What is the difference between P2P exchanges and decentralized exchanges? Are they the same?
Edward last edited by
The direct answer is NO because both exchanges have a lot of differences. Most of the crypto investors & businessmen have the same doubt. Here I explain in detail about the difference between P2P exchanges and decentralized exchange.
- Decentralized Exchange has no third party involvement.
- No need to pay the commission fee
- Fully secured & Prevent from scam
- Before crypto or fiat transaction you need to deposit fiat or crypto into the crypto wallet for Fiat → Crypto / Crypto → Crypto transaction.
- KYC verification is mandatory
- Crypto wallet integration is complex.
Best P2P Exchange Platform: LocalBitcoins, Paxful, Remitano
- No need to deposit crypto or fiat before the transaction.
- KYC verification is not mandatory
You must pay some amount of fee for the transaction process
Malicious actors take advantage of the refundable payment methods in order to keep purchased coins and the fiat spent on them (But the exchange have an escrow security system, it prevent from a scam)
Best Decentralized Exchange Platform: IDEX, Binance DEX
To be short:
Many crypto enthusiasts say the decentralized exchange is safe & it’s future crypto exchanges. But still, crypto investors believe the P2P exchange platforms.
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