If you research a bit, you may even find a platform that will allow you to make such conversions without paying any transaction fee as well.
A P2P exchange works in a different way. The primary idea of them is to match the buyers and sellers so that a transaction can be facilitated.
Here is a list of some of the major P2P platforms that you can use safely and conveniently to convert your Bitcoins into cash. Check out Undervalued Crypto Coins to Invest.
- Best P2P Platforms to Convert Bitcoin to Cash
- 1. LocalBitcoins – Biggest and Most Trusted
- 2. Paxful – Supports Wider Payment Options
- 3. Hold Hodl – An Entirely Decentralized Platform
- 4. BitQuick – Cash Deposit Only
- 5. LocalCoinSwap – No KYC Verification Required
- 6. Remitano – Intuitive and Easy to Use Interface
- 7. Binance P2P – Most Popular
- 8. Bisq – Good for Small Trades
- Choosing a Reliable P2P Platform
Best P2P Platforms to Convert Bitcoin to Cash
There are lots of such P2P platforms that will allow you to convert your Bitcoins and pay cash in lieu of it but all may not be quite reliable. This will save you from the scammers.
A lot of research is required to find a reliable platform. Otherwise, to save your time and hassles in conducting research, you can follow this list to make things easier for you.
1. LocalBitcoins – Biggest and Most Trusted
One of the most popular P2P platforms, LocalBitcoins is based in Finland. It is one of the biggest and most trusted Bitcoin exchanges that started its operation in 2012.
One of the most significant aspects of this platform is that it will allow you to choose from more than 60 different payment options to purchase Bitcoin. These include:
This platform maintains absolute compliance and it needs phone and email verification for all users. However, to make larger transactions you will need to furnish a photo ID as well.
The best features of this platform include trading Bitcoins free of charge. There are no transaction fees, sign up fees, deposit, fees, trading fees, or escrow fees.
However, you will need to pay a transaction fee when you withdraw your Bitcoins from their wallet to your own Bitcoin wallet. This is charged just for securing the network and verifying the transaction.
2. Paxful – Supports Wider Payment Options
This global P2P Bitcoin marketplace was launched in 2015 and will allow you to buy, sell or trade BTC securely and safely.
The working process of Paxful is much similar to that of LocalBitcoins but they offer a wider range of payment options which is over 300. It includes:
- Cash deposits
- Bank transfer
- Gift cards
- Online wallets and
The platform also supports in-person buying and selling of crypto coins.
It is free to buy Bitcoin on Paxful irrespective of the amount.
For selling, you will need to pay a fee of 0.5% for bank transfer and 1% for payments made through digital currencies, cash, credit and debit cards, or if there is any wallet activity. For gift cards the fee is 3%.
3. Hold Hodl – An Entirely Decentralized Platform
Hold Hodl is also a good and reliable global P2P Bitcoin exchange. It will allow you to buy Bitcoin directly from a seller.
Established in 2017, it has become one of the most prominent players of the crypto market pretty fast.
The most unique feature of this platform is that your money will not be held by them during the trade. Instead, it will be locked in a multi signature contract.
You will need to deposit Bitcoins from your wallet into their multi signature escrow Bitcoin address and when the buyer sends the fiat money, the coins are released from the escrow account to the wallet of the buyer.
This is an entirely decentralized platform where you will not need to meet the AML and KYC requirements.
Simply sign up with your email address to get a free account and click on the ‘Verify email’ in your inbox to start trading. It is secure since you can control the key to the multi signature escrow account.
The trading fee is quite low and you will receive Telegram notifications when a trade is completed.
4. BitQuick – Cash Deposit Only
This is another good P2P platform in the US that allows cash deposits only. The working process of BitQuick is pretty straightforward and you will not need to filter out the sellers manually.
All you have to do is specify the amount of crypto coins you want to buy and the platform will show the results automatically along with the best price offered, all in just one click.
The process is fast and hassle free where the buyer needs to pay the money into the seller’s account, upload the payment receipt, and get the coins released from the escrow account.
However, all these will come at a cost of 2% that is charged as service fee by the platform. The good news is that you will not need to pay any fee to BitQuick if you are a seller.
