Cutting out brokers and thus allowing direct transactions between people is the ultimate intent of blockchain cryptocurrency technology as envisioned by Bitcoin founder Satoshi Nakamoto. P2P (person-to-person, or peer-to-peer) exchanges are the closest to this vision.
Brokers not only create bottlenecks but also charge fees thus making transactions expensive. However, peer-to-peer transactions aren’t necessarily cheaper if you aren’t aware of the right crypto market to buy or sell your digital assets. This is the reason why we have prepared a list of the best cryptocurrency exchanges as far as P2P transactions are concerned.
The list of Top 25 P2P crypto exchanges
The following is a list of the top-25 peer-to-peer networks that you can transaction without having to bother about intermediaries:
1. Binance P2P
Binance P2P is the largest P2P crypto exchange platform. This is because it has the highest number of participants, the largest volume of P2P exchanges, and the greatest number of crypto pairs and supports the biggest number of fiat currencies. Furthermore, this P2P platform is truly a global P2P exchange platform that is available in almost all crypto-friendly countries.
Binance P2P Crypto Exchange
Requirements
Know-Your-Customer (KYC)
Supported coins and payment methods
Major cryptos: These include BTC, ETH, DAI, BUSD, BNB
Local fiats: more than 100 fiat currencies
Transfer methods: credit cards, debit cards, bank transfers, PayPal, etc.
Transaction fee: varied depending on the markets and trading pairs. Ranges from 0% to 0.35%
Pros
Globally available
A wide array of trading pairs
More than 100 different payment methods
Widest support for local currency
Integrated with the regular Binance crypto trading platform which allows spot trading.
Cons
Obtrusive KYC requirements, especially facial recognition which tends to fail often.
Not available in the US
2. Kucoin
If you are one of those advanced crypto traders who want to leverage the benefits of P2P transactions, then Kucoin is the right peer-to-peer exchange platform for you.
Transfer methods: Credit cards, debit cards, Apple Pay, Google Pay
Transaction fee: 0.1%
Pros
Low trading fees
Wide variety of coins and pairs
Cons
Not ideal for retail traders
Fewer payment methods
3. ByBit
One thing that sets ByBit apart from the rest is its cryptocurrency derivatives exchange. In addition, its zero trading fees make it a very attractive choice for both crypto investors and crypto traders.
ByBit P2P Crypto Exchange
Requirements
Sign-Up
KYC verification
Supported coins and payment methods
Major cryptos: all major cryptocurrencies
Local fiats: most local currencies
Transfer methods: debit cards, credit cards, in-person payment, etc.
Transaction fee: 0
Pros
24/7 trading
350 payment options
Cons
KYC requirements
Complex identity verification process
4. OKX
If you want a quick way to get started in the P2P trades, OKX is one of the best in the crypto market. KYC requirements are through graduated levels which means if you just want basic features you don’t pain yourself engaging in a complicated KYC process. Furthermore, it provides escrow security features.
OKX P2P Crypto Exchange
Requirements
KYC verification – Level-based. Level 1 requires email and phone verification. Advanced levels require more user data verification.
Supported coins and payment methods
Major cryptos: BTC, ETH, USDT, LTC, EOS, BCH, XMR, etc.
Local fiats: 20 fiat currencies
Transfer methods: debit cards, credit cards, bank transfers, eWallet, etc.
Transaction fee: multi-tiered transaction fees
Pros
Zero service fee
Easy user interface
Hundreds of currency pairs
Helpful educational resources
Cons
Complex multi-tiered structure
5. Huobi
What distinguishes Huobi from other P2P trading platforms is its fast and smooth transaction process. The sign-up process is also easy and has minimal requirements. This provides an enhanced user experience.
Huobi P2P Crypto Exchange
Requirements
Email address
National ID
Supported coins and payment methods
Major cryptos: BTC, ETH, USDT, LTC, EOS, BCH, XMR, HUSD (Huobi USD), HT (Huobi Token), and BSV, among others
Local fiats: 45 fiat currencies.
Transfer methods: credit cards, debit cards, bank transfers
Transaction fee: 0.2% plus volume-dependent discounts
Pros
Simple and user-friendly interface
Minimal requirements
Cons
Lengthy verification process
Limited jurisdiction for fiat transactions.
6. SimpleSwap
If you want a quick and user-friendly interface where you can enjoy the benefits of both fixed and floating exchange rates, then, SimpleSwap is your best option. You can swap both cryptos and fiat money.
SimpleSwap P2P Crypto Exchange
Requirements
KYC verification (in some instances)
Supported coins and payment methods
Major cryptos: BTC, ETH, USDT, ADA, LTC, AVAX, XRP, XLM, BNB, etc.
