Best P2P Crypto Exchanges in 2024 

With Australian banks becoming increasingly hostile towards crypto, Australian investors are increasingly more reliable ways to buy and sell crypto without having their bank account frozen. Peer-to-peer (P2P) crypto exchanges are emerging as the go-to solution for those looking to sidestep the hurdles of frozen accounts, phone call interrogations and rejected transfers. These exchanges offer a direct route from bank account to Bitcoin, Ethereum, stablecoins and other popular cryptocurrencies, providing a seamless bridge between fiat and digital currencies.

In 2024, P2P trading isn't just an alternative – it's becoming the preferred method for savvy Australian crypto enthusiasts looking to make buying and selling crypto as easy as possible. This guide explores the top P2P crypto exchanges, offering hope for those tired of wrestling with traditional banking when investing their money.

Top Peer-to-Peer Crypto Exchange: Overview

1. BitGet: Overall, we rank BitGet as the best P2P exchange, offering a fee-free marketplace with diverse features for all trader levels.

2. Binance: Most liquid P2P crypto exchange, boasting a vast user base and support for over 100 fiat currencies.

3. KuCoin: Excellent for accessing new altcoins, with a zero-fee P2P platform and over 850 cryptocurrencies available on spot markets.

4. OKX: Great all-around exchange with a comprehensive P2P platform and advanced trading options for experienced users.

Best P2P Crypto Exchanges: Full Reviews

BitGet – Overall Best Peer-to-Peer Exchange

Supported Cryptocurrencies: USDT, USDC, BTC, ETH, BGB, DAI

P2P Fees: Zero fees on P2P trades

Overview:

BitGet stands out as an excellent option for P2P crypto trading, offering a user-friendly, secure and fee-free peer-to-peer (P2P) marketplace. With support for six major cryptocurrencies, multiple payment methods and a robust escrow service, BitGet caters to beginners and experienced traders. The platform extends beyond P2P trading, featuring derivatives trading with high leverage, spot trading, copy trading, automated bots and various earning opportunities through staking and flexible savings products. With over 600 cryptocurrencies available for trading across its entire platform, BitGet provides a comprehensive platform for crypto enthusiasts.

Pros:

• Zero fees on P2P trades

• Robust security measures, including escrow service

• Wide variety of payment methods

• 24/7 customer support

• User-friendly interface for beginners

• Advanced features for experienced traders (futures, bots, copy trading)

Cons:

• Interface can be overwhelming for newcomers due to the numerous features

• Requires a learning curve to utilise all platform features fully

Binance – Most Liquid Peer-to-Peer Crypto Exchange

Supported Cryptocurrencies: BTC, ETH, USDT

P2P Fees: 0.1% for both makers and takers

Overview:

Binance is a powerhouse in the crypto exchange world, boasting over 200 million users across 100+ countries. Its P2P platform offers a secure and user-friendly trading experience with excellent liquidity. Supporting over 100 fiat currencies and numerous cryptocurrencies, Binance P2P allows users to trade digital assets directly with others worldwide. The platform excels in security, employing advanced measures such as a reliable escrow service, rigorous user verification, and AI-powered monitoring systems to detect and prevent fraudulent activities. With its global reach, competitive fees, and robust features, Binance P2P is an attractive option for users seeking a secure and flexible way to trade crypto.

Pros:

• High liquidity from a large, global user base

• Support for over 100 fiat currencies and 970+ payment methods

• Advanced security measures, including AI-powered fraud detection

• Competitive 0.1% fee for P2P trades

• User-friendly interface with live trade chat

• Comprehensive educational resources

• Access to additional features like spot trading, Binance Earn, and NFT marketplace

Cons:

• Stringent verification process may be time-consuming for new users

• High competition among sellers due to large user base

• Potential for information overload due to the platform's extensive features

KuCoin 

Supported Cryptocurrencies: BTC, ETH, USDT, USDC and KCS

P2P Fees: Zero fees for P2P trades

Overview:

KuCoin is a feature-rich cryptocurrency exchange that offers a robust peer-to-peer (P2P) trading platform alongside its vast array of altcoin markets. The P2P marketplace supports multiple popular cryptocurrencies and over 100 payment methods, including AUD for Australian users. KuCoin ensures trade safety through a robust escrow system, merchant feedback, and identity verification. Beyond P2P trading, the platform provides access to over 850 cryptocurrencies in its spot markets, making it an attractive option for traders interested in P2P transactions and exploring new altcoins. KuCoin also offers advanced trading options, including spot, margin, and futures trading, as well as unique features like options and Trading Bots for automated portfolio management.