And, there is no account verification required if your transaction is limited to $400 worth of Bitcoins.
5. LocalCoinSwap – No KYC Verification Required
This P2P crypto exchange platform is based in Hong Kong and was launched by Nathan Worsely in 2017.
There is no KYC verification required while buying or selling cryptocurrencies on this reliable platform.
Much unlike most of the other P2P crypto exchange platforms, LocalCoinSwap not only allows trading Bitcoins but also other popular crypto coins such as:
It also supports buying and selling crypto coins in several different ways to add to your convenience. It includes:
- Debit card
- Credit card
- Bank transfer
- Cash and more than 250 other different payment methods.
All trades are made anonymously with no fees charged for registering, depositing, buying or selling.
Only, 1% fee is charged if you choose to create buy and sell offers on this platform and if the trade is completed.
6. Remitano – Intuitive and Easy to Use Interface
Along with it, the platform also allows trading other crypto coins such as:
- Bitcoin Cash
- Tether and more.
It is operational in over 30 countries all over the world. In order to use their services you will however have to verify your phone for trading in low volume and an additional KYC verification is required for making high volume trades.
You will need to furnish your photo ID such as your identity card or passport.
The platform charges a small fee for making any deposits or withdrawals of funds but it may vary depending on the payment method you choose.
In addition to that, they will also charge a 1% trading fee for each trade completed.
The interface is easy to use and very intuitive and the platform offers a wide range of buyers and sellers to choose from.
Also, its customer service and security aspects are of top quality. All these features add to its functionality.
7. Binance P2P – Most Popular
It has made a name and impression in the crypto world for itself.
Its P2P platform is also doing justice to its repertoire by providing equally top-notch service which allows buyers and sellers to make transactions directly.
The crypto coins will be held safely in an escrow account to ensure a proper protection is provided to both the parties involved in a trade. You can sell Bitcoins as well as other crypto coins such as:
- EOS and
The good news is that you will not have to pay any fees for such transactions.
The platform also supports making payments in different forms such as bank transfers, Alipay, WeChat, and QIWI.
8. Bisq – Good for Small Trades
This is an open source app that allows buying and selling of Bitcoins and other crypto coins quickly and very easily.
However, in order to use this app you will need to first install the Bisq desktop client and then connect it to Tor.
On an average, this platform will allow you to make 2/3 trades in a day and cash out Bitcoin for a fee.
Initially, when you trade, your limit will be of only 0.01 BTC but it will increase when any other trusted peers sign in to your account.
This means that, as a result, you will come across a lot of small sell orders on this platform.
However, this is not just the right platform for those Bitcoin holders who want to liquidate a large amount of it.
Sometimes, the size order can be limited and quite low, needing you to make more than one trade.
One of the most significant advantages of peer-to-peer exchanges is that they offer more flexible payment methods as compared to the centralized crypto exchanges that support bank transfers and credit cards at the most.
Privacy is another significant factor since most of these platforms do not need AML and KYC verifications.
And, it is somewhat more secure to use a P2P platform since it does not hold your coins. The platform simply connects buyers and sellers to deal directly.
As for the downsides of the P2P platforms, lower liquidity and longer trade times are more significant.
Add to that, most of these platforms come with a less intuitive user experience and a smaller user base due to lower trading volumes.
All these mean, P2P platforms are not suitable for professional traders who want to make timely and faster deals.
Choosing a Reliable P2P Platform
In order to protect yourself against fraud, you should keep in mind a few important things while choosing a reliable crypto P2P platform. These include:
- Their rating
- The number of completed trades by a seller
- The verification and checks made by them, if any
- The chat history to look for the disputes and solutions provided
- The safety and security measures in place
- The trading fees which should be preferably 1% or less
- The variety in payment methods and
- The trading volume.
In addition to that, you should ideally look for the solutions provided by the platform to prevent fraudulent activities.
A lot of P2P platforms allow converting Bitcoins into cash. However, the fees, interfaces and features may vary. This needs some research to find a secure platform that offers a variety of payment options.