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Are you looking for the best P2P crypto exchange to buy Bitcoin? P2P exchange or Peer-to-Peer is a decentralized exchange platform for individuals or groups. P2P allows direct transfer of digital currencies to individual accounts with the simple help of internet connection through mobile phones, tablets or web browsers without the involvement of any financial institution or government authority.
A peer-to-peer (P2P) cryptocurrency exchange is a platform that allows users to trade cryptocurrencies directly with each other, without the need for intermediaries like centralized exchanges. In a P2P exchange, buyers and sellers interact directly to execute trades, usually using smart contracts or escrow services to ensure the security and reliability of transactions.
P2P was first introduced by Napster in 1999, which was developed as an application for sharing files through centralized servers between individuals. The same concept is now used on Bitcoin exchanges where Bitcoin or BTC owners share digital assets, currencies and content.
How does a P2P crypto exchange work?
On a Bitcoin exchange, BTC holders exchange their fiat currencies for cryptocurrencies at the current rate. On a P2P exchange, sellers usually set the price and payment method such as PayPal, bank transfer, or credit cards. Buyers and sellers decide who they want to trade on the exchange. Participants are required to pay a small fee for participating in the exchange. A P2P transaction on an exchange typically involves the following steps:
Create or search for offers: Buyers and sellers can create offers to buy or sell specific cryptocurrencies. They can specify the amount, price and other trade details. Alternatively, users can browse existing offers and choose the one that matches their requirements.
Trade Execution: Once the buyer and seller agree on the terms of the trade, the exchange facilitates the execution of the transaction. This may include the use of smart contracts or escrow services to ensure the secure transfer of funds and cryptocurrencies.
Payment and settlement: Buyers and sellers exchange payment information and effect a transaction. Depending on the platform, different payment methods such as bank transfers, peer-to-peer payment applications, or cryptocurrency transfers may be supported.
Feedback and reputation system: After the trade is completed, both parties have the option to leave feedback and rate their experience with the counterparty. Such feedback helps establish the reputation of each user of the P2P exchange platform.
Point to remember while trading P2P
It is important to note that although P2P exchanges offer increased privacy, direct peer-to-peer trading comes with some risks. Users should exercise caution and conduct due diligence to check the reputation and credibility of the counterparty before engaging in transactions. In addition, some P2P exchanges have implemented additional security features and dispute resolution mechanisms to mitigate risks and ensure a smooth trading experience.
Best P2P crypto exchange 2023
Binance P2P
Binance, launched in 2017, is the largest crypto exchange in the world. At first, it started in China and then moved to Malta, European Union. Binance was launched in 2017 after the initial coin offering (BNB) (the native cryptocurrency of the Binance ecosystem) and has been leading the market since then. Binance is not just an exchange, it offers multiple services including instant cryptocurrency exchange, decentralized exchange, futures exchange, P2P exchange, staking platform, Launchpad for project savings, debit cards, and much more.
Binance P2P is a global peer-to-peer cryptocurrency exchange that allows users to register and make deals. Like the P2P model, there are many sellers listed to sell their cryptocurrency and you can buy directly from them. In case your users want to sell their coins, insert your ad, and Binance will help you to sell your cryptocurrencies. It also allows users to buy cryptocurrencies with the help of debit/credit cards, p2p transfer, and with the help of fiat currency transfer as well.
Visit the Binance Exchange
Huobi P2P Exchange
On Huobi, setting up peer-to-peer transactions for buying and selling is simple and requires only a few steps. You can trade with other marketers after registering an account and completing the KYC verification process. Select the rate and payment method of your choice, then confirm the transaction to convert USD into cryptocurrency or vice versa. A 40-minute window will be provided for funds to be sent and to be confirmed.
The transaction will be terminated and voided if neither party agrees to it by the end of this time frame. Huobi acts as a broker for P2P trading and does not charge any fees or commissions. You should contact Huobi customer service if you sent fiat money but did not receive your cryptocurrency.
Visit Huobi Exchange
Bybit P2P exchange
Starting January 18, 2022, Bybit launched peer-to-peer (P2P) transactions to facilitate simpler access on and off the road. According to the company, the rapidly expanding cryptocurrency exchange enables users to buy and sell tether (USDT) using other users quickly, securely, and without any platform or costs. additional on the Bybit website.