Local fiats: USD, EURO, GBP, RUB, TRY, UAH, etc.
Transfer methods: Credit cards, Apple Pay, SEPA credit transfer
Transaction fee: variable, depending on the currency and payment method. Ranges from 0.5% to 1.5%.
Pros
User-friendly interface
Affiliate royalty program
Cons
Mandatory KYC in some cases
Lacks features for advanced traders
7. Hodl Hodl
The referral program is probably the most unique feature of Hodl Hodl. In this case, you can reduce trading costs by simply referring someone else to the platform. This platform charges 0.6% transaction fees shared between makers and takers. Being a fully decentralized exchange makes it have minimal sign-up requirements. Hodl Hodl is primarily a P2P Bitcoin exchange platform where transactions take place between one Bitcoin wallet and another.
Hodl Hodl P2P Crypto Exchange
Requirements
Two-factor authentication
Supported coins and payment methods
Major cryptos: BTC, ETH, XRP, ADA, AVA, SOL
Local fiats: None.
Transfer methods: Inter-wallet transfers
Transaction fee: 0.6% shared between buyer and seller
Pros
Multisig escrow accounts
No KYC/AML requirements
Referral program
Low transaction fees
Cons
Fewer payment methods
Low trade volume
No support for fiat currencies
Only has an online platform
8. Bisq
If you want anonymity, Bisq’s peer-to-peer exchange is ideal for you. As a decentralized exchange, Bisq does not engage in KYC/AML activities. Sellers pay 0.1% transaction fees while buyers pay 0.7% transaction fees.
Requirements
Minimal.
No KYC verification
Supported coins and payment methods
Major cryptos: BTC, ETH, XMR, BSQ
Local fiats:
Transfer methods:
Transaction fee: seller pays 0.1%, buyer pays 0.7%
Pros
No KYC/AML requirements
Fast transaction process
Cons
Higher transaction costs
Limited features, which makes it unfit for advanced traders
9. Bitfada
Bitfada is another P2P service platform whereby users can earn affiliate commissions on referrals. This commission is 40% of the escrow fees.
Bitfada P2P Crypto Exchange
Requirements
National ID
Bank details
KYC verification
Email ID
Supported coins and payment methods
Major cryptos: BTC, ETH, USDT
Local fiats: major fiat currencies
Transfer methods: credit cards, debit cards, bank transfer
Transaction fee: 0
Pros
Escrow facility
Affiliate Program
Mobile apps
Cons
KYC requirements
Scanty details
10. WazirX
If you are based on the Indian sub-continent, WazirX is the best peer-to-peer exchange platform for you. WazirX is part of the Binance ecosystem. While it is an international crypto platform, it mainly caters to the Indian crypto space.
WazirX P2P Crypto Exchange
Requirements
Not explicitly stated.
Supported coins and payment methods
Major cryptos: BTC, XRP, ETH, LTC, USDT, etc.
Local fiats: 8 fiat currencies including USD, Indian Rupees, and Turkish Lira, among others.
Transfer methods: fiat-only methods
Transaction fee: 0.2%
Pros
Backed by Binance
Target market (India)
Cons
Low liquidity
Fewer trading pairs
Not ideal for those outside India
11. LocalCoinSwap
LocalCoinSwap is another alternative to LocalBitcoins but much lighter. Its user-friendly interface makes it ideal for beginners.
Transfer methods: Cash deposit, PayPal, Skrill, bank transfer PayID, Wise, in-person cash, etc.
Transaction fee: 1%
Pros
Escrow smart contracts
A wide array of fiat currencies
20+ cryptos
Cons
Plenty of confusing choices
Low liquidity
12. Remitano
Based in Seychelles, Remitano is a P2P exchange platform for transacting in 60+ currencies.
Reminato P2P Crypto Exchange
Requirements
Multi-tiered verification process
Supported coins and payment methods
Major cryptos: BTC, ETH, EOS, ADA, BCH, XRP, LTC, USDT, etc.
Local fiats: Indian Rupees, Nigerian Naira, Venezuelan Boliver, Vietnam Dong
Transfer methods: credit cards, deposit cards, bank transfer
Transaction fee: variable
Pros
Affiliate Program
Region-specific interface
Mobile apps
Cons
Supports very few fiat currencies
Low trade volume
Complex fee structure
Scanty details
13. AirSwap
If you want a P2P exchange platform that does not charge trading fees, then, AirSwap is your best option. All that AirSwap requires you to do is to stake 250 AirSwap Tokens (AST) which will entitle you to interest earnings – a Win-Win deal.
AirSwap P2P Crypto Exchange
Requirements
Stake 250 ASTs.
