The Best P2P Exchanges in 2023

P2P cryptocurrency exchanges are platforms for interaction between buyers and sellers without intermediaries. They guarantee the integrity of P2P (person to person, peer to peer) transactions and provide the appropriate infrastructure for trading.

With these platforms, cryptocurrencies can be exchanged directly without the involvement of a third party. Commissions are usually minimal, may not exist at all or be charged only on one side of the transaction. This overview from Profinvestment.com takes a closer look at reliable and liquid p2p cryptocurrency exchange platforms.

The best p2p exchanges in 2022:

The transfer of funds is done with special software and does not require third-party involvement. The scheme embodies the idea of decentralisation, which is exactly what the creator of Bitcoin was talking about.

What is a p2p cryptocurrency exchange (marketplace)
p2p trading is the exchange of cryptocurrencies for fiat currency or vice versa, where payment is made directly between users and funds are not stored on the trading floor.

Peer-to-peer p2p exchanges are a natural extension of the concept of removing some of the limitations of conventional BTC exchanges. Online exchanges have been the primary tools for dealing with the cryptocurrency throughout bitcoin's existence.

Buying and selling currencies is an important part of the crypto-economy. As the need for peer-to-peer transactions with a wide range of available payment methods grows, top crypto exchanges, including Binance, Bybit, OKX, Huobi, MEXC and KuCoin, are implementing this capability.

Seeing the many shortcomings of centralised market systems, community participants have literally transformed the market by creating a new way of exchanging - decentralised peer-to-peer systems run by software rather than people.

However, people also play an important role. If there is a conflict with the seller/buyer, the user appeals - tech support reviews the transaction, accepts evidence of rightness or wrongness from both sides and decides whether to hand over the money to one of the parties.

The Best P2P Exchanges in 2023

Let's look at today's most popular peer-to-peer crypto exchanges and their main features:

#1 Binance P2P

• Website: p2p.binance.com/en
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Tether (USDT), Binance Coin (BNB), Ethereum (ETH), Binance USD (BUSD), Dogecoin (DOGE), Dai (DAI), Shiba Inu (SHIB).
• Commissions: None

The platform from top cryptocurrency exchange Binance allows verified users to trade cryptocurrencies - their exact list depends on the currency in which the payment is made. For example, you cannot buy Dogecoin with rubles, and SHIB with yuan.

In trading, the fiat transactions are made outside the exchange, between users themselves, while the cryptocurrency is blocked in the seller's exchange account, then sent to the buyer's exchange account. The exchange does not charge a commission for trading.

#2 Bybit P2P

• Website: bybit.com
• Verification: required after reaching a certain volume of trades
• Cryptocurrencies available: Bitcoin (BTC), Tether (USDT), Ethereum (ETH)
• Commissions: None

The platform was launched by the cryptocurrency exchange of the same name in January 2022. It can be used without verification as long as the total trading volume does not exceed $1,000. The operating principle is the same as on other exchanges and involves the use of an escrow account. If the seller does not send the blocked coins within 10 minutes of receiving the payment, the support team has the right to transfer the coin from the reserved funds to the buyer.

At launch, fiat currencies supported were INR, VND, AUD, HKD, MYR, PHP, GBP, TWD and UAH for payment. Of the cryptocurrencies, only Tether (USDT) was initially available. There are no transaction fees.

#3 OKX P2P

• Website: https://www.okx.com/
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Tether (USDT), Ethereum (ETH), USD Coin (USDC), True USD (TUSD), Dai (DAI)
• Commissions: None

This marketplace is set up in exactly the same way as the previous one. The difference is in the range of assets available for trading - OKX has an order of magnitude more of them. Transactions are available to users who have verified their identity.

Using P2P platforms on centralised exchanges often gives you the opportunity to fund your account much more profitably than using direct methods. It is therefore recommended to investigate and master such a method.

