Peer-to-peer (P2P) crypto exchanges are platforms where users can trade cryptocurrencies directly with each other. Their popularity stems from the autonomy and flexibility they offer, as well as their 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 Top 7 P2P Exchanges for 2024

  1. OKX – Overall Best P2P Exchange with Dozens of Supported Currencies
  2. CoinbaseTrade and Swap Thousands of Cryptos and NFTs with the Coinbase Wallet
  3. Binance – Top P2P Crypto Exchange with 300+ Payment Methods & Zero Fees
  4. Huobi – Best P2P Crypto Exchange Offering 24/7 Customer Support
  5. Bybit – Top Rated P2P Crypto Exchange Offering Guaranteed Yields
  6. Paxful – Top Rated P2P Bitcoin Exchange with Free Bitcoin Wallet
  7. LocalBitcoins – No Frills P2P Bitcoin Exchange for Speed & Simplicity

The Best P2P Crypto Exchanges Reviewed

1. OKX – Overall Best P2P Exchange with Dozens of Supported Currencies

OKX Logo OKX is our top-rated P2P crypto exchange for 2024. At OKX, traders can set their own rates for USDT, USDC, BTC, ETH, TUSD, and DAI. There are no fees for P2P trading at OKX and the exchange offers one of the best crypto apps for traders who want to make deals on the go.

What really stands out about this leading decentralized crypto exchange is the range of payment methods supported. P2P traders on OKX can set rates in more than 2 dozen fiat currencies and choose from a variety of banks or payment methods for each currency. In total, OKX supports more than 900 different payment methods for traders anywhere in the world.

OKX P2P Trading

For traders interested in existing P2P deals, OKX makes it easy to find orders worth your attention. The exchange has filters for users a trader follows, coin, order size, and more. OKX also has handy video guides to P2P trading on the exchange, which can be enormously helpful for traders who are new to P2P.

OKX supports a wide variety of deposit methods for funding a new trading account, including bank transfer, credit card, debit card, and several popular e-wallets. The OKX mobile app even offers a built-in crypto wallet, making it easy for traders to safely store any crypto they buy through the P2P trading platform.

Crypto Assets: USDT, USDC, BTC, ETH, TUSD, DAI
P2P Pricing System: Quotes from other traders
Bitcoin Purchase Fee: Zero

2. Coinbase – Trade and Swap Thousands of Cryptos and NFTs with the Coinbase Wallet

coinbase logoOne of the largest crypto exchanges in the world, Coinbase is used by more than 100 million people. Through the Coinbase cryptocurrency wallet – users can access P2P trading for thousands of crypto tokens, NFTs, and decentralized applications (DApps). 

The Coinbase wallet can be downloaded in a few minutes after completing a quick KYC process. The wallet will allow users to swap thousands of popular crypto tokens instantly. While the crypto exchange does not support the P2P feature, the wallet allows token swapping, as well as NFT trading opportunities. 

coinbase platform screenshot

Furthermore, users can even stake tokens on the Coinbase wallet, and access voting rights through decentralized autonomous organizations (DAOs). The swapping fee is 2.99% on all transactions for the crypto wallet. However, additional fees may be applied depending on the payment method. 

For instance, Coinbase will take an additional 3.99% fee for credit/debit card transactions, and 1.49 for ACH and bank transfers. 

Since this is a self-custody wallet, users have complete control over all their assets. Coinbase will provide users with a 12-word recovery phase upon the registration process. This will be your only access back to the wallet, so remember to safely store the phase. 

Crypto Assets: BTC, ETH, BCH, DOGE, and many more
P2P Pricing System: 2.99% swapping fee
Bitcoin Purchase Fee: Transactions up to $200 – $0.99 – $2.99

Transactions above $200 – starting from $0.40% + payment method fees

3. Binance – Top P2P Crypto Exchange with 300 Payment Methods & Zero Fees

BinanceApart from being a P2P crypto exchange Binance is also the best crypto margin trading exchanges in the world and the largest by trading volume. $26 billion worth of transactions are done on a daily basis through the Binance exchange.

Binance is widely regarded as the best P2P crypto exchange for several reasons. Firstly, it connects traders globally, facilitating transactions in various fiat currencies and cryptocurrencies. This includes a range of altcoins, providing diverse trading options. Additionally, Binance supports both spot and P2P trading. Beyond these, the platform also offer trading on futures, options and margin based products.

