Exchanges with p2p

Best P2P Exchanges

P2P cryptocurrency exchanges are platforms where users exchange digital assets directly with each other without intermediaries. Unlike centralized exchanges, where trades go through an order book and market makers, in the P2P format the buyer and seller set the terms themselves and settle directly. The key feature of such platforms is the escrow account. The seller’s cryptocurrency is locked for the duration of the trade and, after the buyer’s payment is confirmed, it’s released to the buyer. This ensures security and protects both parties from fraud. The popularity of P2P exchanges is growing because they:

• allow working with almost any fiat currency;
• let users bypass banking restrictions;
• offer more payment methods than classic exchanges;
• often charge no fees or only minimal commissions.

1. Bybit P2P

Parameter	Description
Website	bybit.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, USDC
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	No

Bybit P2P is one of the most convenient platforms for arbitrage because there’s no T+1 lock. This means purchased assets are available immediately, which is crucial for active arbitrage. Liquidity is high, and after Binance left the Russian market, it became one of the main options for Russian-speaking traders. Only verified merchants can create listings, which further reduces fraud risk.

2. OKX P2P

Parameter	Description
Website	okx.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, USDC
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	No

OKX P2P is one of the most popular peer-to-peer platforms for arbitrage. It supports a wide range of fiat currencies, though the Russian ruble is not available. Only merchants can create listings, while all KYC-verified users can respond. Launched in 2013, the exchange stands out for its user-friendly interface, strong liquidity, and reliable support.

3. Binance P2P

Parameter	Description
Website	binance.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, BNB, BUSD, SHIB
Fees	No fees for takers; fixed fees for makers
Suitable for P2P arbitrage	Yes
T+1 lock	Yes (24 hours for makers)

Binance P2P is the largest platform by volume and liquidity, making it one of the best for P2P arbitrage. It uses an escrow system and the security of the world’s biggest exchange infrastructure. The main drawback is the T+1 lock for makers (listing creators): purchased crypto is frozen for 24 hours, slowing down arbitrage cycles. Verified, trusted merchants may be exempt.

4. MEXC P2P

Parameter	Description
Website	mexc.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, USDC
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	Yes (for some directions)

MEXC P2P offers a more limited set of fiats—primarily rubles, Vietnamese dong, and South Korean won. There are fewer listings than on top competitors, but liquidity remains decent on popular pairs. A plus is the “Express P2P” feature, which quickly matches suitable offers without manual searching. MEXC is also known for low spot fees, making arbitrage even more attractive when you combine P2P with spot trading.

5. BingX P2P

Parameter	Description
Website	bingx.com
Verification	Required
Supported cryptocurrencies	USDT
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	Yes

BingX P2P supports USDT only, which simplifies work for stablecoin users. The platform offers solid liquidity and a broad set of fiat currencies, including RUB and KZT—handy for arbitrage in the CIS region. Another plus is built-in copy trading, letting newcomers mirror experienced traders. Becoming a merchant is easier than on many platforms—no deposit bond is required.

6. HTX P2P

Parameter	Description
Website	htx.com
Verification	Required
Supported cryptocurrencies	USDT, BTC, ETH, TRX, USDD, etc.
Fees	None (for takers); minimal for merchants
Suitable for P2P arbitrage	Yes
T+1 lock	No

HTX (formerly Huobi) runs one of the more liquid P2P marketplaces. It supports many routes and assets, including TRX and USDD, which some competitors lack. Trading requires KYC, but you can apply to become a merchant. The platform stands out for fast support and a long operating history. Available on desktop and mobile—convenient on the go.

7. KuCoin P2P

Parameter	Description
Website	kucoin.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, USDC, KCS
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	EUR only

KuCoin P2P supports 20+ fiat currencies, making it flexible for international arbitrage. There are no trading fees, which helps at higher turnover. The platform promotes its KCS token, also tradable via P2P. A downside: T+1 lock for euro trades, limiting speed in that corridor. The interface is user-friendly, localized in Russian, and available on mobile.

