Want to trade crypto directly with other people without going through exchanges? P2P trading might be for you – but safety comes first. Let’s dive in.
P2P stands for peer-to-peer. Instead of buying crypto from an exchange, you’re trading directly with another person. Think of it like buying a used car from someone on Facebook Marketplace, but for cryptocurrency.
Popular P2P platforms include Binance P2P, LocalBitcoins, and Paxful. These platforms connect buyers and sellers while providing security features.
Why use P2P? You often get better prices, more payment options like bank transfers or cash, and it works even in countries where crypto exchanges are restricted.
But here’s the critical part – staying safe:
First, only use reputable platforms with escrow services. This means your crypto is held safely until both parties confirm the trade.
Second, check the trader’s reputation. Look for high completion rates and positive reviews.
Third, never release crypto before confirming payment in your bank account or wallet.
Fourth, use the platform’s chat system – keep all communication on record.
Fifth, Never trade outside the platform or send crypto to “verify” anything. If something feels fishy, cancel the trade.
P2P trading can be great, but always prioritize safety over speed or savings.
