The topic of our review today will be the best P2P exchanges . Nowadays, most cryptocurrency exchange transactions take place in central markets. With good liquidity and there is no need to bother looking for a counter offer, the exchange will do everything for you. However, these services have several significant drawbacks, the main of which is complete control over customer deposits. And if the exchange’s management spit on its reputation and wants to steal the money of one or more users, and possibly all the assets on deposits, it will do so, and no one can interfere. Stock exchanges are often robbed, taking advantage of loopholes in the security system. Some teams also artificially manipulate the prices of crypto assets.
And you can criticize the central trading platforms for a long time, but you still cannot do without them, and the cryptocurrency will have to change somewhere. And if ordinary exchanges somehow deal with the exchange of one digital asset for another, then the exchange of cryptocurrencies for fiat currencies is not so simple. Not every central service accepts traditional currencies when depositing and puts them up for public auction. But this is not a problem, because there are quite a few platforms for peer-to-peer trading, or P2P for short. And the top 10 swaps that we will present to you now are fundamentally different from central exchanges.
What are P2P cryptocurrency exchanges
The P2P exchange provides a site to meet buyers and sellers, and in addition to escrow services, the rest of the problems are identified by customers among themselves. And if you trade on an ordinary cryptocurrency exchange, then just fill out an order and confirm your intentions, and then the system will do everything on its own. On the direct trading platform, you must also pay personally for the vault purchased, having previously agreed with the seller on the amount and method of sending funds. The best P2P exchanges support the speed dial option, that is, they help you search for the best counter-offer, but you pay yourself.
And while there were no such services, sellers and buyers of cryptocurrency found each other on the Internet. The first p2p transaction also took place in 2009, when a user named Marty Malmy sold 5050 bitcoins for $5.02 to a NewLibertyStandard user. The fiat settlement was carried out through the PayPal payment network. And then there was the famous pizza by Laszlo Heinz, which was bought for ten thousand bitcoins and other P2P deals. And the more cryptocurrencies gain in price and popularity, the more this market attracts hackers, and it becomes extremely dangerous to conduct transactions directly. As a result, centralized and decentralized cryptocurrency exchange services have emerged, and some of them have started to support both trading options. However, there is a third , much less popular, but sometimes very popular way to conduct transactions using cryptocurrency ,
What are the main differences between P2P and OTC exchanges
The acronym OTC stands for Over the Counter, which literally means "over the counter" in English. This term refers to OTC transactions between traders. And many reputable platforms, such as Binance, support both OTC and P2P trading. The main difference between them is that OTC trading is always big deals. And when you need to buy or sell a digital asset with a large volume and you are still anonymous and do not disturb the market, you should also conduct OTC trading. The stock exchange does not interfere in this matter and does not insure you in any way.
P2P trading is also primarily aimed at serving small orders to exchange cryptocurrencies for fiat currencies and vice versa. Traders can use payment methods that are not supported in the central market. Communication between counterparties is usually done in a p2p exchange chat . And the best of them strongly recommend not to conduct any negotiations through third-party messengers, and they may even ban a user who offers such a method of communication. In addition, P2P exchanges provide escrow services, that is, they freeze the digital assets of the seller at the time of the launch of the transaction so that he does not try to transfer them somewhere. They also transfer the encryption to the buyer's account after the seller confirms the fact of the payment. So the seller has no chance of hacking with cryptocurrency after receiving fiat money.
Best P2P Exchanges 2022
A solid trading platform should be safe and easy to use. And now we will introduce the best P2P cryptocurrency exchanges , and briefly talk about each of them. All in all, as many of them are not pure peer-to-peer platforms. Direct trading divisions are also available on centralized exchanges. Therefore, it attracts more clients and expands the range of financial services it provides. Therefore, the Binance trading platform , known to all members of the blockchain community , leads our rankings for P2P exchanges.
And here they decided to combine centralized trading and peer-to-peer trading within one site, and the experiment turned out to be very successful.
Binance P2P
The binance ecosystem has everything a crypto enthusiast could need, including its own P2P section of the exchange. It supports payment by bank card and 100 other methods of transferring paper money. At least, that's how the development team presents this section. However, each bidder has the right to choose his preferred payment options.
There are 7 cryptocurrencies circulating on Binance P2P:
These digital assets can be bought or sold in the national currencies of 82 countries. No commission fees are charged. In addition to the traditional P2P exchange, Express counterparty search section is supported, and in addition to the innovative large-scale trade section.
Registration and identity verification are mandatory for all. Customers who apply for dealer status, i.e. highly trusted partner, are subject to additional verification.
OKX P2P
The OKX exchange, like Binance, supports both centralized and decentralized cryptocurrency exchanges. In the P2P section, traders do not pay trading fees, but identity verification is required.
It also supports Bitcoin , Ether and four stablecoins. The choice of banknotes is very wide. And to place buy orders, you need to pass KYC 2, and to sell cryptocurrency, a KYC level of 1 is enough. The minimum transaction amount must be equivalent to $17.50.
bybit P2P
In this service, the choice of cryptocurrencies and fiat currencies is less extensive. Only Bitcoin, Ethereum and USDT are supported , and there are only 25 national currencies.
And it is possible to carry out transactions with some fiat currencies without verification, if they do not exceed the specified limits. However . The minimum transaction amount is $8, and there are no trading commissions.
