Peer to Peer or P2P crypto exchanges in India is gaining popularity as users don’t have to pay any trading fees while trading on them. Therefore, in this article, we’d try to cover the best P2P crypto exchanges in India.
| P2P trading platforms | Binance | Kucoin | WazirX | OKEx | LocalBitcoins | LocalCoinSwap | Paxful |
|---|---|---|---|---|---|---|---|
| Registered Year | 2017 | 2017 | 2019 | 2014 | 2012 | 2018 | 2014 |
| Supported Crypto | BTC, ETH, USDT, etc. | BTC, ETH, USDT, etc. | BTC, ETH, XRP, DOGE, LTC, Binance coin, etc. | BTC, ETH, USDT, etc. | BTC, ETH, XRP, and LTC. | BTC, ETH, USDT, etc. | BTC, ETH, XRP, LTC, etc. |
| Deposit and Withdrawal channels | Bank Transfer, IMPS, online payment | Bank Transfer, Wise, Paypal, Zelle, Skrill, etc | IMPS, Mobikwik, NEFT, & RTGS | Bank Transfer, Easypaisa, and JazzCash | Paypal, Debit/Credit cards, and Wire transfer. | Paypal, Cash deposit, Wire transfer, SWIFT, etc. | Amazon gift cards, Wire Transfers, Western Union, etc. |
| Trading Fees | 0.10% | 0.10% | Zero transaction fee | Zero transaction fee | Makers fees – 1% | 0.00025 BTC, 0.0005 DASH and varies on cryptocurrencies. | Buy crypto- no feesSell crypto- 0.5%- 5% |
| Security | Mobile verification, 2FA, anti-phishing code, and Email verification. | identity verification, password exchanges, KYC and anti-phishing phrases. | Cold storage, 2FA, etc. | Mobile verification, 2FA, anti-phishing code, and Email verification. | 2FA, HTTPS encryption, Escrow protection, and Login Guard. | 2FA, Escrow trading, and MFA. | Four-level verification, Escrow trading, and Bitcoin wallet. |
Table of Contents
Summary (TL;DR)
- P2P crypto exchanges allow no middleman/ third parties to interfere or even to monitor your crypto transactions.
- All popular crypto trades are allowed in P2P crypto exchange platforms, be it bitcoin, ethereum, ripple, etc.
- India’s most popular crypto exchange platform is WazirX. It is always a go-to place for Indian crypto investors.
- In terms of liquidity, features, and supported assets OKEx is among the best exchanges.
- LocalBitcoins lets people exchange their local currencies to Bitcoins from across different countries of the world.
- In LocalCoinSwap, offers can be filtered by payment method, location, cryptocurrency and more.
- Paxful makes 300+ payment methods available for traders.
Also Read: 7 Best Apps to Buy Bitcoin in India
What is a P2P crypto exchange?
A P2P (Peer to Peer) crypto exchange generally allows individuals to buy or sell crypto assets for FIAT without any third intermediary. Further, P2P exchanges provide a seamless experience for trading by avoiding the intermediaries sending and receiving digital currencies. During a P2P transaction, the crypto assets stay in Escrow so nobody can be scammed.
How does a P2P exchange works?
A P2P exchange can be understood as a platform that ensures digital assets are well protected and secure. These exchange platforms connect individuals who have similar business interests with the help of software. This software then, without any interference, let them negotiate and trade. In addition, the software, Escrow locks the digital assets until the fiat payment is sent to prevent fraud by any parties involved.
Hence, this security will indeed eliminate the chance of buyers getting mislead by the sellers. Sellers can mislead by still holding on to their assets even after the fiat payment has been made. Therefore, these P2P crypto exchange platforms help in instant trade settlements.
Benefits of P2P crypto exchange platforms
These are some of the benefits of the P2P crypto exchange.
- They offer you a globalized marketplace.
- No KYC process is made mandatory.
- They have enhanced security and privacy, which further makes it desirable for the crypto space.
- Do not charge withdrawal costs or any transaction fees. Also, there are no limitations on trading crypto coins and deposits.
- There is a wide range of payment options available for you.
1st Best P2P Crypto Exchanges in India: Binance
Binance is an exchange platform that facilitates exchanges between cryptocurrency and fiat money. This indicates that they do take currency from the real world, like US dollars (USD) and euros (EUR). The most potent participant in the cryptocurrency space. Every other transaction is dwarfed by it. 120 million people have registered on it.
At Binance, one can find over 350 distinct cryptocurrency options. They include popular coins like Litecoin (LTC) and Ethereum (ETH) as well as lesser-known coins like Shiba Inu (SHIB) and ICON (ICX).
Is Binance Safe?
- Binance employs the CryptoCurrency Security Standard (CCSS) to safeguard registered accounts, making it an extremely secure platform. It safeguards its clients’ user assets and confidential data. There are security features on the trading platform.
- Countermeasures against phishing: You can configure anti-phishing code on Binance to distinguish between phishing efforts and Binance emails. The following security measures are available to you for trading, withdrawals, and security changes:
- Verification of Email Addresses
- SMS verification
- Use YubiKey, a hardware device, as a two-factor authentication (2FA) method on your Binance account to boost account security.
