Bitcoin is the most popular cryptocurrency in the world, with a market cap of over $100 billion. There are many ways to buy and sell bitcoin, but not all exchanges are created equal. Here are 7 of the best P2P Bitcoin exchanges for consumers looking to trade or buy bitcoins quickly and securely.
The localcoinswap is a P2P Bitcoin exchange that offers low fees and private trading.
Are you looking for the best Bitcoin peer-to-peer exchange?
Do you want to buy Bitcoin fast and without revealing your identity?
Then you’ve come to the right place.
As we all know, Satoshi Nakamoto created Bitcoin as a “peer-to-peer electronic money system.”
Surprisingly, many crypto traders, hodlers, and investors continue to rely heavily on centralized exchanges like Coinbase to act as a middleman and process all of their transactions.
P2P exchanges will likely be a better option in 2020 than conventional exchanges if privacy and security are essential to you. (For additional details, keep reading.)
Users may buy and sell bitcoin anonymously using a number of payment methods on peer-to-peer bitcoin exchanges.
Peer-to-peer (P2P) marketplaces have grown in popularity in recent years, and it’s easy to see why.
Wouldn’t it be great if we could avoid the intermediary, skip the ID verification process, and trade directly with one another without having to pay unnecessary fees?
To get you started, here are the top seven peer-to-peer Bitcoin exchanges.
- LocalBitcoins (Global) – Purchase Bitcoin for up to €1,000 (or equivalent) each year without proving your identity. Vendors of Bitcoin must provide proof of their identity. LocalBitcoins acts as an escrow service for bitcoin transactions.
- Paxful (Global) – When you sign up, there is no need to authenticate your identity. ID verification is required if your trade volume or wallet activity exceeds US$1,500.
- Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Hodl, Ho This product is accessible worldwide, except in the United States of America of America.
- BitQuick (US) – Purchase Bitcoin with cash and get it right away (often within 10 minutes).
- At LocalCoinSwap, you can buy Bitcoin, Ethereum, and other cryptocurrencies with 250+ payment methods and no KYC (Global).
- Remitano allows you to buy Bitcoin and other cryptocurrencies in over 30 countries, including the United States (Global). You may purchase up to $1,000.00 each day with phone verification.
- Binance is a cryptocurrency that works on a peer-to-peer basis. ZERO-FEES (global) Purchases of Bitcoin in local money. KYC is required by law.
What Are Peer-to-Peer Cryptocurrency Exchanges?
P2P cryptocurrency exchanges simply remove the middlemen, which is a fundamental aspect of Bitcoin’s design. Allowing users to buy and sell directly with one another without the need for a third-party intermediary.
Here’s how to purchase Bitcoin on a peer-to-peer exchange in general:
- Fill out the form below to create a free account.
- You have the option of trading with an existing seller or creating a new trading ad.
- You are the one who is responsible for making the payment.
- The seller will instantly send Bitcoin to your wallet.
Peer-to-Peer Exchanges vs. Regular Bitcoin Exchanges
But what are the main differences between a peer-to-peer Bitcoin exchange and a conventional Bitcoin exchange?
It’s great that you asked.
(A) Because there is no intermediary, there are no (or very minimal) expenses.
Traditional exchanges make money by acting as intermediaries between buyers and sellers, while P2P exchanges do not.
The majority of P2P exchanges have no costs associated with trading on their systems.
They just act as a middleman between buyers and sellers of Bitcoin; the rest is up to you.
Unlike conventional crypto exchanges, where you buy bitcoins via an order book, P2P exchange platforms let you buy bitcoins from another person directly.
On P2P exchanges, there are no fixed market prices. Market participants have the option to negotiate about price and payment methods.
This enables you to shop around for the best price.
If you don’t like the price being given, you have the right to walk away from the deal.
You may also create your own ad in a P2P marketplace, set your own price, and wait for consumers to find you.
When you store your crypto on a centralized exchange, you give up control to a third party.
You don’t have access to your private key.
This means that all of the money you put into an exchange may disappear in the blink of an eye.
You’ve probably heard stories about exchanges being hacked and crooks taking millions of dollars.
In 2014, Mt. Gox was hacked for $460 million, Bitfinex for $72 million, NiceHash for $60 million, Coincheck for $530 million in early 2018, and Binance for $40 million in 2019.
Because of the value stored on their computers, cryptocurrency exchanges have been especially vulnerable to theft and hacking.
