Best Peer to Peer (P2P) Exchanges in India 2019
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 within 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
Paxful was founded in 2015 and has been growing ever since. The company vows to remain loyal to the peer-to-peer spirit of Bitcoin and it has delivered to its promises. It offers users to buy and sell bitcoin with more than 300 different payment methods including Western Union, debit or credit cards, Paypal, Different gift cards (Amazon, iTunes, Google Play etc. ) and even local payment methods like PayTM and Phone Pe in India. Paxful’s user interface was the slickest and most intuitive among all the other P2P platforms and their rates are also among the lowest. Paxful also offers a unique affiliate program where you can make 50% of all trades made by your direct affiliates and 10% more from the affiliates made by your affiliates.
Incorporated in Seychelles, Remitano is a P2P cryptocurrency marketplace where users can easily buy or sell major cryptos directly with alternative payment methods including bank transfer, cash deposit, or mobile money. It offers simple UI, 24×7 customer care and lowest fee compared to another market. Remitano exchange application is also available for Android and iOS devices.
Giottus is a new cryptocurrency exchange which also works with the P2P model. They have quick KYC process and it’s mandatory for all users. For me, it takes around 5 minutes to clear the KYC requirement with a copy of PANCARD and ADHAR. Currently, this exchange supports a list of coins including Bitcoin, Ethereum, BCH, Ripple and Litecoin. They charge a flat fee of 0.25% for Buy orders while there is no fee for sell orders. Giottus platform is powered by a high speed order matching engine capable of processing 50k transactions/second. They allow you to withdraw cash through Payments Gateways, NEFT, IMPS and RGTS.
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.
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 an 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.
Launched in late 2017, BitBns (think BITcoin Buy aNd Sell) is an Indian cryptocurrency exchange founded by IIT graduates. It is a fast, simple and secure platform to trade bitcoin and altcoins in India. After RBI ban, exchanges are running with P2P model for deposit and withdrawal of the Indian rupee. Bitbns also uses peer to peer mechanism to deal with it. To start trading with Bitbns user must qualify the KYC norms which requires PAN card (Mandatory for Indian Users) for identification purpose, Aadhar//Passport/Driver’s Licence/Voter ID for address verification, and bank account details for withdrawals/deposits of the funds.
Another P2P platform based in India that will be launching the DCXinsta where users can trade in over 40 cryptocurrencies 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 an inflated value. CoinDCX also monitors the platform round the clock and ensures there is full security in all transaction and transfer of funds.
BuyUCoin is another Indian crypto exchange which offers to trade between multiple cryptocurrencies. Recently they have introduced P2P feature for INR deposit and withdrawal to the platform.
This is a place where sellers can find prospective buyers and vice versa. Trading is 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.