13 Best P2P Crypto Exchanges in 2024 – With Highest Liquidity

Peer-to-peer exchanges have gained popularity as an alternative to traditional centralized ones since users don’t need assistance from a third-party authority in order to trade, buy, and sell cryptocurrencies.

The crypto team at Techopedia did detailed research on the market and put together full reviews of the best P2P crypto exchange in 2024, including how these exchanges work, what are their pros and cons and why crypto holders should use them.  

Top Peer to Peer Crypto Exchanges: Overview

  1. OKX: Top crypto P2P exchange supporting multiple cryptocurrencies and a wide range of local payment methods.
  2. Binance: World’s largest exchange supporting seven cryptocurrencies where exchange rates are set by sellers, and no P2P trading fees apply.
  3. Bybit: Best known for its advanced crypto exchange and leveraged markets supporting four cryptocurrencies and dozens of payment types.
  4. Coinbase: Leading global crypto exchange offering a self-custody wallet for P2P and NFT trading as well as DApps engagement.
  5. KuCoin: Popular crypto exchange allowing buyers and sellers to connect via its P2P ecosystem and no P2P exchange fees.
  6. Paybis: A 2016-launched crypto trading platform that offers 150 cryptocurrencies and allows users to sell over 10 cryptocurrencies.
  7. Paxful: Specialist P2P exchange that operates globally where buyers can find their ideal seller through a range of filters.
  8. OpenPeer: Decentralized P2P crypto exchange with a focus on crypto-to-fiat transactions and low fees of just 0.3%.
  9. Huobi: Popular exchange offering a zero-commission P2P platform that covers six cryptocurrencies and nearly 60 local payment methods.
  10. LocalCoinSwap: P2P exchange supporting over 300 local payment methods and no trading fees are charged to either party.
  11. Uniswap: Decentralized P2P exchange with an automated market maker (AMM) protocol that executes trades via liquidity pools.
  12. Bisq: Another decentralized peer-to-peer exchange claiming to offer anonymous fiat payments and support multiple currencies and payment types.
  13. BitValve: Up-and-coming P2P exchange supporting various cryptocurrencies and more than 300 payment types with a trading fee of 0.35%.

Best P2P Crypto Exchanges: Full Reviews

1. OKX – Overall Best Peer-to-Peer Exchange

OKX is the overall top p2p crypto exchange platform in 2024, averaging daily trading volumes of $2 billion. The OKX P2P marketplace supports six cryptocurrencies, more than a hundred fiat currencies, and over 900 payment methods which range from local bank transfers to TransferWise.

Buyers can select sellers based on cryptocurrency, fiat currency, payment method, and purchase amount preferences. By contrast, sellers have the flexibility to set their cryptocurrency prices and accepted payment methods.

When a buyer selects a deal, the seller receives an instant notification, shares payment instructions, and places the cryptocurrencies in OKX’s escrow. After confirming receipt of funds, OKX releases the cryptocurrencies to the buyer. For more buying and selling details, make sure to read our OKX review.

OKX does not charge any fees on P2P trades. Instead, buyers simply pay the exchange rate specified by the seller. All OKX users can see the ratings and feedback, so buyers and sellers are incentivized to trade with good intentions. The platform also allows buyers to set their own terms.

Supported Cryptocurrencies Bitcoin, Ethereum, Tether, USD Coin, True USD, and Dai
P2P Fees No fees charged
Pricing System Set by sellers

Pros pros

  • No fees are charged to buyers or sellers.
  • Secure escrow system keeps the P2P trades safe.
  • More than 100+ fiat currencies and 900+ payment methods.
  • Rating system ensures the integrity of the platform.
  • All users must upload KYC documents.

Cons cons

  • Limited range of cryptocurrencies supported.

2. Binance – Highly Liquid Peer to Peer Bitcoin Exchange With Over 100 Payment Methods Supported

While Binance is best known for its spot trading platform, it is also the best P2P exchange crypto for active traders. The Binance P2P exchange supports seven cryptocurrencies and over 100 supported payment methods.

Binance P2P exchange is very user-friendly, with suitable filters for both buyers and sellers. Buyers can search for deals based on their preferred fiat currency or payment method. 