8. Bitget P2P

Parameter	Description
Website	bitget.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, USDC, BGB
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	T+60 minutes for PKR, BDT, INR, EUR, NGN, USD

Bitget P2P suits arbitrage thanks to support for 20+ fiats and zero trading fees. Unlike many competitors, not only merchants but also regular KYC-verified users can trade. There’s a T+60-minute restriction for some currencies—account for this when planning cycles. Useful tools include price alerts and a solid mobile app. Bitget’s broader ecosystem (copy trading, derivatives, bonuses) makes it attractive beyond P2P.

9. Gate P2P

Parameter	Description
Website	gate.io
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT, USDC, DOGE, TON
Fees	0.2% for makers
Suitable for P2P arbitrage	Yes
T+1 lock	No

Gate P2P is from Gate.io, one of the market’s oldest exchanges (since 2013). The marketplace offers two modes: Express (quick matching by the system) and Standard (manual selection—convenient for arbitrage). It supports a wide set of fiats, including RUB, UAH, KZT, USD, and EUR. Payment methods include major bank cards and e-wallets.

The main advantage of Gate P2P is high liquidity and numerous listings in various currencies. A minus is the 0.2% maker fee, while taker trades are free. The exchange regularly publishes Proof-of-Reserves, increasing trust.

10. Phemex P2P

Parameter	Description
Website	phemex.com
Verification	Required
Supported cryptocurrencies	BTC, ETH, USDT
Fees	None
Suitable for P2P arbitrage	Yes
T+1 lock	No

Phemex P2P is a relatively new marketplace added alongside spot and derivatives. Liquidity is still below the leaders but growing. There are no fees for makers or takers, which benefits arbitrage.

The exchange supports a wide range of payment methods—cards, bank transfers, e-payments—but the exact list depends on the selected fiat and country. To start trading, you must pass KYC and enable two-factor authentication.

Pros: clean interface and fast deal flow. Cons: limited crypto selection (currently only BTC, ETH, and USDT).

What a P2P Exchange Is and How It Works

A P2P (peer-to-peer) exchange is a platform that directly connects buyers and sellers of cryptocurrency. Unlike centralized exchanges, you don’t deposit fiat to the exchange itself: fiat transfer happens directly between users (e.g., card-to-card). The exchange acts only as a guarantor of the deal.

How a trade works

1. The seller posts a listing (e.g., “sell 1000 USDT for rubles via Sberbank”).
2. The buyer responds and sends fiat directly to the seller’s account.
3. Meanwhile, the seller’s crypto is locked in the exchange’s escrow wallet.
4. Once the seller confirms receipt of payment, the exchange automatically releases the crypto to the buyer.

Escrow and security Escrow is the key security element in P2P trading. If either side violates terms, the exchange’s dispute team steps in: support reviews evidence (chat logs, payment screenshots, bank statements) and decides who receives the funds.

How it differs from centralized exchanges

• On regular exchanges, fiat is held in the platform’s bank accounts.
• On P2P, the platform doesn’t hold fiat—only reserves the crypto.
• Users choose their own rate and payment methods.

Thus, P2P exchanges provide more flexibility and often cheaper trades, but they require attention and caution when selecting counterparties.

Safe P2P Exchanges

When choosing a P2P exchange, the key factors are:

• availability of escrow to protect trades;
• Proof-of-Reserves—evidence the exchange actually holds assets;
• reputation and time in operation;
• an active dispute desk and adequate customer support.

Examples of vetted P2P exchanges:

• Bybit P2P — zero fees, high liquidity, strict KYC for merchants.
• OKX P2P — dozens of fiats, transparent escrow.
• Binance P2P — one of the largest and most liquid platforms with strict seller requirements.
• KuCoin P2P — strong reputation, many payment options.
• Gate P2P — user-friendly interface and high liquidity.
• HTX (Huobi) P2P — broad coin selection and fast support.
• Phemex P2P — a young but quickly developing service with zero fees.

These marketplaces are operated by major centralized exchanges that regularly undergo audits and publish reserves. Users can be confident their crypto won’t disappear and that disputes will be resolved fairly when evidence is provided.

Best P2P Exchanges with RUB

For Russian users, P2P remains one of the most convenient ways to buy and sell cryptocurrency. Transfers occur directly between people, and the platform acts solely as a guarantor via escrow.

