Best P2P Crypto Exchanges of 2024 — Top Choices For Traders

Peer-to-peer (P2P) crypto exchanges are platforms where users can trade cryptocurrencies directly with each other. Their popularity stems from their autonomy and flexibility, lower fees, and enhanced privacy.

This guide focuses on the best P2P crypto exchanges, examining their popularity, how they work, and the benefits they provide to users. We’ll also provide insights into why these platforms are gaining traction and how they can be beneficial for your trading strategy,

The Best P2P Crypto Exchanges Reviewed

1. Best Wallet — Best P2P Platform For Decentralized Trading 

Best Wallet is a non-custodial, multi-chain crypto wallet that features a decentralized exchange known as BEST DEX. Users can trade on this DEX without needing to create an account or complete KYC verification. Best Wallet connects users to liquidity pools rather than sellers to ensure the best prices. Exchange rates will vary based on trading volume and market depth, while transaction fees will be based on specific liquidity pools and gas fees.

Best DEX supports 1000+ coins on Ethereum and BSC. It also has a mobile app and a native token called $BEST. Traders can buy or earn $BEST tokens through the Best airdrop campaigns. Token holders will also pay lower transaction fees.

In addition to that, Best DEX features advanced charting options, and it’s integrated with Onramper, a third-party aggregator that enables the best prices when buying crypto with fiat.

2. Exodus — P2P Platform That Can Be Integrated With Trezor

Exodus is another crypto wallet that has an integrated exchange called XO Swap. Users can swap over 100,000 digital assets across 50+ networks from 11 liquidity pools.

This multi-chain Web 3 wallet can connect with one of the top hardware wallets, Trezor. XO Swap is not a standard P2P crypto exchange platform, but its swapping services are offered through third-party API providers. These providers will determine the minimum and maximum order limits based on their liquidity and market conditions. Exodus Wallet can be downloaded as both a desktop and mobile app. Fees will vary depending on the network used.

Exodus users can also earn rewards provided by third parties by staking their coins. Each coin comes with a different earning mechanism and a different reward rate. Moreover, the Auto Restaking feature will enable users to save their staking fees.

3. MEXC — Best P2P Exchange for Beginners

MEXC is the best P2P cryptocurrency exchange platform for beginners. It supports 1600+ digital assets, 30+ payment methods, and three fiat currencies. Its P2P trading program has a beginner-friendly design, which makes it suitable for newbies. Investors can also buy and sell crypto via the official website or a mobile app.

To conduct a trade, users will have to select P2P as their transaction mode and tap the Buy tab. Next, they’ll have to choose between USDT, USDC, BTC, and ETH. And finally, they’ll have to select their preferred P2P merchant. All P2P trades come with zero fees.

This P2P platform also has a native token, MX, which will enable its holders to receive a 50% discount on trading fees and participate in its airdrop. MEXC recently launched a P2P comment feature that will enable users to leave feedback on their trading experience.

4. OKX — Best P2P Platform for Advanced Traders

OKX is a P2P decentralized exchange that supports 320+ tokens and 40+ networks. Traders can use its P2P service to buy and sell USDT, USDC, BTC, ETH, DAI for zero fees. This platform also supports 100+ payment options and 100+ fiat currencies.

What sets the OKX P2P exchange apart is its pricing algorithm, which helps traders get the best prices. Moreover, traders can execute cross-chain trades. All P2P trades come with zero fees, and traders can leave feedback using the P2P trading reviews feature. There is also an Express Buy tab that will automatically select the best offers.

OKX’s P2P merchant program consists of three tiers — Lite, Super, and Diamond — each with different benefits. That said, OKX is a suitable platform for advanced traders since they’ll have total control over their trades. They’ll also be able to use trading bots and take loans.

5. Binance — The Largest P2P Platform That Supports 800 Payment Options

Binance is the largest P2P crypto exchange platform that supports 150+ digital assets, 100+ fiat currencies, and 800+ payment methods. Traders can use its P2P trading service to buy/sell existing offers, create ads, and set their own prices. The P2P trades on Binance take about 15 minutes, while the fee rate will depend on the P2P user tier. This platform also uses AI tools to prevent P2P scams. Its key feature includes a built-in escrow service that safeguards every transaction.

The Binance P2P exchange has an intuitive interface that contains various filters. For example, users can base their search on payment methods or fiat currencies. Once the merchants accept the deals, they’ll send the funds directly to the Binance P2P wallet.

Binance has its own native token, BNB, which allows its holders to receive a 5% discount on fees. This platform is also available in the US.

6. Bybit — Best P2P Platform for International Traders

Bybit is the next contestant on our list of P2P crypto exchanges. This CEX stands out with its zero-fee P2P program. The only fees its users will have to pay are transaction fees to the payment provider, which will be based on the payment method. This makes Bybit ideal for international traders.

P2P Bybit also allows its users to be both block advertisers and verified advertisers at the same time. However, they’ll first have to make the corresponding security deposit. In addition to that, the P2P trading service is available on its official website and mobile app.

