12 Best P2P Crypto Exchanges in 2024 – With Highest Liquidity

Peer-to-peer exchanges have gained popularity as an alternative to traditional centralized ones since users don’t need assistance from a third-party authority in order to trade, buy, and sell cryptocurrencies.

The crypto team at Techopedia did detailed research on the market and put together full reviews of the best P2P crypto exchange in 2024, including how these exchanges work, what are their pros and cons and why crypto holders should use them.  

Best P2P Crypto Exchanges: Full Reviews

1. Best Wallet – Overall Best Peer-to-Peer Exchange

Best Wallet is the overall top p2p crypto exchange in 2024, providing the cheapest trades supporting over 1,000 cryptocurrencies, including Bitcoin, Ethereum, Avalanche, and Tether. The platform is a non-custodial, multi-chain wallet with a built-in exchange, Best DEX, that supports a fully decentralized peer-to-peer trading experience. 

With Best DEX, wallet holders can safely and securely swap their coins without needing KYC verification. The platform supports both the Ethereum and BNB Smart Chain networks, allowing users to trade any token on those blockchains. Additionally, the exchange will feature analytical tools like token information and token sentiment for greater crypto market insights.

Users can access Best DEX for decentralized P2P trading via a web browser on a desktop or mobile device. Those with Best Wallet installed can open Best DEX directly through the app’s “Swap” feature for fast and seamless crypto exchanges. Holding $BEST, the platform’s native token gives holders lower fees when swapping their coins.

The Best Wallet ecosystem sets this decentralized P2P exchange apart from other platforms. In addition to Best DEX, which provides a cost-saving advantage for swaps, Best Wallet provides users with complete control over their crypto assets with anti-fraud systems and decentralized account recovery.

2. Exodus – User-Friendly Crypto Wallet with Decentralized P2P Trading

Exodus is a crypto wallet and platform that offers decentralized P2P trading. Supporting over 50 blockchain networks and more than 300 digital assets, Exodus is designed to accommodate both new and experienced users who need to swap their tokens. Unlike other crypto platforms, the Exodus built-in P2P lets users swap different tokens in one app.

The Exodus platform is supported across desktop and mobile devices, allowing users to exchange and swap cryptocurrencies. Additionally, crypto holders looking to store their digital assets in hardware storage can use the Trezor integration at Exodus for a more secure way of managing and exchanging their coins.

Cross-chain swaps are also available at Exodus via XO Swap, a crypto swap engine in the platform’s ecosystem that gives customers access to over 100,000 digital assets. This decentralized P2P method provides low costs and options for more than 11 liquidity sources. Exodus also provides a staking service with their Web3 wallet for users to earn passive income when not engaged in exchanges.

Built for usability, Exodus is an excellent alternative for traders who want more secure swaps in a more comprehensive crypto platform. The wallet’s decentralized P2P trading experience helps users swap both on-chain and across chains for maximum convenience while still keeping crypto funds safe.

3. MEXC – Established Crypto Exchange with Multi-Coin P2P Marketplace

MEXC is a well-known cryptocurrency platform with a robust P2P exchange, serving millions of users worldwide. The award-winning exchange was established in 2018, and its P2P platform supports over 30 payment methods and top crypto assets such as USDT, BTC, ETH, and USDC.

P2P trading at MEXC is exclusively available for know-your-customer (KYC) verified users from Vietnam, South Korea, or Russia. When buying cryptocurrencies on the P2P exchange, MEXC members can easily register their payment method on the site. The exchange supports payment options like Momo, ShopeePay-SEA, bank transfers, and ZaloPay.

MEXC members can buy and sell cryptocurrency assets on the P2P site without trading fees. Transactions remain secure as traders are all verified account holders, and every trade goes through a secure escrow service for safe and fair settlements. A live chat box allows users to communicate directly with P2P merchants.