Popular P2P exchanges supporting RUB:

• Bybit P2P — supports Sberbank, Tinkoff and others; strong liquidity, especially in USDT.
• Garantex — Russian platform with RUB deposits/withdrawals, including via codes. Con: under sanctions.
• KuCoin P2P — works smoothly with Russian banks, low fees, flexible terms.
• Gate P2P — many listings, including RUB pairs.
• HTX (Huobi) P2P — reliable, active RUB market.
• Bitget P2P — actively supports RUB payments, convenient interface.
• CoinEx P2P — smaller but accessible platform, including RUB.
• Sky Crypto — works via website and Telegram bot, popular among Russian-speaking users.
• Totalcoin — a wallet with an integrated P2P platform, robust RUB support.

When working with rubles, check the merchant’s reputation (reviews, number of trades) and don’t send money until you fully understand and agree with the deal terms.

Best P2P Exchanges Without Verification

Not everyone wants to go through KYC. For small amounts and more anonymous deals, there are platforms where verification is optional or limited to basic checks (email, phone).

Top platforms without mandatory KYC:

• Bitpapa — email and phone confirmation suffice. Supports BTC, ETH, USDT, TON, XMR. Fee up to 1% for makers.
• Sky Crypto — website and Telegram bot. No mandatory KYC, fees: 1% buy, 0.5% sell.
• HodlHodl — multisig contracts, security without intermediaries. No KYC, fees up to 0.6%.
• Totalcoin — wallet with built-in P2P. Basic registration only, 1% fee.
• Bisq — fully decentralized, open-source P2P. No KYC, 0.1% maker and 0.7% taker.
• LocalCoinSwap — international P2P with 10+ cryptos and many payment options. Verification optional.

Lack of KYC increases the risk of meeting scammers, so carefully check seller reputations and always use escrow.

Best P2P Exchanges for Arbitrage

P2P arbitrage is popular due to the opportunity to earn on price differences between exchanges and within a single marketplace. You need platforms with high liquidity, minimal fees, and convenient interfaces.

Top P2P exchanges for arbitrage:

• Bybit P2P
  High liquidity, no T+1 lock. No trading fees, but only merchants can create listings.
• Binance P2P
  Most liquid P2P platform, but with T+1 (24-hour) lock. Good for large volumes and complex routes.
• OKX P2P
  Supports dozens of fiats, convenient interface. Listings only by merchants. No T+1.
• HTX P2P (ex. Huobi)
  Many offers and quick support. Suitable for diverse currency/coin arbitrage.
• MEXC P2P
  Supports RUB, VND, KRW. Has T+1, but solid USDT liquidity.
• KuCoin P2P
  20+ fiats, KCS support. Convenient for intra-exchange arbitrage.
• Bitget P2P
  Supports 20+ fiats. T+60 minutes for some currencies. Price alerts help track deals.
• Gate P2P
  Medium liquidity, 0.2% maker fee. Works for intra-exchange arbitrage.
• BingX P2P
  Main liquidity in USDT. Supports RUB and KZT. Handy with copy trading.
• Phemex P2P
  Liquidity still modest, but no fees. Good for small trades and testing routes.

For arbitrage, Bybit, Binance, OKX, and Bitget are optimal—high liquidity and zero fees. HTX and KuCoin are useful for additional corridors.

Best P2P Exchanges for Beginners

Beginners need a simple interface, support for popular currencies, and clear guides. Below are platforms especially friendly to newcomers.

Top P2P exchanges for beginners:

Binance P2P
• Very simple sign-up and intuitive interface.
• Extensive tutorials and how-to videos.
• High liquidity and a wide choice of coins (BTC, ETH, USDT, etc.).
• Many payment methods.

Bybit P2P
• No trading fees.
• Friendly UI and fast KYC.
• Supports popular assets—USDT, BTC, ETH, USDC.
• Good support and escrow protection.

OKX P2P
• Dozens of fiat currencies supported.
• Mobile app with step-by-step hints.
• Easy fiat purchases in local currencies.
• No trading fees.

KuCoin P2P
• 20+ payment methods.
• Buy/sell KCS (native token).
• Step-by-step onboarding for newcomers.
• No trading fees.