- KYC verification is required by Binance when creating a user account.
Binance : Pros and Cons
| Pros | Cons |
| Binance is an easy-to use platform that offers a plethora of tutorials and support to help you become acquainted with it. | Since Binance offers so many options, new users may occasionally find it overwhelming. |
| You can trade with a huge volume on the platform, which leads to more liquidity. | While some users view KYC authentication favorably, some who desire anonymity view it negatively. |
| One of the most reasonably priced cryptocurrency trading platforms is Binance. | Customers cannot deposit money on Binance Exchange using conventional payment methods, which is one of its main drawbacks. |
| It accepts deposits and withdrawals in both fiat cash and cryptocurrencies. |
2nd Best P2P Crypto Exchanges in India: Kucoin
KuCoin is a user-friendly, secure cryptocurrency trading platform that allows anyone worldwide to trade digital assets. Moreover, the platform is situated in the Seychelles, and its founding members have previously managed projects like iBox PAY and Ant Financial.
Kucoin Shares (KSC) are the cryptocurrency that Kucoin offers. You will earn more cryptocurrency and receive a significant discount on trading fees if you own KSC coins. Moreover, KuCoin is ranked among the top 10 cryptocurrency exchanges globally by CoinMarketCap.
Is Kucoin Safe?
To manage the custody of KuCoin’s cryptocurrency assets, Onchain Custodian, a Singapore-based platform for crypto asset protection, has partnered with KuCoin. Moreover, these assets are supported by Lockton, a private insurance agency.
The platform offers standard security features including identity verification, password exchanges, and anti-phishing phrases.
Users in the United States should be aware that because they cannot have their accounts subjected to KYC verification, they could not be as secure as accounts from other countries. Unverified accounts are not afforded by KuCoin the same level of security against fraud and hacking as verified accounts.9
| Pros | Cons |
| Basic user interface with advanced charts and order books | Users residing in the US should look into other exchanges as KuCoin is not authorized to operate in the US. |
| Very cheap trading costs and no deposit required | The user reviews on KuCoin are notable for their mostly negative reviews. |
| With up to 300% annual percentage yield, KuCoin Lending offers a large selection of assets for trading. |
3rd Best P2P Crypto Exchanges in India: WazirX
WazirX is an Indian crypto exchange that offers an auto-matching Peer-to-Peer exchange service. However, you can only make exchanges in USDT in the case of P2P. This exchange will directly match your buy order with an appropriate seller automatically with the help of software. The platform has its utility token/ Wazirx token named WRX used for all kinds of transactions, trading other crypto coins, earning rewards, trading NFTs, etc. To learn more, read WazirX P2P.
Is WazirX Safe?
WazirX exchange keeps your funds’ safe from frauds by using Escrow service to ensure both parties can work in a trustless system. The platform is considered to be one of the most trusted platforms in India. You need to follow some points to keep your money safe:
- You should make sure to download the application from the Play Store or App Store.
- One-Time Password authentication should be enabled.
- To access your WazirX data, never use public Wi-Fi.
- A trader should not share their account details with anyone.
Also Read: WazirX vs CoinDCX vs Bitbns
WazirX: Pros and Cons
| PROS | CONS |
|---|---|
| The user interface of the platform is beginner-friendly. | The platform does not provide high liquidity. |
| WazirX is affiliated with Binance, which is the world’s biggest exchange. | USDT buys are only offered on the P2P platform. |
| UPI deposits can be made through Mobikwik. | |
| There is auto-matching for buyers and sellers. |
To learn more, read our WazirX review.
4th Best P2P Crypto Exchanges in India: OKEx
OKEx exchange falls under some of the largest crypto exchanges in the world. Its P2P exchange was launched in India earlier in August. It provides traders with zero trading fees, deep liquidity, and a fast KYC process. Further, the platform offers various services such as Margin trading, futures trading, staking, lending, etc. Read our OKEx Review to know more.
Is OKEx Safe?
OKEx takes several security measures on its platform to keep its clients information away from frauds and their funds safe on a wallet. Hence, it is a secure cryptocurrency exchange. They make sure that the emails that their clients receive contain an anti-phishing code to protect them from fraud. Moreover, Traders can also enable SMS verification to increase the security of their accounts and funds transfer.
OKEx: Pros and Cons
| PROS | CONS |
|---|---|
| There is zero fees on P2P trades. | There are limitations to withdrawal and transfer. |
| The platform provides traders with security and high liquidity. | There is limited regulatory oversight. |
| A number of payment gateways are available for traders. | |
| There is a vast selection of digital assets coins on the platform. |
To learn more, read our OKEx exchange review.
5th Best P2P Crypto Exchanges in India: LocalBitcoins
LocalBitcoins is an exchange for Bitcoins, as the name suggests, and was found back in 2012. The platform was boasted as the first P2P Bitcoin exchange in India to get mainstream adoption. Local currency, i.e., Indian Rupee, is allowed for users by LocalBitcoins to convert into BTC. LocalBitcoins P2P exchange does not charge you any fee for deposits made on the platform.
Is LocalBitcoins Safe?