Currently, MEXC is seeking more merchants from Vietnam and Russia to help accommodate the growing demand for direct buyers and sellers. P2P merchants have several benefits, including zero fees for posting marketplace ads, exclusive one-on-one client support, and special promotions and rewards.

4. OKX – Advanced Crypto Exchange with Straightforward P2P Trading

OKX is the overall top p2p crypto exchange platform in 2024, averaging daily trading volumes of $2 billion. The OKX P2P marketplace supports six cryptocurrencies, more than a hundred fiat currencies, and over 900 payment methods which range from local bank transfers to TransferWise.

Buyers can select sellers based on cryptocurrency, fiat currency, payment method, and purchase amount preferences. By contrast, sellers have the flexibility to set their cryptocurrency prices and accepted payment methods.

When a buyer selects a deal, the seller receives an instant notification, shares payment instructions, and places the cryptocurrencies in OKX’s escrow. After confirming receipt of funds, OKX releases the cryptocurrencies to the buyer. For more buying and selling details, make sure to read our OKX review.

OKX does not charge any fees on P2P trades. Instead, buyers simply pay the exchange rate specified by the seller. All OKX users can see the ratings and feedback, so buyers and sellers are incentivized to trade with good intentions. The platform also allows buyers to set their own terms.

5. Binance – Highly Liquid Peer to Peer Bitcoin Exchange With Over 100 Payment Methods Supported

While Binance is best known for its spot trading platform, it is also the best P2P exchange crypto for active traders. The Binance P2P exchange supports seven cryptocurrencies and over 100 supported payment methods.

Binance P2P exchange is very user-friendly, with suitable filters for both buyers and sellers. Buyers can search for deals based on their preferred fiat currency or payment method. 

Deals are then listed based on the exchange rate quoted by the seller. Once a deal is accepted by a buyer, the seller will transfer the cryptocurrencies into the Binance escrow wallet.

This is only released once the seller confirms they received the payment. No fees are charged by Binance on standard P2P trades. However, if a buyer or seller wishes to place an ad at their preferred price, a fee of up to 0.35% will apply. Recently, Binance incorporated AI in order to mitigate specific risks associated with P2P trading.

6. Bybit – Top P2P Marketplace for Trading Leveraged Cryptocurrencies 

Bybit is one of the best crypto p2p platforms for regular traders. This platform is best known for its margin trading accounts, which allow traders to access leverage of up to 100x. It also offers spot trading leverage of up to 10x. Bybit also has one of the lowest commission structures in the crypto space.

Spot trading commissions start from just 0.1%, while leveraged perpetual and futures contracts can be traded from 0.06%. Bybit sellers have some of the best rates in the market since plenty of them offer USDT at $1.00. 

In terms of its peer-to-peer marketplace, Bybit supports four cryptocurrencies as well as dozens of fiat currencies and payment methods are supported.

Those trading cryptocurrencies on the Bybit P2P exchange will not pay any fees. This is the case for both buyers and sellers, covering market makers and takers.

7. BingX – Prominent Crypto P2P Platform for Trading USDT

Launched in 2018, BingX is another popular cryptocurrency exchange that offers P2P trading for USDT. With more than 10 million registered users globally, BingX serves an international market for its P2P platform and other services.

Before using the BingX P2P marketplace, users must first KYC verify their accounts so that buyers and sellers can confirm each other’s identities. Alongside the site’s escrow protocol, using verified accounts helps ensure safe transactions for P2P traders and merchants.

Settlements may take 15 minutes to 2 hours, and a live chatbot is provided for any additional concerns. Additionally, traders can filter through the P2P marketplace listings by tradable ads and ads that do not require payment verifications on the user’s end.

BingX users interested in becoming P2P merchants for extra income can easily apply for the role. Confirmation usually takes around 48 hours and requires KYC, phone number, email, social media account, and at least 300 USDT on the user’s fund account.

