In recent years, both investors and speculators have noticed a rise in the popularity of peer-to-peer trading bitcoins. Although bitcoin trading is not as popular as other financial instruments, it is becoming more popular. Before you sell bitcoins on P2P Exchanges, there are some things you should know.
What’s peer-to-peer?
Peer-to-peer (P2P), a decentralized communication model, allows each party to have the same capabilities. Any party can initiate a communication session. The client or server model in which the client submits a request for service and the server response is not compatible with the P2P network model. Each node can act as both a server and client.
List of the Top 15 P2P Crypto Exchanges or Platforms
Below is our favorite peer-to-peer crypto exchanges you should consider this year.
#1. ByBit
Because traders can trade with leverages, Bybit is the best cryptocurrency exchange for P2P. The P2P platform of Bybit allows users to buy and sell their holdings at an agreed-upon price. P2P on Bybit also supports more than 80 payment options, and these include debit cards and credit cards as well as cash payments in person.
KYC allows users to make unlimited withdrawals, deposits, and trades. P2P on Bybit has recently been introduced and offers no transaction fees to either the buyer or seller. Traders may have to pay transaction fees depending on the chosen payment method.
The sign-up process for Bybit is simple:
- Click on Register in the top right corner.
- Sign up using an email address, or a mobile phone number.
- Register for two-factor (2FA), authentication to increase your security.
==> JOIN BYBIT TO START EARNING NOW!
#2. OKX
OKX is a top P2P cryptocurrency exchange because it allows advanced trading in over 200 countries around the world for experienced crypto traders. OKX has more than 100 currency pairs available for Tether, Bitcoin, and Ether, and this makes it one of the most popular P2P exchanges worldwide.
To register for an account, you will need a phone number, and email address, Telegram, or Google account. There are four levels of verification, with higher tiers granting you more features. To increase their transaction limit from $10,000 to Level 2, Level 2 users must provide facial verification and photo identification.
==> JOIN OKX AND EARN A MYSTERY BOX NFT NOW!
#3. Gemini
Gemini is the final P2P cryptocurrency exchange on this list. It’s a trading platform that was designed for beginners, and we are referring specifically to the Gemini Clearing platform. This is a casual peer-to-peer crypto exchange that gives you access to more than 50 cryptocurrencies. The spread fees are equal to the spread. This is a great P2P crypto exchange for beginners as well as experienced traders and investors.
Gemini’s peer-to-peer cryptocurrency exchange platform was designed with beginners in mind. Gemini makes it easy to find what you are looking for and how to buy crypto.
==> CLICK HERE TO CLAIM ETH ON GEMINI NOW!
#4. Binance
Binance is considered to be the best peer-to-peer Bitcoin exchange because it allows users to purchase nearly 60 types of cryptocurrencies, including Litecoin and Chainlink. Binance allows you to trade P2P, but there are no taker fees. However, the maker fee can be as high as 0.35%. It is used by P2P enthusiasts all over the globe who wish to purchase and sell altcoins.
Click the Get Started button in the upper right corner to register on Binance. Before making a deposit, fill out the form. Although some information can be difficult to find online, the mobile app is easy to use and intuitive. Binance allows you to accept a variety of currencies and supports instant transfers.
#5. WazirX
WazirX, an Indian peer-to-peer cryptocurrency exchange, allows you to trade all types of cryptocurrencies. Although many people may think WazirX is India’s best-respected P2P crypto exchange (it was acquired by Binance in November 2019), it actually allows for the trading of all cryptocurrencies. The platform’s daily trading volume of $153 million was as of December 2021.
This indicates that the P2P platform is well-stocked with liquidity, allowing users to easily transact. WazirX allows only USDT to be bought and sold, unlike other P2P cryptocurrency exchanges. Fiat on-ramp: It supports eight fiat currencies, ranging from Indian Rupees to Turkish Liras. There are no taker or marker fees and it charges 0%.
To complete the registration process, click Sign Up on our official website. You can usually deposit within five minutes after validating your email. Clicking on Funds will take you to an intuitive screen that allows you to deposit or withdraw your assets. Click on P2P to purchase on WazirX, and enter the amount you wish to buy. To start the seller search, click Place Buy Order.
#6. Huobi
Huobi is Asia’s most popular P2P crypto exchange, offering one of the largest platforms to trade crypto since 2013. It is easy to find a reliable customer service provider in such a volatile market. This P2P cryptocurrency exchange charges buyers and sellers a 0% transaction fee, which makes it very competitive with other top P2P exchanges.