#4 Garantex

• Website: garantex.io
• Verification: not required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Dai (DAI)
• Fees: 0.15% per ad creator, 0.2% per respondent

Garantex is a cryptocurrency exchange where withdrawal codes (vouchers) can be created and traded on the built-in p2p platform, including through the official Telegram bot. Payment is made directly to cards or traders' e-wallets.

A code is created in your account as one of the withdrawal methods. If you have bought a code, you can activate it under "Assets", thereby funding your account.

#5 Huobi P2P

• Website: huobi.com
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Huobi Token (HT), EOS (EOS), Huobi USD (HUSD), Ripple (XRP), Litecoin (LTC)
• Commissions: 0.7% from the creator of the ad

The marketplace from the Huobi exchange. On Huobi P2P, customers can trade cryptocurrencies and tokens, and the selection is large enough for this kind of marketplace.

Trading commission is only charged to the merchant (ad creator). Trading is only available to verified users, and to become a merchant you need to submit a special application and ensure that you meet the requirements for the staff to recognise you as a credible counterparty.

#6 MEXC P2P

• Website: mexc.com
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Tether (USDT), Ethereum (ETH), EOS (EOS), Ripple (XRP), USD Coin (USDC), True USD (TUSD), Tron (TRX), AME Chain (AME)
• Commissions: None

A trading platform offered by MEXC Global. Similar in functionality to previous exchanges, it allows verified users to trade cryptocurrency for fiat directly with each other.

On MEXC P2P, clients can buy or sell a wide range of assets. There are no transaction fees at the time of writing. A wide variety of payment methods are available, including cards and payment systems.

#7 KuCoin P2P

• Website: kucoin.com
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Tether (USDT), Ethereum (ETH), USD Coin (USDC), KuCoin Shares (KCS)
• Commissions: None

Users of KuCoin P2P on the exchange of the same name can trade in demanded currencies, making payments in 20+ variants.

There are no commissions, and verification of traders is required. There are over two dozen global fiat currencies and a multitude of transfer methods. All you need to do is find an offer from a merchant, which accepts the payment method you are comfortable with..

#8  Bitget P2P

• Website: bitget.com/en/p2p-trade
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Bitget Token (BGB)
• Commissions: None

A marketplace from the popular Bitget crypto exchange. It works on the same principle as the others: there are merchants and simple traders, and you can become a verified merchant to increase your credibility. The functionality is under Buy Crypto -> P2P trading, only available after verification.

#9 Phemex P2P

• Website: phemex.com/en/buy-crypto/fiat/p2p-markets
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
• Commissions: None

Phemex, too, has launched a peer-to-peer marketplace in addition to other functionality. Commissions are zero, and the list of supported cryptocurrencies is still very limited. The payment methods available depend on the specific country and the specific fiat currency. Two-factor authentication must be activated to trade.

#10 Bitzlato

• Website: bitzlato.com
• Verification: not required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Litecoin (LTC), Dash (DASH), Tether (USDT), USD Coin (USDC), Dai (DAI), MonolithosDAO (MCR), Measurable Data Token (MDT)
• Commissions: 0.5% of the creator of the ad

Bitzlato, a P2P exchange, is based on a Telegram bot that has been in operation since 2015. The goal is to create a multifunctional platform that will include not only an exchanger, but also a mining pool, a merchant service, encrypted wallets, an exchange

The creator of the ad pays a commission of 0.5%, there is no commission for his counterparty. The platform is a complete funds management system, including wallet, exchange and trading facilities, while creating all the conditions to minimise costs.

#11 Pexpay

• Website: pexpay.co
• Verification: required (can be transferred from Binance account)
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB)
• Commissions: None

Pexpay is a p2p exchange supported by the Binance exchange.

Importantly, they allow you to link your account to your Binance account and transfer funds between platforms without a fee. It is recommended to use this exchange if you want to use a payment method not supported on Binance itself.