When you buy bitcoins from a private individual via a peer-to-peer exchange, however, you keep the coins in your own private wallet.
It is totally secure and safe.
In contrast to conventional crypto exchanges, which need a lengthy sign-up and ID verification process, peer-to-peer exchanges provide a quick and easy way to buy and sell bitcoin anonymously.
Most P2P exchanges have no or little Know Your Customer (KYC) or Anti-Money Laundering (AML) laws (AML). Some will need you to produce identity documents in order to exchange a certain number of coins each year.
In other words, P2P exchanges allow you to buy and sell Bitcoin without revealing too much personal information.
(D) A variety of payment methods
Traditional cryptocurrency exchanges usually only accept wire transfers and bank deposits as payment options. You must link your bank account or credit card to your exchange account before you can conduct a transaction.
You may miss out on some of the market’s biggest profits if you wait for your money to appear in your exchange account.
What about those who are unable to open a bank account?
Unbanked people cannot buy bitcoins on conventional exchanges.
P2P crypto exchanges are distinguished by this.
Paypal, gift cards, credit cards, M-PESA, Western Union, MoneyGram, SEPA, PayNow, and practically any other means of payment are all accepted by P2P crypto exchanges.
Allowing anybody, wherever in the globe, to buy and sell bitcoins without the requirement for a bank account.
Is Using a P2P Exchange Safe?
Is it, however, really safe to trade on peer-to-peer platforms? What happens if a buyer or seller fails to provide the agreed money (or bitcoins)?
Don’t be alarmed.
On P2P exchanges, escrow services are offered to protect both sellers and buyers until payment is made.
When you make a purchase using Bitcoin, for example, the P2P exchange will hold the seller’s bitcoin in escrow. And wait till the seller verifies payment before transferring bitcoins to your wallet.
If there are any discrepancies, P2P exchanges will intervene, investigate the problem, and provide a remedy.
Now that we’ve covered the basics of P2P exchanges, let’s get to the meat and potatoes of this article.
|P2P (peer-to-peer) networks||Countries that have received support||Various Payment Options||Characteristics|
|Paxful||Global||Nearly 300 alternatives are available, including cash in person.||The greatest Bitcoin exchange gift card|
|LocalBitcoins||Global||There are almost 60 options available.||Buying and trading Bitcoin is completely free.|
|Hodl, Hodl, Hodl, Hodl, Hodl||The world is your oyster, with the exception of the United States.||There are a total of 108 options.||There are no regulations for Know Your Customer/Anti-Money Laundering (KYC/AML). Maximum decentralization|
|BitQuick||United States||Cash||In a hurry, you may buy Bitcoin using cash.|
|LocalCoinSwap||Global||There are about 250 methods to choose from.||With no KYC/AML, you may trade major cryptos including BTC, ETH, Dash, USDT, and Dai.|
|Remitano||There are almost 30 countries represented, including the United States.||bank transfer, cryptocurrency||Invest in bitcoin, ethereum, bitcoin cash, xrp, litecoin, and usdt.|
|Binance is a cryptocurrency that works on a peer-to-peer basis.||Global||There are almost 60 options available.||0% fees|
7 Best Bitcoin Peer-to-Peer Exchanges for Buying and Selling
Number one is LocalBitcoins.
LocalBitcoins, which has been operating since 2012 and is headquartered in Helsinki, Finland, is arguably the most respected and biggest peer-to-peer Bitcoin exchange on the planet.
Gift cards, Paypal, wire transfers, prepaid cards, cash deposits, SEPA, and altcoins are all acceptable ways of payment for Bitcoin. Until recently, it had removed in-person cash dealing from its service.
LocalBitcoins requires email and phone verification for ALL users to stay compliant with the watchdogs.
On LocalBitcoins, you may buy bitcoins anonymously without revealing your name, but you can only trade up to €1,000 each year.
If you wish to buy or sell a larger amount of BTC, you must submit documents such as a passport, identity card, or driver’s license.
What is the most important aspect?
Buying and selling Bitcoin is completely free on LocalBitcoins.
- There are no fees associated with joining.
- There are no fees associated with transactions.
- There are no transaction fees.
- There are no fees for making a deposit.
- Escrow costs are not required.
You only have to pay the Bitcoin transaction fee when withdrawing your coins from your LocalBitcoins wallet to your own Bitcoin wallet. (Note: Bitcoin miners get this charge in return for safeguarding the Bitcoin network and verifying transactions.)
Of course, if you want to create your own trade advertisement, you’ll have to pay a 1% advertising fee.
