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So, you’re looking for a P2P cryptocurrency exchange. Wonderful news! In this article, I’ll recommend to you the top 7 P2P exchanges based on my research.
“Why should I use peer-to-peer exchange instead of a centralized exchange like Binance or CoinBase?”
you asked.
Good question! Two big reasons:
security and privacy.
Depending on the exchange, there is no Know Your Customer (KYC) or Anti-Money Laundry (AML) policy. If you think buying cryptocurrency is your private business, then P2P is an excellent choice for you.
You have heard of exchanges getting hacked and hackers running off with millions of dollars (like how Bitfinex got hacked for 119,756 BTC …) When you buy off a P2P exchange, you keep the cryptocurrency in your private wallet.
Peer 2 Peer Exchange, Explained
What is the biggest difference between a P2P exchange and a centralized exchange?
The difference: you don’t buy crypto directly off an order book, instead you buy directly from a person who has a set price. This means you can shop for the best price.
In most cases, the fees are very low when you buy/sell on the platform.
“What about safety? Won’t I get scammed?”
When you trade on a P2P exchange, the platform acts as an escrow to ensure safety for both parties.
So what happens when you buy bitcoin on a P2P exchange?
In this example, you want to buy bitcoin. You send the money and the exchange holds the seller’s bitcoin in an escrow. The seller then confirms that you had sent the money, and then the exchange releases the bitcoin. If the person doesn’t send you the bitcoin, you can always dispute.
I recommend that you always trade with someone who has a top feedback score and has done many transactions. When it comes to trading on a P2P platform, reputation is everything.
Or you can always meet the person in a coffee shop to trade.
“Wow, that’s informative! Can you recommend some P2P exchanges?!”
I’m glad you asked!
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