To register an account, click the Sign-Up button in the upper right corner of this website. To register an account, you must enter your email address, password, and nationality. This value cannot be changed after it is set in your account. So make sure you do this correctly. Huobi’s platform is intuitive and strikes the right balance between elegant, functional, and visually appealing.
#7. Paxful
Paxful, a P2P cryptocurrency exchange based in the United States, is one of the most popular. It promises to simplify peer-to-peer transactions and provide maximum security. Users can provide biometric data to verify transactions, which increases transaction security. Paxful charges flat fees to perform various actions, but crypto purchases are always free. The currency sellers will need to pay between 0.5% and 5 %.
Although signing up for Paxful is easy, it can take some time. All traders must have a valid ID and submit video verification for high-ranking traders. After your account has been verified, you will be able to navigate the website to fund your wallet. Paxful will display a list of verified sellers after you have selected a payment method. This list can be filtered to show only those users who have completed more than 200 trades.
#8. LocalBitcoins
LocalBitcoins makes it easy to purchase cryptocurrency within minutes. It is a leading P2P crypto exchange and one of its most unique advantages is that it matches local buyers and sellers to facilitate face-to-face conversations for anyone interested. The company also charges a flat 1% transaction fee for all sellers, and this applies only to Bitcoin traders. Transferring to another LocalBitcoins user’s wallets is possible for no cost.
Click on the Sign Up Free button to register and complete the form. You will be able to trade immediately. The website is simple to use. All the information you need is right there. The exchange allows you to buy cryptocurrency for free. It also supports wire transfer, cash, and PayPal.
#9. KuCoin
KuCoin is a great P2P cryptocurrency exchange for non-American traders who are looking to upgrade to a more sophisticated trading platform. KuCoin is one of the best P2P cryptocurrency exchanges. You can earn interest on your crypto even though it’s sitting in your wallet. KuCoin claims that 1 in 4 crypto users have assets on their platform. This means that there is a large pool of buyers and sellers who can trade with you for additional liquidity. The currency used and the third-party app used will determine the transfer fees.
KuCoin, a more sophisticated platform than the other P2P altcoin trading platforms on this list, is less intuitive. Once you have completed the learning curve, however, you will find a platform with many features that allows you to customize your trading experience. Here you can find margin trading and trading robots.
#10. Coindirect
Coindirect is a trusted peer-to-peer Bitcoin exchange that both beginners and experts can trust. Coindirect has a low minimum deposit of $1 making it one of the most popular P2P crypto exchanges. This is great for small investors who have little money to invest. There are no transaction fees, and you will have a wider profit margin when trading with Coindirect.
Registration is easy as with other P2P exchanges, and verification is also simple. You’ll be ready to trade crypto within minutes on this simple-to-use platform. Although the trading terminal is intuitive, you will need to have access to your data sources as there is no analytics news feed.
#11. Hodl
Hodl Hodl is a platform that allows traders to trade Bitcoin with others on the most popular P2P crypto exchanges. This peer-to-peer Bitcoin exchange platform offers a lending option as an added bonus. You can refer a user to the site and reduce the transaction fee for newly registered users.
Registering is simple and you can immediately buy Bitcoin. In the Buy Bitcoins section, you can filter for the amount of Bitcoins and the equivalent currency. To initiate the trade, click on the Accept Offer and Create a Contract button once you have found the offer that you like.
#12. WhalesHeaven
WhalesHeaven is the next best P2P cryptocurrency exchange for traders who want to start instant auctions. WhalesHeaven is a peer-to-peer cryptocurrency exchange that integrates multiple currencies as well as multi-signature wallets to provide traders with flexibility and security. Access to customer support is available 24 hours a day. WhalesHeaven allows you to swap tokens between different blockchains over a secure network without having to worry about losing your money.
You can create instant auctions or buy Bitcoin from other users by registering on their intuitive platform. There are no fees for withdrawing money.
Users can currently trade and purchase Bitcoin on SmartChain and Binance Smart Chain.
#13. Remitano
Remitano, a P2P cryptocurrency exchange platform that allows users to buy and sell digital tokens including its own RENEC token, is one of the most popular. For advanced transactions, traders can also choose to open a margin account. Remitano has strict KYC checks, which is a departure from other peer-to-peer crypto exchanges, and Remitano sellers often require that buyers have verified their identity.
