P2P Crypto Trading - Which Platform Do You Use & Why?

[Blockrocks]

Which P2P crypto trading platform do you use and why? I'd love to know about the ones you have used and your experiences with them.

Also, I'd like to know why you choose to use P2P rather than exchanges etc.

Thanks in advance everyone. 

LBC and Paxful are the mostly used p2p but now Binance p2p and other exchanges also p2p trading but they are not really p2p because the funds will be credited to yoir exchange then only you can move it to wallets. But all those p2p are having mandatory KYC requirements.

Localcryptos, Bisq and HodlHold are some of the real p2p exchanges but with less volume and offers.

https://cryptplocally.com has light kyc only a mobile number and email to get started.

[aria.newman]

As far as I remember, almost all cryptocurrency exchanges support P2P function. I believe that you need to choose a cryptocurrency exchange with a good rating and reviews and use this function there. Here's the site I use to check ratings and reviews.

[ipanks]

I use Binance P2P as I met many local sellers who always help me withdraw anytime I want. Besides Binance, I use local sellers in the other place.

The only reason why I use P2P rather than exchanges is that the P2P services are faster than the exchanges. The exchanges can wait for one day to complete the transactions but the P2P can complete in just less than 15 minutes.

[tippytoes]

I use Binance P2P as I met many local sellers who always help me withdraw anytime I want. Besides Binance, I use local sellers in the other place.

The only reason why I use P2P rather than exchanges is that the P2P services are faster than the exchanges. The exchanges can wait for one day to complete the transactions but the P2P can complete in just less than 15 minutes.

This is actually one of the major edges of p2p, very fast. And if you compare it to your local exchange, some methods will really need time before it will be credited to your account. I also use binance p2p because you have no problem converting your coin to any popular alt because they have very good liquidity so you can also get better rates. I believe a lot are now utilizing this service of binance. And if they will keep on adding other fiat currencies, this will really serve a lot of crypto users around the globe.

[crwth]

I'm always using the Binance P2P because it's a safe approach towards converting your assets towards what you want, whether you are buying crypto with fiat or vice-versa. I'm using it mainly because it's one of the most convenient ways to do actual trading. I mean, in Binance, you could easily buy a variety of coins available in the exchange and probably HODL it there. Making sure that you can afford to lose it since you know that anything can happen, whether it's getting hacked or something.

Most people would probably stay away from it since it involves KYC, but if you think it outweighs the trouble, why not?

[gabbie2010]

I use Binance P2P as I met many local sellers who always help me withdraw anytime I want. Besides Binance, I use local sellers in the other place.

The only reason why I use P2P rather than exchanges is that the P2P services are faster than the exchanges. The exchanges can wait for one day to complete the transactions but the P2P can complete in just less than 15 minutes.

My choice of P2P platform is also Binance Express, transaction had been swiftly without any delay, in addition the buyer of my coin must send a calculated equivalent amount of my local currency set by Binance on the platform and I must receive bank alert first or better still check my bank app to confirm that the buyer had sent the money before I released the coins, I had been using the platform for quite some time now, I had never had any issue with the buyers, the service was topnotch, of course Binance must have access and scrutinize them to fish out scammers among them. there is an option of appeal if there is any issue between the two parties.

[Potato Chips]

Binance P2P services is good, but not until when there are some P2P buyers and seller who requires additional Know Your Customer (KYC) process before you get to execute the trade. I just don't know if other countries do this as well.

Some even ask for an ID which is a next level of risk. I remember reading a reddit thread about a sus trader cancelling the trade right after OP has sent their ID to them (happened on LBC) so it's a good call to skip sellers who has these additional KYCs. We don't know how the data is kept or if they actually have the right to collect 'em.

Try https://cryptolocally.com

hmmm... claims to be fully decentralized exchange but relies on centralized service in order run and has the power to restrict some countries? 🥴 not a good sign.

[thayes09]

I often use p2p binance to cash USDT or take profit for cash instead of OTC simply because on Binance P2P everything is safer and more convenient, and the exchange also has mechanisms to protect users safely.

[Mkmanik]

nowadays most of the time using the Binance P2P marketplace for regular use. Binance has a very nice interface, a strong support system, and is easy to use also. Both website and android versions are good for newbies also. Binance is recommended for all

Also created an account at Kucoin but there the order book is very little. So not using Kucoin right now. I also using Localbitcoins and paxful. But in this forum, a lot of scam accusations are available about Paxful. So why withdrawn all of my assets from there.
Binance P2P market is best now.

[Wind_FURY]

I remembered! I found a blog with a list of P2P/no-KYC exchanges two years ago, https://bitcointalk.org/index.php?topic=5180421.0

I haven’t updated it though. Please post an update if anyone of you used any of those exchanges, and also post your experience, review, or testimonial!

[ipanks]

I use Binance P2P as I met many local sellers who always help me withdraw anytime I want. Besides Binance, I use local sellers in the other place.

The only reason why I use P2P rather than exchanges is that the P2P services are faster than the exchanges. The exchanges can wait for one day to complete the transactions but the P2P can complete in just less than 15 minutes.

This is actually one of the major edges of p2p, very fast. And if you compare it to your local exchange, some methods will really need time before it will be credited to your account. I also use binance p2p because you have no problem converting your coin to any popular alt because they have very good liquidity so you can also get better rates. I believe a lot are now utilizing this service of binance. And if they will keep on adding other fiat currencies, this will really serve a lot of crypto users around the globe.

