A peer-to-peer (P2P) exchange is a platform that allows buyers and sellers to trade cryptocurrencies directly with each other. Since there are no intermediaries, users have the freedom to set their own terms and conditions for P2P crypto trading in the US.
Using a P2P exchange is easy. All you need to do is browse the sellers (if you are a buyer) and check their fees and accepted payment methods.
Peer-to-peer crypto exchanges offer several benefits over traditional exchanges in terms of lower fees and more privacy. There are, however, security issues with such exchanges as there is no central authority to monitor and verify the trade.
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The best P2P crypto exchange – Our picks
The following are the top P2P crypto exchanges:
- OKX: It is one of the most popular P2P exchanges that supports most global currencies and is compatible with over 100 local payment methods. The platform doesn’t charge a fee for P2P trades and provides various tools to help users execute the trade smoothly.
- MEXC: It is a reputable P2P platform that executes crypto transactions efficiently. Each side gets the option to select from several payment methods and their desired currency.
- Binance: It is a highly flexible and accessible platform that allows users to trade using their preferred payment method and currency. Such flexibility, along with high security and low fees, make Binance P2P a popular choice among traders.
- Bybit: It is one of the most versatile P2P platforms with a solid lineup of exchange pairs. The platform works hard to ensure buyers and sellers are able to trade efficiently and get fair deals.
- KuCoin: It is considered as the best investment destination by several experienced traders. The platform offers users a secure environment to create and browse listings, choose their preferred payment methods and negotiate prices.
- Gate.io: It is an incredibly secure platform where users can buy popular cryptocurrencies at the best rates. The platform boasts of several filters and tools to help buyers in executing trade quickly and efficiently.
- Paxful: It is a safe and secure marketplace that allows users to trade Bitcoins and a few more popular cryptocurrencies with almost any conceivable payment method, ranging from traditional to modern ones.
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The best P2P crypto exchange – A closer look
Now that you know which are the best peer-to-peer crypto exchanges, let’s understand what makes them best.
OKX – Popular P2P exchange that values security
With an average daily trading volume of over $2 billion, OKX is one of the biggest crypto P2P exchanges. The exchange offers an easy-to-use mobile app with plenty of useful features, analytical tools, and access to several investment products.
On the platform, buyers can select sellers based on cryptocurrency, payment method, fiat currency, and preferred purchase amount. On the other hand, sellers are allowed to set the prices of their cryptocurrencies and accept payment methods.
A seller must share payment instructions to execute a trade on the exchange and deposit the cryptocurrencies in OKX’s escrow after a buyer expresses an interest. After the buyer deposits the funds, the exchange delivers the cryptocurrencies to the buyer.
The exchange provides ratings and feedback on users to help them select a buyer and seller. OKX also offers an express buy option, where users enter details of the currency and cryptocurrency, and the system automatically selects the best offer.
OKX’s P2P platform supports six cryptocurrencies, over a hundred fiat currencies, and more than 900 payment methods, ranging from local bank transfers to TransferWise. The exchange doesn’t charge any fees for P2P trades.
Pros
- Range of supported payment methods
- No fees for P2P trades
- Secure escrow system keeps P2P trades safe
- Rating and feedback ensures users select the right trader
Cons:
- Limited cryptocurrencies supported
- Some payment methods may attract higher fees
MEXC – Reputable exchange with free P2P trades
MEXC, a platform trusted by millions of users globally, allows P2P trades in more than 30 payment methods and 3 fiat currencies. However, the P2P services are available only to verified users in Vietnam, South Korea, or Russia.
MEXC allows users to easily register their payment methods, including Momo, ShopeePay-SEA, bank transfers, and ZaloPay. The exchange doesn’t charge any trading fees to buy and sell cryptocurrency assets on the P2P platform.
The exchange ensures that users on the platform are verified account holders, and each trade is secured through escrow service. The platform has a live chat box to further maintain trust, allowing users to communicate directly with P2P merchants.
To help buyers select the right seller, the exchange provides in-depth information on sellers, including their number of previous trades, ratings from other buyers, and more. Moreover, each seller has a minimum and maximum purchase amount.
Users need to complete primary KYC to start using MEXC P2P. New users who have been P2P merchants on other platforms for at least one year enjoy the same status on MECX.
Pros
- No commission from buyers on P2P trades
- More than 30 payment methods supported
- Strong measures in place to ensure the trade is legitimate
- Users can chat directly with each other
Cons:
- Limited cryptocurrency and fiat currency options
- Available in very few markets only
Binance – A big P2P exchange with high liquidity
Binance, the world’s largest cryptocurrency exchange, offers a separate P2P platform alongside margin and spot market sections. The exchange’s P2P trades carry zero transaction fees and offer 24/7 customer support to enhance the overall trading experience.
Like other popular P2P platforms, Binance P2P also has an escrow service that secures the trade by holding cryptocurrencies until both parties confirm the trade. The platform also has a chat feature that allows buyers and sellers to chat with each other.
Buyers get several filters to search for deals depending on their preferred payment method and fiat currency. The platform lists the deals on the basis of the seller’s quoted exchange rate.