It is easy to register for the P2P Altcoin Exchange. There are different account levels depending upon how much you verify your identity. You will only need to verify your identity by phone for the most basic level, and higher levels will require official documentation. After that, you can buy crypto on Remitano just like other exchanges.
#14. LocalCoinSwap
LocalCoinSwap is a top-rated P2P cryptocurrency exchange. This is because it provides a simple platform that beginners can use to get started. The platform offers escrow solutions for data transfers and money security. This peer-to-peer crypto exchange features optional KYC checks.
The platform offers a simple trading view that is easy to use for those who don’t like busy screens with charts. You can buy and sell cryptocurrency right from the homepage, and the option is also available in your order history. There are two types of fees: 1% for trading and 0.00045 Bitcoin per withdrawal.
#15. Bisq
Bisq rounds out our list of top P2P cryptocurrency exchanges. This secure platform doesn’t use third-party technology to buy and sell crypto. This intuitive website allows anyone to register and can execute transactions for a small fee. Traders pay a fee of 0.001 BTC and a mining fee of 0.003 BTC.
The first step in registering an account is downloading the app. You can then add your crypto accounts, create an offer, or search for one. It is a peer-to-peer cryptocurrency exchange that makes it easy to make transactions and close trades.
RECOMMENDED:
Top 10 Best Peer-to-Peer Cryptocurrency Exchanges in Africa
Top 10 Best Peer-to-Peer Crypto Exchanges In Australia
10 Best Peer to Peer Lending Apps in the USA
How to Sell Bitcoin Peer-to-Peer
Many platforms facilitate trading in bitcoin and other crypto-assets. They offer buyers and sellers a place to post buy and sell orders and an escrow and dispute settlement service.
These platforms are primarily used to help people find one another. They are not technically classified as exchanges. P2P platforms are a great way to obtain bitcoin for privacy-conscious buyers. These platforms are a good option because they have a lot of buyers.
There is a greater chance of fraud because anonymity can be used on these sites. Some people have fallen for the “replace-by-fee” scam. This is where the buyer’s wallet indicates that bitcoin has been received but the transaction has not been verified on the blockchain. After the buyer releases funds from escrow, the “received bitcoin” will disappear from the buyer’s wallet display.
It is essential to be aware of the laws in your area when selling bitcoin peer-to-peer. You could be in violation of local laws if your sales exceed a certain daily or yearly limit.
The usual process to sell bitcoin via a P2P platform works like this:
- You can either create a listing to sell the bitcoin amount you want or browse the listings of people looking for bitcoin.
- Start a trade. This locks the bitcoin you will be selling into an account.
- Confirm that the agreed amount of payment has been received using the agreed payment method. This could even include meeting the buyer in person and accepting cash. Once you have confirmed payment, the platform will send your bitcoin to the buyer’s wallet.
How to Sell Bitcoin from a Wallet
This method allows you to sell any bitcoin (BTC) directly to cash in your digital wallet. Cash will be deposited into your bank account. Here’s how it works.
- Tap the “SELL” button on the app’s homepage.
- Follow these instructions to connect your bank account.
- Choose the amount that you wish to sell. You can enter the amount in local currency terms, or bitcoin terms.
- Confirm the transaction.
It can take between 1-3 days for funds to reach your bank account.
How to Sell Bitcoin for USD
This will allow you to set up an account, verify your identity and connect your bank account. After you have converted your bitcoin to local currency, you will be able to withdraw the currency from your bank account. This is the typical flow:
- Visit a cryptocurrency trading platform, such as Binance.com, or choose from this top-rated exchange list.
- Register and verify your identity.
- Follow these instructions to sell your Bitcoin (BTC), or any other digital asset.
- Withdraw funds to your bank account.
Conclusion
Peer-to-peer selling of Bitcoin is a great way for you to get into the cryptocurrency market. Do your research and be safe before you get involved. Also, keep cold storage on hand in case there is a price drop.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
Latest entries
- TokensJanuary 30, 2024What Excites You About Mantle Network?
- PaymentsJanuary 30, 2024The Benefits of the Collaboration Between Bybit Web3 and Mantle
- CryptocurrencyJanuary 27, 2024How has the Approval of Spot Bitcoin ETFs Impacted the Financial Ecosystem?
- Money TransferJanuary 27, 2024How to Send Bitcoin on Cash App to Another Wallet
