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By Alexander Reed
Last Updated: Apr 10, 2025
Co-author
By Manisha Mishra
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Peer-to-peer (P2P) exchanges allow buyers and sellers to trade directly, meaning the buyer transfers fiat money to the seller’s account. And the seller transfers the coins to the buyer’s wallet. This eliminates the need to trade crypto via centralized order books.
Crucially, P2P trades are facilitated by an escrow tool, ensuring buyers and sellers are equally protected. This guide reveals which P2P crypto exchanges offer the best user experience, the safest transfer process, and the lowest fees. Read on to get started with a legit P2P platform in under 10 minutes.
These are the top P2P crypto exchanges for 2025:
I’ll now review the P2P platforms listed above. I reveal the most important factors about each provider, including supported cryptocurrencies, trading fees, and security. Read on to select the best P2P cryptocurrency exchange for you.
Best Wallet is my overall top pick. It offers the safest and most decentralized way to trade cryptocurrencies. No third parties or escrow tools are needed, as the Best Wallet exchange is 100% on-chain. This is because trades are facilitated by liquidity pools.
For example, suppose you want to swap USDC for USDT. This would go through the USDC/USDT pool, meaning USDC can be exchanged for USDT without needing another market participant. What’s more, the trade is secured by a smart contract, and the receiving cryptocurrencies are automatically deposited in your wallet. This removes the counterparty risk associated with traditional P2P crypto exchanges.
Best Wallet supports thousands of cryptocurrencies from over 60 chains. This includes Bitcoin, XRP, TON, Solana, BNB Chain, and Ethereum. Swaps are executed at the best available price, with Best Wallet partnering with multiple liquidity providers. Best Wallet is also a non-custodial wallet, so you trade and store cryptocurrencies in one safe place.
Pros
Cons
Check out the review below for more information about this great product.
MEXC, one of the biggest crypto exchanges for volume and active traders, offers a native P2P platform. This is separate from its primary exchange. Just three countries are supported — South Korea, Russia, and Vietnam. Eligible traders can exchange KWR, RUB, and VND for Bitcoin, Ethereum, USDT, and USDC.
A wide range of fiat payment methods are supported, including local bank transfers, Perfect Money, Advcash, and Payeer. MEXC offers a solid user experience when setting up trades. Buyers specify the preferred fiat currency, receiving crypto, payment type, and the amount. MEXC then displays suitable sellers, ranked by the exchange rate.
MEXC doesn’t charge fees on P2P trades. This means buyers pay the seller’s asking price without additional markups. What’s more, P2P trades are safe; MEXC leverages a secure escrow tool. The seller deposits coins before the buyer sends the funds. The coins are released to the buyer once the seller confirms that payment has been received.
Pros
Cons
Feel free to check out our dedicated MEXC Review to learn more about this top-rated crypto exchange.
OKX is another spot trading exchange that also offers P2P trading tools. It supports over 100 fiat currencies, covering everything from GBP and USD to EUR, DKK, and INR. What’s more, buyers can choose from over 900 payment methods. This includes local bank transfers, Paysend, Skrill, Western Union, and World Remit.
OKX’s P2P dashboard supports four cryptocurrencies; Bitcoin, Ethereum, USDT, and USDC. No additional fees are charged by OKX — buyers pay the seller’s asking price. Another feature is OKX’s express trade which streamlines P2P purchases, with OKX obtaining the best available exchange rates based on the buyer’s requirements.
OKX, like other leading P2P crypto exchanges, protects traders via an escrow tool. Once you’ve obtained the purchased crypto, you can access OKX’s other offerings. This includes a spot trading exchange with hundreds of pairs, not to mention leveraged perpetual futures and DeFi tools like structured products, loans, and a decentralized exchange.
Pros
Cons
Binance is one of the best P2P crypto exchanges for customization. Especially if you’re a buyer with specific requirements. For example, the initial search requires the preferred currency, payment type, and country. Buyers can choose from Bitcoin, Ethereum, BNB, Dai, USDC, FDUSD, and USDT; there’s always adequate liquidity for each option.
More than 900 payment methods are accepted, including local and regional bank transfers (e.g. SEPA), Skrill, Neteller, and MasterCard Send. Binance then displays appropriate sellers, listed from the best exchange rate. Sellers can also be filtered by the number of completed trades and the average payment time.
The latter will be important if you’re looking to complete a trade quickly. Clicking a P2P seller reveals additional information, allowing buyers to make an informed decision. All P2P trades go through the Binance escrow for additional safety. No additional fees are charged. Do note that while USD is accepted, US clients can’t use the P2P platform.
