Best P2P (Peer-to-Peer) Crypto Exchanges 2024

Table of content

• List of the Best P2P Crypto Exchanges
• Reviews of Best P2P Exchanges
• Reasons To Use P2P Crypto Exchanges
• How to Choose The Best P2P Exchange?
• Conclusion on P2P Exchanges
• Frequently Asked Questions

P2P crypto exchanges have special features. Some are best for safety, others have many options, a great user experience, or new trading ideas. 

1. Nexo is a digital platform where you can invest in crypto loans with as little as $1. It connects borrowers with investors who can lend them money directly. 

2. Crypto.com has low fees and is easy to use. For those looking to trade large amounts, Crypto.com has a special service called an Over-the-Counter (OTC) Portal with good rates. 

3. Bitfinex is a platform where people can trade Bitcoin, US dollars, euros, and different types of Tether, including Tether Gold (XAUt), directly with each other. 

4. OKX is a top P2P exchange where people can trade cryptocurrencies directly. There's no middleman, giving users more control over their trades and prices. 

5. Coinbase is mainly known for its regular trading services. But it also has peer-to-peer options, which makes it a good choice for people looking for peer-to-peer crypto exchanges. 

6. Binance is a great peer-to-peer crypto exchange. It supports many cryptocurrencies and is easy to use. 

7. KuCoin stands out for its low costs and wide range of cryptocurrencies. It's a top choice for anyone looking for a cost-effective and diverse trading experience. 

8. Bybit offers many different cryptocurrencies. People like it for its fancy trading tools and quick customer help. 

9. HTX (Huobi) is known for being dependable and one of the top platforms for people to trade cryptocurrencies with each other. 

10. OpenPeer opened in 2022 and is dedicated to crypto exchange, creating a decentralized and open-source. It's for those who prefer a more community-oriented approach to P2P trading.

11. Gate.io is recognized for its extensive list of supported cryptocurrencies and is often listed among the best P2P crypto exchanges.

12. Paxful offers an easy-to-use interface and a wide range of payment options. It is a top choice for global users looking for a peer-to-peer cryptocurrency exchange. 

13. Uniswap is a DeFi tool that makes swapping different cryptocurrencies on the Ethereum network easy without needing a middleman. 

Nexo is a platform where you can buy, swap, and hold Bitcoin and many other cryptocurrencies. It offers more than 500 trading pairs and lets you trade over 70 types of digital currencies without charging any fees. 

The platform has simple trading options, including Swap, Trigger Swap, and Booster. Nexo also allows users to trade directly with each other using NEXO tokens. 

Pros:

• No wire transfers; spend freely without limits.
• Dedicated IBAN accounts.
• Multiple cards without strict limits.
• Contactless payments via Google Pay or Apple Pay.
• User-friendly app.
• Multiple wallets for BTC, ETH, USDC, USDT, and TRX.

Cons:

• Some features not available in certain regions
• Holding NEXO required for the best rates

Crypto.com exchange is user-friendly for people who want to lend or borrow money. Lenders can pick loan periods of 7, 14, or 28 days, decide their interest rates, and use a feature that automatically lends their money again under the same conditions. They can have as many loans going as they want. 

Borrowers enjoy flexible interest rates and can pay back their loans in parts without extra fees for paying early. The costs they pay change based on how much they borrow compared to the value of their collateral and if they have CRO cryptocurrency. They can have up to three loans at the same time. 

Pros:

• The interface is easy to use, and the charts are clear. 
• Handy options to add and withdraw money. 
• Cashback and discounts.
• The Supercharger and trading rewards. 

Cons:

• The fee to fix this isn't set; it changes.

Bitfinex started in 2012. At first, Bitfinex was a place where people could trade Bitcoin with each other. Now, it also lets people trade other types of cryptocurrencies.

Bitfinex is known for being a professional trading platform that can handle many trades at once. It offers different trading methods, such as directly swapping currencies, using borrowed money to trade, lending money to others, and trading products based on the future price of cryptocurrencies.

Bitfinex is big regarding the amount of Bitcoin it has in its digital wallet. It's the second biggest in the world and has around 400,000 BTC. 

Pros:

• Many trading options, including margin trading, derivatives, and OTC trading.
• Low trading fees compared to other exchanges.
• Advanced trading tools such as order types, charting, and API access.
• Mobile app for trading on-the-go.

Cons:

• Experienced security breaches in the past.
• Limited customer support.

OKX is a user-friendly crypto exchange with free P2P trading. The fast KYC process makes it easy to sign up and start trading quickly. OKX keeps your crypto safe by using escrow during trades, releasing funds only when the seller confirms payment. This makes trading on OKX secure for everyone. 

Pros:

• OKX offers P2P trades without a service fee.
• Signing up and trading after a fast KYC check is simple.
• Your crypto trades are protected with an escrow service until the seller confirms payment.

Cons: 

• Fewer cryptocurrencies to choose from for P2P trading.
• P2P markets on OKX might not be as busy as spot or futures markets.
• Users in the U.S and Canada can't use OKX due to rules and regulations.