Bybit’s P2P platform gives users more control over cryptocurrencies for fiat transfers and vice versa, in a safe and secure environment, by providing more than 80 different payment methods and more than nine fiat options (Australian Dollar, Hong Kong Dollar, Indian Rupee, Malaysian Ringgit, Philippine pesos, Russian rubles, New Taiwan dollars, Ukrainian hryvnias, and Vietnamese dongs). The seller will place his cryptocurrency after the buyer completes his order.
Visit ByBit Exchange
LocalCoinSwap (global)
In 2018, the LocalCoinSwap ICO was announced to raise funds to build the world’s most comprehensive peer-to-peer cryptocurrency marketplace. As reported by ICObench, the ICO has raised about $12,150,000 USD. LocalCoinSwap has decentralized exchange revenue through cryptocurrency contributors and has provided 100% distribution of profits from exchanges to owners of the original cryptocurrency called LCS.
LocalCoinSwap is a global non-custodial p2p crypto exchange that supports over 250 payment methods worldwide. It is also the world’s first peer-to-peer multi-block exchange where all trades are secured by 100% open source smart contracts. It supports the exchange of Bitcoin, Ethereum and other Altcoins as well with a file Minimum fee structure.
Visit LCS Exchange
OKX Exchange P2P
On OKX Market, you must first have a verified account before you can start P2P trading. After creating your account, go to the P2P platform, choose the currency and cryptocurrencies you wish to trade, then add any filters you wish, such as price or amount available.
By clicking on the Buy button next to your preferred offer, you can make a purchase by choosing the quantity you wish to purchase as well as the payment method. Examine your order details, then confirm the transaction. Payment must be made outside of the OKX app. Once the seller verifies that your payment has been received, OKX will hold the cryptocurrency you purchase in an escrow account. Choose your preferred payment currency before posting a listing for selling cryptocurrency on OKX P2P.
WazirX
Another India-based P2P exchange platform that will allow users to trade digital assets like Bitcoin, Ethereum, Litecoin, Ripple, and many more. WRX is the utility token used in the WazirX platform that will be used for all transactions in the platform, earning rewards and also can be used to trade other cryptocurrencies. They are required to submit their full KYC details within 15 days of joining the pre-registration stage.
You can also earn an additional 100 coins for referring the program to your friends who can in turn also earn by doing the same. In the second stage, the first 30,000 users can earn 250 WRX coins for registering and submitting their detailed KYC reports within 15 days and they have to make their first trade on the specified date. The following 30,000 users can earn 100 WRX for signing up and being active on the platform.
Visit WazirX Exchange
Paxful (universal)
Paxful was founded in 2015 and has been growing ever since. The company pledges to remain true to the peer-to-peer ethos of Bitcoin and has delivered on its promises. It offers users to buy and sell bitcoin with more than 300 different payment methods including Western Union, debit or credit cards, Paypal, various gift cards (Amazon, iTunes, Google Play, etc.) and even local payment methods such as PayTM and Phone Pe in India.
Paxful’s user interface was the slickest and most intuitive of all the other P2P platforms and its rates are also among the lowest. Paxful also offers a unique affiliate program where you can make 50% of all trades made by direct affiliates and 10% more from affiliate deals made by your affiliates.
Visit PaxFul Exchange
Remitano (universal)
Founded in Seychelles, Remitano is a P2P cryptocurrency marketplace where users can easily buy or sell major cryptocurrencies directly using alternative payment methods including bank transfer, cash deposit or mobile money. It offers a simple user interface, 24/7 customer service, and lowest fees compared to other marketplace. The Remitano exchange app is also available for Android and iOS devices.
Visit Remitano Exchange
BitValve
BitValve is a newly launched P2P decentralized exchange based in Cyprus. It aims to eliminate the shortcomings of existing decentralized exchanges. The exchange offers low fees and supports many cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Monero, and many more. BitValve supports both cryptocurrency and cryptocurrency trading options. It has also launched its mobile app for Android and iOS platforms.
At BitValve, only 0.08% fee is applied to the trader who owns the offer if you do not have enough BTV tokens while the fee is only 0.5% if you pay it with BTV tokens.
Visit BitValve Exchange
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