Pros
Cons
Bybit is another tier-one exchange offering P2P services. Buyers and sellers benefit from fee-free trading. More than 60 fiat currencies are supported, including USD, EUR, and AUD. P2P trades support four cryptocurrencies: Bitcoin, Ethereum, USDT, and USDC.
What’s more, Bybit supports a huge selection of payment methods. This includes PayPal, unlike many P2P platforms. Exchange rates are often super competitive too. However, users must manually compare rates to the real-time spot price; this information isn’t provided by Bybit. Nonetheless, most P2P trades are completed in under five minutes.
The coins are released from Bybit’s escrow tool once the seller confirms they’ve received the funds. In addition to P2P transactions, Bytbit also offers a comprehensive spot trading exchange that covers thousands of pairs. Bybit is also a great choice for trading leveraged products, including delivery/perpetual futures and options.
Important Note: On 21 February 2025, ByBit became a target of a successful security breach that resulted in $1.5 billion of lost customer funds. We do not recommend Bybit at this time and recommend users take self-custody using a wallet like Best Wallet.
Pros
Cons
BingX is also a great option for anonymous P2P trading and is considered one of the best no KYC crypto exchanges. The account opening process merely requires an email address and a password. Users can then find a suitable P2P seller by clicking the ‘No Verification Required’ button. This ensures that buyers only transact with sellers who won’t ask for verification documents.
About 100 fiat currencies are accepted, including USD, EUR, AUD, and THB. Moreover, traders can choose from a wide selection of payment types. This includes everything from Google Pay and local bank transfers to Wise, Payeer, and Revolut. However, the main drawback is that BingX only supports USDT.
That said, once you’ve obtained USDT, it can be swapped with hundreds of other cryptocurrencies on the spot trading exchange. Commissions of just 0.1% will be applied. And, no fees are charged when using the P2P tool. This not only makes BingX a solid option for anonymity but cost-effectiveness too.
Pros
Cons
Gemini is an established crypto exchange that’s regulated in the US, among other key markets. It offers spot trading and derivative products, not to mention DeFi tools like staking.
While Gemini isn’t a conventional P2P exchange, it does offer eOTC (electronic over-the-counter) services. This enables institutional clients to trade directly. Gemini’s eOTC platform offers premium, tier-one liquidity, ensuring large trades are executed without slippage. It also offers intraday credit. This enables Gemini clients to settle eOTC positions at the market close, meaning maximum capital efficiency.
Moreover, Gemini is a full-reserve platform, meaning client balances are backed 1:1 by stable digital assets. In addition to the US, the eOTC platform is available in 70 jurisdictions. The main drawback for non-US clients is that the onboarding process can be slow. This is to be expected when dealing with foreign-owned entities.
Pros
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KuCoin is a popular tier-one exchange offering every crypto product imaginable. In addition to P2P trading, it offers a comprehensive spot exchange with over 800 markets. This includes a blend of large and small-cap projects. KuCoin is also a top derivative platform.
This includes USD and coin-margined contracts. It also offers DeFi services, such as staking, savings accounts, and dual investments. KuCoin’s P22 dashboard offers a fee-free trading experience. It supports five cryptocurrencies; Bitcoin, Ethereum, USDC, USDT, and KCS.
About 20 payment methods are accepted, which is considerably less than other P2P sites. Nonetheless, this includes local bank transfers, Skrill, Perfect Money, Apple Pay, and Revolut. KuCoin offers an extensive feedback system that ensures buyers are connected with legit sellers, and vice versa. It also offers a robust escrow tool.
Pros
Cons
Bitget offers a user-friendly P2P trading platform. It supports seven cryptocurrencies; Bitcoin, Ethereum, USDC, Bitget Token, Dai, Worldcoin, and USDT. A huge selection of fiat currencies are supported too including everything from USD, GBP, and EUR to MXN, INR, and NGN.
Payment methods include e-wallets like Skrill and Neteller, not to mention local bank transfers. Challenger banks can also be used, such as Revolut and Wise. However, I found that most P2P trades come with a high minimum order requirement. This is often at least $500, meaning Bitget might not be suitable for casual traders.
Nonetheless, Bitget claims that P2P sellers are verified merchants. This ensures buyers can transact safely. Sellers are protected too via the Bitget escrow system. I also like that P2P trades are executed without additional fees. Bitget also offers spot exchanges, leveraged derivatives, and a fully-fledged copy trading tool.