MEXC P2P
There is a fairly wide range of cryptocurrencies, fiat currencies and payment methods. Spot trading and wholesale transactions are supported.
You can buy and sell cryptocurrency for dollars and after passing the basic level of identity verification. Traders wishing to place orders on MEXC P2P must pay a deposit and pass additional verification.
bitzlato
This service is a Telegrem crypto exchange bot, an exchange with a P2p section and a holding wallet in one bottle.
11 digital currencies and dozens of fiat assets are supported. You cannot trade without verification. A commission is charged to traders for executing transactions. The manufacturer pays 0.05%, and takes 0.15% of the trading amount.
KuCoin P2P
This exchange supports the exchange of cryptocurrency for fiat currencies. Also you can work after minimal verification, that is, simply by filling out a questionnaire. However, some sellers may refuse to complete a transaction with a user who has not passed full verification. Only five digital assets are supported :
- BTC;
- ETH;
- KSC;
- USDC;
- USDT.
There are also relatively few paper currencies. Only verified merchants can place orders on KuCoin P2P . People who do not have enough experience in peer-to-peer trading or who have received a lot of bad reviews cannot qualify for trader status. No trading commissions are charged from regular users, and you can trade completely for free.
Garantex
This service positions itself as the official Russian cryptocurrency exchange. And in the p2p department, they buy and sell for rubles and not cryptocurrency, but codes for replenishing the exchange deposit with paper money, which can then be exchanged for a crypt through the spot market. Depositing and withdrawing fiat currencies to the Garantex exchange is carried out exclusively through the p2p section, using tokens.
This is the primary difference between Garantex and other peer-to-peer platforms. Verification is not required , but in this case, some traders may refuse to carry out the transaction.
localbitcoins
This peer-to-peer platform was launched in 2012. There is a very large selection of fiat currencies and payment methods, but of all the cryptocurrencies , only Bitcoin is supported.
The makers do not pay commission fees, and the taker's commission is 1% of the transaction. All active accounts on LocalBitcoins must verify owner's email + phone + ID. During the registration process, you pass the first level verification, and you can make transactions for a total amount of up to 20,000 euros per year without providing copies of documents.
Bitpapa
Bitpapa's peer-to-peer service supports five cryptocurrencies and 20 fiat assets. Clients can work through a Telegram bot or a mobile app, and use a guardianship wallet. And to place your ads, you need to pass KYC , the rest can work anonymously and without commission.
Unfortunately, not a single service performs targeted monitoring of P2P exchanges . And if the p2p site is part of a regular exchange, you can see its rank at .
And judging by the data from this service, the best P2P platform is Binance, and by and large, it is. However, if you need to sell LTC or XRP directly, you will have to use the services of other services from our list or look for a peer-to-peer exchange on your own. But, there are not many services that partially support peer-to-peer anonymous cryptocurrency trading. Almost all centralized exchanges that support fiat to cryptocurrency exchanges require traders to verify their identity. And what to do, a lot of money is starting to circulate in the blockchain industry and those in power want to control their turnover.
How to choose a secure P2P exchanger, tips
When choosing a peer-to-peer exchange, first of all, pay attention to its reputation. You can learn how to choose a reliable dealer from here . Regular P2P exchanges always provide escrow services, try to ensure the safety of funds on deposits and provide assistance in case of disputes.
And when choosing a P2P exchange , you need to pay attention to the list of supported assets and payment methods. Liquidity on such a site directly depends on the number of advertisements placed and the competence of the participants in the transaction. A reliable trader responds quickly and does not delay the settlement process. And sometimes, of course, something out of the ordinary happens. In this case, you need to go towards each other and, if necessary, contact support. The operational work of the support service is one of the important criteria for evaluating the level of any trading platform.
The better the service, the more customers, but hackers like to work in a large crowd. Reliable platforms will quickly identify and block them. The best P2P crypto exchanges keep statistics of successful transactions and select the most reliable traders in a separate category of traders. And only traders with a strong positive peer-to-peer trading experience can fall into this category. And before receiving a special badge, they undergo an additional security check. And merchants are more trustworthy than regular users, which means that a P2P exchange that is more cautious about transaction security is more reliable. Learn how to become a merchant from here .
Pros and Cons of P2P Sites
- Positive aspects
- The ability to exchange cryptocurrencies for fiat currencies
- A large number of banknotes and payment methods
- Transaction limits are set by users
- High level of transaction security
- Zero (or little) commissions
- Negative aspects
- Limited Choice of Cryptocurrencies
- Very complex transaction algorithm
- Transaction speed directly depends on third-party payment systems
conclusion
We have listed the best peer-to-peer sites. And by working for any of them, you can feel safe, but this does not mean at all that you can blindly trust the first person you meet there. And you have to be careful and attentive. In addition, it must be remembered that in P2P the scheme of conducting transactions differs from the scheme of executing orders on centralized exchanges. Simply pressing a button is not enough, and you have to do a lot on your own. For example, contact the customer, convey the details, make the payment and make a confirmation. And not getting used to can be confusing, but in fact, trading on P2P is not that difficult. The main thing is to choose the best exchange, do everything according to the instructions and be polite in communication. And then everything will be fine.
Post a Comment