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…
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 exchanges in 2024, including how these exchanges work, what are their pros and cons and why crypto holders should use them.
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.
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
Limited range of cryptocurrencies supported
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.
Over 100 million users worldwide.
Self-custody crypto wallet.
Regulated, NASDAQ-listed exchange.
Quick account setup, immediate transactions.
Relatively high fees for card transactions and conversions.
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.
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
Charges up to 0.35% to market makers posting a custom deal
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.
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
Limited range of cryptocurrencies supported
Very clunky website with limited filters
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.
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
Only four cryptocurrencies are supported on the P2P marketplace
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.
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
Is yet to introduce P2P
Only accepts fiat payments
Unlike the other P2P trading crypto platforms discussed so far, Paxful is a specialist peer-to-peer 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. 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.
Specialist P2P exchange that was launched in 2015
Accepts over 350+ payment methods – including gift cards
Buyers can trade without paying any fees
Just three cryptocurrencies are supported – Bitcoin, Tether, and USD Coin
1% fee charged by sellers means less favorable P2P exchange rates
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.
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
Only supports USDT on Ethereum, Binance Smart Chain, and other EVM networks
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. Nonetheless, 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.
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.
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
Just 59 payment methods are supported
Very basic P2P marketplace with limited filters
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 platform 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.
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 takers
Fully-fledged rating system with reviews
1% fee charged to those completed deals from a posted ad
Limited security tools in place to prevent scams
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.
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
Does not support fiat payment methods
0.3% trading fee is above the market average
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.
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
Only supports Bitcoin
Uncertainties surrounding the safety of the platform
High commission fees – market takers pay 0.7% per trade
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%.
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
Market makers pay up to 0.8%
Limited customer support and guidance documents
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.
Some key benefits offered by these platforms include:
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:
Here are some tips on what to look for when researching the best peer-to-peer cryptocurrency exchanges in 2024:
While there are some similarities between peer-to-peer and over-the-counter (OTC) exchanges, there are also some clear differences:
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, P2P crypto exchanges 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.
We found that OKX is the overall best P2P crypto exchange, with the platform offering fee-free trades and supporting over 900+ payment methods.
Some of the best crypto exchanges supporting P2P trades include OKX, Binance, KuCoin, and Huobi.
While Bisq is one of the few P2P exchanges without KYC requirements, users should consider the added risks of fraud.
While P2P transactions are protected by an escrow system, scammers still find ways to defraud honest traders.
After a P2P deal is completed, both the buyer and seller will be able to leave a rating. They can also leave feedback. This is publicly viewable by all users on the respective P2P exchange.
In most cases, P2P transactions run smoothly and can be completed in under five minutes. However, if payments are not confirmed by either the seller or the buyer, it could take longer.
Based on our research Binance and OKX hold the world’s largest exchanges with over 100+ payment methods supported.
Centralized exchanges often have higher fees and require a third-party authority, making P2P a better solution for crypto trading.
Usually, if there is a price difference between two exchanges, traders will buy the cheaper one and sell it on the more expensive exchange.
Usually, if there is a price difference between two exchanges, traders will buy the cheaper one and sell it on the more expensive exchange.
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…
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