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There are two different types of services where you can find exchange offers. There are offers placed on P2P platforms and offers from local exchangers. Both options have their advantages and disadvantages, and we think you should know which one is better for your purposes.

In this article, we will discover the difference between them and highlight the points to make the right decision.

P2P Platforms

A P2P platform is a board where traders place offers, and get responses to them. Users trade crypto directly with each other, while the platform acts as a guarantor by freezing the assets during the transaction. Makers — traders who trade by their offers and compete with each other. Exactly these offers from P2P platforms you can see in the Monetory search results.

P2P platforms generally offer the best rates, because of a competition between makers resulting in price-cutting. It’s not a secret that the platforms charge an additional fee for transactions, but it is insignificant.

The Process of Trading on P2P Platforms

If you don’t have much experience in crypto, you need more time to understand the rules of transactions. You have to take responsibility for a successful exchange and it directly depends on your actions. P2P platforms have their escrow contract, but they follow their terms. If you don’t know them, you may come across scammers who target beginners’ mistakes.

The transaction speed is about 5 minutes, several hours, or even days in the case of a dispute.

P2P platforms usually require users to go through a KYC verification. It means that you need to share your data, even if you don’t want to.

The legit of the coins is the platform’s responsibility, meaning the cryptocurrency has already passed a certain level of verification. But note that exchanges have different attitudes to verifying each other. Thus, coins obtained on one exchange may be “dirty” from another.

It is also important to remember that most P2P platforms are custodial. It means that during the transaction, coins are stored on the platform’s balance, not in your wallet. Thus, you need to pay transaction fees. There are non-custodial platforms as well, but their liquidity is very low.

P2P platforms offer a full-stack ecosystem that includes other crypto services such as futures, wallets, lending, etc.

Local Exchangers

They offer crypto exchanges on their resources: websites, apps, or TG bots. This is the key difference from P2P platforms: you trade not with multiple traders just like you but with a single service that exclusively offers all available options without any competition.

Such offers can also be found on Monetory. Just imagine, if you need to buy BTC with USD using Revolut, you can use 14 offers (at the moment of writing this article). Our service is parsing over 500 Exchangers overall.

The offers from local exchangers can be better or worse than on P2P platforms. Moreover, there can be hidden fees. But with Monetory, you can always compare the rates of all local exchangers, among themselves or with the offers on P2P platforms.

Features of Working with Local Exchangers

Exchangers can offer an individual approach and discounts for regular customers. Moreover, the transaction process is much easier and could be done in just 3 steps:

  • Choose what you want to buy or sell.
  • Create an order.
  • After the confirmation, the offer is closed. 

The quality, speed, and execution of transactions depend entirely on the chosen service, as well as security. Verifying the legitimization of funds is the responsibility of the user and depends on the reputation of the exchanger. The Monetory is parsing only trusted local exchangers.

What about KYC? Exchangers offer more simplified conditions or even complete anonymity. It attracts those who prefer to maintain confidentiality and do not want to disclose their data to third parties. It is also useful for those living in countries where access to cryptocurrencies may be restricted.

Local exchangers are non-custodial. This approach provides an additional level of security as users retain full control over their funds. It also means that the exchanger does not have access to users’ private keys and cannot manage clients’ funds without their consent.

In most cases, local exchangers specialize only in crypto exchange. This is the only function. However, they offer a wider selection of coins and exchange options, including cash exchange and even delivery, which P2P platforms don’t support. There are also offers for “e-money” (such as Webmoney). Moreover, Exchangers offer a much larger reserve of funds. There is also an individual approach where the exchanger provides the necessary volume for you upon your request.

How to Make a Decision Using Monetory

Even though P2P platforms offer better exchange rates, transaction security, and additional services, they require KYC verification, which can be a disadvantage for those who prefer to stay anonymous.

It is important to follow the platform’s rules and watch your back to avoid scammers. Additionally, it can be difficult to find a specific offer that you need, and it’s easy to get confused. This is why Monetory comes to help you. We have a user-friendly UI where you can find offers that pass your requirements.

As for Exchangers, they offer simplified KYC terms, increased anonymity, and convenience for cash exchanges. However, the reliability and quality of transaction execution depend on the chosen service. It is significant to check the reputation and reviews of Exchangers.

Furthermore, the exchange rate may not always be the best. And again — Monetory’s search can be very helpful. We only parse the reliable and verified Exchangers, and our search feature sorts the offers based on the best exchange rates.

To choose an exchange option, you need to follow 3 simple steps:

  1. Visit and select what you wanna sell and what you wanna buy.
  2. Choose the necessary filters.
  3. Get access to offers from a wide range of P2P platforms and Exchangers.
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