8. Gemini – Safe Crypto Platform with Built-in Crypto P2P Trading

Gemini is a streamlined cryptocurrency exchange with a seamless P2P trading tool for crypto swaps. This gives its users different options and opportunities to find the best token exchange rates. Depending on their requirements, traders can use the platform’s two interfaces: Exchange and ActiveTrader.

As the first crypto exchange to support hardware security keys for different mobile devices, Gemini provides several innovative security measures to help crypto holders safely keep their digital assets. It employs two-factor authentication (2FA) as an added layer of security to confirm that its users remain in control of their accounts. Additionally, it has an approved addresses feature that lets members ban or limit transactions to known addresses only.

Despite its security features and easy-to-use interface, one limitation of the platform is its fee system. Exchange costs vary depending on the size of the transaction, so small trades can start at $0.99, while larger exchanges might cost 1.49% or more. Still, millions of transactions happen across over 70 countries as Gemini holds over $200 billion in total trading volume.

With a user-friendly layout and support for over 70 virtual currencies, Gemini offers users an easy way to manage cryptocurrencies and swap their tokens if needed. The varying transaction costs may affect how traders use the platform for swapping, but the exchange’s overall safety and security measures make storing tokens on the platform worth it.

9. KuCoin – Popular P2P Exchange for the Emerging Markets

KuCoin is one of the best P2P crypto trading platforms for investors living in emerging markets. It has a strong focus on payment methods and currencies from countries that have restrictions on cryptocurrency trading like Vietnam. 

Indian traders also have access to a wide range of local payment types. This includes everything from PhonePe and UPI to IMPS and standard local bank transfers. That said, the KuCoin P2P exchange also supports major currencies, such as USD, EUR, and GBP.

In terms of available cryptocurrencies, KuCoin supports Tether, Bitcoin, Ethereum, USD Coin, and KuCoin Token. 

Traders will be pleased to know that KuCoin does not charge any fees on P2P orders. Instead, buyers pay the exchange rate quoted by sellers.

10. Bitget – Powerful P2P Crypto Exchange with Over 65 Supported Fiat Currencies

The Bitget crypto exchange is the largest crypto copy trading platform, with over 30 million global users. The site’s P2P exchange is equally impressive, supporting over 65 fiat currencies and over 100 payment methods. P2P traders can buy and sell USDT, BTC, ETH, USDC, and BGB, Bitget’s native token.

Bitget users can access the P2P marketplace via the web browser or Bitget mobile app. The site does not charge a service fee when buying or selling on the peer-to-peer exchange. However, traders may incur additional transaction costs depending on their payment method.

Transactions from Bitget P2P are secured through escrow, as the platform remains committed to providing a safe and reliable marketplace for all users. The site also employs Bitget P2P Shield, a financial protection service that lets users appeal and get fully compensated for lost funds from the P2P market.

Bitget’s 24/7 live customer support can quickly address the concerns of other traders in over 15 languages. Appeals may be sent to the Bitget Team’s email addresses, and answers to other questions may be found at the site’s help center.

11. CoinEx – User-friendly Crypto Platform offering USDT P2P Trading

CoinEx is a secure and trusted cryptocurrency exchange that provides P2P trading for USDT. Any CoinEx account holder who is KYC and 2FA verified can participate in the peer-to-peer crypto platform.

To secure all P2P transactions, CoinEx acts as a middleman between buyers and sellers of USDT. The platform holds cryptocurrencies on escrow until both parties confirm the transaction. Crypto assets purchased from CoinEx’s P2P marketplace are automatically credited to the user’s spot account.

CoinEx’s P2P order management system is notably user-friendly. Members can open an instant chat window after making a transaction, ensuring quick and easy communication between parties. Users and P2P merchants may send images for additional proof of payment. Additionally, primary-verified CoinEx users can simultaneously initiate up to 2 buy and sell orders.

The platform provides plenty of resources and guidelines for members to follow for a safe P2P trading experience, which can be found in the CoinEx Help Center.

