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6 Peer-to-Peer Cryptocurrency Markets You Should Know About

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INDEX

  1. What is a person-to-person, p2p or “Peer to Peer” marketplace
  2. Ccoins.io
  3. Localbitcoins.com
  4. Localcryptos.com
  5. Hodlhodl.com
  6. Paxful.com
  7. Binance P2P

1. What is a person-to-person, p2p or “Peer to Peer” market

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A person-to-person, peer-to-peer, or P2P cryptocurrency market is a platform on which buyers and sellers can interact to trade crypto assets securely, usually supported by an escrow system. Users can publish their commercial offers specifying the various payment methods they will accept and setting their prices, while those interested in buying can initiate exchanges with them by accepting their offers.

Peer-to-peer markets are characterized by the wide variety of payment methods they allow and the high level of customizability of offer conditions, which greatly facilitates the trading of cryptocurrencies and tokens.

Here are five peer-to-peer cryptocurrency and token markets you should know about and the features that make them stand out.

2. Ccoins.io

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Ccoins is distinguished by its multicurrency and multilingual options, and its focus on ease of use and simplicity to promote the best user experience. Thanks to its internal tools, Ccoins is a practical option for trading. Ccoins:

  • Supports Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC), and allows exchanges of any crypto asset supported on Ccoins to USD
  • Offers internal crypto-to-crypto swaps known as Ccoins Flips
  • Acts as a custodian responsible for the funds deposited by its users
  • Has a simple interface focused on providing comfort to new and advanced users
  • Has internal tools that enhance user experience and improve platform security
  • Offers a catalog of the safest and most popular payment methods in each country
  • Requires identity verification for all registered users who want to trade on the platform
  • Offers a ‘forgot password’ option and the ability to disable 2FA to recover accounts
  • Requires identity verification (KYC)
  • Offers a Liveness Test, an extra biometric security system for exchanges

3. Localbitcoins.com

LocalBitcoins is the oldest P2P market in the crypto ecosystem. It became very popular in bitcoin’s early years and remains very well positioned in terms of market liquidity, though its user interface is a bit dated. LocalBitcoins:

  • Only supports bitcoin (BTC) trading
  • Safeguards the funds deposited by its users
  • No longer allows cash payments
  • Has left its user interface largely unchanged over the years
  • Requires identity verification (KYC) and has various levels of trade restrictions depending on the verification achieved
  • Accepts other cryptocurrencies as payment methods
  • Has a very high bitcoin market liquidity

4. Localcryptos.com

Initially known as LocalEthereum, LocalCryptos was the first P2P marketplace to offer a fund management system where users are in control and are responsible for its integrity. In 2020, it absorbed its sister platform Local.Bitcoin.com, which specializes in P2P Bitcoin Cash (BCH) trading. LocalCryptos:

  • Supports Ether (ETH), bitcoin (BTC), Litecoin (LTC), Dash (DASH), and Bitcoin Cash (BCH)
  • Is non-custodial: that is, the company does not have access to the funds users deposit 
  • Encrypts user conversations end-to-end, and deletes the encryption keys which allow access to them seven days after the relevant exchange is completed
  • Does not offer a ‘forgot password’ option to recover accounts
  • Allows users to download a backup file and recover funds with an open-source tool
  • Update their interface design constantly
  • Lacks profile verification (KYC).

5. Hodlhodl.com

On Hodl Hodl, users do not need to deposit funds on the platform. Instead, they send funds to a multisig escrow account address at the time of the trade. Hodl Hodl:

  • Supports bitcoin (BTC), as well as Liquid and Lightning Network technologies
  • Does not store user funds on the platform; instead, funds are locked in a multi-signature escrow account which is generated each time a contract is created between two parties 
  • Offers a ‘forgot password’ option to recover accounts
  • Removed profile verification (KYC) in March 2020

6. Paxful.com

Paxful is one of the most popular P2P markets in North America and Africa. Initially, it only supported bitcoin P2P trading, but over time it has come to support other cryptocurrencies such as Ether and Tether. It is also a pioneer in trading with gift cards. Paxful:

  • Supports multiple cryptos, like bitcoin, Ether, and Tether
  • Safeguards the funds of its users
  • Offers a wide catalog of payment methods
  • Offers different levels of trading between users
  • Offers ‘forgot password’ and ‘disable 2FA’ options for account recovery
  • Allows swaps between your cryptocurrencies
  • Are pioneers in cryptocurrency trading using gift cards as a means of payment

7. Binance P2P.com

The P2P market of the popular Binance Exchange was launched to offer users from different countries the opportunity to acquire cryptocurrencies safely. BinanceP2P:

  • Offers a large catalog of cryptocurrencies such as Bitcoin, Tether, Ether, DAI, BNB, and BUSD
  • Safeguards the funds of its users
  • Offers a catalog of payment methods organized by country
  • Requires a rigorous registration and verification process as a condition for P2P trading
  • Offers multiple exchange tools which allow for versatile swaps between your cryptocurrencies and other functions

We invite you to read our article Precautions for Using P2P Cryptocurrency Markets More Safely.

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