The Binance P2P platform allows users to sell or buy Bitcoin (BTC), Ethereum (ETH), DogeCoin (DOGE), Binance Coin (BNB) and stablecoins such as Binance USD (BUSD), Tether (USDT) and MakerDAO (DAI). 

Users can buy these coins directly from other traders, or choose to sell their own coins to other traders using more than 70+ fiat currencies such as US dollars (USD), euros (EUR), British pounds (GBP), Chinese Yuan (CNY) and many others. 

best p2p crypto exchange binance

The fees for P2P crypto trading vary depending on the fiat currency used. The trading fees range from 0% to 0.35%. For example, trading cryptos in US dollars incurs a low fee of 0.35% for makers but trading in euros or British pounds incurs zero maker fees. Makers are those that post a trade advert. 

Those who want to set their preferred price to sell have to go through the Binance P2P Merchant Program which offers special promotions, exclusive customer support, verified badges, gift cards and generally more protections for beginners.  

Crypto Assets: USDT, BTC, BUSD, BNB, ETH, DOGE, DAI
P2P Pricing System: Quotes from other traders
Bitcoin Purchase Fee: Zero

4. Huobi – Best P2P Crypto Exchange Offering 24/7 Customer Support

Huobi

Huobi is currently the eighth largest cryptocurrency exchange in the world with an average daily trading volume of $3.4 billion. 

With Huobi, users can access P2P trading on USDT, BTC, ETH and HT (Huobi Token) and can operate in nearly 50 different currencies from all around the world. Furthermore, there are zero commission fees for both makers and takers. 

best p2p crypto exchange huboi

One unique factor is the fact users can access their customer support 24 hours a day, 7 days a week. This level of customer service is rare to find in the P2P crypto space but is useful when transactions fail or get stuck. 

Huobi also offers a large range of fiat currencies to transact with and nearly 100 payment methods. The P2P crypto platform is simple to use and you can also access other crypto services such as spot trading and margin trading. Huobi also offers one of the best P2P crypto lending services.

Crypto Assets: USDT, BTC, ETH, HT
P2P Pricing System: Quotes from other traders
Bitcoin Purchase Fee: Zero

5. Bybit – Top Rated P2P Crypto Exchange Offering Guaranteed Yields bybit logo

Bybit is considered to be a top rated P2P crypto exchange because on top of its P2P platform you can stake your crypto with a guaranteed yield. You can earn 5.50% APY when staking USD Coin (USDC). 

The Bybit P2P crypto platform is more limited as you can only transact in Tether (USDT). There is a range of fiat currencies you can operate in but the list is not as big as other top P2P bitcoin exchanges such as Binance or Huobi. 

The range of payment methods is large and there are no fees when purchasing via the P2P platform. However, there are some limits that vary depending on the seller’s terms. 

best p2p crypto exchange bybit

Bybit also offers additional crypto products such as spot trading against USDT, BTC, USDC and DAI. The platforms also offer crypto derivatives trading with futures, options and perpetual contracts. 

Advanced users may also find Bybit’s DeFi mining, liquidity mining, staking and harvesting tools of interest. Bybit Savings also offers guaranteed yields on some crypto holdings. 

Crypto Assets: USDT
P2P Pricing System: Quotes from other traders
Bitcoin Purchase Fee: Not available via P2P, otherwise 0.10% for spot purchase via exchange

6. Paxful – Top Rated P2P Bitcoin Exchange with Free Bitcoin Wallet paxful logo

Paxful is one of the best peer to peer exchanges for bitcoin as you can purchase bitcoin with zero commission. However, there is a 1% charge to sellers of the coin which is higher than some of the other exchanges. 

The range of cryptos is limited to bitcoin (BTC), Ethereum (ETH) and Tether (USDT). But you can pay using more than 350 payment methods with a low minimum transaction of just 10 USD. 

While Paxful doesn’t offer as many crypto services as some of the other P2P bitcoin exchanges discussed above, you do get free access to a bitcoin wallet powered by BitGo which is a leading provider of secure bitcoin wallets. This allows you to store your crypto safely in one of the best crypto wallets available. 

best p2p crypto exchange paxful

Furthermore, users can bitcoin with zero commissions. There is a 1% service fee per trade but this is only paid by the seller. 

Paxful allows you to customise your search for bitcoin offers on its platform. You can search via payment methods, how much you want to spend and the offer location to find customised offers in purchasing bitcoin. 

