Peer-to-peer (P2P) crypto exchanges are user-friendly platforms for buying and selling cryptocurrencies. They use an escrow service to ensure sellers and buyers securely transact with each other. Such crypto exchanges operate in a few understandable steps. First, a seller displays their cryptocurrency offer and the acceptable payment method. If the buyer finds the offer favorable, they make the payment, and the exchange deposits the crypto into their account after the seller confirms receiving the funds.
Here are the top P2P Crypto Exchanges:
This platform supports more than 800 payment methods, making it a top choice for crypto traders. Additionally, all P2P transactions at OKX attract zero fees. You can trade six crypto assets, including ETH and BTC.
How OKX P2P Works
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First, buyers select the cryptocurrency they wish to buy. After that, they can find their ideal seller by filtering the search using parameters like payment method and the amount of tokens they wish to purchase.
OKX will then display sellers with the best rates. If the buyer identifies the right one, they place a buy order and make payments. The seller then confirms receipt of the funds, allowing OKX to release the tokens from escrow and send them to the buyer’s account.
You can trade seven cryptocurrencies through the Binance P2P platform. Moreover, payments can be made using any of the 100 supported methods. If you are in the United Kingdom, you should use Skrill, Neteller, and Faster Payments. Binance does not charge P2P fees. However, there is a 0.35% advertisement fee incurred by the merchants. The process of transacting on Binance P2P is similar to that adopted by OKX.
Although Bybit is popular for its leveraged trading feature, the crypto exchange also supports seamless peer-to-peer transactions. It accepts several secure payment methods, including Skrill, Wise, and PayPal. As of September 2023, you can trade four crypto assets on Bybit P2P at zero fees.
BingX provides an effective way of solving disputes between sellers and buyers, ensuring no party loses their funds. Moreover, since it lets users transacting less than $10,000 use the platform without completing the know-your-customer procedure, the move is helping to onboard people living in crypto-unfriendly countries to digital assets.
BingX supports over 300 widely accepted payment methods. Here, you can trade three cryptocurrencies without fees.
For people in territories with strict restrictions on digital assets, KuCoin is the ideal P2P exchange for them. The platform supports payment methods that can be used in such areas. For example, if you are in Vietnam, you can buy crypto assets using a local e-wallet known as Momo. In India, use payment methods like UPI, PhonePe, and IMPS to purchase any of the five cryptocurrencies listed on the KuCoin P2P platform.
With over 6.5 million traders across 200 countries, MEXC is a reliable crypto exchange that lets users transact with each other through its P2P platform. It is known for its excellent customer support offered in multiple languages. The downside of MEXC’s P2P platform is that you can only trade three cryptocurrencies. However, all peer-to-peer transactions are free.
Although Houbi is a global brand, it is mostly used by traders in Asian countries like Taiwan, Vietnam, Malaysia, Phillippines, and Indonesia. You can buy any of the six listed cryptocurrencies on its P2P platform using payment methods like bank transfers, Perfect Money, Skrill, and ADVCash at zero fees.
You must complete the know-your-customer procedure to start using Gate.io’s P2P platform. Once you have a verified trading account, click “Buy Crypto” to access the P2P platform, where you can purchase DOGE, ETH, USDT, and BTC. Additionally, you can become a merchant if you hold $100 USDT or more. Like other crypto exchanges we have discussed, Gate.io charges zero P2P fees.
These top P2P crypto exchanges play a massive role in onboarding novice traders to cryptocurrencies by offering a simple way to buy those digital assets. However, always keep in mind that digital currencies are highly risky investments, so invest the amount you are willing to lose.
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