Peer-to-peer (P2P) exchanges allow buyers and sellers to trade cryptocurrencies directly.
Some of the benefits of using a P2P exchange include access to a broader range of payment methods and currencies, not to mention being able to set custom prices.
In this guide, we compare the best P2P crypto exchanges in 2023 for low fees, safety, supported markets, and more.
Here’s a list of the best P2P crypto exchanges to consider today:
- OKX: Overall, we found that OKX is the best P2P crypto exchange in the market. Multiple cryptocurrencies are supported, including Bitcoin, Tether, Ethereum, and USD Coin. OKX does not charge any fees on P2P trades, so buyers simply pay the rate specified by the seller. A wide range of local payment methods are supported globally, from e-wallets and bank transfers to Western Union.
- OpenPeer: OpenPeer is the best decentralized P2P crypto exchange and has a focus on crypto to fiat transactions. It has low fees of just 0.3% – CEXs are typically 3% – and gas fees are also covered by the platform. The exchange means transfers are managed via a self-custody wallet, giving individual users greater control and security over their funds.
- Binance: The world’s largest exchange, Binance, also offers a popular P2P platform. It supports seven cryptocurrencies, covering Bitcoin, Tether, BUSD, BNB, Ethereum, Shiba Inu, and Cardano. Dozens of fiat currencies are supported, which translates to hundreds of payment types. Just like OKX, exchange rates are set by sellers, and no P2P trading fees apply.
- KuCoin: Popular crypto exchange KuCoin allows buyers and sellers to connect via its P2P ecosystem. Tether, Bitcoin, Ethereum, USD Coin, and KuCoin Token are supported. While the KuCoin P2P exchange comes without fees, we found the marketplace a bit clunky to use. Moreover, a much lower range of payment types are supported.
- Paybis: A 2016-launched crypto trading platform that offers 150 cryptocurrencies. Although P2P trading facility is yet to arrive, Paybis does allow users to sell over 10 cryptocurrencies, including Bitcoin, USDC, Tether, Ethereum, Cardano, Dogecoin, Polygon, and others.
- Huobi: The Huobi exchange offers a zero-commission P2P platform that covers six cryptocurrencies. This includes Tether, Bitcoin, Ethereum, Tron, USDD, and Huobi Token. Nearly 60 local payment methods are supported, including bank transfers and e-wallets. Huobi claims to have an Anti-fraud Practitioner in place to detect suspicious P2P trades.
- Paxful: Paxful is a specialist P2P exchange that operates globally. Buyers can find their ideal seller through a range of filters, such as the country, payment type, and required amount. Paxful does not charge fees when buying crypto on its P2P platform. That said, sellers are charged 1%.
- LocalCoinSwap: LocalCoinSwap is a P2P exchange supporting over 300 local payment methods. It allows buyers and sellers to trade Bitcoin, Ethereum, USDC Coin, Tether, and DAI. No trading fees are charged to either party, making LocalCoinSwap a cost-effective option.
- Bybit: While Bybit is best known for its advanced crypto exchange and leveraged markets, it also supports P2P