Though the exchange doesn’t charge any fee for standard P2P trades, buyers and sellers can place an ad for the price they want by paying a small fee. Binance also recently added AI to reduce the risks related to P2P trading.
Most P2P trades on the platform are completed within 15 minutes. Binance, however, doesn’t offer comparison against spot prices, implying that users will have to check exchange rates manually before proceeding.
Pros
- Supports variety of payment options
- High liquidity on the platform
- Offers a wide selection of cryptocurrencies beyond Bitcoin
- Presence of advanced trading features
Cons:
- Binance has run into regulatory issues in some parts of the world
- Binance’s centralized platform overshadows the P2P platform
Bybit – best P2P exchange for international traders
Bybit, which is best known for margin trading accounts, is one of the best P2P platforms as well. The platform offers leverage of up to 100x and has one of the lowest commissions in the market.
Bybit may not be the biggest exchange, but it is definitely among the most resourceful. The platform’s interface looks very similar to traditional spot market interfaces, which people with prior investment experience will be familiar with.
Additionally, the platform ensures that both buyers and sellers receive optimal prices and quickly decide to exchange the assets. Bybit supports only four crypto coins and more than 60 currencies, including USD, EUR, and GBP.
Similar to other platforms in our list, Bybit also offers several payment options to facilitate trade between people from different regions. The exchange also doesn’t charge any fees for trading cryptocurrencies.
Executing the trade on the platform is simple. Buyers just need to select the coin, payment type, and purchase amount, and the platform then lists the most competitively priced sellers. Once the buyer purchases the crypto, they get access to Bybit.
Pros
- Supports multiple payment options
- No fees charged from buyers and sellers
- Works to ensure fair deal for everyone
- Focus on security
Cons:
- Only four cryptocurrencies supported
- Some may not find the platform easy to navigate
KuCoin – Best option for users in the emerging world
KuCoin is a popular crypto P2P platform with a user-friendly interface and robust security measures. The platform supports over 30 fiat currencies and more than 100 payment methods. Moreover, it offers 24/7 customer support to quickly resolve any disputes and issues.
KuCoin’s escrow services and mandatory KYC protocols help minimize the risk of fraud and enhance overall platform security. Further, the platform features a feedback and rating system to help users assess the credibility of other users.
What makes KuCoin P2P better than many others is its focus on payment methods and currencies from countries that have restricted crypto trading, such as Vietnam and India. The platform also supports major currencies, including USD, EUR, and GBP.
KuCoin also doesn’t charge any fee for P2P trading, rather the buyer pays the exchange rate quoted by the seller. The minimums on the platform usually start from just $10, which is ideal for new traders.
KuCoin is a tier-one crypto exchange with over 30 million users, and thus, there is no dearth of liquidity. High liquidity is good for P2P trades as it ensures competitive market prices and sufficient volumes.
Pros
- Very high liquidity as it is used by more 30 million traders
- Large number of payment methods supported, including from emerging countries
- No fees for P2P trades
- Robust security measures in place
Cons:
- Supports just five cryptocurrencies
- KYC mandatory to make P2P trades
Gate.io – A P2P platform to facilitate quick trade
Founded in 2013, Gate.io is one of the oldest crypto exchanges that is used by more than 16 million traders. The primary exchange lists more than 2,100 coins, while the P2P platform supports 4 coins — Bitcoin, Ethereum, Tether, and Dogecoin.
Gate.io provides real-time spot prices next to each coin, making it easy for buyers to determine if they are getting the best price. The platform also allows several filters to help buyers select the right seller, including those with a Blue VIP tick (certified sellers).
Gate.io supports over 100 payment methods and more than 40 fiat currencies. The platform doesn’t charge buyers any P2P fees, but sellers may pay up to 0.2%, depending on the volume.
Gate.io requires users to complete KYC before entering P2P trades. The platform has implemented an added security measure in the form of a trading confirmation prompt that double-checks the quantity, purchase amount, and payment method before finalizing the trade.
There are exchanges where you can begin trading without the KYC process.
Buyers and sellers can contact each other through a live chat box function. Moreover, to ensure quick transactions, the platform only displays merchants who are currently online.
Pros
- Shows real-time spot price to help buyers compare
- Displays online merchants only to facilitate quick transactions
- Larger number of payment options supported
- Useful filters to search the right seller
Cons:
- Liquidity can be low at times
- Limited cryptocurrencies offered
Paxful – A safe and secure P2P platform
Paxful is a peer-to-peer online marketplace that enables users to buy and sell selected cryptocurrencies with anyone in the world. The best thing about Paxful is that it supports over 350 payment methods, ranging from traditional options like bank or wire transfers to modern methods like Apple Pay or PayPal.
Established in 2015, Paxful operates in more than 100 countries and has served over 10 million users. Though the platform offers limited cryptocurrencies, users like its reliability the most. The platform focuses heavily on ensuring that users feel secure and safe on it.
Paxful users can use the BitGo wallet, which is considered one of the safest in the market. The platform also has a secure escrow service to facilitate smooth transactions and reduce the risk of fraud. Moreover, it boasts of a user-friendly interface and a robust customer support system, making it ideal for beginners and experienced traders.