HTX P2P (ex. Huobi)
• Broad coin list (BTC, ETH, TRX, USDT, etc.).
• Trading without merchant status is possible.
• Detailed help center.
• Friendly interface.

Phemex P2P
• New service with a simple UI.
• Only base coins (BTC, ETH, USDT).
• No fees.
• Good for small trades and practice.

For beginners, Binance P2P and Bybit P2P are best—simple instructions, easy interfaces, and broad coin support. OKX and KuCoin are strong alternatives if you need more payment options.

Difference Between P2P and OTC Trading

P2P (peer-to-peer) and OTC (over-the-counter) are two different ways to buy and sell crypto. They’re often confused, but each has distinct features.

P2P trading

• Deals happen directly between users.
• The exchange acts only as a mediator via an escrow account that locks crypto until payment is confirmed.
• You pick the counterparty and set the deal terms yourself.
• Speed depends on the counterparty’s responsiveness (typically 5–20 minutes).
• Great for arbitrage and buying with local currencies.

OTC trading

• Trades go through a broker or OTC desk (the exchange’s service).
• Price is based on market rate plus an OTC fee.
• The deal is usually instant, since the platform itself acts as counterparty.
• Best for large volumes—tens or hundreds of thousands of dollars.
• Lower anonymity: KYC is almost always required.

P2P vs. OTC comparison

Parameter	P2P trading	OTC trading
Counterparty	Another user	Exchange or broker
Intermediary	Escrow only	OTC desk (exchange)
Fees	Minimal or none	Higher (built into the quote)
Speed	5–20 minutes	Near-instant
Best for	Small/medium trades, arbitrage	Large trades
Anonymity	Can be higher	KYC almost always required

How P2P Exchanges Work: An Example

To understand the mechanics, here’s a step-by-step example of buying USDT for RUB on Bybit P2P.

Step 1. Find a listing

Go to the P2P section and choose a suitable offer. You’ll see:

• the exchange rate,
• available amount,
• deal limits,
• payment methods,
• seller rating.

Step 2. Initiate the deal

Click “Buy” and enter the amount. At this moment the seller’s crypto is locked in escrow by the exchange.

Step 3. Pay

Send fiat (e.g., rubles) directly to the seller using the agreed method: bank card, YooMoney, QIWI, etc.

Step 4. Confirmation

After receiving payment, the seller confirms, and the crypto is automatically released from escrow to your wallet.

If the seller doesn’t confirm, you can open a dispute. Moderators will review evidence and decide.

Advantages of this mechanism

• Escrow protects against fraud: crypto is locked until payment is confirmed.
• You can use dozens of payment methods.
• You can choose the most favorable rate from many offers.

Disadvantages

• The process can take time (from 5 to 20 minutes).
• Sometimes sellers require extra steps (e.g., providing a receipt).

A P2P exchange acts as an intermediary, ensuring deal security via escrow and dispute resolution, but the fiat transfer is always the users’ responsibility.

Practical Example: Buying USDT on a P2P Exchange

Let’s walk through a real example of exchanging rubles for USDT via Bybit P2P. The process is similar on most major platforms.

Step 1. Find a listing

• Open “P2P trading.”
• In filters choose currency — RUB, crypto — USDT, payment method — e.g., Sberbank.
• Pick the most favorable offer by rate and limits.

Step 2. Start the deal

• Click “Buy.”
• Enter the amount you want to exchange.
• At this moment, the seller’s crypto is frozen in escrow and cannot be withdrawn until completion.

Step 3. Pay the seller

• The exchange shows the seller’s payment details (card, wallet, etc.).
• Send the money directly to the seller within the allotted time (usually 10–15 minutes).
• Important: pay strictly from the account matching your profile details; otherwise, the seller may reject the payment.

Step 4. Confirm payment

• After sending funds, click “Paid.”
• Sellers often ask for a receipt or screenshot in the trade chat.

Step 5. Receive the crypto

• The seller checks the incoming payment and confirms.
• Frozen USDT is automatically credited to your Funding wallet.
• If the seller is unresponsive, open a dispute for moderators to investigate.

Key points

• Average deal time: 5–15 minutes.
• Escrow protects against fraud: the seller cannot “vanish” with your money.
• Never confirm receipt if the money hasn’t actually arrived in your account.