#12 LocalCryptos

• Website: localcryptos.com
• Verification: not compulsory
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH)
• Fees: 0.25% from ad creator, 0.75% from respondent

LocalCryptos is a p2p platform formerly known as LocalEthereum. It allows peer-to-peer trading of cryptocurrencies such as ETH, BTC, LTC, BCH and DASH. The site supports a large number of payment methods - many major banks, electronic payment systems, cash, gift cards, etc.

The security of transactions is ensured by the escrow principle, whereby the cryptocurrency is locked into the user's account before payment is made. This way, the chance of losing your funds is minimal, even though you are trading with human beings. And you can reduce the chance to zero completely by choosing counterparties with good ratings and statistics.

LocalCryptos does not require any verification to work, all you have to do is confirm your email address.

#13 Sky Crypto

• Website: skycrypto.net
• Verification: not required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
• Commissions: 1 % on purchase, 0.5 % on sale

Sky Crypto is a feature-rich platform that combines p2p trading tools and a payment service for merchants.

Supported payment methods: any bank cards, UniMoney, Kiwi, mobile phone balance. The service has a user-friendly interface and 24-hour technical support.

#14 PaxFul

• Website: paxful.com
• Verification: not required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
• Fees: 0.1 % to 5 %, depending on payment method (vendor only)

The main advantage of the PaxFul exchange is the huge choice of ways to pay for bitcoins, ether and USDT. Not only e-wallets and bank cards, but also gift cards, cash and altcoins. No fee is charged to the buyer.

To help newcomers get up to speed and find a reliable seller, there is a special training programme. In addition, there is a special "Find a better offer" button, which makes bidding easier and quicker.

Remarkably, on PaxFul, sellers are able to create their own payment methods, so the total number is constantly growing.

#15 LocalBitcoins

• Website: localbitcoins.fi
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC)
• Commission: 1 % from the creator of the advertisement

LocalBitcoins is an exchange that has been operating since 2012 and has maintained a leadership position throughout that time. It allows exchanges to be made in just a few minutes among a variety of destinations. It provides payment escrow services for the security of each transaction. According to the name, only bitcoins can be traded here.

The disadvantages are that it is difficult to find a partner for a deal with a zero account. You have to try to pump it up to gain trust. Also, only bitcoins can be bought or sold on the exchange (but more than 200 fiat currencies are supported).

The creator of the ad pays LocalBitcoins a commission of 1% of the transaction amount. The commission of the bitcoin network is also taken into account. There are listing limits - a novice can create no more than five bids - and two ways to set the price: exact or floating.

#16 Bitpapa

• Website: bitpapa.com
• Verification: not required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Toncoin (TON), Tether (USDT). Monero (XMR)
• Fees: Withdrawal only

Bitpapa is a p2p cryptocurrency exchanger for Bitcoin, Ethereum and Tether stabelcoin. Available in fiat currencies: RUB, USD, EUR, BYN, UAH, KZT, UZS. The platform is registered in Belize and does not require account verification. You need to confirm the email and phone number. There are no commissions for deposit and trading operations. Withdrawal fee: 0.5% of transfer amount is charged.

We have personally tested the platform, made a cryptocurrency purchase, and withdrawn it to an external wallet, and can recommend it for p2p transactions.

#17 HodlHodl

• HodlHodl
• Website: hodlhodl.com
• Verification: not required
• Cryptocurrencies available: Bitcoin (BTC)
• Commissions: up to 0.6%

HodlHodl is a P2P exchange where security is ensured through the use of multisignatures (multisig contracts). Commissions are low. There is no need to verify your account by proving your identity.

Numerous fiat currencies are supported, with bitcoin or other cryptocurrencies available for purchase or sale. The platform's support team responds quickly and is available 24 hours a day, seven days a week, seven days a week.

New registrants are given certain limits on the number of offers, in order to combat spam.

