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Bybit Learn
5 февр. 2022 г.

15 Best P2P Crypto Exchanges for Minimal Fees and Maximum Security

P2P cryptocurrency exchanges allow peers to buy and sell digital currency without a third party, such as a bank, because users connect directly through a transparent process. The peer-to-peer Bitcoin exchange network is a chain of computers, all of which must approve a cryptocurrency trade to prevent duplicating transactions. Options to buy cryptocurrency on the best P2P crypto exchanges are continually expanding. This article will explain what a peer-to-peer Bitcoin exchange is and how it differs from OTC trading. We’ll also identify the 15 best P2P crypto exchanges that derserve your attnetion.

What Is a P2P Crypto Exchange?

A P2P crypto exchange is a cryptocurrency platform where users can privately exchange crypto with one another without the use of an intermediary, such as a bank.

P2P crypto exchanges allow verified users to conduct asset trading without hassle. Rather than using an order book to pair buy and sell orders and control the platform’s assets, a P2P model allows users to transact with each other directly without using a go-between to retain funds or process transactions.

To buy and sell on a P2P exchange, you’ll need to create an account and verify your identity. Then, depending on the platform you choose, you may be subject to additional identity verification. From there, you’re a few clicks away from trading with other users.

P2P vs. OTC: Which Is Better?

Though they may sound a bit more complicated than traditional exchanges, P2P crypto exchanges are increasingly being used, for many good reasons.

Pros and Cons of the Best P2P Crypto Exchanges

Some advantages of using a P2P exchange include:

  • Flexible Payment Options: In a peer-to-peer crypto exchange, you can use any form of payment that the seller accepts. That means you can buy Bitcoin with digital payments, gift cards, or even checks. When it comes to peer-to-peer payment options, there are no limits at all. In many cases, traditional platforms only permit credit and debit cards.
  • Security: In the last several years, security for escrow systems has improved significantly. Due to their third-party nature, the best P2P crypto exchanges are safer as trading platforms. Escrow systems protect everyone involved in the trade, including the P2P altcoin exchange platform itself. Because the exchanges themselves don’t hold crypto, users can make exchanges without worrying about someone taking their money.
  • Lower Fees: Some P2P exchanges do have fees, but they’re usually much lower than standard exchange fees. And because there isn’t an intermediary on a P2P exchange, these platforms typically only charge an escrow fee.
  • Accessibility: You don’t need a bank account to buy crypto on a P2P exchange, making this a more accessible method to users in underbanked regions. In fact, most of these platforms only require internet access and a smartphone to conduct trades.

Some disadvantages of using P2P exchanges include:

  • Speed: Without a third-party mediator on a P2P platform, trades may take more time to complete. The flexibility in payment methods isn’t as streamlined without a matchmaker.
  • Ease of Use: Again, without an intermediary, the best P2P crypto exchanges often aren’t intuitive to use. There’s a learning curve involved.
  • Anonymity: Because you trade directly with other users, the best P2P crypto exchanges often provide less anonymity than OTC exchanges. Many of the best P2P crypto exchanges also include built-in reputation systems to display your trading history.

Key Differences Between P2P and OTC Exchanges

Peer-to-peer Bitcoin exchanges and over-the-counter exchanges are two widely used types of currency trading platforms.

With any activity, timing is a significant factor. In terms of time spent on transactions, OTC exchanges allow users to buy and sell crypto directly with an administrator or broker. As a result, these transactions complete instantly.

With a peer-to-peer crypto exchange, you’re trading directly with other users. Therefore, the transaction only completes after the buyer finds a seller, initiates a trade, and the seller agrees. The overall timeline is entirely dependent on each party’s availability to complete their part of the transaction, making its duration impossible to predict.

If your goal is to complete transactions instantly, it’s better to choose an over-the-counter exchange. However, if it’s more important to have some flexibility and use a platform with a better profit margin, then it’s better to choose a peer-to-peer exchange to meet multiple users at once. Ultimately, both P2P altcoin exchanges and OTC platforms have their respective benefits and drawbacks.

What Are the Best P2P Crypto Exchanges?

Many investors and traders are intrigued by cryptocurrencies’ volatility because they have the potential to skyrocket in value, although investment returns are by no means guaranteed. 

That same volatility makes cryptocurrency a considerably riskier investment than stocks, but there’s a potential for vast rewards on peer-to-peer Bitcoin exchanges. So, if you have the funds to spare in your portfolio, it’s worth earmarking some of them for crypto investment once you pick the best P2P crypto exchange for your needs.

1. Bybit

Bybit is the best P2P crypto exchange because it lets traders from different countries trade with leverages for greater profit potential. Bybit’s P2P platform help facilitate the buying and selling of two users’ holdings at an optimal, agreed-upon price where P2P on Bybit supports more than 80 payment methods. These include debit cards, credit cards, in-person cash payments and more.

Users can also make unlimited deposits, withdrawals and trades by complying with Bybit’s KYC. With the recently introduced P2P trading feature, P2P on Bybit offers zero transaction fees for either buyer or seller. However, traders may need to pay transaction fees to the payment provider based on the payment method selected. 

