Topic: How safe P2P Transaction for crypto transactions (Read 299 times)

What p2p exchange you've used?

There are platforms that have been mentioned on the first page about those p2p exchanges that don't push for KYC yet there's a demand and volume on their exchange.

In reputable exchanges that ask KYC, they have to do it but if there's an option for non-compliant exchange for KYC, you might try it.

It is as safe as any other method depending on you taking enough precautions. If you are not careful, you will be scammed about it, or even get hurt if you agree to meet face to face over your coins if it is too much amount. However if you are safe, and take the important safety measures, and basically all around be careful about it, you will have the chance to have a very pleasant transaction and that's it.

Escrows are usually much needed in these kinds of situations but picking one would be as difficult too, because the real good ones will be expensive and unknown ones could be their partners all you know. All in all, as long as you are careful enough, nothing will happen, just do every step you should do carefully without giving an inch and you will be fine.

It's not my list. The link where it's from is in OP. I believe some services have started to require KYC/AML, and it needs to be updated. Post new information in the topic if you use those exchanges and if there are updates in their policy.


Yeah, it can't be avoided until,




KYC can't stop theft.

P2P transactions for cryptocurrencies are safe according to my experience. I have performed more than 20 transactions on one exchange who launched p2P facility first here and never had single issue. Reputed p2p service will demand KYC to prevent frauds. Overall, I prefer only p2p while cashing out my USDT.

Crypto to crypto conversion via P2P platforms are really safe and more privacy compared to Centralized exchanges. Whereas Cryptos to fiat in peer to peer exchanges is kind of risky, you will receive fiat but fiat banking system is reversible so you may get cheated when you trade on peer to peer and also most of them requires KYC to start trading there.

There is nothing wrong with P2P, it’s safe, what you have to do is to find a good p2p website and you’re set to go.

You can even go for direct P2P trading, direct P2P is what a lot of people are doing where I live, most of them are not interested in making use of exchanges like Binance, Coinbase and the rest of them, there are local P2P exchanges that you can go to and sell your Bitcoin directly to them and get paid, and some of them even have mobile applications that you can install on Apple store and Play store, and it makes things easier, once you have installed the app you just send to them and the goes straight to your bank, they even have the best rates.

That is very good list you have made up there. I was also too concern about the KYC process initially and always wanted to have such exchanger. You have done good job listing such sites.

However, over the time I have ignored the concerns and jumped into KYC procedures anyway. Its been 4 years now I am using LocalBitcoin, P2P exchange in my country which took my KYC verification very seriously. I guess I have traded plenty amount of coins over there and it doesn't seem to be risky at all.

They ask for it because if anyone loot you in the process of exchanging then at last they will have way to recover the money from them. So it's more or less added security for you and should not be considered as trust issues with P2P site itself.

I opened the same topic/thread for it, https://bitcointalksearch.org/topic/list-of-p2pno-kyc-exchanges-5180421

Although, the list might not be updated anymore. I will need everyone's help to review, and to update, only IF someone has actually used, are who's a regular user of one or many of those P2P services.

Peer 2 peer transactions, trading are good and healthy way to trade crypto currency, as long as you stick to using the unique exchanges in binance and kucoin ; then you have no fears or worries definitely.

I think once you fix your kyc status with thr exchange platform, you are allowed p2p immediately

Better go for trusted platform rather than the unfamiliar one. Sometimes those small p2p platforms will offer good rates but you may end up being screwed. So if you want to be safe, use platforms like Binance p2p, at least you know, the other party will not screw you. So the safety of your funds depends on which platform you are dealing with. P2P is safe if you use trusted websites.

This is why its safe to transact on P2P because those top exchanges are working as an escrow and of course if you’re in doubt or not familiar yet, there’s always an information available online on those exchanges, all you have to do is to make effort to make it happen.

^ Definitely right, P2P transactions are safer with the help of a platform or escrow like Binance which I highly recommend for their reputations, within the bracket that will not require KYC anymore. If you are after your anonymity might as well limit your transaction amount for there are regulations depending on where jurisdiction you are in, that if you go beyond the maximum limit you will be required to provide your information (KYC) and be subjected to the applicable taxes. Nevertheless, it is still your discretion if you would go on which platform you will use just do research first to avoid getting scammed.

I was just thinking to search how to sell crypto currency on Binance P2P, now the result is in front of me and I didn't search anything. By the way, Binance recently started the P2P system in my country where Cryptocurrency is strongly denied and it is considered a crime here. Your provided information will be helpful for me to know about this system in depth. I was kinda excited to know about this service.

Its safe as long as you’re dealing with those exchanges and of course if you’re willing to give your information. This is just like an exchange trading but here you can use cards or fiat currency, just know the risk of connecting those account to cryptomarket. There’s so many options to buy bitcoin on p2p, and this is one of the best reason to buy under the p2p.