#18 LocalCoinSwap

• Website: localcoinswap.com
• Verification: not compulsory
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and others
• Commission: 1 % from the creator of the advertisement

Localcoinswap is a platform launched in 2018 that supports 10+ cryptocurrencies and many fiat payment methods. You can start trading immediately after registration, without account verification. Security is guaranteed by the ex-protection of each transaction. The project offers many tutorials on blockchain and cryptocurrencies.

Withdrawal fees are limited to those that are optimal for the current level of blockchain utilisation. The decentralised platform can be used by people from all over the world.

#19 Totalcoin

• Website: totalcoin.io/ru/offers/buy/rub/
• Verification: required
• Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC)
• Commissions: 1 %

Totalcoin is a fairly well-known cryptocurrency wallet from 2017. It is also equipped with a p2p marketplace. The user needs to create and verify an account. Be sure to read the rules of the service before proceeding. The functionality is available through both the web version and the mobile app.

#20 Bisq

• Website: https://bisq.network/
• Verification: not required
• Cryptocurrencies available: 120+
• Commissions: 0.1% from the broker and 0.7% from the taker

Bisq is a fully decentralised, open-source marketplace that allows the exchange of cryptocurrencies into fiat currency and back without registration, much less verification.

Like other P2P exchanges, Bisq does not keep users' money in their accounts, but simply links wallets together. Anyone can follow the work and development of the project on GitHub or Slack.

To use the system, download the Windows application, add accounts in the required digital and fiat currencies, and then you can start trading. The process takes no more than ten minutes.

Safe P2P Exchanges

Among the safest p2p platforms are those launched by reliable and time-tested crypto-exchanges as additional functionality.

The most credible platforms are those that have passed Proof-of-Reserves, which means that they have verified the existence of assets in their accounts, so that users who store cryptocurrency there for p2p trading can be sure that they will withdraw it at any time without any problems.

Examples of such platforms:

• Binance P2P
• OKX P2P
• KuCoin P2P
• Gate P2P
• Huobi P2P
• Phemex P2P

P2P Exchanges without Verification

Identity verification requirements may vary from exchange to exchange, but in most cases it is possible to trade without it. This is complicated by the fact that merchants (ad creators), in order to protect themselves from fraud, may impose a KYC requirement on the counterparty, so for anonymous users there will be limited choice of offers.

Examples of p2p platforms where you can trade without verification:

• Bybit P2P (limits depend on currency; KYC is compulsory immediately for trading for Roubles, and for USD, EUR, UAH - transactions are allowed without confirmation as long as their total volume does not exceed 1000 USDT).

• Garantex. Verification is possible but not compulsory. Opens up more possibilities, e.g. top-up in fiat currency.

• Bitzlato

• LocalCryptos

• BitPapa

• Sky Crypto

• HodlHodl

However, if you intend to become a merchant or simply trade large volumes of cryptocurrency, you will still have to pass the KYC.

P2P exchanges for arbitrage

The main popular exchanges that are convenient to use for p2p arbitrage:

• Binance P2P

• Bybit P2P

• Huobi P2P

• OKX P2P

• Garantex

• Bitzlato

These platforms have low or zero commissions, good spreads, moderate number of scammers (but they still exist, like everywhere else). They also have a simple and user-friendly interface and support all major currencies and cryptocurrencies for successful arbitrage. The fact that they are paired with spot exchanges gives additional arbitrage opportunities.

How p2p exchanges work.

The exchange software is used to automatically connect buyers and sellers with each other, subject to the conditions set by them.

First, let's remember how regular cryptocurrency exchanges work. A person who wants to sell bitcoins specifies a value and an amount. The created order is called an order and is placed in what is called a stack or order book. When another user wants to buy bitcoins, he either creates his own buy order or responds to someone else's existing matching order. The system then processes the transaction.

Naturally, bitcoin transactions can take a long time (5-10 minutes and sometimes several hours). When it comes to fiat transfers, it sometimes takes banks several days to process them. To speed up the trading process, a cryptocurrency exchange plays the role of a trusted intermediary and instantly authorises all transactions, even if they are not actually completed online yet.