Deals are then listed based on the exchange rate quoted by the seller. Once a deal is accepted by a buyer, the seller will transfer the cryptocurrencies into the Binance escrow wallet.

This is only released once the seller confirms they received the payment. No fees are charged by Binance on standard P2P trades. However, if a buyer or seller wishes to place an ad at their preferred price, a fee of up to 0.35% will apply. Recently, Binance incorporated AI in order to mitigate specific risks associated with P2P trading.

Supported Cryptocurrencies Tether, Bitcoin, BUSD, BNB, Ethereum, Shiba Inu, and Cardano
P2P Fees Standard P2P trades are fee-free. Trades executed from a posted ad cost up to 0.35%
Pricing System Set by sellers

Pros pros

  • Best P2P crypto exchange for active traders
  • Huge liquidity levels
  • Solid escrow system to keep traders safe
  • Lots of educational guides on P2P best practices

Cons cons

  • Charges up to 0.35% to market makers posting a custom deal

3. Bybit – Top P2P Marketplace for Trading Leveraged Cryptocurrencies 

Bybit is one of the best crypto p2p platforms for regular traders. This platform is best known for its margin trading accounts, which allow traders to access leverage of up to 100x. It also offers spot trading leverage of up to 10x. Bybit also has one of the lowest commission structures in the crypto space.

Spot trading commissions start from just 0.1%, while leveraged perpetual and futures contracts can be traded from 0.06%. Bybit sellers have some of the best rates in the market since plenty of them offer USDT at $1.00. 

In terms of its peer-to-peer marketplace, Bybit supports four cryptocurrencies as well as dozens of fiat currencies and payment methods are supported.

Those trading cryptocurrencies on the Bybit P2P exchange will not pay any fees. This is the case for both buyers and sellers, covering market makers and takers.

Supported Cryptocurrencies Bitcoin, Ethereum, Tether, and USD Coin
P2P Fees No fees charged
Pricing System Set by sellers

Pros pros

  • Best P2P crypto exchange for trading leveraged cryptocurrencies
  • No fees are charged to market makers or takers
  • A huge range of payment methods and currencies are supported
  • Super-low spot trading commissions on the main Bybit exchange

Cons cons

  • Only four cryptocurrencies are supported on the P2P marketplace

4. Coinbase  – Leading Global Crypto Exchange With A Self-Custodial Wallet For P2P Trading

Coinbase is one of the world’s largest crypto exchanges, serving over 100 million users. While it doesn’t support P2P trading directly, its Coinbase crypto wallet enables this feature, allowing users to trade various cryptos, engage with Decentralized Applications (DApps), and trade Non-Fungible Tokens (NFTs). 

Coinbase focuses on security, incorporating two-factor authentication and a 12-word recovery phrase to protect against unauthorized access. As a regulated exchange within the U.S. and listed on the NASDAQ, Coinbase assures compliance with pertinent regulations. 

The account setup is quick, takes less than ten minutes, and allows immediate crypto transactions. The wallet also allows participation in Decentralized Autonomous Organizations (DAOs) and investing in cryptos for passive income generation. 

Coinbase charges a currency conversion fee on its wallet, with additional fees based on payment methods. Debit/credit card transactions incur a 3.99% fee. A 1% fee is also levied on all crypto trades via the wallet.

Supported Cryptocurrencies 200+
P2P Fees 1%
Pricing System Set by sellers

Pros pros

  • Over 100 million users worldwide.
  • Self-custody crypto wallet.
  • Regulated, NASDAQ-listed exchange.
  • Quick account setup, immediate transactions.

Cons cons

  • Relatively high fees for card transactions and conversions.

5. KuCoin – Popular P2P Exchange for the Emerging Markets

KuCoin is one of the best P2P crypto trading platforms for investors living in emerging markets. It has a strong focus on payment methods and currencies from countries that have restrictions on cryptocurrency trading like Vietnam. 

Indian traders also have access to a wide range of local payment types. This includes everything from PhonePe and UPI to IMPS and standard local bank transfers. That said, the KuCoin P2P exchange also supports major currencies, such as USD, EUR, and GBP.