Pros
Cons
CoinEx is one of the best options for portfolio diversification. Although its P2P platform only supports USDT, the spot exchange lists more than 1,600 crypto markets. This includes some of the best meme coins, such as cats in a dogs world, Baby Doge, Pepe, and Shiba Inu. CoinEx also offers a comprehensive futures platform.
This supports long and short trading with leverage of up to 100x. Other top features include automated market making (AMM) for passive income, plus staking and crypto loans. CoinEx also offers copy trading services and instant crypto swaps.
Going back to its P2P platform, CoinEx supports dozens of fiat currencies including USD, GBP, EUR, and AUD. Popular payment methods include local bank transfers, SEPA, Revolut, and Google/Apple Pay. The main drawback is that CoinEx’s P2P dashboard often struggles with liquidity. This can result in unfavorable exchange rates, so ensure you check prices before proceeding.
Pros
Cons
Traders have ample choice when choosing the best P2P Bitcoin exchange. I created a methodology to rate and rank the top providers.
Check out the list below, which summarizes the key points:
Peer-to-peer trading enables buyers and sellers to transact without a third party. The concept enables traders to eliminate intermediaries and traditional order books.
Conversely, buyers start the process by specifying their P2P parameters. This includes the currency, amount, payment method, and the crypto they want to buy. The P2P platform will then match buyers with appropriate sellers as per the stated requirements.
Sellers are usually listed by the exchange rate, from the best to the worst. Buyers can choose which seller they want to deal with and initiate the trade. The seller will then be required to deposit the exact number of coins into the exchange’s escrow wallet. Only then should the buyer complete the payment.
This will be made directly to the seller. For example, if it’s a bank transfer, the buyer will transfer funds to the seller’s bank account. Once received, the seller marks the payment as complete, and the exchange releases the cryptocurrencies from the escrow wallet. A few seconds later, the buyer receives the cryptocurrencies, and the trade is finalized.
Let’s take a closer look at how peer-to-peer crypto exchanges work. I’ll take you through the typical journey experienced by buyers and sellers.
First, the buyer will use the P2P exchange’s search function. This allows buyers to specify their requirements.
This includes the following:
As mentioned, the P2P platform will then list sellers that meet the buyer’s requirements. This should be listed from the most competitive exchange rate downwards. Users can click on a P2P seller for additional information.
This is an important part of the risk management process. For example, it’s best to use sellers that are verified, meaning the P2P exchange has conducted KYC verification. It’s also wise to use sellers with excellent feedback and a large number of completed trades.
The buyer is required to accept the seller’s exchange rate. The seller will then receive a notification from the P2P platform informing them that a buyer is ready to trade.
The seller will provide the buyer with their payment details. For instance, a PayPal email address or a bank account number. Either way, the seller must transfer the cryptocurrencies to the exchange’s escrow wallet. Crucially, buyers must never initiate a payment until the escrow wallet has been funded.
The exchange will notify you when this has happened; it shouldn’t take more than a few minutes. Then the buyer proceeds to make the payment. They will then mark the payment as complete, and the seller will check their account.
Once the seller confirms they have received the buyer’s payment, they will mark the P2P trade as complete. This means the P2P exchange will release the cryptocurrencies from the escrow wallet and transfer them to the buyer.
The buyer then has two options:
The vast majority of crypto volume is conducted on traditional spot trading platforms. This includes tier-one exchanges like MEXC, Binance, Coinbase, OKX, and Bybit.
So that begs the question; what are the benefits of P2P trading when compared to spot exchanges? Read on to discover the core advantages.
One of the main reasons people use P2P exchanges is to buy crypto with fiat money. This is often because the preferred exchange doesn’t support fiat deposits from their country of residence. Binance, for example, often restricts UK residents from depositing GBP due to regulatory restrictions. 
Similarly, many exchanges prohibit US clients from depositing fiat money or even opening an account. P2P exchanges are considerably more inclusive. After all, P2P trades operate in a gray regulatory area; buyers and sellers transact directly. This is because cryptocurrencies are sold at the seller’s required exchange rate, and payments are made directly to their account.
P2P exchanges typically support a much wider range of fiat currencies, especially those from emerging countries. For example, while many leading exchanges support EUR and USD, rarely is there availability for Thai baht, Vietnamese dong, Mexican peso, or the Russian ruble.
This means traders in certain countries witness higher deposit fees, as their local currency must be converted to an accepted one. Moreover, P2P exchanges are ideal for using niche payment methods that often aren’t accepted on traditional platforms. For example, most P2P trades go through local bank transfers, which are typically free and instant in most countries.
This means P2P trades can be completed quickly. E-wallets are often supported too, such as Skrill, Neteller, Perfect Money, and PayPal. These payment methods are also speedy and cost-effective. P2P trades can also be facilitated with mobile payments, a method particularly popular in the developing world.
