The Best Platforms For Peer-to-Peer Crypto Trading
Peer-to-peer (p2p) trading as a method to buy and sell crypto for fiat has in recent years declined in popularity in favour of using exchanges and banking onramps. But now, post the catastrophic collapse of FTX and the US government crack down on crypto and banking, users are searching for a reliable way to on and off ramp their crypto – without relying on intermediaries. LocalBitcoins was the original p2p crypto platform but after their shutdown in early 2023, there aren’t many well trusted options. Let’s talk about some of the best platforms available for p2p crypto trading today.
Binance P2P
The world’s largest crypto exchange offers p2p trading that allows users to trade various cryptocurrencies directly with other users. With an intuitive user interface, strong security measures, and a large user base, Binance P2P is unmatched when it comes to deep liquidity and variety of payment options and available currencies.
Paxful
Another well-established centralised P2P trading platform that supports bitcoin p2p trading. It provides users with a simple and secure way to buy and sell bitcoin with other individuals. Paxful has had a bumpy 2023, announcing they would suspend trading in April then announcing they would recommence trading a month later. Despite the pause in operating, Paxful remains incredibly popular for p2p traders in Africa.
OpenPeer
An interface that looks just like Binance p2p but is entirely self custodial. OpenPeer is a recently launched protocol looking to change the p2p game. Users can trade p2p without needing to put their trust in centralised platforms, which as we all know, can fail. OpenPeer is entirely gasless for users making the process both cheaper and easier to get on-boarded to crypto. Minke will be integrating OpenPeer to our wallet in the coming weeks to dramatically improve the on-ramping to crypto experience for our users!
Whatsapp & Telegram
P2p trading is incredibly popular in Nigeria, but after the central bank’s crackdown many users have moved from Binance p2p to informal group chats to buy and sell crypto for fiat. In these group chats across Whatsapp and Telegram, individuals can trade directly with popular p2p merchants in an informal environment. There is no centralised authority to escrow funds, users choose a trading partner based on their social reputation within the informal group.
Conclusion
While the shutdown of LocalBitcoins left a void in the P2P crypto trading landscape, the emergence of alternative platforms has ensured that individuals can continue to engage in secure and direct transactions with fellow crypto enthusiasts. As the crypto industry continues to evolve, it is crucial to stay informed about the best platforms available and adapt to new avenues for P2P trading to make the most of this decentralised financial ecosystem.