Best P2P Bitcoin Exchanges in 2023: Buy Crypto with Fiat (without KYC)
The crypto industry is an extremely complex area, with several narratives trending every day. In recent years, we have seen a huge growth in the popularity of P2P Bitcoin trading platforms. In fact with the current scenario that we are in, many experts are suspecting that there is a possibility that the crypto rails might face a blocking.
In such a circumstance, where Governments and Central authorities are going after the established crypto exchanges, we think that the P2P trading platforms could be an effective backup plan.
However, you should never delve into anything without sufficient knowledge. As a result, in this article, we will cover what peer to peer platforms are and the best P2p crypto platforms that you can choose from in 2023.
For anyone who is looking for crypto exchanges that do not require KYC, you will find your answers on this post.
What we are going to learn?
Brief Overview of Peer to Peer trading platforms
Before we talk about all the P2P crypto platforms in detail, let’s just brush up on our basics
What are Peer to Peer trading platforms?
Essentially Peer-to-peer (P2P) crypto trading is a mechanism of buying and selling crypto assets in a decentralized yet efficient manner. What it enables is for the users to directly manage transactions with each other completely eliminating the need for a centralized intermediary. While using a traditional crypto exchange, buyers and sellers are not connected directly. However in the case of P2P trading platforms, this is not the case, and the direct interaction aids them in negotiating prices and making trades.
P2P Crypto Trading enables users to trade cryptocurrencies in a secure, private, and low-cost manner. This method of trading has become increasingly popular and a growing number of traders today are seeking to trade cryptocurrencies directly with each other.
Peer to peer crypto trading can be done through a variety of platforms. This includes dedicated P2P crypto exchanges, decentralized marketplaces, and even social media groups. These platforms typically use escrow systems to ensure the security of transactions. Some may also offer additional features such as price stabilization mechanisms.
What are the Pros of P2P Trading?
Peer to Peer trading platforms have a huge list of advantages. Some of these are as follows
- Since the requirement of a mediating central authority is completely mitigated, peer to peer platforms help is establishing a much more decentralized trading environment.
- Along with decentralization these platforms also manage to make the entire process a lot more secure and private. They don’t store as much customer data as the traditional platforms, as a result of which hacks and data breaches don’t reveal much important information.
- Individuals have a lot more control over their funds along with the ownership of the private keys
- Since no mediating bodies are involved to take a commission, peer to peer trading platforms can work on a much lower trading fee
- They tend to be a lot more user friendly and easy to understand since they lack the intimidating complexities of centralised exchanges. Hence beginners mostly flock towards peer to peer trading platforms.
What are the Cons of P2P Trading?
There are two sides to every coin, and despite the many advantages that Peer to Peer trading platforms have, they also come with some disadvantages. To list a few
- The security levels of Peer to Peer trading platforms are a tad bit lower than traditional options which can leave traders vulnerable to fraud, hacking, and other security threats.
- These options don’t fall under many regulations laid by governing bodies which can beget the risk of market manipulation
- Even though price volatility is a given with all crypto, in the case of Peer to Peer trading platforms, stability and price discovery tools are less established which contributes further to the price swings.
Best P2P Bitcoin Exchanges in 2023
While the market is flooded with options, we have simplified the search for you and brought a list of the top P2P Bitcoin exchanges right now. In fact, even Balaji Srinivasan, one of the wisest and most respected individuals in the industry, considers these to be the best in the game. The top 5 P2P Bitcoin exchanges are:
- Agora desk
- Hodl Hodl
- Peach Bitcoin
- Bisq Network
Agora Desk is a substitute platform to the now closed Local Bitcoins platform. What it is best at doing is giving users a straight forward and intuitive interface to work with for bitcoin trading. In order to use the platform you just have to create your profile which doesn’t even require a PII. After you are done with that, you can choose any valid offer depending on the mode of payment and now you will be able to trade on the platform. The platform has come up with a mobile application too so now you can use it even on your phone irrespective of where you are.
Hodl Hodl is one of the many pioneers in the peer to peer trading sector. As a platform Hodl Hodl has no access to the custody of your bitcoin or fiat currencies. Their first and foremost priority is the safety as well as privacy of the users. To sign in with the Hodl Hodl app, you will require an email id and a password. You can choose from various payment options in order to complete the transactions and start trading for Bitcoin, one of the best parts about the platform is the mitigation of the Know Your Customer (KYC) verification process. They don’t have any mediators or custodians, making your experience extremely smooth.
Peach bitcoin is a novel platform that has recently entered the market of p2p trading. Despite the fact that they are only approximately a year old, they have grown massively in terms of popularity and adoption. Their app is very simple and lets you interact with buyers and sellers directly without any hassle. Additionally, Peach Bitcoin also gives users a self-sovereign kind of backup to the app along with aiding you to save the fiat mode of payments for future repeated use.
If you are looking for an advanced and innovative product in the space of peer to peer trading, then Robosats might be the best option for you. They work with the Lightning Network as a result of which you can conduct bitcoin trades on Lightning, across the globe. They limit their usage to only over Tor which aids in the provision of a bulletproof privacy system for users. On the Robostats platform, you can even generate a new name and account using which you can make transactions. This entirely new pseudonym is called a “robot”. A tip to keep in mind is that it is best to always back up your token given by Robosats for the purpose of recovering active trades.
Of all peer to peer trading platform options, Bisq is actually the only truly decentralized option since there is not even one website or entity on which the platform depends on for working efficiency. The Bisq functionality is very strong and resilient especially when it comes to bitcoin trades. They have a seamless integration in place with the Tor network that contributes to the astounding privacy features of the protocol.
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In 2023, some of the best P2P crypto trading exchanges include Agora desk, Hodl Hodl, Peach Bitcoin, Robosats, and Bisq Network. P2P crypto trading can offer higher potential profits than other crypto investment options, but it also comes with some risks.
Please remember that this article is only to make you aware of the best options in the market to choose from and not really an endorsement of any of these specifically. According to Balaji,
“Good news, though. Because legalizing cryptocurrency generates both freedom and prosperity, there will likely always be states that support it even given the establishment’s attempts to restrict it.”
Now, it is undoubtedly tedious to move anywhere near the volume you can move with fiat rails. However, it is important to note that the crypto market is constantly evolving and we must keep up with the changes. Users should do their own research to determine the best exchange for their needs. It is also advisable to always have more than just one back up plan set for yourself.
Disclaimer: The purpose of this article – Top Crypto P2p Exchanges 2023 is not to promote money laundering or evading taxes. Please pay your taxes on time, and only invest money that is legal.