In terms of available cryptocurrencies, KuCoin supports Tether, Bitcoin, Ethereum, USD Coin, and KuCoin Token. 

Traders will be pleased to know that KuCoin does not charge any fees on P2P orders. Instead, buyers pay the exchange rate quoted by sellers.

Supported Cryptocurrencies Tether, Bitcoin, Ethereum, USD Coin, and KuCoin Token
P2P Fees No fees charged
Pricing System Set by sellers

Pros pros

  • One of the best P2P exchanges in the emerging markets
  • Accepts local payment methods in India, Vietnam, Nigeria, and more
  • No P2P fees charged
  • Suitable for both small and large P2P trades

Cons cons

  • Limited range of cryptocurrencies supported
  • Very clunky website with limited filters

6. Paybis – Supports Over 150+ Crypto and Fiat Assets

Paybis is a crypto trading platform that supports over 150+ crypto and fiat assets that you can buy exclusively using fiat methods. The platform can also be used to sell multiple assets, including Bitcoin, Ethereum, Tether, and USDC, to name a few.

Among its most notable features are low commissions, 24/7 customer support, fast security checks, industry-leading security standards, and instant payouts. Paybis also has its own secure crypto wallet that users can leverage to buy, sell, and store crypto assets. The wallet comes with its own set of security features, such as two-factor authentication and three-layer protection.

While Paybis hasn’t introduced a P2P trading facility, it might do so soon as it is introducing new utilities. As a licensed casino, Paybis has the license to operate in 48 states in the US. It also adheres to EU regulations, which makes it accessible in 180 countries.

Overall, it is the site’s simple UI, combined with an inclusive fee model and its regulatory nature, that has made us add it to the list of the best P2P trading platforms in 2024.

Supported Cryptocurrencies Over 150+ crypto assets such as Bitcoin, Ethereum, Dogecoin, Cardano, and more
P2P Fees Not specified as P2P trading yet to be introduced
Pricing System Commission-based

Pros pros

  • Supports more than 150 assets
  • Supports multiple fiat payment methods
  • It has a low-fee model
  • Supports the sale of multiple cryptocurrencies
  • Simple and intuitive interface

Cons cons

  • Is yet to introduce P2P
  • Only accepts fiat payments

7. Paxful – Specialist Peer-to-Peer Exchange Supporting 350+ Payment Methods

Unlike the other P2P trading crypto platforms discussed so far, Paxful is a specialist peer to peer crypto exchange. 

The platform supports just three cryptocurrencies: Bitcoin, USD Coin, and Tether, and more than 350 payment methods. This includes everything from Apple Pay, PayPal, and M-Pesa to Venmo, local bank transfers, and Skrill. Additionally, it even accepts gift cards issued by over 130 merchants, including Amazon, iTunes, eBay, and Steam. 

Paxful is a suitable choice for beginners and a good choice for a Bitcoin P2P exchange. Its website is very user-friendly and supported filters make it easy for buyers to find suitable sellers. For instance, buyers can select the cryptocurrency, payment method, fiat currency, and amount. 

Buyers are also treated to fee-free P2P trades, regardless of the amount or payment method. That said, sellers must pay 1% of the transaction amount. Exchange rates on Paxful are often less competitive than other P2P exchanges.

Supported Cryptocurrencies Bitcoin, Tether, and USD Coin.
P2P Fees No fees are charged to buyers. Sellers pay 1% of the transaction amount.
Pricing System Set by sellers

Pros pros

  • Specialist P2P exchange that was launched in 2015
  • Accepts over 350+ payment methods – including gift cards
  • Buyers can trade without paying any fees

Cons cons

  • Just three cryptocurrencies are supported – Bitcoin, Tether, and USD Coin
  • 1% fee charged by sellers means less favorable P2P exchange rates

8. OpenPeer – New P2P Crypto Exchange Software with No Fees

OpenPeer is a decentralized crypto exchange with P2P that has been designed as a protocol to transfer fiat and cryptocurrency without the need for intermediaries or centralized exchanges, cutting down on fees and putting users in greater control.

