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Peer to peer translates as a peer-to-peer or decentralized network. A network in which each participant (each computer) has equal rights, and each node is both a client and a server at the same time. For cryptocurrency exchanges, the concept of p2p should be understood as the process of cryptocurrency trading between traders directly, without recourse to intermediaries. Many platforms for crypto traders offer different and not always comfortable conditions - high commissions, the need for a separate bank account. At the same time, p2p exchanges have their own rules, aimed at achieving both personal and overall, the most profitable results.
In our selection we will also note the amount of leverage of the exchange. This tool of financial work allows traders with less capital to claim high profits through leverage.
3 main advantages of p2p-exchanges
Freedom of action in trading operations.
Due to the lack of centralized control, traders set the terms of the transaction on their own.
For example, the free choice of payment method, which only the seller accepts. Coin can be paid by credit or debit card, digital payment, bank check, gift card.
Conditional account security.
Since p2p exchanges do not store currency, but are just a kind of marketplace with a wide range of offers, traders use escrow systems to make a transaction. When using a so-called escrow account, the security of the transaction is maximized. This is due to the fact that the transfer of funds is carried out only after the conditions of the transaction are fulfilled. Otherwise, the cryptocurrency will return back to the wallet.
Low commission.
Regular cryptocurrency trading platforms charge significant commissions for transactions, while p2p exchanges sometimes do not take any interest from buyers at all.
Bonus: with free trade and unregulated relationships between traders, any p2p exchange acts as a guarantor of honesty and legality of performed transactions.
Top 7 P2P crypto exchanges
Binance
Founded in Hong Kong, Binance is widely regarded as the largest crypto exchange in the world in terms of total daily platform turnover. The geography of usage spreads across the globe, with the largest share, almost 10%, coming from traders in India. Turkey is in second place with 6.7%. It trades over 300 types of tokens. Convenient mobile application, friendly website interface in Russian. Low commissions for transactions. There is a restriction on currency withdrawal if there is no verification. Due to the wide market offer, it helps active traders to diversify risks.
Leverage: up to 1:10.
Main advantages:
The ecosystem of the exchange has its own tokens, which can be a launching pad for novice traders
safety of p2p-trading
quotes accuracy
own cold wallet, which provides safe custody of currency
mobile application
the site has a training section which will be useful for those who are new to the industry
Disadvantages:
weak technical support, there is no Russian-speaking support
Complicated verification procedure
Bybit
A large crypto exchange that supports over 50 payment methods for transactions. Bybit's p2p platform release promises zero commissions for both buyer and seller. The wide range of conditions offered for traders and the guarantee of safe transactions have made this exchange rightfully trustworthy.
Bybit has an important advantage - the exchange provides insurance to market participants from possible sharp price movements.
Leverage: up to 1:100
The main advantages:
user-friendly interface and easy-to-use application
minimum entry threshold for traders
combination of futures and open-ended contracts trading
opportunity to trade with high margin leverage.
Disadvantages:
complicated calculation terms for beginners
No instant withdrawal to fiat currency
depositing via fiat gateway costs fees
Few cryptocurrency pairs
Paxful
The platform allows you to trade three types of cryptocurrencies - bitcoin, Tether, Ethereum. At the same time, the exchange occupies a key place in terms of the number and value of transactions due to the simple interface and available tools for traders. Minimum verification and registration requirements for new participants. Free cryptocurrency wallet for bitcoin, which opens immediately after registration on the exchange. Transactions between traders use a cold wallet, so the risk of losing funds is minimal for both parties.
Leverage: 1:1
Main advantages:
availability of basic fixed transaction commissions
very simple interface
wide range of transaction fees, including hand-to-hand transfer of funds
Disadvantages:
Lack of analytics on transactions and markets
low customer support
negative reputation for limiting withdrawal of profitable transactions
Pexpay
A platform from the cryptocurrency exchange Binance, is an official parter and subsidiary. Accounts verified on Binance can perform activities on Pexpay. The main difference - it supports a system of fast payments, which is not available due to regulatory restrictions in the parent company.
There are no commissions, with the withdrawal of funds is possible only to the wallet Binance. A wide choice of payment methods. Five supported cryptocurrencies.
Leverage: 1:1
The main advantages:
transfer of funds to/from Binance without commissions
wide range of payment methods
cold wallet guarantee for trades
Disadvantages:
mandatory verification to expand the functionality of the cabinet
weak support service
Huobi
You can deposit your account in all currencies and cryptocurrencies provided by the exchange. A large range of trading instruments can be noted as an advantage. Huobi was founded in 2013 in China. Since then, they have never licensed their activities, which are not regulated by state authorities. However, this does not prevent a large number of traders to conduct p2p transactions on this platform.
Leverage: none
Main advantages:
Availability of a convenient Russian-speaking version of the site
wide range of trading instruments
handy mobile app
favorable exchange rates for crypto via p2p system
disadvantages:
exchange activities are not licensed
no learning materials and detailed analytics
no tools for passive income
no demo account for beginners
OKX (OKEX)
The platform, founded in 2014 in China, offers trading in a large number of types of coins and tokens. Deposits are available from debit cards and bank accounts. The strength of the site before competitors is the possibility of margin trading, the availability of educational lectures and lessons for novice traders, low commissions (which can be reduced by the volume of trade).
Leverage: 1:1
Main advantages:
availability of investment programs for passive income
different trading directions in the Cabinet
there are charts with clear analytics
possibility of fiat trading
Disadvantages:
Significant commissions to work with fiat funds
LocalBitcoins
The only local marketplace in our selection, which trades only Bitcoin. It is also the oldest crypto exchange in the world - founded in 2012. Funds on the account can be stored in almost any world currency.
Simple and accessible application interface. Fixed commission of 1% for all types of transactions.
Leverage: 1:1
Main advantages:
availability of easy-to-understand training materials
trading security is provided by cold wallet
Wide range of depositing methods
disadvantages:
possible to trade only bitcoin
no investment programs
Withdrawal
Choosing the ideal platform for p2p trading depends on your ultimate goals and available resources. Almost all exchanges allow you to freely conduct transactions in compliance with the established legislation. And the difference in commissions and the cost of verifications is not so significant to highlight a single, preferable platform. One thing is clear - the demand of traders for free trade is active, and this means that competition among p2p exchanges will increase. And where there is competition, there is development, which will eventually have a favorable effect on cryptocurrency wallet numbers.