Pros:

• Zero fees on P2P trades

• Support for over 100 payment methods

• Robust security measures, including escrow service

• 24/7 customer support

• Access to a wide range of altcoins in spot markets

• Advanced trading options and features (e.g., Trading Bots)

• Opportunity to earn passive income through staking and lending

Cons:

• User interface can be complex for beginners due to the numerous features

• Some advanced features may require a learning curve

• Regulatory concerns in certain jurisdictions may limit accessibility

OKX 

Supported Cryptocurrencies: USDT, USDC, BTC and ETH

P2P Fees: Zero fees for P2P trades

Overview:

OKX stands out as a comprehensive cryptocurrency exchange offering a robust peer-to-peer (P2P) trading platform alongside a wide array of advanced features. The P2P marketplace supports over 100 payment methods and multiple fiat currencies, allowing users to buy and sell cryptocurrencies directly with each other. OKX ensures trade safety through a secure escrow service, a user review system and mandatory identity verification. Beyond P2P trading, the platform offers spot and margin trading for over 350 cryptocurrencies, futures contracts with up to 100x leverage and options trading on select coins. With competitive trading fees, a self-custody wallet supporting 77 blockchains, and various passive income options, OKX positions itself as a versatile and feature-rich platform catering to traders of all levels.

Pros:

• Zero fees on P2P trades

• High liquidity in the P2P marketplace

• Support for over 100 payment methods

• Robust security measures, including escrow service

• Advanced trading options and features

• Self-custody wallet supporting multiple blockchains

• Competitive trading fees across the platform

Cons:

• Complex interface may be challenging for beginners

• P2P trading is not currently available in some regions, including Australia

• Some advanced features may require a learning curve

• Regulatory status varies by country, potentially limiting access in certain jurisdictions

What are P2P Crypto Exchanges?

P2P (peer-to-peer) crypto exchanges are platforms that facilitate direct cryptocurrency transactions between users without the need for intermediaries. These exchanges act as a marketplace where buyers and sellers can connect and trade cryptocurrencies directly with each other, offering greater flexibility and control over the trading process.

Key features of P2P crypto exchanges include:

1. Direct trading: Users can buy and sell cryptocurrencies directly with other individuals, setting their own terms and prices.

2. Diverse payment methods: P2P exchanges typically support a wide range of payment options, including bank transfers, digital wallets, and even cash transactions in some cases.

3. Escrow services: Reputable P2P platforms offer escrow services that hold the cryptocurrency until the payment is confirmed, protecting buyers and sellers.

4. User reputation systems: Many P2P exchanges implement feedback and rating systems, allowing users to assess the reliability of potential trading partners.

5. Global accessibility: P2P platforms often cater to a global user base, enabling trades across different countries and currencies.

6. Customisable offers: Users can create personalised buy or sell offers, specifying their preferred cryptocurrency, amount, price, and payment methods.

P2P crypto exchanges provide an alternative to traditional centralised exchanges, offering users more control over their trades and potentially lower fees. However, while these platforms provide the infrastructure for trades, users should exercise caution and follow best practices to ensure safe and successful transactions.

Why Should I Use a P2P Crypto Exchange?

Why Should I Use a P2P Crypto Exchange?

P2P crypto exchanges offer several compelling advantages that make them an attractive option for many traders:

1. Direct Bank Transactions: P2P platforms allow you to buy crypto directly from your bank account and sell crypto directly to your bank account. This streamlined process often results in faster and more convenient transactions than traditional exchanges.

2. Reduced Risk of Frozen Accounts: Banks and centralised exchanges sometimes freeze accounts or halt transfers, especially for crypto-related activities. P2P trading significantly reduces this risk, as you deal directly with other users rather than through an intermediary.