Primarily trading in Tether (USDT), a limited number of other cryptos on Ethereum, Polygon, and the Binance Smart Chain can be exchanged for fiat with just a 0.3% fee for sellers – in stark contrast to CEXs, which typically charge around 3%. Fees are also low as OpenPeer uses decentralized relayers to cover gas fees for users.

OpenPeer is great for users in emerging markets as it supports a wide range of fiat currencies and payment methods. The exchange uses a smart contract-based escrow which means users are always solely in control of their funds.

OpenPeer is a newly launched P2P exchange, so liquidity in some trading pairs is limited. However, those who start trading on the exchange can earn rewards through an airdrop. Users will be rewarded with a distributed split of $vP2P based on their trading volume.

Supported Cryptocurrencies USDT, ETH, USDC, OP, ARB, AVAX, BNB, BUSD, MATIC
P2P Fees 0.3%
Pricing System Fixed, no gas fees

Pros pros

  • Trade from your self-custody wallet – such as Metamask or Trust Wallet
  • Great for traders in emerging markets like Nigeria and India
  • Supports many fiat currencies and payment methods
  • Suitable for small and large P2P trades
  • 0.3% trading fees
  • Earn rewards for trading on the platform

Cons cons

  • Only supports USDT on Ethereum, Binance Smart Chain, and other EVM networks

9. Huobi – One of the Cheapest P2P Trading Platforms with 0% Commission

Huobi is another P2P crypto exchange that is popular with traders who have access to the top emerging crypto markets

Huobi is preferred by traders in Asia, and it supports just 59 payment methods. This is much less than many other P2P exchanges. Some of the most popular payment types include Skrill, Neteller, Perfect Money, ADVCash, and domestic bank transfers. The Huobi P2P exchange supports just six cryptocurrencies; Tether, Bitcoin, USDD, Huobi Token, Tron, and Ethereum.

While this has ranked it lower on our list, its competitive fees and active customer support make it a top 10 P2P crypto exchange.

Huobi does not charge buyers or sellers any fees when conducting trades. Moreover, we like that Huobi offers customer support 24 hours per day, seven days per week.

Huobi has developed an Anti-fraud Practitioner. It claims this tool can detect suspicious P2P listings. Huobi also runs a bounty program, rewarding users for notifying it of suspicious traders or website vulnerabilities.

Supported Cryptocurrencies Tether, Bitcoin, USDD, Huobi Token, Tron, and Ethereum
P2P Fees No fees charged
Pricing System Set by sellers

Pros pros

  • Leading peer-to-peer crypto exchange for Asian traders
  • No commissions are charged to buyers or sellers
  • 24/7 customer support
  • Bounty program rewards people for identifying website vulnerabilities or suspicious P2P traders

Cons cons

  • Just 59 payment methods are supported
  • Very basic P2P marketplace with limited filters

10. LocalCoinSwap – User-Friendly P2P Exchange Supporting 20+ Cryptocurrencies

LocalCoinSwap is one of the best crypto P2P platforms for supported cryptocurrencies. It supports over 20 digital assets, including Bitcoin, Ethereum, Tether, USD Coin, DAI, BNB, BUSD, and Tron. 

Not only does LocalCoinSwap list a wide range of markets but also over 300+ payment methods, including dozens of e-wallets. This includes Yandex, WebMoney, YooMoney, and WeChat Pay. Plenty of local and regional banking systems are supported too, some of which are SEPA, SWIFT, PayID, Interac, and IMPS.

We also like that LocalCoinSwap offers a beginner-friendly dashboard, making it simple to find and complete deals. The P2P crypto marketplace has a fully-fledged rating system, including reviews left by buyers and sellers. 

Best of all, LocalCoinSwap does not charge fees to maker takers. Those completing a deal after creating an ad will be charged 1% of the trade amount.

Supported Cryptocurrencies 20+ cryptocurrencies, including Bitcoin, Ethereum, Tether, USD Coin, DAI, BNB, BUSD, and Tron
P2P Fees Standard P2P trades are fee-free. Trades executed from a posted ad cost up to 1%
Pricing System Set by sellers

Pros pros

  • User-friendly P2P exchange supporting over 20 cryptocurrencies
  • More than 300 payment types are supported – including e-wallets and local bank transfers
  • No fees are charged to maker or takers
  • Fully-fledged rating system with reviews

Cons cons

  • 1% fee charged to those completed deals from a posted ad
  • Limited security tools in place to prevent scams

11. Uniswap – Leading Decentralized Exchange for Crypto-to-Crypto Trading 

Uniswap is a popular decentralized exchange that supports crypto-to-crypto trading. It operates without any third parties or centralized order books, meaning traders can buy and sell cryptocurrencies anonymously. 