Because of the escrow service and reputation ratings in place, you can be sure you’re getting a decent deal.
You must exercise vigilance and take basic safety measures to avoid being scammed. To learn how to protect yourself while buying Bitcoin, read my complete advise and review on LocalBitcoins.
Paxful is a peer-to-peer Bitcoin marketplace that allows you to buy, sell, and exchange BTC without having to go through a bank. It was established in 2015.
Paxful works in a similar manner to LocalBitcoins, but with a broader variety of payment options.
There are over 300 different payment options. Bank transfers, cash, online wallets (Skrill, Paypal, Neteller), gift cards (Amazon, iTunes), and cryptocurrencies are all accepted payment options on the site (Ripple, Ethereum).
Paxful now lets you buy and trade cryptocurrencies in person with cash. If you want to buy or sell Bitcoin anonymously without leaving any traces of your identity or activity, Paxful can help.
Simply create a free account (no ID needed) and start searching for someone who is willing to meet in person for a cash transaction.
ID verification is required if your trade volume or wallet activity exceeds US$1,500.
Paxful does not charge any fees when you buy Bitcoin. Yes, you may buy Bitcoin on Paxful for free, regardless of the quantity.
If you’re a seller, though, you may be charged a fee of up to 1%, depending on the payment method.
- For bank transfers, there is a fee of 0.5 percent.
- 1% for credit and debit cards
- 1% of the total value of all digital currencies
- Internet wallets account for 1% of all transactions.
- Cash: 1%
- Gift Cards: 3% for all types of gift cards (except iTunes and Google Play) and 5% for iTunes and Google Play.
While moving money from a Paxful wallet to your personal Bitcoin wallet is free, moving money from a Paxful wallet to your personal Bitcoin wallet will incur a small fee.
3. Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl Hodl
Hold Hodl is a peer-to-peer Bitcoin exchange that lets you purchase Bitcoin directly from a seller instead of going via an exchange. Hodl is a relatively newer to the crypto exchange industry, having launched in 2017, yet it has quickly established itself as a significant contender.
Hodl is unique in that it does not retain any funds throughout the transaction.
To secure money, they instead utilize multisig contracts.
How it works is as follows:
- From his wallet, the seller transfers Bitcoin to this multisig escrow Bitcoin address.
- The buyer transfers fiat money to the seller.
- The escrowed bitcoins are transferred to the buyer’s wallet by the seller.
All business is conducted directly between buyers and vendors.
As a consequence, it is a completely decentralized trading platform that does not need KYC/AML compliance.
To begin trading on Hodl Hodl, just join up for a free account using your email address. After you click the confirmation link in your email, you’re ready to go.
Characteristics of Hodl Hodl Hodl Hodl Hodl Hodl Hodl
- Maximum decentralization
- There are no regulations for Know Your Customer/Anti-Money Laundering (KYC/AML).
- Peer-to-peer (P2P) exchange on a non-custodial basis
- Peer-to-peer cryptocurrency trade on a global scale
- You hold the key to the multisig escrow money, therefore it’s safe.
- Fees are low: each transaction costs just 0.6 percent.
- Telegram will be used to send you notifications about your transactions.
- P2P profiles for LocalBitcoins and Paxful should be added.
If you value anonymity and privacy above all else, Hodl may be the right choice for you.
You may use Hodl Hold to buy, sell, and trade Bitcoin without having to give proof of identification. The buyer and seller will never know who the other is, and the multisig escrow ensures that both parties deal securely.
BitQuick comes in at number four.
BitQuick.co is an excellent place to start if you’re tired of searching for the top sellers on LocalBitcoins or Paxful and want to buy Bitcoin fast.
BitQuick is a platform located in the United States that only takes cash contributions.
Using BitQuick.co, you don’t have to manually filter out merchants.
Simply enter the amount of Bitcoin you wish to purchase, and BitQuick will show you trustworthy merchants with the best prices in a single click.
After you make a cash payment to the seller’s account and submit your receipt, the escrow will release Bitcoin to your personal wallet.
It’s easy and fast!
Convenience, on the other hand, often comes at a cost.
Expect to pay a 2% service fee plus a 0.0001 BTC mining fee for each transaction.
BitQuick, on the other hand, is said to be less costly for buying Bitcoin than other crypto exchanges such as Coinbase.
Bitcoin traders are not charged by BitQuick!
In addition to Bitcoin, BitQuick may be used to trade Bitcoin Cash.