3. Flexible Payment Options: P2P exchanges typically support a wide range of payment methods, giving users more choices and flexibility in how they conduct transactions.

4. Potentially Better Rates: Trading directly with other users may offer more competitive rates than those offered on centralised exchanges, especially during times of high market volatility.

5. Global Access: P2P platforms often provide access to a global network of buyers and sellers, which can be particularly beneficial if you're looking to trade in specific currencies or regions.

6. Control Over Trading Terms: You can set your own prices, choose your preferred payment methods and decide who you want to trade with, giving you more control over your trading experience.

7. Opportunity for Large Transactions: P2P platforms can facilitate larger transactions more easily than some centralised exchanges, which may have strict limits on transaction sizes.

8. Useful in Regions with Limited Banking Options: P2P exchanges can provide a valuable avenue for accessing cryptocurrencies in areas where traditional banking services are limited or restricted.

While P2P exchanges offer these benefits, it's important to remember that they require users to exercise caution and due diligence. Use reputable platforms, trade with trusted partners like BlackSheep and follow best practices for secure transactions.

How do Peer-to-Peer Crypto Exchanges Work?

P2P crypto exchanges function as platforms that connect buyers and sellers directly, facilitating cryptocurrency transactions without intermediaries. Here's a step-by-step breakdown of how these exchanges typically work:

1. Account Creation and Verification:

- Users sign up on the P2P platform and complete any required identity verification processes.

- This often involves submitting KYC (Know Your Customer) documents to comply with regulatory requirements.

2. Creating or Browsing Offers:

- Sellers can create offers specifying the cryptocurrency they want to sell, the amount, price, and accepted payment methods.

- Buyers can browse existing offers or create buy requests with their preferred terms.

3. Matching and Agreement:

- When a buyer finds a suitable offer (or vice versa), they can initiate the trade.

- Both parties agree on the terms of the transaction.

4. Escrow Service:

- The seller's cryptocurrency is locked in the platform's escrow service once a trade is initiated.

- This protects both parties by ensuring the seller can't back out after receiving payment.

5. Payment Process:

- The buyer sends payment directly to the seller using the agreed-upon method (e.g., bank transfer, digital wallet).

- The buyer then marks the payment as completed on the platform.

6. Confirmation and Release:

- The seller confirms receipt of the payment.

- Once confirmed, the platform releases the cryptocurrency from escrow to the buyer's wallet.

7. Feedback and Ratings:

- After the transaction, both parties can leave feedback and ratings for each other.

- This helps build trust within the community and assists future traders in making informed decisions.

Throughout this process, the P2P platform provides:

• A secure environment for users to interact

• Dispute resolution services if issues arise

• Communication tools for buyers and sellers to discuss trade details

• Reputation systems to help users assess potential trading partners

By facilitating direct trades between users while providing necessary security measures, P2P crypto exchanges offer a flexible and potentially more accessible way to buy and sell cryptocurrencies than traditional spot markets on centralised exchanges.

What Crypto Can You Trade on a P2P Exchange?

P2P exchanges typically offer a range of cryptocurrencies for trading, though the selection can vary depending on the platform. Here's an overview of what you can generally expect:

1. Major Cryptocurrencies:

- Bitcoin (BTC): The most widely available cryptocurrency on P2P platforms.

- Ethereum (ETH): The second-largest cryptocurrency by market cap is also commonly traded.

- Tether (USDT): This popular stablecoin is often used for value storage and transfers.

2. Other Popular Coins:

- USD Coin (USDC): Another widely used stablecoin.

- Binance Coin (BNB): Especially common on Binance's P2P platform.

- Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) are also frequently available.

3. Platform-Specific Tokens:

- Some exchanges offer native tokens for P2P trading (e.g., KuCoin's KCS or OKX's OKB).

4. Stablecoins:

- Besides USDT and USDC, other stablecoins like DAI may be available.

5. Altcoins:

- Depending on the platform, various altcoins might be offered, though typically fewer than are available on spot markets.

Key Points to Remember:

- The range of cryptocurrencies available can differ significantly between platforms.

- Major cryptocurrencies and stablecoins are almost always available.

- Some platforms may focus on a smaller selection of highly liquid cryptocurrencies to ensure smooth P2P trading.