There is no requirement for sellers to be present when swapping tokens. As such, Uniswap has made a name for itself as one of the leading no-KYC crypto exchanges on the market.

This is because Uniswap is a pioneer of the automated market maker (AMM) framework. Its AMM allows traders to swap tokens via liquidity pools. This is an efficient, cost-effective, and truly private way to buy and sell digital assets.

Uniswap is also one of the top P2P crypto lending platforms. Lending cryptocurrencies to a Uniswap liquidity pool yields passive income. This is because lenders receive a portion of trading fees generated from the pool. That being said, Uniswap does not support any fiat payment methods. Instead, users can only trade with cryptocurrencies.

Supported Cryptocurrencies Supports most tokens on the Ethereum network. Plus, support for a selection of other network standards.
P2P Fees 0.3% to swap tokens.
Pricing System Determined by AMM liquidity pools (usually in line with global spot prices)

Pros pros

  • Best P2P crypto lending platform for liquidity farming
  • No KYC process or personal information – trade anonymously
  • Supports the best ERC20 tokens
  • Completely decentralized – smart contracts are used instead of a centralized escrow system

Cons cons

  • Does not support fiat payment methods
  • 0.3% trading fee is above the market average

12. Bisq – Decentralized P2P Exchange With Anonymous Accounts 

Bisq considers itself the best peer to peer Bitcoin exchange for trading anonymously. It is unique because of its open-source approach to P2P trading. 

Unlike other platforms, buyers and sellers run desktop software on their own servers. Once installed, buyers and sellers can connect without going through a centralized intermediary. There is no requirement to open an account, let alone upload any KYC documents. 

The Bisq software facilitates fiat payment agreements. However, while this promotes anonymity, users should consider the risks since there are limited resolution systems in place if one of the transacting parties commits fraud.

While both parties are required to pay a security deposit, this is only a fraction of the overall transaction size. Bisq charges trading fees of 0.1% and 0.7% for market makers and takers, respectively.

Supported Cryptocurrencies Bitcoin
P2P Fees Market takers pay 0.7%. Market makers pay 0.1%.
Pricing System Set by sellers

Pros pros

  • Best P2P cryptocurrency exchange for privacy
  • Open-sourced and decentralized – no personal information is collected
  • Allows traders to do fiat payment deals without KYC
  • Downloadable software for Windows and Mac

Cons cons

  • Only supports Bitcoin
  • Uncertainties surrounding the safety of the platform
  • High commission fees – market takers pay 0.7% per trade

13. BitValve – Good Way to Buy Crypto P2P in Restrictive Countries  

BitValve is one of the best P2P Bitcoin exchanges for users living in countries with strict crypto regulations. 

It specifically offers local payment methods for traders based in China, Kenya, Ghana, India, Nigeria, and Cameroon. Supported payment types include everything from mobile phone credit, Apple Pay, Chime, Payoneer, and Xoom. This is in addition to local bank transfers and gift cards. 

BitValve supports a wide range of cryptocurrencies as well. This includes Bitcoin and some of the top altcoins, including Ethereum, Cardano, Litecoin, and more. The platform uses standard escrow systems as a means to protect buyers and sellers. Exchange rates are quoted directly by sellers, who also determine what payment methods they accept. 

When it comes to fees, only the buyer or seller that posts the offer is charged. This stands at 0.8% of the trade size when fiat is involved. Crypto-to-crypto trades are cheaper at 0.35%.