You don’t need to verify your account if you trade less than $400 in bitcoins.
Number five is LocalCoinSwap.
LocalCoinSwap is a Hong Kong-based peer-to-peer cryptocurrency exchange that allows users to buy and sell cryptocurrencies without having to go through the KYC procedure. It was established in 2017 by Nathan Worsely.
Most peer-to-peer (P2P) services only let you to trade Bitcoin, however LocalCoinSwap also enables you to trade Ethereum, Dash, Tether, and Dai Stablecoin.
You may buy and sell cryptocurrencies anonymously using a debit or credit card, Skrill, bank transfer, PayPal, cash, Alipay, and over 250 other payment methods.
The fee structure of LocalCoinSwap is identical to that of LocalBitcoins.
Registration, deposit, purchase, and sale are all completely free.
Users who wish to make buy/sell offers on the site must pay a one percent fee for each successful transaction.
Number six is Remitano.
Remitano has been a global P2P trading network that links buyers and sellers via an escrow service since 2014.
It lets you purchase and trade cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, and Tether USDT) in over 30 countries, including the United States.
However, you must first verify your phone before using Remitano. A greater transaction volume demands a higher level of KYC, which involves the submission of documents such as your passport and identification card.
Remitano charges a small fee for depositing and withdrawing money, which varies according on the payment method used.
Furthermore, each successful transaction is subject to a 1% trading fee.
Don’t be thrown off by the high prices.
You may occasionally find a great bargain on the Remitano in countries like Vietnam and Malaysia. For example, at the time of writing, you can buy Bitcoin on Remitano for just 1.0 percent more than market price.
7. Binance is a peer-to-peer (P2P) cryptocurrency exchange.
No list of P2P crypto exchanges is complete without Binance.
Binance has grown to become one of the most popular and quickly growing cryptocurrency exchanges on the internet. It also provides a user-to-user direct service with ZERO fees for buying and selling Bitcoin and other cryptocurrencies.
With local money, it may be used to buy Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance USD (BUSD), Binance coin (BNB), and EOS. Payments may also be made through bank transfers, WeChat, Alipay, and QIWI.
Binance’s escrow service will hold crypto assets, guaranteeing that both parties are safeguarded.
What are some of the drawbacks of utilizing peer-to-peer bitcoin exchanges?
P2P Bitcoin exchanges eliminate the need for human middlemen, enabling you to transact with whoever you want and in whatever manner you choose.
It does, however, have a few drawbacks.
P2P exchanges have less liquidity than conventional exchanges on average. As a consequence, buying a large amount of Bitcoin on the site may be challenging.
Even if you are lucky enough to locate a vendor willing to work with you, you will nearly always pay a premium. While some P2P exchanges offer no or minimal fees, you must do the math to see if the expense is justified.
Finally, since you’re communicating with a complete stranger via the internet, some unscrupulous individuals may try to take advantage of you. As a consequence, you must be cautious and vigilant in order to avoid being a victim of fraud.
Overall, peer-to-peer Bitcoin exchanges are an excellent way to purchase and sell Bitcoin anonymously and rapidly without having to deal with KYC restrictions or bank delays.
That’s it: the top seven peer-to-peer (P2P) exchanges for buying and selling Bitcoin in a safe and anonymous manner.
Each trading platform comes with its own set of features, user interfaces, and fees.
P2P Bitcoin exchanges, on the other hand, are perfect for those looking for a high level of security, anonymity, low prices, and a diverse variety of payment options.
Now it’s your time. Take the first step, go out there, and start looking into it right now; you’ll never know how it works until you start looking into it.
- Hodl Hodl
- Binance is a peer-to-peer cryptocurrency.
Do you buy and sell bitcoin and other cryptocurrencies on peer-to-peer (P2P) exchanges?
If so, which peer-to-peer Bitcoin exchange do you like to utilize for cryptocurrency trading?
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The binance p2p is a peer-to-peer exchange that allows users to trade cryptocurrencies. There are 7 different exchanges that are considered the best for their respective reasons.
Frequently Asked Questions
Which Bitcoin exchange has lowest fees?
Kraken has the lowest fees.
How can I trade bitcoin with low fees?
You can trade bitcoin with low fees by using a trading platform like CEX.IO.
How do I get peer to peer Cryptocurrency?
There are many different peer to peer cryptocurrency exchanges that you can use. If you want to learn more about them, please visit https://www.coinmarketcap.com/
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