits include more transparent pricing and the ability to trade anonymously. However, P2P exchanges aren’t without risks, so ensure you do adequate research before proceeding.

FAQs

What is the best peer-to-peer crypto exchange?

Best Wallet is a great option for trading cryptocurrencies away from centralized exchanges. It’s even safer than peer-to-peer trading, and cryptocurrencies are traded via decentralized smart contracts.

Is Binance P2P good?

Binance is a solid option for P2P trading. It supports over 800 payment methods, including local bank transfers and e-wallets.

Is KuCoin safe for P2P?

Yes, KuCoin uses an escrow system when facilitating P2P trades. This means the cryptocurrencies are held in KuCoin’s wallet before the payment is made.

Can you make money with P2P trading?

P2P trading is merely a way to buy cryptocurrencies directly from sellers. Exchange rates are determined by the seller, which can be above or below the spot price.

Can I use fiat currency on P2P platforms?

Yes, fiat currency is accepted by most P2P platforms. This typically includes local payment methods that aren’t traditionally accepted by exchanges.

Are P2P crypto traded taxable?

Yes, P2P trades can be taxed for capital gains once they’re disposed of. This will depend on whether the seller made a profit from the sale.

Is P2P the best way to buy crypto?

P2P is often the best way to buy crypto anonymously, or with local currencies and payment types. However, P2P rates are typically unfavorable when compared to traditional exchanges.

Can I Use P2P without verification?

Although some peer-to-peer exchanges have KYC measures, not all do. This means it’s still possible to execute P2P trades anonymously.

References

1. US charges KuCoin crypto exchange with anti-money laundering failures (Reuters)
2. What Is Peer-To-Peer Trading and How Do People Use It? (Binance)
3. Crypto exchange Binance to stop accepting new users in UK (Reuters)
4. What is Over-the-Counter? (Corporate Finance Institute)