I think that's a given since most of the time you'll transfer your money directly to your partners while your crypto is locked in a multi-sig before the payment is confirmed. What you need to remember is that those payment methods carry different risks, for example, chargeback and so on. Dealing with reputable users could lower the risk but never assume that it is always going to be smooth.

I've never seen P2P so much as about how cheap or rebates etc, for me yes, I can actually get quite good rates on P2P as compared to exchanges but in general my volumes are so low that the difference hardly matters, P2P is still MORE difficult to do (to me) but I don't mind if it's a direct local trade so I don't have additional exchange from USD to local fiat to do.

I think the main pull also used to be KYC but now p2p centralized all require kyc.

P2P exchange is really good, and if you will learn to trade with it you’re likely going to prefer making use of P2P exchanges than the ones that are centralized. With P2P exchanges you’re trading on your own without the exchange being control of what you’re doing or the price you’re buying and selling at, the work of the platform would be just to connect you with the right person at the right location so that you can then trade with them.

The coolest thing is that they accept lots of payment methods, whether PayPal, Skrill, bank transfer, and so many others. You should make use of the top P2P exchanges so you’d have a better experience. I’m not recommending anyone though, you should research and find the one you think is best for you.

LeGauLois has that compilation for P2P marketplaces Help: A list of LocalBitcoin alternatives (P2P marketplaces)

Ratimov has [BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.)

With P2P trades, two trade partners look at offer and open a trade (with acceptance on offer's terms and instructions). They check all details and when the transaction is finished and checked carefully from both sides (seller and buyer), the trade is finished when seller checked their balance and released bitcoin. When bitcoin release is made, the trade is done and irreversible. Bitcoin transaction is irreversible.

Make P2P trades with bank transfers, credit cards have risks of account or balance freeze if money laundering or fraudulent activities from the trade partner is caught by police and bank. Paypal has its risky chargeback.

Not 100% correct.
It's not necessarily with only a fiat transaction. It can be an altcoin, as well as bananas or underwear. P2P means a transaction between 2 people, regardless of the means of payment used.

@Harriti

The centralized platforms can ask the users to verify their identity at any time, it's always written on their Terms of Service.
If you think you can avoid taxes, perhaps right now but in a near future, your country might very well ask your citizens to report any account. In the same way, my government asks us to declare all our accounts on trading platforms, even our closed accounts. And I'm sure my country isn't the only one to do it.

Yes, you can say but marketplaces and exchange platforms are different. True, but well, if you take Amazon marketplace, for example, you're also supposed to report your earnings, so finally things are not much different.

To add another point, you are not exempt from having your country forcing websites to give information about users. In the same way that the USA and the UK have tried to do with Coinbase.

@HerbertMarcel

It's like when you buy something on eBay or Amazon marketplace. You buy it from someone but eBay or Amazon serves as an intermediary between the 2 parties (you and the person)

You accept an offer (or create your own) and agree with the person on a price and method of payment and then you proceed with the transaction through an intermediary (the website).
Can't make it more simple

There are many offers now with regards to P2P, like the rebates you could get. As long as you utilize and register to reputable exchanges, you would be safe in terms of transactions. I haven't tried using other payments, though, like credit cards, but I know some people who had, but I don't recommend it. Maybe soon I will try it and possibly share my experience.

It won't be too difficult and you don't need to verify KYC before trading, the best and most reputable options right now are Huobi OTC and Binance. I have been using these two platforms for a long time and my transaction is completed in just 1 minute. Especially no one knows who I am, I transact on an account that does not do KYC and anonymize everything, so this will also help us avoid a lot of tax collection by tax authorities in future.

It seems you're not concerned with providing personal information to these centralized exchanges but you can also try P2P platforms that don't require KYC verification like LocalCryptos and HodlHodl - List of bitcoin person-to-person (P2P) bitcoin exchanges (e.g., Bisq, HodlHodl, LocalCoinSwap, etc.)

P2P trading is pretty straight forward and mostly involves buying and selling of crypto assets in exchange for fiat directly between 2 individual traders with a third party acting as an escrow. In this case binance, Kucoin act as escrows. I am not sure what you don't understand exactly and writing a-z here would take a lot of time.

But there are so many guides that can help you understand if you have time to read
1. https://www.binance.com/en/support/faq/360038038972
2. https://www.binance.com/en/support/articles/360039385091-How-to-Sell-Cryptocurrency-on-Binance-P2P-App--
3. https://www.binance.com/en/support/articles/360039384951-How-to-Buy-Cryptocurrency-on-Binance-P2P-App--

I saw much news about launching P2P buy/sell platform or many exchanges like Binance, Kucoin, Coinbits, etc. I visited many of them but I am confused about the mix of completely such transactions can an experienced person explain A2Z about the process?