Are you looking for a P2P cryptocurrency exchange platforms? In this article, I will show you the best P2P exchange to buy or sell cryptocurrency directly without intermediary third party.
What is P2P
P2P is a short word for peer-to-peer. Peer-to-peer (P2P) is a decentralized exchange platform whereby two individuals or group trade directly with each other, without third party. Instead, the buyer and the seller transact directly with each other via the P2P exchange platform.
How does P2P cryptocurrency exchange works?
P2P was first introduced by Napter a developer in 1999 as a file-sharing application. The cryptocurrency exchange introduce the same concept to share digital assets, currencies, and contents. When you trade on a P2P exchange, the exchange acts as an escrow to ensure safety for both parties. What that mean, is that, you want to buy bitcoin, you send the money to the seller, the exchange holds the seller bitcoin in an escrow.
The seller then confirm the payment, the exchange releases the bitcoin.
In a P2P cryptocurrency exchange, the seller usually set their price and mode of payment like Bank transfer and paypal.
What is the difference between Cryptocurrency exchange and P2P exchange?
In cryptocurrency exchange, crypto owners exchange their local currency for cryptocurrency at the market current price while In a P2P exchange, sellers set their price.
In Cryptocurrency exchange, you buy cryptos directly from an order book. You buy directly from a person who has a set price in a P2P exchange.
In a P2P exchange, you won’t pay a fee when you buy or sell on the platform. On cryptocurrency exchange, you will pay maker and taker fees.
The following are the best 5 P2P cryptocurrency exchange.
1. Binance P2P
Binance is a cryptocurrency exchange with a P2P platform. The exchange is the most traded exchange in terms of trade volume.
Binance P2P interface is simple and smooth to transact.
Binance P2P support payment mode such as Alipay, Wechat, Qiwi, and Bank transfer.
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Wazirx is an Indian based crypto exchange that was founded in 2017.
The exchange interface is nice to use. Wazirx has been acquired by the Binance exchange.
Wazirx is the world’s first “automating P2P engine”. The platform matches buyers to sellers. Instead of selecting the seller, the platform will automatically do it for you.
Remitano is a P2P cryptocurrency marketplace where users can easily buy or sell cryptos directly.
It has been in business since 2015. The interface is simple to use with 24/7 customer care support.
Remitano has top-notch security that protects the buyer and seller.
LocalBitcoins is a peer to peer bitcoin marketplace based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins.
LocalBitcoins is one of the most popular P2P exchanges. It was founded in 2012.
Paxful is a peer-to-peer Bitcoin marketplace where buyers and sellers meet. It was founded in 2015 and it’s a recognized brand for P2P Bitcoin trading.
Paxful has one of the lowest rates and their user interface is simple to use.
The exchange provides its services throughout the world with more than 300 ways to pay for bitcoin.
You can buy bitcoin using Bank transfer, PayPal, CashU, Western Union, and various gift cards.
You can also use other P2P cryptocurrency exchanges but the above exchanges are the best and most popular and trusted exchanges.