Supported coins and payment methods
Major cryptos: ETH, BNB, AST, DAI, BAT, etc.
Local fiats: N/A
Transfer methods: crypto swap
Transaction fee: 0
Pros
Zero trading fees
Zero deposit and withdrawal fees
No sign-up requirements
No deposit requirements
Cons
No fiat currency support
14. WhalesHeaven
When you want a straightforward P2P exchange with an instant swap mechanism, WhalesHeaven becomes your ideal exchange. This platform allows you to swap coins from different trading platforms directly. All that you need is to download the WH Cypher browser extension which works similarly to Meta Wallet save for its swapping mechanism.
WhalesHeaven P2P Crypto Exchange
Requirements
Minimal
Download the WH Cypher browser extension.
Supported coins and payment methods
Major cryptos: BTC, ETH, BSC, AVA, NEO, DOGE, etc
Local fiats: Not supported
Transfer methods: inter-wallet swap
Transaction fee: 0
Pros
No account opening
No personal information
Direct swap
Multisig wallet
Cons
Scanty details
No support for fiat withdrawal
15. Vertex
If you want to enjoy the benefits of traditional Centralized Exchanges (CEX) yet still operate on a Decentralized Exchange (DEX), Vertex Protocol is ideal for you. Vertex is a DEX with CEX-level features that allows you to enjoy the benefits of both worlds.
Vertex P2P Crypto Exchange
Requirements
Sign-Up
Supported coins and payment methods
Major cryptos: BTC, ETH, etc.
Local fiats: USD, EURO, GBP
Transfer methods: Local bank transfer, SEPA transfer, PayPal, Google Pay, Skrill, credit card, Apple Money, WebMoney.
Transaction fee: a small fee
Pros
A DEX with CEX-level features
Self-custody cryptocurrency wallets
Lightning-fast order matching
Seamless fiat-crypto conversion
Multiple fiat transfer methods
Cons
Not fully launched.
16. CoinCola
If you are looking for a P2P Marketplace to blend both P2P and OTC trading, then CoinCola is your ideal choice. You can also buy and sell Gift Cards on this platform.
CoinCola P2P Crypto Exchange
Requirements
Sign-Up
KYC verification
Supported coins and payment methods
Major cryptos: BTC, USDT, ETH, LTC, BCH, XRP, EOS, DASH
Local fiats: Main fiat currencies.
Transfer methods: bank transfers, PayPal, Western Union, online wallets, and Gift Cards.
Transaction fee: 0.1% trading fees, plus 0.0004 BT withdrawal fee.
Pros
Gift-Card-to-Crypto exchange
Provides cold storage services
P2P plus OTC support
Cons
KYC requirements.
Limited trading pairs
17. Shiftal
Shiftal P2P Exchange is ideal for those based on the Indian subcontinent and its environs. It charges a very small fee for its transactions.
Shiftal P2P Crypto Exchange
Requirements
Sign-Up
KYC verification
Supported coins and payment methods
Major cryptos: BTC, ETH
Local fiats: Major fiat currencies
Transfer methods: Bank transfers, credit cards, UPI, digital wallets, etc.
Transaction fee: 1%
Pros
Escrow security
24/7 customer support
Cons
Low liquidity
Few cryptos supported
Scanty details
18. Bitcoin Global
If you are looking for a P2P exchange that charges a very small fee for its transactions, then, Bitcoin Global can be a good choice.
Bitcoin Global P2P Crypto Exchange
Requirements
Sign-Up
Supported coins and payment methods
Major cryptos: BTC, ETH, USDT, TRX, HOGE
Local fiats: Major fiat currencies
Transfer methods: bank transfer.
Transaction fee: USDT, $1; BTC, 0.0004BTC; ETH, 0.005 ETH
Pros
No KYC requirements
Telegram bot
Low fees
Cons
Not popular
Scanty details available
19. AgoraDesk
The benefits of Escrow security make AgoraDesk one of the trusted P2P exchange platforms in the crypto space today.
AgoraDesk P2P Crypto Exchange
Requirements
Minimal
Supported coins and payment methods
Major cryptos: BTC, XMR,
Local fiats: Major fiat currencies
Transfer methods: bank transfers, credit cards, gift cards, PayPal, Venmo, etc.
Transaction fee: 1%
Pros
No KYC requirements
Escrow security
Wide array of fiat currency transfer methods
Cons
Relatively new
Relatively high transaction fee
Supports fewer cryptos
Scanty details
20. Peach Bitcoin
For Eurozone customers who want a local P2P exchange platform, Peach Bitcoin is the ideal choice. This is a mobile-only P2P platform.
