Best p2p Crypto Exchanges In 2024

P2P crypto exchanges are the future of decentralized finance. The global P2P lending market surged to US$88 billion in 2022 and is projected to skyrocket to over US$919.73 billion by 2032 — an annual increase of 26.50%.

This growth potential is quite impressive!

So, why opt for P2P crypto, and which exchange is the best to use? Unlike traditional exchanges, they enable direct cryptocurrency trading, providing freedom, privacy, and choice. However, selecting the right P2P platform is challenging due to varying fees, liquidity, security, and accessibility.

To assist you in finding the best P2P crypto exchange for 2023, we’ve carefully reviewed and compared the top 5 based on criteria such as user experience, security, features, supported assets, and fees.

Key Takeaways

• P2P crypto exchanges allow users to trade cryptocurrencies directly with each other without involving a third-party intermediary.
• P2P crypto exchanges offer benefits such as freedom, privacy, choice, lower fees, and more payment methods and fiat currencies than traditional exchanges.
• The best P2P crypto exchanges for 2023 are OKX, Binance, KuCoin, MEXC, and Bybit, based on criteria such as user experience, security, features, supported assets, and fees.

What Is Peer to Peer (P2P) Trading

Peer to peer (P2P) trading means swapping cryptocurrencies without involving a middleman. It’s similar to directly buying and selling things from a neighbor but with digital money.

You get to pick who you trade with, decide the amount you want to exchange, and the way you complete the transaction.

To facilitate this process, platforms exist to assist you in connecting with other traders, ensuring your transactions are safe, and offering additional services to simplify and secure your trading experience.

5 Best P2P Crypto Exchanges 2023

As seen above, P2P crypto exchanges offer you more freedom, privacy, and choice than traditional exchanges. They also often support a more comprehensive range of payment methods and fiat currencies.

To enjoy these benefits, you need to pick the right platform. Here are five top P2P crypto exchanges for 2023 to consider.

• OKX — Best Peer-to-Peer Exchange Overall
• Binance — Best for Traders of All Kinds
• KuCoin — Optimal Choice for Burgeoning Markets
• MEXC — Best for Early-Stage Investments
• Bybit — Best Platform for Reduced Fees

Also Read: Best Crypto Exchanges for Day Trading in 2023 — Top 6 Platforms

1. OKX — Best Peer-to-Peer Exchange Overall

Topping our list as the ultimate peer-to-peer exchange is OKX — a platform you can rely on.

With OKX’s P2P trading, you can access over 900 local payment methods and 100 currencies. This makes it easy to buy and sell popular cryptocurrencies like USDT, BTC, USDC, and ETH using regular currencies such as USD, EUR, HKD, and more.

Whether you prefer setting your own ad with the price and payment method you like or picking from the existing offers, OKX makes it flexible. Plus, it has a nifty price discovery system to help you spot the best rates in the market for your trades.

What sets OKX apart is its dedication to security.

Safety is their top priority in P2P trading. Acting as an escrow service, OKX holds onto the funds until the buyer confirms the payment, which significantly reduces the risks of fraud and disputes.

You can even check the transaction history, feedback ratings, and online status of the other party before making a trade.

And the best part?

OKX’s P2P trading doesn’t charge any fees, allowing users to enjoy its perks without any extra costs. They also have a review system in place where users can rate and comment on their trading partners after each transaction.

Pros

• Offers high liquidity, security, and convenience for traders
• Supports over 100 fiat currencies and 900 payment methods
• Does not charge any fees on P2P trades
• It has a rating system that helps users find trustworthy and reliable sellers
• Allow users to set their own terms and price

Cons

• It only supports six cryptocurrencies, which limits the choices for users who want to trade other digital assets

2. Binance — Best for Traders of All Kinds

Another best-ranked in 2023 is Binance. It is a P2P exchange catering to traders across all levels of expertise and provides a highly liquid marketplace supporting over 100 payment methods. This platform facilitates trading in several cryptocurrencies, including Bitcoin, Shiba Inu, Tether, Ethereum, BUSD, BNB, and Cardano.

Their user-friendly website simplifies the trading process, allowing users to easily locate and complete transactions.

With filtering options for cryptocurrency, fiat currency, payment method, and amount, Binance presents a list of suitable sellers ranked by the most favorable exchange rates. Buyers encounter no fees for standard P2P trades, while sellers benefit from low fees of 0.1% or less.

Binance also incorporates a rating system enabling users to identify trustworthy sellers, which permits leaving post-trade feedback visible to the entire Binance community.

Additionally, users can create their own ads to establish personalized prices and terms, although this incurs a fee of up to 0.35%.

Pros

• Binance offers high liquidity, low fees, and various payment methods and currencies
• It has a user-friendly website
• Its rating system helps you find trustworthy and reliable sellers
• It supports ad posting to set your own price and terms

Cons

• Charges up to 0.35% to market makers posting a custom deal may reduce your profits
• Binance requires users to upload KYC documents, which may compromise privacy and anonymity

Interesting Read: 13 Best No KYC Crypto Exchanges in 2023 (Buy Crypto No KYC)

3. KuCoin — Optimal Choice for Burgeoning Markets

KuCoin, the vibrant crypto exchange hub, presents a spectrum of trading options — from spot to futures, margin, and P2P — infused with low fees and abundant liquidity. It’s another best P2P crypto exchanges worth exploring.

With a repertoire encompassing over 700 cryptocurrencies, including classics like Bitcoin and Ethereum and fresh innovations like Shiba Inu, Tamadoge, and KCS, KuCoin sparks excitement in the crypto realm.