This platform supports 60+ fiat currencies and 300+ payment methods. Traders can use its P2P service to buy and sell BTC, ETH, USDC, and USDT. This platform recently launched the Bybit P2P Shield, which will protect P2P traders from fraudulent activities. Moreover, users who are marked as potential risks will have to provide a security deposit.

7. BingX — Best P2P Platform for US Traders

BingX is a top-rated crypto P2P platform available in the US. This platform supports 750+ digital assets, 30 fiat options, and nearly 300 payment methods. Keep in mind that P2P traders can only buy and sell tether (USDT). Moreover, only approved merchants can publish ads. On the other hand, all P2P trades come with zero fees. Traders will only have to pay fees to third-party channels depending on their payment method.

On top of that, sellers will be able to set their own prices. To prevent fraud, BingX implements the T+1 withdrawal limit for P2P trades. I.e., traders will have to wait at least one day to withdraw or sell their purchased tokens. P2P trading can be conducted via BingX’s official website and mobile app.

8. Gemini — Best Platform for Crypto-to-Crypto Traders

Gemini is one of the most popular centralized exchanges in the US. It supports 60+ digital assets, 8 payment options, and 20+ crypto-to-crypto trading pairs. This makes Gemini a suitable option for crypto-to-crypto traders.

This platform is also tailored for both beginners and advanced traders. The former can benefit from its user-friendly interface and educational resources, while the latter can benefit from its advanced version — Gemini’s ActiveTrader. This advanced version has features such as dual market tracking and faster order execution.

Gemini is not a standard P2P trading exchange, as it uses liquidity pools instead of peer-to-peer mechanisms. This means that the fees on this platform will be quite high, as they will depend on the order amount and payment method. For example, web orders can cost $0.99 per trade. However, the higher the trading volume, the lower the fees.

9. KuCoin — Best P2P Platform for Merchants

KuCoin is one of the best exchanges with P2P services that enables its users to trade USDT, BTC, ETH, KSC, and USDC for zero fees. Its intuitive design allows traders to execute their trades relatively fast. This platform also enables users to conduct futures and margin trades.

KuCoin supports multiple networks, 30+ fiat currencies, and 100+ payment methods. P2P trades take under 5 minutes, and traders can set their own prices. KuCoin P2P utilizes strict security measures, which include escrow services, dispute-resolution mechanisms, and feedback/rating systems. The P2P trading service is available as a desktop and mobile app.

KuCoin’s native token, KSC, will provide extra benefits to its holders, such as a 20% discount on trading fees. Moreover, those who become KuCoin P2P merchants will be able to make money through crypto arbitrage. They’ll also be able to participate in special promotions and get access to KuCoin’s advanced trading features.

10. BitGet — The Most Secure P2P Platform

BitGet is a crypto exchange that supports 800+ digital coins and tokens and 140+ fiat currencies. Investors can use its P2P trading service to buy/sell seven cryptocurrencies: USDT, BTC, ETH, USDC, BGB, DAI, and WLD. BitGet P2P charges zero fees. However, some payment method service providers may charge a fee.

This platform supports 100+ payment methods and uses an escrow system to protect its users from fraud. This means that BitGet will hold the funds until the buyer confirms that payment has been made.

BitGet has a native token, BGB, which can be staked for rewards. This is also a governance token, which means that it will enable its holders to get voting rights. Moreover, it has a well-designed mobile app, and the majority of the funds are kept in cold wallets. BitGet is known for its world-class security. This platform is backed by Qingsong Cloud Security, Suntwin Technology, Armors, and HEAP. It also has 12 A+ ratings from SSL Labs.

11. CoinEx — P2P Platform With the Best Promotions

CoinEx is a crypto exchange that supports P2P and third-party trading. Its P2P service enables users to buy and sell tether (USDT) using 100+ fiat currencies. Moreover, all trades come with zero fees. CoinEx’s P2P program also enables buyers to communicate with the sellers through real-time communication channels.

That said, all P2P transactions are protected by CoinEx’s security program, which includes self-developed offline storage systems and multi-signature protocols. CoinEx is also partnered with SlowMist, a notable blockchain security firm. This platform has an intuitive interface that features a newbie’s guide and video tutorials, making it suitable for beginners.

CoinEx frequently offers special promotions. For example, the CoinEx Dibs will enable users to buy popular coins for a 50% discount. Traders will also be able to participate in airdrop sessions, and CoinEx plans to release a mining feature soon that will enable traders to mine popular coins to earn airdrops.

12. Gate.io — Best P2P Exchange That Supports Dogecoin

Gate.io is the best P2P crypto exchange platform that supports DOGE. In addition to dogecoin, traders can use its P2P trading service to buy and sell USDT, BTC, and ETH. This platform offers real-time spot prices to help users find the best deals. Buyers can also use filters like Crown and Blue VIP to find the best sellers.

