P2P or Peer-to-Peer exchange is a decentralized exchange platform for individuals or groups. P2P allows direct transfer of digital currencies into the individual accounts with the simple help of internet connectivity through mobiles, tablets or web browsers without the intervention of any financial institution or government authority.
P2P was first introduced by Napster in 1999, which was developed as a file sharing application through central servers among individuals. The same concept is now used in Bitcoin exchanges where Bitcoin or BTC owners share digital assets, currencies and content.
How does P2P work?
In a Bitcoin exchange BTC owners exchange their fiat currencies for cryptocurrencies at the current rate. In a P2P exchange, sellers usually set their price and mode of payment like PayPal, bank transfer or credit cards. Buyers and sellers decide who they want to trade with in the exchange. Participants have to pay a small fee for taking part in the exchange.
Some of the best P2P exchanges in India are listed below:
Best Peer to Peer (P2P) Exchanges In India
This is a P2P trading site for local currencies to bitcoins. Here people trade directly with one another and make exchanges which make the process fast and clean without any intervention of any central authority. It supports all payment modes and has escrow accounts for smooth transactions. You can even make exchanges in localities where there are no conventional banking facilities. LocalBitcoins supports 16430 cities and 248 countries including India.
Loop, based in India is a blockchain P2P exchange platform developed by Koinex, which allows exchange of Indian digital assets and currencies into crypto assets. Loop has number of payment options that can be used to trade in BTC, XRP and ETH currencies. The interface is very easy to use and provides full transparency and security to its users. Loop along with Koinex wants to empower the decentralized digital currency exchange and popularize it in India. There is 0% trading fee in Loop for buyers and sellers. There is a “Dispute” button on the online platform where users can state their problems in case of any dispute. Dispute Resolution Team will directly look into the matter and look for probable solutions. There is a Loop Rating System that ranges between 1 to 5 where users can rate their experiences while trading. This will help both parties for further recommendations and endorsements.
Another India based P2P exchange platform that will allow users to trade digital assets like Bitcoin, Ethereum, Litecoin, Ripple and many more. WRX is the utility token used in WazirX platform that will be used for all transactions in the platform, earning rewards as well as can be used for trading other crypto coins. There is also a huge incentive for the early birds joining the ICO. Early users can actually earn free WRX coins for joining instead of paying subscription fees. The ICO is giving away WRX coins in 2 phases. In Phase 1, 500 WRX coins will be reserved for the first 10,000 users. They have to submit their full KYC details within 15 days of joining the pre-signup phase. You can also earn additional 100 coins for referring the program to your friends who in turn can also earn by doing the same. In Phase 2, the first 30,000 users can earn 250 WRX coins for signing up and for submitting their detailed KYC reports within 15 days and have to do their first trade within the stipulated date. The next 30,000 users can earn 100 WRX for signing up and for being active in the platform.
Another P2P platform based in India that will be launching the DCXinsta where users can trade in over 40 crypto currencies in less than 60 seconds. DCXinsta will solve the hassle of lengthy transactions and will allow instant buying of cryptocurrencies. It requires no collateral submission from buyers and provides instant solutions for any dispute. At DCXinsta you can buy crypto at as low as ₹10 and has very high liquidity as compared to other ICOs. A very transparent and fair market place where users can buy crypto assets at the current market price and not on any inflated value. CoinDCX also monitors the platform round the clock and ensures there is full security in all transaction and transfer of funds.
An unique feature of Paxful is you can buy bitcoins using gift cards, PayPal, Western Union, debit or credit cards and many more. There are over 300 payment methods. There is a passive earning method where you can refer other friends in India for buying bitcoins and earn 60% on profits per sale. Through Bitcoin Kiosk and Affiliate Program you can earn 2% on each trade by just sharing a link.
This is a place where sellers can find prospective buyers and vice versa. Trading are done with local currencies through an escrow smart contract. Subscription fees differ here. There is a 0.25% fee for maker or the person placing the offer and 0.75% fee for taker or the person who is responding or taking the offer. All messages are encrypted thus providing full security. The Ethereum wallet stores all the funds of the users.