Peer-to-peer (P2P) trading is a method of trading cryptocurrencies that allows traders to buy and sell cryptocurrencies using their local currencies. This is a method of trading that is very common in countries where local legislations are against crypto trading.
For example when China first placed a ban on Bitcoin, Chinese people used this method to trade Bitcoin through USDT. It is also very popular in countries like Nigeria where the government has placed a ban on crypto trading.
Because you don’t use an exchange per se to process the transaction, your local bank cannot tell the source of funds received or sent from one bank account to another, making it effectively anonymous for trading crypto.
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Almost every centralized exchange supports P2P trading, but some are more recognized for this type of trading than others. In this guide, we list the best ones you can use to buy and sell cryptocurrencies using their P2P platforms.
How to Choose a P2P Platform
There are major things to look out for when you’re choosing a platform for P2P crypto trading. The first and most important is the security of the platform. P2P trading involves trading with people you don’t know, so it is important to use a platform that will ensure the security of your funds.
Another important factor is fees, which can be quite high on some platforms. However, P2P trades on centralized exchanges are free of charge, so unless you have toe use a platform like Paxful, just go with a centralized exchange and pay zero fees.
You also need to consider the available payment methods. If the exchange does not support the payment method you’re most comfortable with, you should look for another one that supports such payment methods.
Also, does the exchange support the crypto you wish to trade? check that the platform you wish to use has a good number of supported assets for P2P trading, so that you’ll have many options to choose from.
Based on these factors, here are the best centralized exchanges for P2P trading that you should try out.
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Binance is facing regulatory issues currently with the U.S commodities and futures trading commission (CFTC), but the exchange has been known for been an excellent platform for P2P trading. Although it is an advanced platform for experienced traders, you can easily use its P2P platform to buy or sell crypto. One thing that stands out about Binance is its high security. If you wish to trade with confidence and no fear of losing your funds, you can count on the exchange as long as it is allowed to operate in your country.
Bybit is another awesome platform you can use to trade crypto conveniently using its P2P platform. Like Binance, it is highly secure and easy to navigate, plus it charges zero fees for such trades. Bybit has its headquarters in Singapore, but it is accessible worldwide. The exchange also provides a wide range of assets you can trade, including USDT, Bitcoin, and many others. To use Bybit P2P, simply sign up and complete level 1 KYC and you’re good to go. Look for trades that suit you and place and order. The trades are completed swiftly, so you don’t have to wait for long.
OKX is one of the top crypto exchanges by market volume and is one of the most reliable as well. It is also a great platform to trade cryptocurrencies P2P. The Seychelles-based crypto exchange is rapidly expanding, so it is likely to add support for more fiat currencies around the world. For an easy platform to carry out P2P trade, OKX is one exchange to use if it is available in your country.
If your goal is to trade crypto, using P2P trading, these are platforms you can easily use. The only challenge you may have is if the exchange isn’t supported in your country. Otherwise, they possess all the positive qualities you need in a P2P platform and you can use them with confidence.