Its P2P trading program supports 60 payment methods. Buyers won’t have to pay transaction fees, while sellers may have to pay a fee of up to 0.2%, depending on the volume. Likewise, users will be able to receive payments in 45+ fiat currencies, while premium merchants will gain more visibility for their ads.

Gate.io uses a self-developed trading system that is audited by third-party auditing companies. It also uses third-party cloud security defense services and an anti-DDoS attack mechanism.

Why Should You Use P2P Cryptocurrency Exchanges

There are a variety of benefits when using the best P2P crypto exchanges to facilitate your trades. 

Privacy protection

With P2P crypto exchanges such as Binance, you can trade bitcoin with cash and can bypass traditional bank accounts or online wallets, effectively trading in a decentralized manner. This means no one is collecting your personal data providing a much higher level of privacy.

Access multiple payment methods

There are limitations to the methods of purchase when purchasing crypto from centralized institutions. Some banks refuse to facilitate crypto transactions, while those that do often have to jump through many hoops to do so. 

As a P2P crypto exchange is simply matching a buyer to a seller’s advert, they can provide a much larger range of payment methods. For example, you can access more than 350 payment methods when using the Binance P2P platform. 

Trade at the price you want

The whole concept of peer-to-peer crypto exchanges is to provide crypto users with freedom to trade at the prices they want. Whether you are a buyer or seller, you post an advert and set your own prices. 

Lower transaction fees

A traditional crypto exchange usually charges a fee to connect buyers and sellers and facilitate the buying and selling process. The best crypto P2P exchanges offer much lower fees — most of the time zero —to purchase crypto. 

The fees are typically pushed onto the seller to post their advert but are generally still very low. 

Access a global marketplace

Peer-to-peer crypto exchange platforms connect buyers and sellers from all over the world. This means users have access to a wide network of other traders. As P2P crypto platforms are not centralized, governments can’t shut them down. 

Limitations of Using P2P Bitcoin Exchanges

As with any form of investing, there are some limitations to be aware of when using P2P crypto exchanges. Some of these are discussed below. 

Low liquidity

It is common for P2P crypto platforms to have much lower liquidity than a traditional OTC exchange. While the P2P platforms allow users to set their own prices and trade quantity, it doesn’t mean to say, there will be someone else out there in the world willing to match the terms. 

On an OTC exchange, all types of individuals are ready to transact at every price level, as the order book includes short-term traders, long-term investors, algorithmic arbitrage robots, yield farm hedging players, and many more.

Therefore, your orders are likely to be matched instantaneously with another buyer or seller.

Slower transaction speeds

As P2P crypto trading has lower liquidity, there will be a slower transaction speed than a traditional OTC exchange. This is because when the buyer purchases crypto from a seller, they need to wait for the funds to reach the seller. Depending on the method, this could be relatively instant or take days.

Once the seller has received the funds, usually they then need to inform the P2P crypto marketplace that the funds have cleared. This is so that the platform can release the crypto that was held in escrow to the buyer.

There is also the risk that one of the parties may pull out while waiting for funds to clear, which is not an issue on OTC exchanges.

Higher risk of scams

As most P2P crypto exchanges are not regulated by a financial regulator, there is always a heightened risk of scams and fraud. Users can create fake profiles and provide false details to lure newbie investors into sending funds or providing personal details.

This is why it is extremely important to stick to the most well-known and biggest P2P crypto exchanges, as they will naturally provide a higher level of safety. It is also ideal to use exchanges that offer customer support to discuss any potential issues that may arise.

How to Use a P2P Crypto Exchange

Below is a step-by-step process for trading crypto using Best DEX, one of the best P2P crypto exchanges in the world.

Connecting Your Wallet

Click the ‘Connect Wallet’ button and choose Best Wallet, MetaMask, WalletConnect, or Coinbase Wallet.

Trading

The Trade button is in the upper right corner of the official site. Click on it to see three options: swap, buy, and pool.

Swapping

If you choose to swap, the first given option, you can exchange one cryptocurrency for another. You should:

1. Choose a token from the dropdown menu.
2. Enter the amount of cryptocurrency you want to swap in the input field next to the token you are swapping from. The platform will automatically calculate and display the amount of the token you will receive.
3. Click the Swap button to proceed.

Buying Crypto

If you choose to buy — the second option provided — you should:

1. Enter the amount of fiat currency (automatically provided in your native currency) you wish to spend.
2. Choose the cryptocurrency you want to purchase.
3. Select your payment method: credit card, debit card, Google Pay, or Apple Pay.
4. Click Buy to finalize your purchase.

Pool: Providing Liquidity 

If you choose the third given option – pool, you should: 

1. Click + New Position to add liquidity to the pool. 
2. Choose the tokens and amounts you wish to add.
3. Confirm the transaction.

Conclusion

Our guide on the best P2P crypto exchanges delved into each one’s specifics, exploring what makes it stand out. By analyzing this, we uncovered both its benefits and limitations. This was all done to offer you a clearer and easier approach to selecting the right P2P crypto exchange.

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