Supported Cryptocurrencies 16 cryptocurrencies, including Bitcoin, Ethereum, Cardano, Litecoin, Monero, DAI, Ripple, and Tether.
P2P Fees The person who posts the offer is charged 0.8% (fiat) or 0.35% (crypto-only).
Pricing System Set by sellers

Pros pros

  • Supports the best meme coins – such as Shiba Inu and Dogecoin
  • Suitable for traders living in countries with strict crypto regulations
  • Native mobile app for iOS and Android

Cons cons

  • Market makers pay up to 0.8%
  • Limited customer support and guidance documents

What are P2P Crypto Exchanges?

A peer-to-peer, or P2P exchange, allows users to trade cryptocurrencies directly with another user. They operate as online marketplaces, enabling traders to set their own terms. 

P2P platforms often support a much wider range of payment methods than traditional exchanges. This usually includes local payment types that are only used in specific countries.

P2P crypto exchanges have an escrow system in place. This promotes a fair, transparent, and safe way of doing business. This is because once the buyer accepts a deal, the seller will transfer the crypto tokens into the P2P exchange’s escrow wallet. The tokens remain locked until the buyer sends the payment and the seller confirms receipt of the funds.

That said, P2P exchanges also come with benefits. For example, in countries where buying Bitcoin and other cryptos is difficult, P2P platforms offer an instant solution. P2P platforms are also useful for sellers who can only accept certain payment methods, which aren’t readily available on traditional platforms.

Reasons to Use a P2P Crypto Exchange

Some key benefits offered by these platforms include:

  • Wide range of payment methods: This often includes global payment types, such as PayPal, Neteller, Skrill, Western Union, and MoneyGram.P2P exchanges are particularly useful for buying or selling the top cryptocurrencies in local payment methods. This might include local bank account transfers or mobile payments.
  • Faster trades: Buying cryptocurrencies on a P2P exchange can be a much faster option. This is especially the case when trading with a seller that is online around the clock. While trades themselves are executed instantly, withdrawals are only processed once approved by the exchange.
  • Buy and sell at preferred rates: Sellers can choose which exchange rates to list their cryptocurrencies. And buyers have the option of shopping around to find the best deal for themselves.
  • Ideal for certain nationalities: While cryptocurrencies operate on a global scale, not all nationalities find it easy to buy and sell. China is a prime example of where trading cryptocurrencies is illegal. One of the main ways that people get around crypto trading bans is to use a P2P exchange. This is because the transfer of funds is made directly between buyers and sellers.
  • Escrow protections: P2P crypto exchanges have an escrow system. This is designed to protect both buyers and sellers. The seller will deposit their crypto tokens into the escrow wallet controlled by the P2P exchange. They will remain there until the seller confirms they have received payment from the buyer. If the funds never arrive, the tokens will be returned to the seller.

How do Peer-to-Peer Bitcoin Exchanges Work?

P2P crypto platforms come with both their benefits and risks. Before proceeding, it’s wise to have a firm grasp of how P2P exchanges work. The common process required to trade on P2P exchanges is the following:

  • Sellers list their offers: Those looking to sell their cryptocurrencies will list their offer on the P2P exchange. Sellers will set the price that they are happy to accept for the respective cryptocurrency. This is in addition to the amount they want to sell and which payment methods they accept. Sellers are motivated to be as competitive as possible, considering that they are competing with other market participants.
  • Buyers search for their preferences: The buyer will begin the process by setting their trade parameters. The buyer will also specify the amount they want to purchase and the required payment method(s). The P2P exchange will then list all offers that match the requirements. This is usually listed from the best exchange rate downwards.
  • The buyer accepts a deal and is matched with the seller: Once the buyer accepts an offer, they will be connected with the seller. There should be no requirement for the buyer and seller to communicate. Instead, the buyer should simply be shown the payment details provided by the seller.
  • Escrow and payments: Once all details are confirmed, the seller will then deposit the cryptocurrency tokens into the P2P escrow. In the meantime, the buyer will make the payment. and then market the payment as complete on the P2P exchange. This will notify the seller, who then checks that the payment has been received. If it has, the seller marks the order as complete, and the cryptocurrency tokens are released from the escrow and delivered to the buyer’s wallet.

What Crypto Can You Trade on a P2P Exchange?

P2P crypto exchanges often have a wide collection of cryptocurrencies available as they need less liquidity than OTC exchanges. As they simply connect buyers with sellers, they can offer more altcoins.

