Peer-to-peer (P2P) crypto exchanges allow crypto traders to trade with each other without a third-party intermediary. The concept of peer-to-peer lending has also grown into a broader concept known as crypto-backed lending. It allows users to provide a loan to a fellow cryptocurrency user. Both concepts give investors more flexibility when it comes to their rates.
Here’s a list of the 5 Best P2P Crypto Exchanges (Peer-to-Peer):
There are various limitations when buying crypto from a central institution, many of which won’t allow you to conduct transactions using cryptocurrencies without jumping through a few hoops. However, through peer-to-peer (P2P) platforms, you can easily pay for transactions using various payment methods, with some providing as many as 350 different instruments.
This guide will talk about the best P2P platforms and give you all the necessary details to start trading.
ByBit offers crypto products, such as spot trading against Bitcoin, USDT, DAI, and BTC.
Singapore-based ByBit is an exceptional P2P crypto exchange that boasts a versatile range of features ideal for traders at any level of experience. With over 10 million registered users, the platform has made a name for itself through exceptional customer service and quick processing times.
ByBit offers various crypto products, such as spot trading against Bitcoin, USDT, DAI, and BTC. The platform also allows users to trade multiple derivatives, such as futures, options, and perpetual contracts. Advanced users can find the company’s Defi mining and liquidity mining tools. In addition, ByBit Savings provides guaranteed yields on certain crypto holdings.
- Versatile fiat currency acceptance
- No purchasing fees
- Crypto derivatives trading with futures, options, and perpetual contracts
- Users can only transact in Tether (USDT)
- Unregulated exchange
Our second option is:
Binance is one of the most active exchanges in the cryptocurrency world.
Binance handles over $76 billion worth of daily transactions, making it one of the biggest exchanges in the world. Binance diversifies itself through its ability to connect users from all around the world. It allows them to trade various fiat currencies and cryptocurrencies, such as altcoins. It also offers various margin-based and futures trading products.
Binance has a withdrawal limit of 0.06 BTC for basic verification and is available in over 190 countries and regions. Through the Binance P2P platform, users can buy and sell digital currencies such as Bitcoin, Ethereum, DogeCoin, and Binance Coin. Users can also buy and sell their coins through the platform. They can use over 70 fiat currencies, such as the US dollar, euro, British pound, and Chinese Yuan.
Take a look at our Binance alternatives for similar exchanges that are available on the market.
- Exclusive customer support
- Special promotions and gift cards
- More protections
- Not suitable for beginners
- No built-in digital wallet
- Limited options in certain countries
Huobi is regarded as one of the best P2P platforms.
Huobi charges a mere 0.2% base fee, making it one of the most competitive platforms on our list. Moreover, it does not charge much, making it perfect for beginners who have just started trading.
The primary factor that sets Huobi apart from other P2P platforms is its 24-hour customer support. This level of service is typically not available in the crypto space. However, it is useful when dealing with issues related to transactions.
Huobi allows users to trade various cryptocurrencies such as Bitcoin, Ethereum, and USDT. The exchange has about 500+ cryptocurrencies available on the exchange for traders. In addition, there are competitive commission fees ranging from 0.0362% to 0.0193% for takers and makers.
- 24/7 customer service
- 100+ payment methods
- Spot trading and margin trading features
- Largely unregulated
- Lengthy registration process
LocalBitcoins is a best P2P exchange platform.
LocalBitcoins is a P2P exchange platform that simplifies buying and selling Bitcoins. It accepts various fiat currencies and allows users to pay with various payment methods.
Bitcoin transactions can be easily conducted through LocalBitcoins’ mobile app and web platform. It also allows users to send and receive coins from other Bitcoin wallets. However, the fees for moving coins vary depending on the network congestion.
Users should know before investing in this platform the fees LocalBitcoins charges for certain services, such as research and custom work. For instance, clients will be charged 200 EUR per hour if they need to research possible external issues.
Unlike other platforms, LocalBitcoins does not charge fees for buyers. However, it does charge a 1% fee for sellers who post ads to sell their Bitcoin. Users can also transfer their cryptos to the platform’s wallet for free.
- Functional web and mobile app
- No buying or selling fees
- Excellent reputation
- Only offers Bitcoin
- Limited features
You can buy bitcoins without commission through the Paxful P2P platform.
Through the Paxful P2P platform, users can buy Bitcoin without commission. However, it charges a 1% fee to its sellers. It is higher than other exchanges. The exchange accepts certain types of cryptocurrencies, such as Bitcoin, Ethereum, and Bitcoin Cash. However, users can pay using over 400 different payment methods.
Paxful has garnered a loyal following of traders as it allows users to customize their search for offers. With this platform, you can easily find the best deals on Bitcoin. You can also pay with various payment methods and see the offer’s location.
Unlike other exchanges, which offer various crypto services, Paxful doesn’t have as many features. However, it provides users free access to a Bitcoin wallet powered by BitGo, a leading provider of secure digital coins. It allows them to store their cryptocurrency in one of the best wallets.
- Sleek design
- Various payment methods
- Reputation system
- Fewer cryptocurrency options
- Limited support
The Bottom Line
Peer-to-peer trading provides a more flexible way for individuals to buy and sell cryptocurrencies. It allows them to set their prices and quantities, and it will enable them to pay with various payment methods.
All the exchanges, as mentioned above, will start trading for beginners and experts. We highly recommend you research each before putting your money into them.
You can use these exchanges to enter the lucrative world of cryptocurrencies and kick-start your trading career.