Ever since LocalBitcoins confirmed it would not support cash transactions any longer, cryptocurrency users have begun looking for viable alternatives. There are quite a few of those to take note of, albeit LocalBitcoins is clearly the market leader in many different ways. Even so, the following platforms now have a golden opportunity waiting to be capitalized on.
LocalCoinSwap Goes Beyond Bitcoin
A little while ago, we compared LocalBitcoins to LocalCoinSwap. Although there are some interesting correlations between both platforms, it is evident LocalBitcoins is focused on Bitcoin only. LocalCoinSwap, on the other hand, tends to focus on several dozen cryptocurrencies, tokens, and assets. Some of its other popular offerings include XRP, Ethereum, Dai, and Monero. Users can obtain all of these currencies through one convenient P2P trading platform, which is one of the reasons why this project has become rather successful.
Perhaps the biggest selling point of LocalCoinSwap is how it has an optional KYC procedure. That may seem rather unusual, as one either goes through KYC or they skip it altogether. Giving users the option is a smart decision on the project’s behalf, as P2P trading should not be about going through verification procedures. There is a 1% fee for every trade created, but this can be offset by actively using the built-in referral program. Moreover, this platform is community-run, which is perhaps the only sustainable business model for services like these.
PayFair Supports Several Dozen Fiat Pairs
When providing P2P trading access to Bitcoin and other cryptocurrencies, supporting multiple fiat currencies needs to be one of the top priorities. PayFair checks the right boxes in this regard, a sit continues to roll out support for additional currencies. That in itself is a rather interesting approach, especially for a Russian company. That in itself is also a boon, as the Russian team seems unlikely to require KYC verification in the near future.
Most people might recall PayFair from the ICO they conducted in 2017. It was one of the smaller initial coin offerings, as the team didn’t even try to raise a million bucks. Ever since, the project has seemingly come a long way, and is gaining some traction among cryptocurrency enthusiasts. Now that the platform is working as intended, and the Telegram bot is up and running, an interesting future lies ahead.
BitQuick has the Age Advantage
When it comes to finding some of the older P2P Bitcoin trading platforms, BitQuick should be on everyone’s list. More specifically, the platform was known previously as BuyBitcoin.us, and is still going strong in 2019. It is a US-only solution, which can be of great value to American traders. The 2% selling fee might seem steep, but it is the price to pay for proper escrowed P2P Bitcoin trading in the US.
Unlike some other platforms, BitQuick wants to only attract serious buyers and sellers. In the Bitcoin industry, there are many fake offers on P2P trading platforms. Weeding out the bad elements is difficult, thus this rather high fee makes sense. There is a KYC and AML process in place, however, which is to be expected when dealing with a registered MSB. It is not necessarily as decentralized as some may like, but it is still worth looking into.
Bisq, Formerly known as Bitsquare
It would appear the Bisq platform has somehow been forced to take a backseat in the world of P2P trading. Despite being open source and offering Tor support, Bisq has not seen the highest trading volume as of late. It is not the easiest solution for novice traders, but the added functionality is certainly valuable to most traders out there. Especially users who take privacy seriously will appreciate how this platform fully embraces P2P technology.
Its key selling points include not having a KYC requirement, albeit there are some trade limits to contend with. This is somewhat to be expected, as limits will be raised if a user behaves appropriately. The project also leaves users in full control of their funds, and the overall trading fees are a lot lower compared to other services. It does provide fewer payment options, but most users should find something they can work with.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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