It’s easy to imagine how in the next few years the ability to pay with cryptocurrency will be offered everywhere, and contracts will include a cryptocurrency account address instead of a bank account number. That’s why you can already see the rating of crypto exchanges with P2P exchanges on Revieweek’s website.
How does a P2P exchange work?
The mechanism of P2P is built on the traditional exchange, without intermediaries. This can be immediately recorded as a plus, because the risks are reduced by the fact that the intermediary can not affect the final result of the transaction:
“The platform gives the user the opportunity to publish their ad to buy or sell cryptocurrency with all the parameters (price, volume, payment method, need for identification and so on). After that, the user only has to wait for their client to make a deal.”
P2P-trading on the exchange Binance (https://revieweek.com/review/binance/). The undisputed leader among exchanges, including P2P:
- Obligatory verification to get access to p2p-trading, you also need to connect SMS and Google Authenticator.
- Cryptocurrencies for p2p: BTC, USDT, ETH, BNB, DOGE, DAI.
- More than 80 fiat currencies: USD, EUR, PLN, GBP and others.
- Ability to exchange cryptocurrencies in person for cash.
- More than 150 payment methods, including bank cards, bank transfers, PayPal, cash and many e-wallets.
P2P trading on OKX (OKEX) exchange:
- P2P-exchange from one of the best by volume Chinese exchange OKX (OKEX).
- Mandatory verification.
- Currencies for p2p-trading: USDT, USDC, ETH, BTC.
- More than 100 fiat currencies: USD, UAH, CNY and others.
- Easy way to create an order.
- Orders are executed either at fixed or floating price.
- Adjustable level of partner identification (KYC1/KYC2).
- Exclusive cryptocurrency seller mark, increased sales traffic, personalized 24/7 support, + a number of other services.
P2P trading on Bitpapa exchange:
- A powerful centralized P2P exchange for trading popular crypto assets.
- No mandatory verification.
- Cryptocurrencies for p2p: USDT, BTC, ETH.
- Fiat currencies: USD, EUR, GBP and others, 19 currencies in total.
- Fee ranges from 0.3 to 1% (depending on level).
- More than 100 ways to pay for crypto: bank transfers, PayPal, Payeer, SEPA, Perfect Money, cryptocurrency, cash and others.
- Escrow account for transaction security.
- Automated trading bots in Telegram.
Advantages and disadvantages of P2P exchanges
- Decentralized trading and equality of all participants.
- Transactions take place without intermediaries.
- The final commission for buying cryptocurrencies through P2P trading is lower than through payment gateways.
- Personalized trading.
- The ability to set your own trading conditions.
- Support for multiple national currencies.
- High confidentiality: trading is anonymous or with minimal disclosure of personal data.
- Variety of payment methods.
- Service of payment deposit: the special account on which means are withheld till the moment, when both parties confirm fulfillment of conditions of the transaction.
- Public arbitrators who resolve situations arising in disputed transactions.
- Full control over personal assets.
- Low volumes of liquidity.
- Small number of cryptocurrencies available for direct exchange.
- Longer transactions.
- Risk of running into an unscrupulous buyer or seller.
- Still low prevalence of platforms.