Crypto exchanges supporting Peer-to-Peer (P2P) trading are making it easy for people to buy and sell digital currencies. Whether you are a beginner or an experienced trader, here are the leading P2P exchanges you need to know about.
What’s a P2P Crypto Exchange?
A P2P trading platform allows users to trade digital assets with each other without any intermediary. This is how it works: A seller shares an ad of the crypto they are selling and the accepted payment methods. In case a buyer is satisfied with the seller’s terms, they make the payment, and the crypto asset is deposited to their wallet after the seller confirms payment.
P2P exchanges use the escrow system to lock the transacted crypto assets until the payment is complete. This system is designed to ensure both the buyer and the seller keep their promises.
Now here are the top P2P Platforms:
OKX P2P
Through the OKX P2P platform, users can trade with each other six crypto assets, including Ethereum, and Bitcoin, among others. The exchange supports over 90 fiat currencies and more than 50 payment methods. Note that it does not charge P2P trading fees.
How OKX P2P works:
First, sellers post ads with their desired prices alongside payment methods. This enables buyers to compare the offers and select their preferred seller. After a buy order is placed, the chosen seller immediately receives a message asking them to place the selected token in the escrow system. Once the buyer makes the payment and is confirmed by the seller, OKX transfers the token from escrow to the buyer’s wallet.
Binance P2P
While Binance is popular for spot trading, the exchange also supports P2P transactions. There are seven cryptocurrencies that users can trade on the Binance P2P platform. Some include Shiba Inu, Ethereum, and Bitcoin. Moreover, payments can be made using over 100 methods. And like OKX, P2P traders do not pay trading fees.
Bybit P2P
Bybit is known for providing traders with high leverage of up to 100x. However, it also has a P2P section, allowing users to trade four digital assets. Additionally, it supports more than 60 fiat currencies as well as 50 payment methods, including Skrill, PayPal, and Wise. No trading fees are charged.
BingX P2P
Most traders choose BingX P2P because of the cutting-edge safety measures it has put in place to ensure transactions are secured. The platform supports over 300 payment methods and more than 35 fiat currencies. No trading fees are incurred. The downside is that it only offers three crypto assets.
KuCoin P2P
The KuCoin P2P platform is ideal for crypto users who live in countries with tough restrictions on digital assets. That’s because it supports payment methods that are widely accepted. For instance, Traders based in Vietnam can engage in P2P trading on KuCoin using Momo as their payment option. The exchange has listed five cryptocurrencies on its P2P platform. They include the KuCoin token, USDT, Ethereum, USDC, and Bitcoin. Neither the buyer nor the seller pays trading fees.
MEXC P2P
MEXC P2P is another trusted platform for conducting peer-to-peer transactions. The service is used by 8 million traders scattered across 200 countries. Among the features that make MEXC P2P a go-to platform is its ability to support and offer customer service in multiple languages. Additionally, all transactions are encrypted, so unauthorized parties cannot access them. However, the P2P platform has a limited asset offering and supports only three fiat currencies: RUB, VND, and KRW.
Houbi P2P
Houbi crypto exchange is popular among traders from Asian countries such as Taiwan, Vietnam, the Philippines, Malaysia, and Indonesia. The Houbi P2P platform supports several payment methods, including ADVCash, local bank transfers, Neteller, Skill, and Perfect Money. Moreover, users can trade cryptocurrencies like USDD, Bitcoin, Ethereum, TRON and the Houbi token at zero fees.
Conclusion
The P2P platforms provide a way for people unserved by large financial institutions and banks to enter the crypto ecosystem. Creating an account with any of these platforms is super simple. Therefore, you can pick your preferred P2P exchange and easily sign up to buy your first crypto asset today!
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