Bybit’s sign-up process is straightforward: Click on the Register tab in the top right corner of the page. You can sign up with an email address or a mobile number. Be sure to register for two-factor (2FA) authentication for additional security.

2. Binance

Many consider Binance to be one of the best peer-to-peer Bitcoin exchanges because it allows users to purchase almost 60 types of cryptocurrencies, including Litecoin, Chainlink and Dogecoin. In addition, while trading P2P on Binance doesn’t incur any taker fees, this P2P altcoin exchange does charge a maker fee of up to 0.35%. That aside, it’s largely used by P2P advocates all around the world who want to buy and sell a whole host of altcoins.

To register on Binance by email, click Get Started in the upper right corner of the website. Fill out the form, verify your identity and unlock your free prize before making a deposit. Some information is difficult to find on the website, but the mobile app is an intuitive, streamlined experience that novices should be able to pick up. Binance accepts a wide range of currencies, and even supports instant transfers for an additional 0.5% fee for traders in a hurry.

3. WazirX

WazirX is an automatic Indian peer-to-peer crypto exchange that allows for trading of all kinds of cryptocurrencies. While many may know it as India’s most reliable P2P crypto exchange, WazirX was actually acquired by Binance in November 2019. As of December 2021, the platform’s 24-hour trading volume is $153 million. This shows that the P2P platform has plenty of liquidity so users can easily engage in transactions. Unlike other best P2P crypto exchanges, WazirX only allows buying and selling of USDT and no other stablecoins. Fiat on-ramp wise, it supports eight different fiat currencies ranging from Indian Rupees to Turkish Liras and charges 0% marker and taker fees.

Click Sign Up on the official website to complete the registration form. After validating your email, you can usually make a deposit in less than five minutes. Clicking on Funds takes you to an intuitive screen where you can deposit and withdraw your assets. To buy on WazirX, click on P2P at the top of the screen and enter the amount you want to buy. Then, click on Place Buy Order to initiate the search for sellers.

4. Huobi

Huobi is one of Asia’s most well-known P2P crypto exchanges, having offered one of the largest platforms for crypto trading since 2013. The customer service is surprisingly quick and responsive, which is comforting to have in a volatile marketplace. On this P2P crypto exchange, buyers and sellers both pay a 0% fee per transaction, making it extremely competitive against other best P2P crypto exchanges.

In the top right corner of the website, there’s a Sign Up button to register an account. You must provide an email address, password and nationality. Keep in mind that you cannot change this value after setting it in your account, so be sure to do this correctly. Navigating Huobi’s platform is an intuitive experience, striking the right balance between visually appealing, elegant and functional.

5. Paxful

Paxful is one of the best P2P crypto exchanges based in the United States. It promises to streamline all peer-to-peer transactions with as much security as possible. In fact, users provide biometric data as a part of the verification process, increasing transaction security. Paxful charges flat fees for various actions, but buying crypto is always free on this platform. Depending on the currency, sellers must pay a fee of between 0.5% and 5%.

Signing up for Paxful is straightforward, but takes a bit of doing to complete. Traders must meet mandatory ID requirements, and high-level traders must also submit video verification. Once your account is verified, you can navigate the intuitive website to fund your wallet. After choosing a payment method, Paxful displays a list of verified sellers. You can filter this list down to users who have more than 200 completed trades.

6. LocalBitcoins

LocalBitcoins offers an accessible way for users to buy cryptocurrency in just minutes. One of its unique benefits as a top P2p crypto exchange is that it tries to match local buyers and sellers, facilitating face-to-face interactions for those interested. In addition, the company extends this simplicity to its transaction fees, setting a flat 1% fee on all trades for sellers. However, this only applies to those trading Bitcoin. Users transferring to other LocalBitcoins users’ wallets can do so for free.

To register for an account, click on Sign Up Free and fill out the form to become eligible for trading immediately. The entire website is easy to navigate; any information you’re looking for is exactly where you think it will be. Buying cryptocurrency is free, and this peer-to-peer crypto exchange supports several payment methods, including PayPal, cash and wire transfer.

7. OKX

OKX is one of the best P2P crypto exchanges because it supports advanced trading in more than 200 countries worldwide for more experienced crypto traders. For those keen on buying and selling, OKX offers more than 100 currency pairs for Tether, Bitcoin and Ether, making it one of the top P2P exchanges for international users.

Registering for an account requires a phone number, email address, or Telegram or Google account. There are four different verification levels, with higher tiers giving you access to more features. For example, Level 2 users provide photo identification and facial verification to increase their transaction limit to $10,000.

8. KuCoin

KuCoin is one of the best P2P crypto exchanges for non-American traders ready to move to a more advanced trading platform with more features. You can also earn interest on your crypto while it sits in your wallet, ultimately making it one of the top P2P crypto exchanges on the market. KuCoin claims that one in four crypto users hold some assets on its platform, which means there’s a big pool of buyers and sellers to trade with for added liquidity. Transfer fees depend on the currency and third-party app used.