Paxful follows a rigorous verification process to ensure the credibility of its users and meet its commitment to certifications and compliance. Additionally, users need to complete KYC to operate on the platform. Paxful doesn’t charge any fees from buyers, but sellers have to pay 1% service fee.
Pros
- Proprietary BitGo-powered Bitcoin wallet
- High focus of security and safety
- Multiple payment methods supported
- No fees for P2P trades
Cons:
- Limited cryptocurrencies support
- Lack of additional crypto services
The best peer to peer crypto exchanges compared
| Exchange | Payment methods | No. of cryptos supported | Trading fees | Customer service | KYC |
| OKX | 6 | 100+ | Zero fees | Yes | |
| MEXC | 4 | 30+ | Zero fees | Live chat | Yes |
| Binance | 8 | 700+ | Zero fees for standard traders | Live chat | Yes |
| Bybit | 4 | 80+ | Zero fees | Yes | |
| KuCoin | 5 | 100+ | Zero fees | Live chat | Yes |
| Gate.io | 4 | 100+ | Zero fees | Live chat, Email | Yes |
| Paxful | 3 | 350+ | Zero fees when you buy or receive crypto. 1% service fee from sellers | Live chat, Email | Yes |
The pros and cons of P2P crypto trading
Like everything, P2P crypto trading has its benefits and drawbacks. Let’s take a look at those:
Pros
- P2P exchange allows traders to use their local currency and payment method to buy and sell cryptocurrencies. For example, a regular exchange may not accept a payment in Thailand’s local currency, but a trader can use a P2P exchange to make a local bank transfer without incurring any extra fees.
- All traders pay the same price (spot price) for a cryptocurrency in a regular exchange, but buyers and sellers set their own prices in a P2P exchange. The rate in a P2P exchange is usually lower, resulting in better deals for buyers and quick access to cash for sellers.
- A regular exchange may be banned in a country; still investors in those countries can use a P2P exchange to trade directly with global sellers.
- Most P2P exchanges use an escrow system to protect both buyers and sellers. The seller deposits the crypto tokens into the escrow. Exchange releases the tokens only after the seller confirms the receipt of payment from the buyer.
Cons
- Most P2P platforms lack integrations with other services, such as charting tools, analytical sites, or automation vendors.
- There is always the risk of scams with P2P traders. Scammers might pose as legitimate traders and ask for payments outside the platform or encourage users to reveal your personal information.
- Liquidity in P2P exchanges is usually less than a regular exchange. Low liquidity may result in fewer buyers and sellers, making it difficult to execute bigger trades at favorable prices.
- P2P exchanges usually operate in a relatively unregulated environment, and this may expose users to legal risks. Thus, it is important that traders get clear information on local crypto laws to mitigate such regulatory risks.
How to choose the right P2P crypto exchange
The above firms are the best P2P crypto exchanges, but they may or may not meet all your needs. Thus, you must select a P2P exchange that meets your requirements. Taking into account the following factors will help you to choose the right P2P crypto exchange:
- Number of supported cryptocurrencies: An ideal platform is one that supports a wide range of cryptocurrencies. The availability of multiple cryptocurrencies helps traders to diversify their portfolios and give them more earning opportunities.
- Fiat currencies and payment methods supported: A platform that supports more fiat currencies and payments will attract more users worldwide. Traders will get options to choose their preferred payment method and currency.
- Trading fees and user interface: High trading fees can significantly reduce your profits. Thus, it is important to select a platform that charges no fees or has minimum fees. Moreover, it is also important to select an exchange that has an easy and intuitive interface.
- Safety and security: It is crucial that you select an exchange that has implemented proper safety and security measures to protect both buyers and sellers, such as an efficient escrow system.
- Customer support and dispute resolution: A platform with quick and responsive customer support is vital to enrich the whole trading experience. Additionally, it is important that the platform you select has a quick and effective dispute resolution mechanism, including for filing appeals.
Our methodology explained
We considered several parameters to create our list of the best P2P crypto exchanges. Our team of experts finalized 15 parameters (both quantitative and qualitative) to rank the P2P exchanges.
We assigned each exchange a score on each parameter and used the total of those scores to determine the best crypto P2P exchanges.
Some of the parameters that we considered are:
- Supported coins and payment methods: We preferred exchanges that support more coins – both fiat and cryptocurrencies – and more payment methods.
- Mandatory KYC: Though KYC is somewhat against anonymity, we still prefer platforms that have a mandatory KYC process. A mandatory KYC helps make the platform and trade safe and secure.
- High liquidity: A platform with high liquidity ensures plenty of buyers and sellers on the platform, ensuring quick trade completion at a fair price.
- Escrow service: We only considered exchanges that offer a secure escrow service. A secure escrow system is very important for the smooth processing of P2P trades.
- Useful filters and rating system: We prefer a platform that provides useful filters for buyers to select the right seller for them. Moreover, a platform offering ratings on buyers and sellers and allowing buyers and sellers to rate each other got higher scores.
