A peer-to-peer (P2P) cryptocurrency exchange cryptocurrency is nothing less than a relief for crypto traders. It has become easy to interact directly without using an intermediary or third party. The idea has developed into P2P crypto lending. Through lending, users can lend their cryptocurrency to a borrower looking for a loan using crypto collateral.
This article will take you through some of the best P2P crypto exchanges. Let’s get started.
P2P Exchange – How It Works
P2P cryptocurrency exchanges are decentralized. Sometimes, it may appear as a scam or fraud when you first learn about them. However, you’ll have second thoughts after you learn how P2P cryptocurrency exchanges operate.
You must submit a password and email address when signing up for a P2P cryptocurrency exchange. Additionally, you typically won’t need to submit ID proof to work on a P2P cryptocurrency exchange.
If any dispute arises, the exchange will use the collateral for the compensation of the aggrieved party. Other peer-to-peer marketplaces just ask sellers to pay collateral, which they will receive back if the crypto buyer approves the transaction.
Irrespective of the P2P crypto exchange, one thing remains constant; i.e., to use the right crypto trading software. A reliable and widely used thebitcoincode io traders in seamless trading in your preferred wallet.
Best P2P Crypto Exchanges
Here are some of the best Crypto exchanges mentioned below:
OKX – Top P2P Crypto Exchange
The top P2P cryptocurrency exchange going around right now is OKX. It is known as the best P2P exchange for its centralized spot trading exchange. OKX also accepts deposits in fiat currency.
A price algorithm known as ‘aggregator is used by OKX P2P Bitcoin exchange. For traders, this means that OKX may search the market across several decentralized crypto exchanges to get the lowest price.
Binance
The biggest centralized exchange in the world is Binance. But Binance is also a significant force in the P2P trading market. More than 300 payment methods in more than 70 fiat currencies are available on its P2P exchange.
Seven crypto assets can be exchanged on Binance using P2P technology. A few examples of these are USDT, BTC, BUSC, BNB, ETH, ADA, and SHIB. Finding a suitable vendor is like a walk in the park as it offers a seamless filter mechanism and peak user-friendliness as a platform.
Paxful
Paxful is among the top peer-to-peer cryptocurrency exchanges. Its trading procedure is incredibly expediting. Additionally, because Paxful uses a biometric data verification mechanism, trading is safer here than other P2P cryptocurrency exchanges.
The most well-known crypto coins, such as ETH, BTC, and Tether, are among the few P2P coins by Paxful.
Further, the P2P cryptocurrency exchange provides over 250 payment options, such as PayPal, wire transfers, credit/debit cards, and more. Although signing up is a simple process; however, there are some necessary ID requirements that you need to adhere to.
Huobi
Due to Huobi’s reputation in the cryptocurrency industry, its P2P platform is dependable and in high demand. Huobi offers services that are quicker and more user-friendly than one can anticipate for any other P2P cryptocurrency exchange. Zero transaction fee is the hallmark of this P2P platform.
The Huobi-supported coins are:
- Ethereum (ETH),
- Bitcoin (BTC),
- Litecoin (LTC),
- Huobi Token (HT),
- Dogecoin (DOGE),
- Huobi USD (HUSD), and
- Tether (USDT)
With 90+ payment options available, Huobi is one of the ideal P2P exchanges. The payment methods include Apple Pay, wire and bank transfers, credit and debit cards, etc. The only information needed to sign up here is an email ID, a password, and proof of your residence country.
Uniswap – Best Ethereum-based P2P Crypto Exchange
P2P trading is advanced to a whole new level with Uniswap. The Uniswap ecosystem as a whole is decentralized, which explains why. This indicates that a single party does not control the platform, so trades are carried out on a truly peer-to-peer basis.
Uniswap is your go-to crypto exchange if you have to deal with Ethereum. The platform enables a huge number of ERC-20 token pairs.
Lastly, Uniswap charges 0.3% as its standard transaction fee. The liquidity providers partly collect the fee.
Wrap Up
P2P crypto exchange offers more flexibility in terms of purchasing and reselling cryptocurrencies. They are more secure as platforms than traditional centralized exchanges. The idea provides a customized approach to trading cryptocurrencies by letting users choose their prices, volumes, and forms of payment.