Coinbase offers a secure way to manage digital assets. It has a strong safety program to keep customer investments safe. If you need help, you can chat with a virtual helper or a live person during certain hours. Adding money from your bank to Coinbase is free of charge. 

In the UK, you can transfer money to Coinbase from your bank at no cost. The platform lets you trade cryptocurrencies like Bitcoin and Ethereum, along with 10 different assets. 

Pros:

• Start with a small deposit.
• Quick crypto withdrawals.

Cons: 

• Higher fees than other crypto trading sites.
• Charges Ethereum network fees plus 3% for trades.

Binance P2P trading lets users buy and sell directly with each other, using cryptocurrencies and regular money. It's easy to use: buyers can quickly find what they want, and sellers can find buyers without hassle.

Best of all, Binance doesn't charge any fees for this service. They offer many different cryptocurrencies and currencies, so plenty of options exist.

For safety, Binance locks the crypto until the seller receives payment. They also help traders communicate with each other and offer good customer support if there are any problems. This makes trading on Binance P2P cheap, safe, and user-friendly. 

Pros:

• Acts as a go-between to ensure transactions are correct.
• Talks with the buyer or seller and someone from Binance's help team.
• Facial recognition verification involves a few steps.

Cons:

• It may be restricted in some countries. 

KuCoin P2P platform is great for trading crypto. You only need to verify your identity and phone number to get started. The app is easy to use, letting you pick your favorite money and crypto fast. You can see a list of traders to help you decide.

P2P trades on KuCoin are free. The platform keeps your money safe during trades and works with many different types of money and crypto. 

Pros:

• Easy-to-use P2P exchange on the KuCoin app
• KuCoin ensures safe asset transfers
• Deal with verified KuCoin traders only
• No fees for P2P trading

Cons:

• Trading directly with others (P2P) can be trickier than using a crypto exchange.
• If you confirm a wrong transaction, you might lose your money.
• Trading with people off the KuCoin site can be risky.

Bybit stands out among P2P crypto exchanges for its ease of use and wide range of trading options. It offers free conversion between 4 cryptocurrencies and 62 fiat currencies, including USD. Starting is simple with a quick sign-up and KYC process. 

The Bybit platform is user-friendly. It allows posting ads for buying or selling crypto and swiftly completing transactions. If there are any issues, Bybit's support is ready to help. This makes Bybit a secure and convenient choice for P2P crypto trading.

Pros:

• No fees for person-to-person trade
• Quick 15-minute max for confirming purchases and sales
• Uses many different types of money 

Cons:

• Spot markets offer more cash and assets to trade than this platform.
• Trade quickly or your transaction may be canceled.
• For safety, always trade on Bybit's platform to prevent scams.

Setting up an HTX account and completing KYC is easy, allowing you to start trading quickly. It supports a wide variety of 6 cryptocurrencies and 74 fiat currencies. HTX offers a straightforward trading process with a 40-minute window to ensure timely transactions. 

There are no fees or commissions for P2P trading on HTX, making it cost-effective. If any issues arise, their customer support is ready to help. Their support for multiple blockchains also adds flexibility, making it a user-friendly and secure option for P2P crypto trading.

Pros:

• No fees or commissions for P2P trades
• Multiple blockchains supported
• Simple set-up and KYC process

Cons:

• Transactions must be verified within 40 minutes to be canceled.
• Less trading volume compared to regular markets.
• Focus on the Asia markets.

OpenPeer is a P2P crypto exchange that lets you trade directly from wallets like Metamask or Trust Wallet. It's cheaper because there are no middlemen, and you have more control over your money. Your funds are safe with a special contract that acts like an escrow.

This platform mainly deals with Tether (USDT) and only charges a 0.3% fee for sellers. It's great for people in countries like Nigeria, Ghana, India, and Brazil, as it supports their local currencies and payment ways. With OpenPeer, you control your money fully, making trading secure and affordable. 

Pros:

• Use wallets like Metamask or Trust Wallet for trading.
• Good for users in places like Nigeria and India.
• Works with different types of money and ways to pay.
• Fits both small and big peer-to-peer trades.
• Charges a 0.3% fee for trades.
• Get rewards for using the platform to trade.

Cons:

• Only supports USDT on Ethereum, Binance Smart Chain, and other EVM networks.
• New platform with limited liquidity in some currencies.

Gate.io P2P crypto exchange is great for its ease of use and trading opportunities. It supports trading of 4 popular cryptocurrencies with 36 different fiat currencies. A standout feature is that users can easily become merchants on the platform, allowing them to sell crypto for fiat. 

This includes perks like personalizing profiles and gaining visibility for reliable trading. Gate.io hosts a trading contest for active traders with big prizes. It's great for people who want to trade a lot of crypto with others. 

Pros:

• Free P2P trading on Gate.io.
• Easy KYC for users and merchants.
• Users can become merchants for extra rewards.

Cons:

• P2P exchange offers just 4 cryptocurrencies.
• No US license for operation.
• Beware of frequent phishing scams; only use Gate.io on the official platform.