As a more advanced platform, KuCoin is less intuitive than some of the other P2P altcoin exchanges on this list. However, once you’ve gone through the learning curve, you’ll find a feature-rich platform that lets you customize your trading experience. For instance, you can access margin trading and trading bots here.

9. Coindirect

Coindirect is a reliable peer-to-peer Bitcoin exchange for both novices and experts. With a minimum deposit of only $1, Coindirect is one of the best P2P crypto exchanges for investors with small amounts to spend. To that end, there are also no additional transaction fees, which means you’ll have access to a broader profit margin with your trading.

The registration process is as straightforward as other P2P altcoin exchanges on this list, and verification is simple, too. It won’t be long before you’re ready to trade crypto on this easy-to-use platform. Although you won’t have a problem navigating the trading terminal, you’ll need access to your own data sources since there’s no analytical news feed available.

10. Gemini

Rounding out the first 10 P2P crypto exchanges on this list is Gemini, a trading platform designed with beginners in mind. Specifically, we’re referring to the Gemini Clearing portal. It’s a casual peer-to-peer crypto exchange that gives you access to more than 50 cryptocurrencies and has fees equal to the cost of the spread. Add to this no minimum order size with anonymous settlement and you have one of the best P2P crypto exchanges for both beginners and experienced crypto investors and traders.

Signing up for an account takes just a few seconds, and Gemini has designed its peer-to-peer crypto exchange platform with beginners in mind. With Gemini, you won’t have a problem finding what you need or figuring out how to buy crypto.

11. Hodl Hodl

Traders looking to buy or sell Bitcoin directly with other users on one of the best P2P crypto exchanges should consider Hodl Hodl, which allows private bartering without a KYC check. As a bonus, this peer-to-peer Bitcoin exchange platform also offers a lending service. Newly registered users pay a 0.6% transaction fee, but you can reduce this rate by referring a user to the site.

Registration is easy to navigate, and you can buy Bitcoin as soon as you’re done. You can filter the number of Bitcoins or the currency equivalent in the Buy Bitcoins section. Once you find an offer you’re satisfied with, you can click the Accept Offer and Create Contract button to initiate the trade.

12. WhalesHeaven

The next best P2P crypto exchange for traders looking to create instant auctions is WhalesHeaven. This peer-to-peer crypto exchange integrates multiple currencies and multi-signature wallets for flexibility and security in trading. Users also have access to 24/7 customer support. With WhalesHeaven you can swap tokens from various blockchains on a secure network without worrying about losing your money.

After registering on their intuitive platform, you can set up instant auctions and buy Bitcoin from other users. Withdrawing money incurs no fees.

Currently, users can purchase and trade Bitcoin and other tokens on Ethereum, SmartChain, Binance Smart Chain and Avalanche.

13. Remitano

Remitano is one of the best P2P crypto exchange platforms for users looking to sell and buy digital tokens, including its own RENEC token. Traders can also opt for a margin account for advanced transactions. Unlike some of the other peer-to-peer crypto exchanges on this list, Remitano does integrate some stringent KYC checks. On Remitano, it isn’t uncommon to see sellers who require buyers to have already verified their identity.

Registering for this P2P altcoin exchange is straightforward, with different account levels depending on the extent to which you verify your identity. The most basic level only requires phone verification, but higher levels require official documentation. Once that’s done, buying crypto on Remitano is similar to other exchanges.

14. LocalCoinSwap

LocalCoinSwap earns its spot on the list as one of the best P2P crypto exchanges because it offers an intuitive platform for beginners to learn the ropes. For the most part, the platform provides escrow solutions to secure money and data transfers. Additionally, this peer-to-peer crypto exchange is community-driven, with features like optional KYC checks.

This platform has a simplistic trading view for users who aren’t used to busy screens filled with charts. It’s possible to buy and sell crypto right on the homepage; you can also find the option in your order history. There are two types of fees: 1% in trading fees, and 0.00045 Bitcoin per withdrawal.

15. Bisq

Rounding out the list of the best P2P crypto exchanges is Bisq, a secure and decentralized platform that doesn’t rely on third-party technology to sell crypto. Anyone can register for an account on this intuitive site, and users execute transactions for a small fee. Traders pay a 0.001 BTC fee and an additional 0.003 BTC mining fee.

Downloading the app is the first step to registering an account. Then, you add your crypto accounts and either create an offer or search for your own. The intuitive user interface tells you how to complete your transaction and finalize your trade with no room for confusion, making it an excellent peer-to-peer crypto exchange for beginners.

The Bottom Line

Given popular P2P service options like Bybit and Huobi alongside more localized options like LocalBitcoins and WhalesHeaven, investors and traders will be spoilt for choice when choosing which of these best P2P crypto exchanges to utilize. Though no platform is perfect, we hope our list of these top P2P crypto exchanges have proved useful in your search for anonymous, feeless and safe peer-to-peer transactions.