Crypto Assets: USDT, BTC, ETH
P2P Pricing System: Quotes from other traders
Bitcoin Purchase Fee: Zero

7. LocalBitcoins – No Frills P2P Bitcoin Exchange for Speed & Simplicity local bitcoins logo

LocalBitcoins is a P2P bitcoin exchange that focuses on buying and selling bitcoins person to person only. There is a wide range of fiat currencies and payment options available to purchase bitcoin from other people. 

There are zero fees for buyers of bitcoin. However, sellers who post adverts to sell their bitcoin will be charged a 1% fee on every completed sale. Users can also transfer cryptos to the LocalBitcoins wallet completely free. 

best p2p crypto exchange local bitcoins

LocalBitcoins offers a web platform and mobile app for speedy bitcoin transactions. When moving coins to other bitcoin wallets there is a sending fee which varies depending on how congested the blockchain is. 

One important note is that if there are any issues and custom work that needs to be done such as the research of possible external problems there is a fee of 200 EUR per hour which needs to be paid in bitcoin with a minimum billable amount of 200 EUR. 

Crypto Assets: BTC
P2P Pricing System: Quotes from other traders
Bitcoin Purchase Fee: Zero

Why Should You Use a 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

When purchasing crypto from centralised institutions there are limitations to the methods of purchase. Some banks refuse to facilitate crypto transactions while those that do often have a lot of hoops to jump through 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 freedom to crypto users 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

On a traditional crypto exchange, the exchange will usually take a fee to connect buyers and sellers and facilitate the buying and selling process. The best crypto P2P exchanges will 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 net of other traders. As P2P crypto platforms are not centralised, it also means that they can’t be shut down by governments. 

Limitations Using of 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, there are all types of individuals 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 naturally, it will 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.  

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

How to Use a P2P Crypto Exchange 

Below is a step by step process on how to buy and sell crypto using the world’s biggest cryptocurrency exchange, Binance. 

Step 1: Create an Account

Creating an account with Binance is a simple and fast process. From the Binance website, the ‘register’ icon will open a page which will require some personal details such as an email address and a password to create an account. 

best p2p crypto exchange binance application

It is wise to read the Binance Terms of Service. Once agreed, an account will be created with a verification link sent to the email address chosen.

Step 2: Verify your ID

The verification process is handled completely online and is fast to complete. In order to comply with verification requirements, users will need to provide some basic information first such as full name, date of birth and residential address.

best p2p crypto exchange binance verfication

The next step in the verification process is to submit proof of ID and address documents. You can either upload a photo ID or take a picture using a webcam or mobile camera. 

After this verification, users will be able to gain access to higher deposit and withdrawal amounts. To access even higher payment amounts, simply fill in the KYC form for additional verification.

Step 3: Deposit funds

Binance provides a variety of different ways to deposit funds. The simplest method is to click the ‘Buy Crypto’ tab at the top of the platform. This will deposit funds into your Binance wallet ready for trading.

best p2p crypto exchange binance deposit

Funds can be deposited in a wide range of currencies such as USD, GBP or EUR. A bank transfer deposit has the lowest fees with debit card and credit card deposits incurring a 1.8% fee. There are more than 350+ other payment options, including PayPal, when buying crypto via P2P.  

Step 4: Buy Crypto via P2P

To purchase crypto via peer to peer, simply click on the Buy Crypto tab at the top of the platform and select P2P trading. Binance provides a detailed filter to find the best deals by filtering categories such as crypto, fiat currency, payment types, region of seller and more. 

Binance will then provide a list of sellers to purchase crypto from. This details the price from lowest to highest, how much is available, the payment methods accepted by the seller and some information about the merchant such as completed orders. 

best p2p crypto exchange binance buy btc

Once the order is confirmed by the seller, funds need to be sent to them via the payment methods suggested. After the money has been sent, click on the ‘Transferred, notify seller’ for Binance to notify them. 

The seller will then confirm receipt of the money with Binance at which point the exchange will release the escrowed crypto into your Binance wallet. 

Step 5: Sell Crypto via P2P

Crypto peer to peer trading allows users to not only purchase crypto at a desired price but also the ability to sell crypto at a desired price. This can be done by simply clicking the ‘Sell’ icon on the Binance P2P trading platform. 

This will open a ticket which allows the user to input the amount of crypto they want to sell and the funds they want to receive for that amount, effectively setting their own price. Binance allows you to select up to 20 payment methods to receive funds from interested buyers. 

best p2p crypto exchange binance sell btc

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Conclusion

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

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