As the world of cyber currency becomes dynamic, the global adoption of cryptos has spurred an increase in many cyber exchanges, especially peer-to-peer ones. So, it is helpful to explore the most suitable choices among the best P2P crypto exchanges.
One of the standout features of a P2P trading platform is its ability to enable direct transactions between buyers and sellers, eliminating the need for intermediaries. These platforms employ secure escrow systems to ensure safe trading and foster user trust.
Statista’s study indicated that there were five million crypto users in 2016, which will increase to about half a billion in 2023.
So, here we are going to find out what is the best platform for trading and taste the new order of life
Key Takeaways
- All the P2P crypto exchanges on our list support more than 300 digital coins, such as Ethereum, Bitcoin, and USDT.
- The P2P crypto exchanges enable traders to buy and sell without the input of third parties.
- The trading platform offers user-friendly platforms to enable users to manage trades effortlessly.
- These crypto exchanges offer multi-level security, such as two-factor authentication, to keep your funds safe.
1. MEXC P2P Crypto Exchanges
Leading us into the age of digital currencies is MEXC, the best overall crypto exchange in our ranking. It is one of the most famous P2P trading platforms involving more than two hundred countries across the globe and supporting 1500+ currencies such as Bitcoin, Tron, Ethereum, Litecoin, and Solana. With its website or app, you can start creating an account with this P2P BTC trading platform.
Your funds and data remain safe. MEXC offers both hot and cold wallets. When you deposit your funds into the MEXC wallet, they go to the hot wallet, which connects to the whole blockchain. However, MEXC will transfer these funds into a cold wallet to prevent hack attempts.
Several payment methods, such as MasterCard, Quick Buy/Sell, and Debit/Credit Card, exist to suit various interests. It does not charge you when you make deposits, although the withdrawal fees may differ by asset.
The most exciting thing about the MEXC trading platform is that you can still trade assets on futures and spot markets without verifying your identity. However, KYC is necessary to withdraw your profits from the derivatives.
Users can earn some tokens when they stake specific cryptocurrencies. Staking can be flexible or locked. The flexible option allows a trader to withdraw funds anytime, while the latter keeps the funds for a fixed duration. For example, the DeFi staking program on Ethereum allows traders to earn up to 6.8% annually.
Pros:
- The platform offers excellent security features to protect your funds from theft.
- It has an intuitive user interface that is beginner-friendly.
- The platform allows both flexible and locked staking to handle different interests.
- The MEXC trading platform has an online chat platform to handle customer concerns.
- The platform supports different languages for convenience.
Cons:
- Some regions, like the United States, have yet to approve this platform.
2. OKX
OKX supports over 300 currencies, including BTC, USDT, ETH, etc. Conversely, OKX enjoys a robust centralized trading environment with deep liquidity, whereby traders can deposit and withdraw effortlessly. Whenever you want a P2P crypto exchange with sizable digital assets in the P2P arena, OKX fits into this category.
OKX has its wallet, which is easy to manage. For an extra security level, you can add an external wallet such as Metamsk or a trust wallet. This peer-to-peer crypto exchange offers trading bots that automate your trading tactics. The bots can analyze trends from market data with accuracy and speed.
Making cryptocurrency deposits on OKX is free. Unfortunately, a debit card deposit attracts a 3.99% fee. One attractive feature is that traders can earn interest through lending or staking. The interest rate may range between 5% and 10% depending on the digital asset.
The OKX platform features fantastic designs with an option to allow traders to build customized layouts. The trading platform has a simple interface that favors beginners and intermediate traders. It has basic features that make it easy to buy and convert cryptocurrency.
Security is critical when using an OKX count. Using strong and unique passwords alongside an authentication app is advisable to secure your funds from hackers. OKX implements standard security practices by adding features like setting up a withdrawal password.
Pros:
- Offers traders the ability to earn over 100% high interest by staking specific cryptocurrencies.
- OKX allows you to buy cryptocurrency using a digital wallet, bank account, credit card, or debit card.
- It offers more than 300 currencies and hundreds of payment methods.
- The platform promotes safe P2P trades due to its secure escrow system.
- Every user must complete a KYC verification process.
Cons
- OKX is not available in certain countries, such as the US.
- Any advanced feature can be tricky for any beginner.
3. Binance
Many traders prefer a cryptocurrency exchange offering the best deal; hence, ignoring Binance's P2P crypto trading platform is hard. Binance offers zero fees on Bitcoin transactions, becoming the best P2P Bitcoin crypto exchange on our list.