Suppose a seller has to deposit the Bitcoin while posting an order, then this bitcoin is stored in escrow. This system prevents the seller from scamming you. LocalBitcoins is an excellent platform for security and a go-to service for people who want to purchase Bitcoin in cash but in other third-world countries where the banking structure is not that supportive. In order to increase the security of your wallet, the platform also provides you with features such as Two-factor authentication.
Also Read: How to buy Bitcoin Anonymously
LocalBitcoins: Pros and Cons
| Pros | Cons |
|---|---|
| The platform allows you to trade locally. | Other than Bitcoin, no other coins are supported by them. |
| They have a user-friendly interface. | Due to a few mishappenings in the past, there is a bad reputation of LocalBitcoins. |
| Your local currency could be used to buy bitcoins on the platform. | They have disabled the cash option. |
| Escrow service is offered by them. |
To learn more, read our LocalBitcoins review.
6th Best P2P Crypto Exchanges in India: LocalCoinSwap
LocalCoinSwap is one of the most popular non-custodial marketplaces that connects people from all over the world. Traders can buy ETH, BTC, USDT, and many more cryptocurrencies using over 300+ payment methods. The process to buy, sell and trade your cryptocurrency is secure, fast, and private as there is no KYC to get started; all you need is an email address. Moreover, the platform allows you to trade Ethereum using decentralized smart contracts, exchange Bitcoin instantly without tedious waiting times for new blocks.
Furthermore, the buyer pays the seller directly, without LocalCoinSwap or any other involvement of third parties. Cryptocurrency gets released from escrow to the buyer once the payment is confirmed. After that, both the traders leave feedback on how the trade went.
Is LocalCoinSwap Safe?
Till the time the seller has received the payment directly from the buyer, the cryptocurrency is locked into a secure escrow system during the trade. If any problem occurs, their staff are on the scene quickly to assist. Also, all account logins are secured with Multi-Factor Authentication (MFA). Moreover, it has Two-factor authentication available for traders.
LocalCoinSwap: Pros and Cons
| Pros | Cons |
|---|---|
| It supports more cryptos in comparison to other peer-to-peer exchanges. | There are many competitors of LocalCoinSwap in the crypto market. |
| You can transfer money internationally at a low cost, or even while making a profit. | |
| There are over 300+ payment methods available. | |
| Traders can browse, search and filter offers on the platform. | |
| Trading is secured by 100% open-source escrow protection scripts or smart contracts. | |
| Exchange directly with no third parties or middlemen involvement. |
7th Best P2P Crypto Exchanges in India: Paxful
Paxful is among the best peer-to-peer platforms. The platform helps traders purchase, sell and also trade cryptocurrencies. In 2014, EasyBitz was founded by Artur Schaback and Ray Youssef, which was later renamed Paxful. Buyers and sellers get connected for business here on this platform as it is like a marketplace. Paxful is entirely peer-to-peer, which means our users trade with real people—the way bitcoin was intended to be used. With over 300 payment methods, it makes it effortless for the traders to buy suitable offers. From anywhere in the world, users can send money and purchase things. Moreover, Paxful has a continuously growing community with over 5 million users.
Is Paxful Safe?
Security and safety are the most vital factors when it comes to your money. All trades on Paxful are protected by escrow service to guarantee peace of mind. Immediately after you create an account on Paxful, it offers a secure and free bitcoin wallet. Also, it has four verification levels with different buying limits for every level. The platform is a regulated financial entity with over 5 million trusted users and comply with Office of Foreign Assets Control sanctions.
Also Read: Binance in India – How to start?
Paxful: Pros and Cons
| Pros | Cons |
|---|---|
| There is a fixed fee to buy and sell. | There is no phone support. |
| A live chat option is available during the trade. | The exchange rate is a bit high. |
| There is a Four-level verification process to ensure the safety of traders’ accounts. | |
| Offers secured wallet app with full features and also offers safe escrow trading. | |
| Over 300 payment methods are available. |
To learn more, read our Paxful exchange review.
Conclusion: Best P2P Crypto Exchange in India
Excellent features are offered by P2P crypto exchanges in India that will help you personalize your trading experience. Also, a live chat option is available on some platforms that make it easy for the trader to communicate during the trade. All the above-listed exchanges fall under the list of Best P2P Crypto Exchange in India. These peer-to-peer crypto exchanges will help you provide substantial savings over the bank and will support fast transfers.
Frequently Asked Questions
How to trade using P2P methods safely?
While trading using P2P methods, you should keep in mind the following things:
First, the exchange should have a reliable escrow service.
Second, youInstead, popular should check twice the credibility of the seller for buyers.
Until you are sure about the trade, do not release your funds.
For sellers, we recommend releasing your cryptos only after receiving the amount.
Is KYC mandatory on all P2P(Peer-to-Peer) exchanges?
Yes, the KYC process is mandatory on all P2P crypto exchanges. Furthermore, by many regulatory bodies across the world, KYC has been made compulsory.
How much can you trade on P2P crypto exchanges?
The trade amount depends on the different platforms that you use. There’s no cap on the maximum amount allowed to trade on most of the exchanges.
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