P2P exchanges are great for traders who prioritize transparent pricing. This is often in contrast to traditional spot trading exchanges.
Now compare this to the P2P process.
That said, it’s best to transfer the funds straight away. Otherwise, you might receive a subpar rating from the seller.
Some P2P exchanges still support anonymous trading. This means buyers can open accounts without providing personal information. The only data collected is an email address. This allows privacy-conscious traders to avoid the KYC process, which typically requires a government-issued ID. 
However, do remember that some P2P sellers will request verification documents when you first initiate a trade. This could be because the seller is a registered business, so the regulatory demands are stricter. As such, some P2P exchanges have a search filter, enabling buyers to only view sellers without KYC practices.
In contrast, many tier-one crypto exchanges now have verification processes when opening an account.
The most convenient way for buyers to trade on P2P exchanges is to use sellers based in their home country. This means sellers accept the same fiat currency and local payment methods.
However, P2P exchanges also enable buyers to purchase cryptocurrencies from sellers around the world. This can be beneficial to traders living in countries with strict crypto laws. This also ensures the buyer doesn’t have their bank account closed, which is often a problem for those purchasing cryptocurrencies online.
P2P and OTC trading are somewhat similar. This is because crypto trades are executed away from conventional order books. Additionally, terms are dictated directly between buyers and sellers. However, there are some differences to acknowledge.
First, OTC trading is almost exclusively for institutional clients, meaning purchase requirements are often at least $100,000 or more. An order of this magnitude would not be suitable for a P2P exchange; the majority of sellers are retail clients typically holding small amounts of cryptocurrencies.
Moreover, the OTC space is heavily regulated. This is due to the large transactions taking place, meaning the onboarding process is often slow and cumbersome. OTC traders must meet various regulatory requirements, including proof of source of funds. Conversely, P2P exchanges have minimal onboarding requirements.
Many support KYC-free accounts, meaning P2P trades can be conducted anonymously. I should also mention that in many cases, OTC trades require the assistance of a brokerage. This is because the brokerage must find a suitable seller for buyers, and vice versa.
This isn’t the case when using a peer-to-peer Bitcoin exchange. Sellers directly list their required rates and buyers can view these rates without using a brokerage.
In general, P2P crypto trading is safe. Especially when using a reputable platform, like those discussed on this page. Crucially, P2P trades should be facilitated by an escrow service. As mentioned, this protects buyers and sellers. For instance, the buyer isn’t required to send the funds until the seller transfers the cryptocurrencies to the escrow wallet.
The P2P exchange notifies the buyer when this has been completed, and the minimum number of blockchain confirmations has been met. Similarly, the seller will only mark the P2P trade as complete once they have received the payment. The cryptocurrencies are then released to the buyer.
All that said, P2P trades aren’t 100% risk-free. These are some of the scams to be aware of:
We’ll now explain the P2P process for beginners. Follow the steps below to complete your first P2P trade in under 10 minutes:
In summary, I’ve revealed the top P2P crypto exchanges for 2025. This marketplace is ideal for traders who want to buy cryptocurrencies with a local currency or payment method. P2P trading is also popular with traders living in countries with strict crypto regulations.
Other P2P benefits include more transparent pricing and the ability to trade anonymously. However, P2P exchanges aren’t without risks, so ensure you do adequate research before proceeding.
Best Wallet is a great option for trading cryptocurrencies away from centralized exchanges. It’s even safer than peer-to-peer trading, and cryptocurrencies are traded via decentralized smart contracts.
Binance is a solid option for P2P trading. It supports over 800 payment methods, including local bank transfers and e-wallets.
Yes, KuCoin uses an escrow system when facilitating P2P trades. This means the cryptocurrencies are held in KuCoin’s wallet before the payment is made.
P2P trading is merely a way to buy cryptocurrencies directly from sellers. Exchange rates are determined by the seller, which can be above or below the spot price.
Yes, fiat currency is accepted by most P2P platforms. This typically includes local payment methods that aren’t traditionally accepted by exchanges.
Yes, P2P trades can be taxed for capital gains once they’re disposed of. This will depend on whether the seller made a profit from the sale.
P2P is often the best way to buy crypto anonymously, or with local currencies and payment types. However, P2P rates are typically unfavorable when compared to traditional exchanges.
Although some peer-to-peer exchanges have KYC measures, not all do. This means it’s still possible to execute P2P trades anonymously.
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
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10 Best P2P Crypto Exchanges for April 2025 – 99Bitcoins