Paxful is a peer-to-peer exchange that started in 2015. It mainly deals with Bitcoin, Ethereum, USD Coin, and Tether. What makes Paxful different is that it lets you pay in over 350 ways, including Apple Pay, PayPal, and bank transfers. You can even use gift cards from places like Amazon.

The website is easy for beginners to use. It has filters to help you find the right sellers quickly. Buying on Paxful doesn't cost anything, but sellers have to pay a 1% fee. This fee might make their prices a bit higher than on other similar websites. 

Pros:

• A P2P exchange started in 2015.
• Allows trading with 350+ payment methods, like gift cards.
• Buyers trade for free, with no fees.

Cons:

• Only Bitcoin, ETH, Tether, and USD Coin are supported.
• Sellers charge a 1% fee.

Uniswap is a popular platform where you can trade different cryptocurrencies directly with others. It doesn't use middlemen or complicated systems for trading. You can trade without giving away your personal information, and you don't need the other person to be there when you swap your tokens.

The platform uses a system that makes trading easy, cheap, and private. Uniswap is known for letting people lend out their cryptocurrencies. When they do this, they become part of a pool that helps others trade. 

In return, they get a cut of the trading fees, like earning a little extra money. Just remember, Uniswap is only for trading cryptocurrencies, not regular money like dollars or euros. 

Pros:

• Top platform for earning from lending cryptocurrency.
• No need for ID verification; trade without sharing personal details.
• Works with top ERC20 tokens.
• Fully decentralized with automated contracts and no central control.

Cons:

• No support for fiat currency payments.
• A trading fee of 0.3% is higher than the average.

P2P crypto exchanges provide several key benefits for cryptocurrency trading:

Decentralized Exchange 

P2P crypto exchanges operate decentralized, meaning no central authority or intermediary is involved. This reduces the risk of censorship, fraud, and single points of failure, as the system doesn't rely on a central server or entity.

Direct Trading

Users on P2P exchanges trade directly with each other, setting their prices and terms. This peer-to-peer approach can lead to more competitive pricing. It allows users to find trading partners that match their specific needs.

Fast Transactions

Transactions on P2P platforms can be completed quickly without intermediaries. Once the parties agree on a trade, the exchange of assets can happen almost instantly, depending on the blockchain.

Low Fees

P2P exchanges often have lower fees than traditional centralized exchanges. They typically charge smaller transaction fees as they don't have to maintain an expensive infrastructure or pay a large staff.

Multiplatform Support

Many P2P crypto exchanges support various platforms, including web browsers, mobile apps, and sometimes desktop applications. This makes it convenient for users to trade from anywhere and on any device.

Privacy

P2P exchanges usually require less personal information from their users than centralized exchanges. Some may not require KYC (Know Your Customer) verification. It allows for more privacy and anonymity in transactions.

Choosing the best P2P crypto exchanges requires careful consideration. Consider various factors like security, ease of use, and reliability.

Regulatory Compliance

Choose an exchange that adheres to financial regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. This demonstrates the platform's commitment to legal operations and user safety.

Regional Availability

Ensure the exchange is available in your country or region. Local regulations may restrict access or affect your ability to withdraw funds to a local bank account.

User Reviews

Research what other users say about their exchange experiences. Look for reviews on multiple platforms and consider both positive and negative feedback. High ratings and positive reviews can be a good sign of a trustworthy and user-friendly platform.

Escrow Services

In P2P deals, keeping the buyer and seller safe is important. An escrow service holds the money or items until everyone does what they agreed to, helping prevent scams.

Verification Process

Understand the verification process required by the exchange. Some exchanges may require extensive documentation to comply with regulatory requirements, while others offer more privacy. Consider your comfort level with sharing personal information.

Educational Resources

Good P2P exchanges often provide educational materials to help users understand P2P trading, security best practices, and how to navigate the platform. This is particularly useful for beginners.

Mobile App Availability

Check if the exchange offers a mobile app for trading on the go. A user-friendly mobile app can make P2P trading more convenient and accessible.

Community Engagement

Active engagement with the community can be a sign of a responsive and customer-focused exchange. Look for forums, social media presence, or other platforms where the exchange interacts with its users.

Policies on Withdrawals and Fees

Understand the exchange's policies on withdrawal limits, fees, and processing times. Some exchanges may have daily or monthly withdrawal limits, which could impact your trading strategy.

Insurance Coverage

Determine if the exchange has insurance coverage to protect users' funds against potential security breaches or theft. Insurance can provide an additional layer of security and peace of mind.

In 2024, there are many different P2P crypto exchanges to choose from. Each one is designed for different needs. For example, Coinbase is known for its strong security, while Uniswap is known for being innovative. 

No matter what you're looking for – whether it's low fees, an easy-to-use platform, or a variety of cryptocurrencies – you can find an exchange that fits your needs. As crypto market changes, these exchanges will be important for the future of trading digital assets. 

As the crypto market evolves, understanding what a crypto exchange is and choosing the best one is essential for trading digital assets.