Some common cryptocurrencies available include:

  • Bitcoin: Bitcoin is the most widely traded crypto. On a Bitcoin P2P exchange, you will usually be able to find a match very quickly, while other cryptocurrencies may have fewer options available.
  • Ethereum (ETH): Known for its smart contract capabilities, Ethereum is the next most popular cryptocurrency on P2P exchanges.
  • Tether (USDT): Tether is a stablecoin pegged to the value of the US dollar. Many people use it to store their digital assets and protect them from the more volatile crypto market. It offers an easy way to transfer value in times of market crisis.
  • Litecoin (LTC): This token is a lightweight version of Bitcoin that forked from the blockchain several years ag. It supports smaller, faster, and cheaper transactions.
  • Binance Coin (BNB): Binance’s native token, BNB, can be easily traded on Binance P2P and other leading P2P trading exchanges.
  • Monero (XMR): This privacy-focused coin is popular among P2P traders. Many people choose P2P trading because it offers a little more privacy than OTC trading, although it’s still not anonymous if done through an exchange.

Tips on Selecting the Best P2P Bitcoin Exchanges: Our Criteria 

Here are some tips on what to look for when researching the best peer-to-peer cryptocurrency exchanges in 2024:

  • Supported cryptocurrencies: The vast majority of P2P platforms support Bitcoin, Ethereum, and stablecoins like Tether and USD Coin. Some might even support other altcoins. 
  • Supported fiat currencies and payment methods: It is also important to assess what fiat currencies the P2P trading exchange supports. This is in addition to payment types. Some support 100+ fiat currencies and 900+ payment methods, including local and regional bank transfers, e-wallets, and mobile payments. Rhe more payment methods supported, the more buyers and sellers the platform will attract.
  • Fees: Usually, crypto exchanges with P2P do not charge fees to buyers or sellers. OKX, for example, is completely free to use. However, some platforms charge fees to sellers, ranging from 0.3% to 2-3%.
  • Security and safety: The main safety net in place is the escrow system. This holds the seller’s cryptocurrency tokens while the buyer is completing the payment. There will usually be a time limit. If the payment isn’t marked as received by the buyer, the deal will be canceled. This will result in the buyer receiving negative feedback from the seller.

What is the Difference Between P2P Exchanges and OTC Exchanges?

While there are some similarities between peer-to-peer and over-the-counter (OTC) exchanges, there are also some clear differences. Let’s look at a P2P vs. centralized crypto exchanges comparison:

  • Peer-to-peer exchanges allow buyers and sellers to trade without a third party. Market participants can agree on their own deals. Not only in terms of exchange rates but accepted payment methods and fiat currencies. The trade is usually conducted via a centralized peer-to-peer exchange. The exchange will offer an escrow service, which ensures that trades are conducted safely.
  • OTC exchanges also allow buyers and sellers to conduct business without going through a conventional order book. However, OTC deals come with huge minimum requirements. This is often at least $50,000 but can be much higher. For example, the Binance OTC exchange has a minimum requirement of $200,000. Due to trade size, a broker-dealer is required, which will first assess the requirements of the buyer and seller before executing the trade on their behalf.

Conclusion

P2P crypto exchanges are a great alternative to traditional crypto exchanges as they are a lot more inclusive, not only in terms of accepted nationalities and currencies but also supported payment methods. Additionally, a crypto exchange with P2P can offer more security as well as fast transactions. 

Based on our research, OKX is the best P2P crypto exchange in today’s market. It supports more than 100 fiat currencies and 900 payment methods, not to mention a completely fee-free framework for buyers and sellers.

References

https://www.binance.com/en/blog/p2p/binance-p2ps-invisible-guardians-using-ai-to-safeguard-crypto-users-4403729516449035188

https://www.cnbc.com/2023/03/23/binance-employees-volunteers-tell-users-how-to-evade-china-crypto-ban.html

https://coinmarketcap.com/exchanges/okx/

https://www.binance.com/en/support/announcement/binance-p2p-to-update-fees-scheme-a2616be2618b490abbaba15fea9a80fe

https://www.ibm.com/topics/open-source

https://www.binance.com/en/OTC-Trading

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…