It's essential to check the specific offerings of any P2P exchange you're considering, as the available cryptocurrencies can be a critical factor in choosing the right platform for your trading needs.

Our Methodology for Picking the Best P2P Crypto Exchanges

In evaluating and selecting the best P2P crypto exchanges, we employed a comprehensive methodology considering various crucial factors. Our approach aims to provide a balanced and thorough assessment of each platform. Here's an overview of our key criteria:

1. Security Measures: We assessed the strength of encryption, data protection protocols, implementation of secure escrow services, availability of two-factor authentication (2FA), and the platform's history of security incidents or breaches.

2. User Experience: We evaluated the intuitiveness of the interface design, ease of navigation and trade execution, functionality of mobile apps, and the quality and responsiveness of customer support.

3. Liquidity and Trading Volume: To ensure efficient trading, we examined the availability of trading partners, speed of order matching, and depth of the market for various cryptocurrencies.

4. Fees and Costs: We analysed transaction fees for buyers and sellers, checked for hidden costs or charges, and compared the competitiveness of fees across different platforms.

5. Payment Methods: We examined the variety of supported payment options, the availability of local payment methods and the speed and ease of transactions.

6. Geographical Availability: We considered the platform's accessibility in different countries, with a focus on Australia and its compliance with local regulations.

7. Cryptocurrency Selection: We evaluated the range of available cryptocurrencies and the platform's support for popular coins and tokens.

8. Reputation and User Feedback: We reviewed user ratings and feedback, assessed the platform's standing in the crypto community and examined the transparency of its operations.

9. KYC and Verification Processes: We analysed the robustness of identity verification processes and how well the platform balances security requirements with user privacy.

10. Additional Features: We considered the availability of advanced trading options and integration with other services, such as wallets or trading bots.

By applying these criteria, we aim to provide a well-rounded view of each P2P crypto exchange, helping users make informed decisions based on their specific needs and preferences. Our selections reflect a balance of security, usability, and functionality to cater to a wide range of crypto traders.

Disclaimer: This information is provided by Blacksheep Operations Pty Ltd ABN 16 674 111 392 for general informational purposes only and may refer to products not available in your location. It does not constitute (i) investment advice or a recommendation to invest; (ii) an invitation or solicitation to buy, sell, or hold digital assets; or (iii) financial, legal, accounting, or tax advice. Digital assets, including stablecoins and NFTs, are highly volatile and carry significant risks. You should carefully assess your financial situation before deciding whether to trade or hold such assets. For advice specific to your circumstances, please consult your legal, tax, or investment adviser. All data and statistics are provided solely for general information. Blacksheep Operations accepts no responsibility or liability for any errors or omissions in this information, nor for any use of or reliance upon it by others.

FAQs

Which crypto exchange has the best P2P?

The "best" P2P crypto exchange can vary depending on individual needs and preferences. However, platforms like Bitget and Binance are often highly regarded for P2P crypto trading. These exchanges offer robust security measures, a wide range of payment options and high liquidity. Other factors to consider are security features, user interface, fees and available cryptocurrencies. Users must research and compare multiple platforms to find the one that best suits their requirements, considering geographical availability, supported currencies and customer support.

What is P2P crypto trading?

P2P (peer-to-peer) crypto trading is buying and selling cryptocurrencies directly between individuals without needing a traditional centralised exchange as an intermediary. In P2P trading, users can create buy or sell offers specifying their preferred terms, including price, payment method, and amount. These platforms typically provide an escrow service to ensure the safety of transactions. P2P trading offers flexibility in payment options and makes buying or selling crypto with fiat seamless. It's particularly useful in regions where traditional banking services are hostile towards crypto exchanges. However, users should exercise caution and follow best practices to ensure safe transactions when engaging in P2P trading.

Is P2P crypto trading the best way to buy crypto?

Whether P2P crypto trading is the best way to buy crypto depends on individual circumstances and preferences. P2P trading offers several advantages, such as flexibility in payment methods, less risk of bank account closures or frozen transfers, and the ability to buy crypto directly from your bank account. It can be particularly beneficial in regions with limited access to traditional exchanges or where banks restrict crypto transactions.