Peach Bitcoin P2P Crypto Exchange
Requirements
Minimal
Supported coins and payment methods
Major cryptos: BTC
Local fiats: EURO, GBP, CHF, DKK, etc.
Transfer methods: Bank transfer, PayPal, Wise, Revolut, Amazon Gift Cards, etc.
Transaction fee: 2%
Pros
No KYC requirements
Non-custodial
Mobile apps interface
Cons
No web trading interface
High transaction fees
21. Robosats
Privacy-focused crypto traders will find Robosats P2P exchange the platform of choice. In addition to not requiring user details, Robosats provides secure Tor access that leaves no internet trail.
Robosats P2P Crypto Exchange
Requirements
Tor browser
Supported coins and payment methods
Major cryptos: BTC, plus 60 trading pairs
Local fiats: USD, EURO, JPY, plus 57 more
Transfer methods: Bank transfers, PayPal, Wise, Venmo, Amazon Gift Cards, Cash Apps, etc.
Transaction fee: 0.2%
Pros
No KYC requirements
No user data is required
Lightning-fast
Privacy-oriented
Charges a very small fee
Cons
Relatively new
No mobile apps
22. AltMarket
If you happen to be in the UK and its environs, AltMarket is a P2P marketplace to pay attention to.
AltMat P2P Crypto Exchange
Requirements
Minimal
Supported coins and payment methods
Major cryptos: BTC
Local fiats: N/A
Transfer methods: crypto swaps
Transaction fee: 0.25%
Pros
Low trading fees
Cons
Does not support fiat currency
Not global
23. Swapika
If you are looking for a hassle-free P2P swap interface, then, try Swapika. It allows instant swaps at a low fee.
Swapika P2P Crypto Exchange
Requirements
Minimal
Supported coins and payment methods
Major cryptos: BTC, ETH, plus 600 more
Local fiats: N/A
Transfer methods: crypto swaps
Transaction fee: a very small fee
Pros
No registration requirements
No KYC requirements
User-friendly interface
Instant swap
Low fees
Cons
Scanty details
No fiat money support
24. Buxano
The lovers of Trading options will find the Buxano P2P exchange platform their ideal choice. In addition to having a simple user-friendly interface, it has no KYC requirements thus smoothening user experience.
Buxano P2P Crypto Exchange
Requirements
Minimum trading volume of 0.0002 BTC.
Supported coins and payment methods
Major cryptos: BTC
Local fiats: N/A
Transfer methods: cryptos
Transaction fee: 0.0005 BTC (withdrawal fees)
Pros
Simple and user-friendly interface
No KYC requirements
Fast transaction process
Cons
Scanty details
25. Giottus
Another great Crypto P2P exchange based on the Indian Subcontinent is Giottus. The platform boasts escrow protection and cold wallet storage.
Not ideal for those outside the Indian subcontinent
Factors to consider in choosing the right P2P Exchange platform
The following are important factors that you need to consider in choosing the right P2P exchange platform:
Exchange rate – some platforms offer better exchange rates than others. Exchange rates are better on those platforms with high trade volume since competition is stiff which lowers the exchange rate.
Transaction fees – Ideally, you should choose a platform with low fees.
Support for local currency – Eventually, you would want to withdraw your bought digital assets. You will need to do this in local currency. Thus, your best crypto exchange platform must support your desired local currency.
Support for fiat methods – whether you are buying or selling cryptos, you will most likely need to use fiat currency in the process. This requires you to ensure that your preferred platform supports credit cards, debit cards, direct withdrawals to your bank account, or even a mobile money wallet.
Customer support – once in a while, you may need customer support. Be sure that it exists beforehand, otherwise, you may be disappointed at the acute time of need.
Security requirements – some platforms have more stringent KYC and AML requirements than others. For example, you may need to two-factor authentication in addition to providing your details. Make sure that such security measures do not unnecessarily expose your personal information.
Escrow services – when you are dealing with a decentralized exchange, the onus is upon you to make sure that you are not scammed. As such, you need an escrow account where funds will only be released when both parties have confirmed the completeness of the transaction. Thus, choose a P2P marketplace that provides escrow service as a protection measure. This is automatically provided via smart contracts without third-party involvement.
Conclusion
The 2022 crypto winter left many leading P2P global marketplaces shutting their doors. These include LocalBitcoins, LocalCryptos, and Paxful. Nonetheless, the competitive advantage of P2P trading has ensured that survivors and new entrants continue to flourish. New entrants such as AirSwap, AgoraDesk, PeachBitcoin, Robosats, and Telegram are upping their P2P game. The above list gives you P2P marketplaces where you can buy or sell cryptos or swap for local fiat money.
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