Buying USDT via P2P is simple and safe if you follow the rules and carefully check all deal details.

How P2P Exchanges Differ from Classic Exchangers

Although both P2P exchanges and traditional exchangers let you buy/sell crypto, their operating principles differ greatly.

Criterion	Classic Exchanger	P2P Exchange
Counterparty	Your trade is with the exchanger itself	Your trade is with another user
Rate formation	Fixed by the exchanger	Set by users (makers); competition forms price
Deal speed	Instant transaction	From a few minutes up to ~30 minutes (depends on parties)
Flexibility	No terms—just the posted rate	Choose payment methods and set custom terms
Fees	Usually high, hidden in the rate	Low or none, platform-dependent
Transparency	Limited; rate includes margin	High; you see market offers
Security	Depends on exchanger reliability	Escrow protection and user reputation
Best for	Quick buy/sell without thinking	Better rates, arbitrage, flexible settlements

Methodology for Choosing a P2P Exchange

Choosing a P2P platform directly affects safety and profitability. Evaluate objective criteria—don’t fixate solely on the rate.

Key selection criteria

Criterion	Why it matters	What to look for
Reputation	Reduces fraud and outage risks	Years in operation, reviews, known partners
Security	Protects funds	Escrow, Proof-of-Reserves, multisig
Payment methods	Determines usability	Bank cards, payment systems, cash
Fees	Affects net profit	Size, who pays, hidden charges
Liquidity	Ensures quick matching	Active listings and trade volume
Currency support	Defines flexibility	Core cryptos and your target fiat
Interface	Impacts speed and convenience	Localization, mobile app, search filters

Recommendations

• Choose established platforms — projects with years of operation and positive reviews.
• Prioritize security — escrow and Proof-of-Reserves increase reliability.
• Mind the fees — at scale, even 0.5–1% can materially erode profits.
• Check liquidity — number of deals for your currencies and payment rails.
• Verify payment options — the more choices, the more flexible your workflow.
• Interface matters — especially if you’ll use the platform regularly.

How to Avoid P2P Scams

P2P platforms are convenient, but scammers are more common here because fiat transfers occur directly between users and the exchange only guarantees via escrow. To minimize risks, learn the common schemes.

Common scam schemes

Scheme	How it works	Risk
Fake payment confirmation	Scammer sends a forged screenshot/SMS	If you release crypto without checking, you lose funds
Payment reversal	After receiving crypto, buyer requests a chargeback at the bank	Crypto is gone; fiat returns to the scammer
Frivolous disputes	Counterparty stalls and opens a dispute on purpose	Trade frozen; risk of wasting time and money
Overpriced rate	Seller posts a rate far above market, targeting inattentive newbies	You overpay significantly
Third-party payments	Fiat arrives from a different person’s account	Potential bank flags, account freezes, compliance checks

Safety tips

• Never release crypto until you see funds in your account. Screenshots/SMS are not proof.
• Check counterparty reputation. Completed trades and reviews are key.
• Use platforms with escrow and dispute resolution. This minimizes losses.
• Use your own accounts/cards only. Don’t accept third-party payments.
• Keep records. Communicate only in the platform’s chat—it’s vital for disputes.
• Watch the rate. Compare with market to avoid overpaying.

Pros and Cons of P2P

Pros	Cons
Direct transfers between users without storing fiat on the exchange	Low liquidity on some platforms
Low or zero fees (0–1%)	Deals can take 10–20 minutes
Free market—set your own terms	Fraud risk, especially on lesser-known platforms
Many payment methods (cards, e-wallets, transfers)	Dependence on banks and payment systems
Arbitrage opportunities	KYC requirements on most platforms
Escrow protection improves safety	Fee rules vary: maker pays on some, both on others
Accessibility—just a platform account needed	Limited anonymity, especially on centralized platforms

P2P trading has become a key part of the crypto market: a convenient way to on-/off-ramp and a way to profit via arbitrage. But remember: deals require vigilance.

Safety checklist:

• Check the counterparty’s reputation.
• Never confirm completion until funds arrive.
• Use vetted platforms with escrow.
• Start with small amounts to minimize risk.

Always review each platform’s rules and proceed carefully.

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