12. Gate.io – Full-Service Crypto Exchange with an Efficient P2P Marketplace

Established in 2013, Gate.io is one of the leading cryptocurrency exchanges with almost $5 billion daily trading volume from millions of traders. The Gate.io ecosystem consists of a secure P2P crypto marketplace, including NFT trading and a Web3 platform.

Before P2P trading, users must complete the necessary KYC authentication of their accounts and bind any relevant payment methods. The Gate.io P2P platform lets members buy and sell USDT, BTC, ETH, and DOGE with more than 40 fiat currencies. 

In every P2P transaction, users can contact the buyer or seller through a live chat box function. Traders can participate in Gate.io’s peer-to-peer trading system via a web browser or mobile app. As an added security measure, a trading confirmation prompt will appear so users can double-check the quantity, purchase amount, and payment method before continuing.

The Gate.io P2P platform only displays merchants who are currently online so that users looking to buy or sell can complete transactions as fast as possible.

What are P2P Crypto Exchanges?

A peer-to-peer, or P2P exchange, allows users to trade cryptocurrencies directly with another user. They operate as online marketplaces, enabling traders to set their own terms. 

P2P platforms often support a much wider range of payment methods than traditional exchanges. This usually includes local payment types that are only used in specific countries.

P2P crypto exchanges have an escrow system in place. This promotes a fair, transparent, and safe way of doing business. This is because once the buyer accepts a deal, the seller will transfer the crypto tokens into the P2P exchange’s escrow wallet. The tokens remain locked until the buyer sends the payment and the seller confirms receipt of the funds.

That said, P2P exchanges also come with benefits. For example, in countries where buying Bitcoin and other cryptos is difficult, P2P platforms offer an instant solution. P2P platforms are also useful for sellers who can only accept certain payment methods, which aren’t readily available on traditional platforms.

Reasons to Use a P2P Crypto Exchange

Some key benefits offered by these platforms include:

• Wide range of payment methods: This often includes global payment types, such as PayPal, Neteller, Skrill, Western Union, and MoneyGram.P2P exchanges are particularly useful for buying or selling the top cryptocurrencies in local payment methods. This might include local bank account transfers or mobile payments.
• Faster trades: Buying cryptocurrencies on a P2P exchange can be a much faster option. This is especially the case when trading with a seller that is online around the clock. While trades themselves are executed instantly, withdrawals are only processed once approved by the exchange.
• Buy and sell at preferred rates: Sellers can choose which exchange rates to list their cryptocurrencies. And buyers have the option of shopping around to find the best deal for themselves.
• Ideal for certain nationalities: While cryptocurrencies operate on a global scale, not all nationalities find it easy to buy and sell. China is a prime example of where trading cryptocurrencies is illegal. One of the main ways that people get around crypto trading bans is to use a P2P exchange. This is because the transfer of funds is made directly between buyers and sellers.
• Escrow protections: P2P crypto exchanges have an escrow system. This is designed to protect both buyers and sellers. The seller will deposit their crypto tokens into the escrow wallet controlled by the P2P exchange. They will remain there until the seller confirms they have received payment from the buyer. If the funds never arrive, the tokens will be returned to the seller.

How do Peer-to-Peer Bitcoin Exchanges Work?

P2P crypto platforms come with both their benefits and risks. Before proceeding, it’s wise to have a firm grasp of how P2P exchanges work. The common process required to trade on P2P exchanges is the following:

