So, you’re looking for a P2P cryptocurrency exchange. Wonderful news! In this article, I’ll recommend to you the top 7 P2P exchanges based on my research. “Why should I use peer-to-peer exchange instead of a centralized exchange like Binance or CoinBase?”
security and privacy.
Depending on the exchange, there is no Know Your Customer (KYC) or Anti-Money Laundry (AML) policy. If you think buying cryptocurrency is your private business, then P2P is an excellent choice for you.
You have heard of exchanges getting hacked and hackers running off with millions of dollars (like how Bitfinex got hacked for 119,756 BTC …) When you buy off a P2P exchange, you keep the cryptocurrency in your private wallet.
Peer 2 Peer Exchange, Explained
What is the biggest difference between a P2P exchange and a centralized exchange?
The difference: you don’t buy crypto directly off an order book, instead you buy directly from a person who has a set price. This means you can shop for the best price.
In most cases, you won’t pay a fee when you buy/sell on the platform.
“What about safety? Won’t I get scammed?”
When you trade on a P2P exchange, the platform acts as an escrow to ensure safety for both parties.
So what happens when you buy bitcoin on a P2P exchange?
In this example, you want to buy bitcoin. You send the money and the exchange holds the seller’s bitcoin in an escrow. The seller then confirms that you had sent the money, and then the exchange releases the bitcoin. If the person doesn’t send you the bitcoin, you can always dispute.
I recommend that you always trade with someone who has a top feedback score and has done many transactions. When it comes to trading on a P2P platform, reputation is everything. Read my earlier guide on Localbitcoins to help you understand this better.
Or you can always meet the person in a coffee shop to trade.
“Wow, that’s informative! Can you recommend some P2P exchanges?!”
I’m glad you asked!
I have researched and used 7 P2P exchanges, which I consider is the best in 2021. I have included fees, user experience, and ease of trade as part of the evaluation.
Sounds good? Let’s dig straight into it …
1. Paxful (Global)
Paxful was founded in 2015, and it’s a recognized brand for P2P trading. I like Paxful’s user interface because it’s intuitive to use. On Paxful, you can buy bitcoin using bank transfer, CashU, Paypal, Western Union and various gift cards. Since it’s P2P, you can shop around for the best rate. Buying on Paxful is easy and streamlined. You send the funds and then you wait for the seller to send you the crypto.
What is the fee for Paxful?
It’s 1% for sellers. If you’re looking to buy cryptocurrency, you won’t pay any fees.
If you do business with someone on Paxful, make sure the person has many satisfied feedbacks and he/she is ID verified.
2. HODL HODL
HODL HODL is a peer to peer exchange that does not perform KYC checks. Think of HODL HODL as a crypto trading platform for non-custodial trade.
Some of the key features of this platform are:
0.3% trading fees
Global P2P trades
Non Custodial P2P exchange
Telegram notifications for trades
This P2P exchange is idle for those users who want to remain anonymous with their crypto dealings, and are not comfortable with KYC.
3. Binance P2P
Binance the most well-known brand in the crypto space, knows the importance of P2P. That’s why they have started their peer to peer exchange.
Binance’s P2P interface is simple and nice to use. There is a nice selection of coins for you to buy or sell: USDT/BTC/BUSD/BNB/ETH/EOS. Moreover, you can get complete the trade using Wechat, Alipay, Bank transfer, or QIWI.
It doesn’t matter if you’re living in Thailand, Australia or Brazil because Binance P2P can serve you. The exchange supports over 31 real-world currencies.
What is the drawback?
The pool of buyers and sellers in the market is limited. But that’s okay, I think it will grow bigger in the future.
What is the fee for Binance P2P? It’s free to buy or sell.
Share On social Media 👇