What’s more, KuCoin isn’t just about trading; it’s a haven for earning interest on your crypto through staking or lending. Their intuitive website and app create a seamless experience for discovering and finalizing deals.

Supporting 50 fiat currencies through P2P markets and card channels like bank transfers, mobile money, UPI, and PIX, KuCoin embraces global accessibility.

In the quest for reliability, KuCoin’s rating system shines, guiding users to dependable sellers. Tailored for emerging markets, this platform extends a rich tapestry of cryptocurrencies, diverse payment methods, and an array of trading features.

Pros

• It has a wide range of security protocols to protect users’ funds and data, such as 2FA, encryption, cold storage, and anti-phishing codes
• Charges very low fees for trading, depositing, and withdrawing cryptocurrencies
• Offers discounts for using its native token, KCS
• Accepts local payment methods in emerging markets, such as bank transfers

Cons

• KuCoin is not licensed or regulated in the US, and does not accept US residents as customers.
• It does not have a blog, a FAQ section, or a tutorial section on its website

4. MEXC — Best for Early-Stage Investments

From spot and margin trading to futures and leveraged staking, MEXC is a playground for crypto lovers. The platform even hosts a launchpad for initial exchange offerings (IEOs), showcasing promising new ventures in the crypto world.

One of the standout draws of MEXC is its zero fees for spot trading and minimal fees for futures trading. This perk makes it a magnet for traders aiming to cut costs and amplify their gains.

But that’s not all — MEXC boasts support for an extensive range of cryptocurrencies, a whopping 1,520 coins, and 2,110 trading pairs, to be exact. This vast selection provides users access to a diverse market, including popular coins like Bitcoin, Ethereum, and Litecoin, alongside up-and-coming innovations such as POOLX.

The platform’s launchpad feature adds an enticing layer. It invites users to partake in IEOs of promising crypto projects.

To get in on this action, users must hold MX tokens, the platform’s native tokens. These tokens unlock a range of benefits, from trading fee discounts to voting rights and exclusive entry into IEOs.

Essentially, the launchpad offers a golden opportunity to invest in fledgling crypto projects at an early stage, potentially reaping substantial rewards down the line.

Pros

• MEXC supports over 1,500 cryptocurrencies and 2,100 trading pairs
• It has zero fees for spot trading and very low fees for futures trading
• MEXC offers various trading options and features, such as margin trading, futures trading, leveraged staking, and a launchpad
• It has a user-friendly and secure mobile app that is compatible with Android, iOS, and Windows devices.
• MEXC does not require KYC verification for users

Cons

• MEXC restricts its services in certain countries, such as the United States, Canada, China, and others, which may affect its global reach and compliance

Also Check: Best Zero Fee Crypto Exchanges to Buy Bitcoin & Cryptos (2023)

5. Bybit — Best Platform for Reduced Fees

Ending our list is Bybit. It shines as a top player in the world of crypto trading, boasting 19 million users and a daily trading volume surpassing $10 billion.

This platform lets you dive into trading with a punch, offering up to 100x leverage on Bitcoin and other sought-after coins in the derivatives market, as well as up to 10x leverage on crypto-fiat pairs in the spot market.

Bybit’s Unified Trading Account feature is also a game-changer, allowing you to handle spot, margin, and derivatives all under one roof.

What makes Bybit stand out?

Well, for starters, its fee structure is a trader’s dream. Spot trading comes with different fee setups based on products and your VIP level. Makers might pay as low as 0.06%, while takers could pay 0.1%.

For derivatives trading, makers could get a rebate of 0.025%, and takers might pay 0.075%, no matter the VIP level.

Even better, if you trade more than 100 million USDC in a 30-day span, makers pay 0% and takers just 0.01% for options trading. Bybit sweetens the deal further by offering discounts as you climb up the VIP ladder or participate in their promotions.

Speed and liquidity are Bybit’s jam, ensuring lightning-fast executions and top-notch prices for your trades. Security? Covered. They’ve got your back with 2FA, encryption, cold storage, and anti-phishing codes — talk about Fort Knox-level security!

Pros

• Bybit offers low trading fees for both spot and derivatives trading
• It has a mobile app, making it easy to trade when away from the computer
• Allows for extremely high leverage, especially on P2P Bitcoin exchange products
• Bybit has a rebate for the market maker and an insurance fund guaranteeing that losses will not have to be socialized.

Cons

• Bybit is not available to US residents
• Does not support fiat purchases of cryptocurrency

Interesting Read: MEXC vs Bybit: Which Is The Better Crypto Exchange in 2023?

How Do Peer to Peer Exchanges Work?

P2P exchanges deal with users directly, skipping the middleman. But how do they actually work?

Think of it this way: You want to get some Bitcoin using your local currency, like Kenyan shillings. Instead of heading to a regular exchange that pairs your order with someone else’s, bringing along high fees and limited options, try a P2P exchange.

On a P2P exchange, users post ads to buy or sell Bitcoin. You can sort through these ads based on amount, currency, and payment method to find your best match. Once you spot one, you kick off the trade and chat directly with the other person.

The exchange steps in as a safe middle ground, holding onto the Bitcoin until both sides confirm the payment. When everything checks out, the Bitcoin goes into your wallet, and the shillings head to the seller’s account.

Conclusion

P2P exchanges offer advantages over centralized counterparts: lower fees, diverse payment options, faster transactions, and enhanced privacy. Yet, challenges exist, akin to any adventure. Finding the right platform might resemble a treasure hunt, and occasional disputes or scams may arise.

Knowing the best P2P apps or platforms we’ve covered above equips you with guidance and support.

These platforms address common drawbacks of P2P exchanges, enhancing security and simplifying trading for those interested in decentralized options.