Moreover, it offers a 0.1% fee for trading on other digital coins, which is among the lowest in the industry and may vary according to the Binance Coin balance and the trading volume. Traders who hold their native asset, the Binance Coin (BNB), get regular discounts.
It is an exchange that supports over 350 cryptocurrencies while supporting different FIAT currencies like GBP, USD, and EUR, among others. A trader can enjoy various cryptocurrency pairs depending on the location.
By 2021, Binance recorded a 263% increase, translating into $20 billion in revenue and a high trading volume. Such high liquidity enables traders to access their funds easily and efficiently. It is easier to buy and sell cryptocurrencies in such an environment.
Moreover, this platform supports advanced security features to keep your digital features safe. It can restrict devices and enable a two-factor authenticator, which is a standard protocol in the industry.
Pros:
- The crypto exchange platform offers low fees, enabling traders to retain more earnings and investments.
- Supports various cryptocurrencies with over 350 options.
- It is a beautiful interface design that is easy for any beginner.
- It offers high liquidity, allowing traders to access funds quickly.
Cons:
- Some countries, such as the US, restrict it from its market space.
4. Kucoin
For any crypto enthusiast, the Kucoin P2P crypto exchange is a place to explore your potential. Ethereum, XRP, Dogecoin, and Bitcoin are the most popular coins you will get from this platform. More importantly, this Kucoin supports over 700 currencies, enabling different investors to trade conveniently. It supports several wallets, including the Kucoin wallet, Coinbase, Metamask, trust wallets, etc.
Kucoin has a competitive fee design, where you pay your fees depending on whether a taker or a maker takes your order. This fee will differ based on the class of coin traded and the trading level. Coins in the class A category are Bitcoins and Ethereum, where the taker and maker fees are 0.1 percent. The class B category includes Love Coin, with a taker and maker fee of 0.2%.
Kucoin offers standard security protocols featuring trading passwords, identification, and anti-phishing phases. Unfortunately, unlike verified accounts, unverified accounts lack fraud protection.
Pros:
- It has a long list of tradable cryptocurrencies.
- The platform provides advanced futures and margin trading.
- Users enjoy decent trading fees, making it appealing to users
- Easy and simple features make it beginner-friendly.
Cons:
- The available funds on this platform are not insured.
- The Kucoin exchange is not available on the US market.
5. Bybit
Our list of the best P2P crypto exchanges ends with Bybit, which supports 55 fiat currencies. You can access this platform by downloading the Bybit app, which has good functionality. This exchange platform assigns cold wallets to users.
During registration, the user has to activate the two factors, adding a security layer. What does this mean? It implies that if a stranger knows your password, he needs to produce a verification code to use the account.
Moreover, Bybit is a P2P bitcoin exchange, which allows the user to customize entries where you can select your preferred orders. One unique aspect of this platform is that it offers detailed fee information describing various fee categories for different transactions. More importantly, it also compares its fee against other platforms.
The withdrawal process is easy for most users. The fee incurred during withdrawal varies between three categories: KYC, non-KYC, and business level.
Pros:
- The Bybit platform has intuitive features promoting convenient trading.
- The platform offers cold storage wallets, safer for storing funds than hot wallets.
- The platform supports generous affiliate and referral programs.
- The Bybit platform is among a few exchanges that allow the trading of swap futures.
- The registration process is quick and easy.
Cons
- Bybit only operates in a few nations.
- It does not support fiat exchange payments.
What is Peer to Peer trading?
Many traders need to learn how to use the above crypto exchanges because they need to understand what P2P trading is. This simple explanation is that it involves buying cryptocurrencies from other traders directly without involving intermediaries.
How Does Peer-to-Peer Exchange Work?
A peer-to-peer exchange connects buyers and sellers by offering security protection; hence, all transactions remain secure. Buyers and sellers can post their ads or browse crypto ads for the best deal.
P2P trading platforms use escrow to protect any crypto asset being sold until the parties involved confirm the transactions. Suppose any party is dissatisfied with the transaction and files an appeal to correct the issue with the counterparty.
Conclusion
It is undeniable that cryptocurrency trading is causing waves in the financial realm. These P2P cryptocurrency trading platforms are more secure and have enhanced privacy compared to traditional forms. Before you get the best P2P crypto exchange, you can gauge it through various aspects, such as supported cryptocurrencies, security measures, and payment methods.
P2P crypto exchanges will play a pivotal role in the digital asset economy. As a trader, you must adapt the strategies to stay relevant. The tips in this write-up give you an edge when selecting a suitable crypto trading platform.