Besides that, when they use Binance p2p, they can also try to sell their altcoin directly there. I do not know why the local exchange seems to take too long to finish the withdrawal process to the local banks, so I think that is why many people use P2P or third-party services to help them get the money faster. If the local exchanges can do better than the other third party, their members will not move to the other services because the local exchange can be a one-stop place for crypto transactions.

[Sebato]

Which P2P crypto trading platform do you use and why? I'd love to know about the ones you have used and your experiences with them.

Also, I'd like to know why you choose to use P2P rather than exchanges etc.

Thanks in advance everyone. 

A similar question can be found very often.  I perfectly understand your desire to learn as much as possible about the exchanges that you will be using. This is the correct strategy. Having learned the features of as many crypto platforms as possible, this will simplify your choice. Take a look at this article CryptoTotem, which appeared almost recently. Some innovations of one of the websites are announced here, where you can find a lot of information about the P2P trading platforms. This is where people share their experience of using P2P crypto trading platforms.

[conected]

I use Binance P2P as I met many local sellers who always help me withdraw anytime I want. Besides Binance, I use local sellers in the other place.

The only reason why I use P2P rather than exchanges is that the P2P services are faster than the exchanges. The exchanges can wait for one day to complete the transactions but the P2P can complete in just less than 15 minutes.

- Binance is a good platform for P2P trading, we can meet local merchants and the exchange will be smoother with people with similar languages but lately a few complaints have surfaced, binance may be less in control of p2p transactions but as this is their playground, I think they should take a little responsibility. The exchange rate should be fixed and cannot be changed once the transaction has been made, quite a lot of sellers are intentionally changing these rates to cheat and scam

[AakZaki]

The first P2P trading I used until now was Binance P2P and I have never used any other trade besides binance.
Binance has many trusted official merchants and currently more and more transactions are being made on Binance P2P. Transaction security is also guaranteed and without additional fees.
I have also been an official Merchant since Binance P2P was launched and I am very satisfied with Binance P2P. to be one of the best in my opinion.

[nelson4lov]

If we're talking about actual trading(short term) and not investing, then you're going to have a bad time with P2P platforms due to the bad liquidity. But with mid to long term bets, the typical DEXs such as Uniswap and SushiSwap. I've heard good things about dYdX(perpetuals and margin), but I've personally haven't tried it yet.

As someone who regards P2P trades as trades that occur between people within the same locality/country (at least that's what majority of the people in my country thinks p2p is).  I would say, "typical DEXs" doesn't make it any easier instead, it makes it even more complicated as -

1. They may not have liquidity for the pairs (local pairs).
2. No way to make trades directly with another trader.

It would be much better to utilize the service of p2p services like Binance P2P or the good old "Localbitcoins". Seem more feasible to me until DEXs start tailoring their projects for such use cases.

[Wind_FURY]

For me, it's Binance, pretty easy to use and most of the mode of payments are available in my country so I guess that wrap things for me. Plus, it's the one that's used by many people in the crypto Facebook group that I'm in.

I believe that’s one of the best places to start, and form good/trusting relationships with other fellow Bitcoin users for direct P2P trades without the need for centralized third party. Is the group invite only?

[Stunzz]

I use Binance because it's more recognized and reliable.

Also, I'd like to know why you choose to use P2P rather than exchanges etc.

My country government directed all the banks to stop processing any transactions related to crypto, so P2P seem to be the only way out for me ever since. Though there might be other alternatives, but P2P is the only one I know and fend to.

[frank07a]

As far as I remember, almost all cryptocurrency exchanges support P2P function. I believe that you need to choose a cryptocurrency exchange with a good rating and reviews and use this function there. Here's the site I use to check ratings and reviews.

You're wrong, not all exchanges support this feature. In some cases, it is better to use a separate service P2P that is not tied to the cryptocurrency exchange.

[ipanks]

I use Binance P2P as I met many local sellers who always help me withdraw anytime I want. Besides Binance, I use local sellers in the other place.

The only reason why I use P2P rather than exchanges is that the P2P services are faster than the exchanges. The exchanges can wait for one day to complete the transactions but the P2P can complete in just less than 15 minutes.

- Binance is a good platform for P2P trading, we can meet local merchants and the exchange will be smoother with people with similar languages but lately a few complaints have surfaced, binance may be less in control of p2p transactions but as this is their playground, I think they should take a little responsibility. The exchange rate should be fixed and cannot be changed once the transaction has been made, quite a lot of sellers are intentionally changing these rates to cheat and scam

So far, I do not have a problem using Binance P2P trading because I have my favorite local sellers who always help me in the transaction. Maybe you should have a list of your favorite local sellers so you will not get into any trouble because I think Binance already manage and did a good thing to buyers and sellers.

I do not like sellers who are intentionally changing the rates after the transaction is started. If you found those sellers, you can report them to Binance so they get blocked and those sellers can not use P2P trading anymore.

[Blockrocks]

I use Binance because it's more recognized and reliable.

Also, I'd like to know why you choose to use P2P rather than exchanges etc.

My country government directed all the banks to stop processing any transactions related to crypto, so P2P seem to be the only way out for me ever since. Though there might be other alternatives, P2P is the only one I know and fend to.

Binance is still pretty tough on KYC, right? P2P is a great alternative if your country is stopping bank payments. Try https://Cryptolocally.com has fewer KYC requirements and IMO is safer than all other P2P as it's decentralised so you don't transfer your fund to the platform first! I have had a few people I know get account frozen due to these big exchanges and centralised p2p companies putting in place countries restrictions.