P2P exchanges work differently to eliminate intermediaries. Instead of matching orders, they match the people behind those orders. That is, when they see matching buy and sell orders, the platform does not process them instantly, but connects the seller with the buyer first, saving them from having to go through intermediaries.

Although the system does not require human intervention by default, exchange staff can sometimes act as arbitrators when disputes arise. Otherwise, the software is finely tuned to match traders with each other in a decentralised way.

Differences Between a P2P and a Classic Exchange

Conventional cryptocurrency exchanges are also handy in certain cases, but there are significant differences between them and p2p.

Peer-to-peer platforms are an open marketplace, whereas the exchanger is fully centralised. At the exchanger you cannot specify your terms and conditions. Commissions are often high and opaque (included in the rate).

p2p is much more profitable in terms of rates due to competition between traders. You can also create your own orders on your own terms.

The disadvantage of p2p compared to an exchanger is the slower speed of completing the transaction. A single transaction can take up to half an hour (taking into account the maximum waiting time for buyer and seller). In practice, of course, it is usually faster - up to 10 minutes.

How to Choose a P2P Exchange

When selecting a p2p site, the following points should be taken into account:

1. Reputation. It is best to go with projects that have been operating for several years without any complaints. That way you can be sure that you won't encounter fraud. Also, the system of working on these sites is already well established, there is no risk of programming errors.
2. Security - how the developers have secured the user's finances.
3. Payment methods. The greater the choice of supported payment systems for sale/purchase, the more flexibility you have in managing your funds.
4. Fees and commissions. What percentage of the transaction amount the platform takes in its favour.
5. Liquidity.
6. The last thing to look at is the user interface and user-friendliness - if you plan to use the exchange for a long time and actively, this will also be important to you.

Advantages and disadvantages of P2P

FAQ

How are p2p venues different from traditional crypto-exchanges?

The principle of the trading organisation is to bring users together and ensure the security of the transaction, while the customers pay directly themselves.

How is the transaction secured?

An escrow account mechanism. The seller's cryptocurrency is blocked in the account and only transferred to the buyer after payment confirmation.

Is it possible to trade p2p on regular exchanges?

On some yes: Binance, OKX, Huobi, Bybit, KuCoin, MEXC, Bitget, Phemex, Gate.io.

Which p2p exchanges can I trust?

Projects such as LocalCryptos, Bitzlato and Bitpapa have a good reputation.

Who sets the course of trade?

The users themselves who create the ads. Of course, this rate is close to the market rate, but with a slight bias so that the trader can benefit.

Are there any transaction fees?

All p2p platforms can be divided into three types: some charge a small commission only to the creator of the advertisement, others divide it between the seller and the buyer. The commission is usually around 0.5-1%. Others do not charge any commission at all, this is the case for Binance P2P and other platforms from centralised crypto exchanges.

How do I choose a p2p exchange?

Pay attention to reputation, fees, supported cryptocurrencies and payment methods. Read the detailed terms and conditions, background information and user agreement.

What is p2p arbitrage?

A method of profiting from exchange rate differences when buying/selling on peer-to-peer markets.

How long do p2p deals take?

A limited time (10-20 minutes) is given to both the seller and the buyer to complete their actions. But usually the entire transaction is completed within 10 minutes from start to finish.

What are the disadvantages of p2p trading?

There are many fraudulent counterparties, but fortunately the reputation system on the exchanges helps. There may also be delays and difficulties due to technical problems with banks and payment systems.

Conclusion

Cryptocurrency P2P exchanges have some advantages over centralised cryptocurrency exchanges. If their developers can make these platforms even more user-friendly, fast and intuitive, they will attract significantly more traders to them. After all, privacy and unprecedentedly low commissions are to everyone's liking. Centralized exchanges have also seen the popularity of this option and have begun to launch their own p2p-services. They can be very effective for depositing or withdrawing funds, but anonymity is usually not possible.