6 best P2P crypto exchanges

The P2P functionality of Binance’s platform allows KYC-verified customers to trade cryptos for fiat currencies directly with a user rather than on the spot exchange.

Buying P2P: Navigate to the P2P platform and select the crypto you want to purchase. You will see a list of advertised sales, which can be filtered by amount, currency and payment method. Once you find a suitable ad, place your order, select a payment method and confirm the transaction. Once the order is completed, the seller will release the crypto, which will be deposited into your account by Binance.

Selling P2P: Before selling crypto P2P, you must hold your chosen coin or token in your funding wallet. Select the crypto you want to sell and your chosen fiat currency as the payment method. Once selected, you can see the available offers and choose a buyer that fits your trade specifications. Once the buyer has made the payment, verify the correct amount has been sent and confirm the release.

The fiat transaction is made outside the Binance platform between the buyer and the seller. Once the order is submitted, Binance holds the cryptocurrency in escrow until the seller confirms that they have received the cash payment.

You can contact your selected buyer/seller directly using the Binance chat window. If you do not receive your funds in the specified time, contact a Binance customer support agent with an appeal request.

To start trading P2P on KuCoin, complete your KYC verification and SMS authentication. Once set up, navigate to the P2P tab on the KuCoin app, select your preferred fiat currency, the cryptocurrency and buy or sell.

A list of trade advertisements matching your specific inputs will now be visible. You can choose a user or merchant you want to trade with and the amount to buy or sell – take note of any remarks added to the listing.

Complete the transaction and verify payment. Payments are made outside the KuCoin platform and must be completed within a specified time frame.

Once the transaction has been confirmed, KuCoin will lock the funds until the seller confirms they have received the fiat. Once received, the seller will release the crypto, which KuCoin will deposit into the buyer's wallet. KuCoin doesn’t charge any transaction fees for P2P trading.

Bybit's P2P exchange allows you to convert cryptocurrencies to a range of fiat currencies, including USD, for free.

Using the Bybit P2P platform, you can post advertisements to buy or sell and trade with other traders quickly and safely.

To begin trading P2P on Bybit, you must sign up for the exchange and complete the Level 1 KYC process, including facial recognition and passport verification.

Click “Buy Crypto” on the Bybit website and navigate to the P2P tab. You can now choose whether to buy or sell and select your trade requirements. Once filtered, you can select a listing that matches your order specifications and complete the transaction.

Once you've selected an advertisement, you will have 15 minutes to complete the transaction. The seller will release the crypto once they have received payment. If the seller fails to release the coins within 15 minutes, you can submit an appeal to Bybit support and receive a refund.

To start trading P2P on the OKX exchange, you must first have a verified account. Once your account is set up, navigate to the P2P platform, select the fiat currency and the crypto you want to trade and add any filters such as price or amount available.

To complete a buy trade, tap the buy button next to your preferred offer and select the amount you wish to purchase and the payment method.

Review your order details and confirm the transaction. You will have to complete the payment outside the OKX app. OKX will hold the crypto being purchased until the seller confirms they've received your funds.

To post a listing and sell crypto on OKX P2P, select the payment currency you wish to receive and the crypto you're selling. Once someone purchases your crypto and you have received payment, tap release crypto to complete the transaction.

Paxful is a peer-to-peer trading platform that allows you to trade cryptos, including Bitcoin, Ethereum, Tether and USD Coin. There is also a marketplace where you can trade crypto for goods and services, such as gaming items or Amazon wishlists. The platform has over 10 million registered users and accepts over 350 payment methods.

Using Paxful, you can choose your rates when buying and selling cryptos and fiat currencies. Once you've confirmed a P2P trade, Paxful securely holds the funds in escrow until the transaction has been completed.

The platform has an inbuilt wallet to help safely store your digital assets and a digital marketplace for purchasing goods and services using cryptocurrencies.

Before trading P2P on Paxful or using the marketplace, you must create an account and complete the exchange's KYC verification process.

Sale fees on Paxful are between 0.5% and 5%. Buy trades do not incur a fee.

Getting set up buying and selling peer-to-peer on Huobi is straightforward and can be completed in a few steps. After creating an account and completing the KYC verification process, you can trade with other advertisers.

To convert USD to crypto or vice versa, select your choice of price and payment method and approve the transaction. You will be given a 40-minute window to send funds and confirm they have been received. If both parties have not approved the transaction within this period, it will be cancelled and reversed.

Huobi acts as the intermediary for P2P trading and charges 0 fees or commissions for its services. If you send fiat currency and have not received your crypto, contact the Huobi customer support team.

Huobi P2P supports multiple blockchains, so double-check you're transacting on your preferred network before completing purchases.