• Sellers list their offers: Those looking to sell their cryptocurrencies will list their offer on the P2P exchange. Sellers will set the price that they are happy to accept for the respective cryptocurrency. This is in addition to the amount they want to sell and which payment methods they accept. Sellers are motivated to be as competitive as possible, considering that they are competing with other market participants.
• Buyers search for their preferences: The buyer will begin the process by setting their trade parameters. The buyer will also specify the amount they want to purchase and the required payment method(s). The P2P exchange will then list all offers that match the requirements. This is usually listed from the best exchange rate downwards.
• The buyer accepts a deal and is matched with the seller: Once the buyer accepts an offer, they will be connected with the seller. There should be no requirement for the buyer and seller to communicate. Instead, the buyer should simply be shown the payment details provided by the seller.
• Escrow and payments: Once all details are confirmed, the seller will then deposit the cryptocurrency tokens into the P2P escrow. In the meantime, the buyer will make the payment. and then market the payment as complete on the P2P exchange. This will notify the seller, who then checks that the payment has been received. If it has, the seller marks the order as complete, and the cryptocurrency tokens are released from the escrow and delivered to the buyer’s wallet.

Tips on Selecting the Best P2P Bitcoin Exchanges: Our Criteria 

Here are some tips on what to look for when researching the best peer-to-peer cryptocurrency exchanges in 2024:

• Supported cryptocurrencies: The vast majority of P2P platforms support Bitcoin, Ethereum, and stablecoins like Tether and USD Coin. Some might even support other altcoins. 
• Supported fiat currencies and payment methods: It is also important to assess what fiat currencies the P2P trading exchange supports. This is in addition to payment types. Some support 100+ fiat currencies and 900+ payment methods, including local and regional bank transfers, e-wallets, and mobile payments. The more payment methods are supported, the more buyers and sellers the platform will attract.
• Fees: Usually, crypto exchanges with P2P do not charge fees to buyers or sellers. OKX, for example, is completely free to use. However, some platforms charge fees to sellers, ranging from 0.3% to 2-3%.
• Security and safety: The main safety net in place is the escrow system. This holds the seller’s cryptocurrency tokens while the buyer is completing the payment. There will usually be a time limit. If the payment isn’t marked as received by the buyer, the deal will be canceled. This will result in the buyer receiving negative feedback from the seller.

What is the Difference Between P2P Exchanges and OTC Exchanges?

While there are some similarities between peer-to-peer and over-the-counter (OTC) exchanges, there are also some clear differences. Let’s look at a P2P vs. centralized crypto exchanges comparison:

• Peer-to-peer exchanges allow buyers and sellers to trade without a third party. Market participants can agree on their own deals. Not only in terms of exchange rates but accepted payment methods and fiat currencies. The trade is usually conducted via a centralized peer-to-peer exchange. The exchange will offer an escrow service, which ensures that trades are conducted safely.
• OTC exchanges also allow buyers and sellers to conduct business without going through a conventional order book. However, OTC deals come with huge minimum requirements. This is often at least $50,000 but can be much higher. For example, the Binance OTC exchange has a minimum requirement of $200,000. Due to trade size, a broker-dealer is required, which will first assess the requirements of the buyer and seller before executing the trade on their behalf.

Conclusion

P2P crypto exchanges are a great alternative to traditional crypto exchanges as they are a lot more inclusive, not only in terms of accepted nationalities and currencies but also supported payment methods. Additionally, a crypto exchange with P2P can offer more security as well as fast transactions. 

Based on our research, Best Wallet is the best P2P crypto exchange in today’s market. It supports over 1,000 cryptocurrencies and is a globally trusted brand. Not to mention, it can connect to over 60 blockchain networks.

References

https://www.binance.com/en/blog/p2p/binance-p2ps-invisible-guardians-using-ai-to-safeguard-crypto-users-4403729516449035188

https://www.cnbc.com/2023/03/23/binance-employees-volunteers-tell-users-how-to-evade-china-crypto-ban.html

https://coinmarketcap.com/exchanges/okx/

https://www.binance.com/en/support/announcement/binance-p2p-to-update-fees-scheme-a2616be2618b490abbaba15fea9a80fe

https://www.ibm.com/topics/open-source

https://www.binance.com/en/OTC-Trading

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Kane Pepi

Editor

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Kane Pepi

Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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