an exhaustive list of peer to peer exchanges in India

Best P2P Exchanges to Buy Bitcoin and Altcoins in India

Now that July 5 is close and banks will soon be ending their relationships with crypto exchanges, people are wondering how they will trade Bitcoins and Altcoins using Indian Rupees. Some are even wondering what they will do with their holdings.

We published the possible ways to keep trading or use your cryptocurrency earlier and one of the ways is to keep trading on P2P platforms. Peer to Peer trading platforms allow users to trade with another user without the intervention of a third party. As utopian as it sounds, this is a very good alternative to buy or sell crypto as the money straight away goes into your bank account.

In this article we will deep dive into the pros and cons of each P2P cryptocurrency exchange. This is going to a long article so brace yourself, or just follow this guide we published today.

List of Peer to Peer exchanges in India
Comparing some of the popular P2P exchanges. Check out the dynamic and HQ version here

Peer to Peer Exchanges

For the comparison we are taking all the exchanges that offer INR based transactions and a few more that should soon start offering it. We hope that you can take an educated decision on using the most suitable P2P exchanges for your trade. Peer to Peer exchanges allow you to buy and sell among individuals, so if you are a seller you should receive the funds directly in your bank account/wallets from the buyer.

Note: All P2P exchanges are in a way susceptible to scams. If you take care of a few things, you should be safe:

  1. If you are a seller. Never release Coins until you have received the money
  2. If you are a buyer, do not pay the money to third party. Ask for IDs from the other trader if you are doubtful.
  3. For both buyers and sellers. Check the score and points of traders before trading.
  4. PayPal and Credit cards offers a chargeback facility, try not to use these methods unless you trust the trader.

Now, lets go through the list.

1. Local Bitcoins 

Local Bitcoins is one of the oldest P2P Bitcoin exchange. It is registered in Finland and is used in over 100 countries worldwide. The exchange only offers BTC for trading.

how to buy bitcoin using paytm
Local Bitcoin Exchange quick buy page filtered for PayTM as Payment method

Pros:

  • High Liquidity
  • Offers multiple ways to trade using IMPS, UPI, Wallets and Cash
  • Seller’s BTC are locked in Escrow till transaction is completed

Cons:

  • Requires ID verification in some cases
  • Need to watchout for scams
  • Fees charged for depositing Bitcoin

Fees:

  • Trading Fees: Makers pay 1%
  • BTC withdrawal Fee: 0.00005 BTC
  • BTC Deposit Fee: 0.00015 BTC

Dispute Handling

In case of Seller not releasing Bitcoin or Buyer marking payment complete without making the payment, either party can create a dispute after which a LBC staff will read through the chat, analyse the proofs and make the final call.

Opinion:

Keep an eye out for scams. Never ever release Bitcoin unless you have received the money. Check the ratings of traders before trading. You can read our article on how to use LBC for buying bitcoin with PayTM.

Visit LocalBitcoin

2. Hodl Hodl

Hodl Hodl is a new P2P cryptocurrency exchange that is building multi signature smart contracts on Bitcoin and Litecoin Blockchain for peer to peer transactions. Hodl Hodl never touches the coins, they simply provide a smart contract with 2 keys. One belongs to seller another belongs to the exchange. In case of a seller not releasing the coins, the seller himself or herself cannot access it as well.

Hodl Hodl offers BTC and LTC.

Hodl Hodl Peer to peer exchange for india bitcoin
Home page of Hodl Hodl

Pros:

  • KYC optional
  • Exchange doesn’t take your cryptocurrency. It is held in escrow using multisig smart contract
  • No fee until end of July 2018

Cons:

  • After being paid, if seller doesn’t release coins, the seller cannot actually use them either
  • Low liquidity for INR

Fees:

  • Trading Fees: 0.6% without KYC. 0.5% With KYC
  • Crypto withdrawal fee: Miner fees
  • Crypto deposit fee: Miner fees to move bitcoins/litecoins to smart contract escrow

Dispute Handling

The reliance is on multisig escrow with smart contracts. If after being paid, seller doesn’t release coins, the seller cannot use them either as one of the two keys is with the exchange. In case of a dispute, it will be handled by a support manager who will enquire proof of transactions and settle it.

Opinion:

Hodl Hodl is building smart contracts on the Bitcoin and Litecoin network which is quite impressive. This allows them to never actually hold any cryptocurrency and hence stay away from a lot of regulations. I wish more people in India start using this.

Visit HodlHodl

3. Instashift

Instashift is an Estonian Peer to Peer exchange now present in India as well as Canada. Unlike other P2P exchanges you cannot make offers on Instashift. You basically enter the amount you want to buy or sell and the trade engine will pair you up with a suitable trader.

Instashift offers BTC, LTC, XRP and ETH as of now.

Instashift peer to peer exchange
Homepage of Instashift exchange

Pros:

  • No KYC
  • Holds Seller coins in Escrow until trade is completed
  • Login with Phone number, no email needed.
  • Free Withdrawals
  • Stop loss to cancel your order if prices fall
  • Easy to trade
  • More coins offered
  • Founders and team accessible on Telegram

Cons:

  • Can’t see deposits or withdrawal transaction hash
  • Cannot see any offers from traders.
  • Prices set by exchange
  • Only IMPS/NEFT options available. No UPI or wallet support
  • Fees at 1% for both buyer and seller is slightly steep

Fees:

  • Trading Fees: 1%
  • Crypto withdrawal Fee: None
  • Crypto Deposit Fee: None

Dispute Handling

In case of Seller not releasing Bitcoin or Buyer marking payment complete without making the payment, either party can create a dispute after which an Instashift staff member will get both parties on a call, check proofs and make a decision.

Opinion:

Instashift for many reasons is quite easy and effective. You only need to enter the amount, bank details and you’re ready to go. I feel the trading fee 1% for both buyer and seller is a little high but is compensated with the referral program they have. You can read more about selling on Instashift here.

Visit Instashift

4. Giottus

Giottus is an Indian Peer to Peer and spot exchange. We are focusing on the P2P part of it only. The exchange is fairly new and the founders insist they will continue to operate after the RBI deadline. In my opinion, the P2P exchange can keep operating because the exchange doesn’t need a bank account for that.

Giottus offers BTC, LTC, XRP, BCH and ETH

Giottus peer to peer exchange in India
P2P exchange page on Giottus

Pros:

  • Low fee
  • Holds Seller coins in Escrow until trade is completed
  • More coins
  • Founders and team accessible on Telegram
  • Offers Stop Loss
  • The pricing is based on prices from other Indian Exchanges

Cons:

  • Requires KYC
  • Not much Volume

Fees:

  • Trading Fees: Buyers – 0.25% Sellers – Zero
  • Crypto withdrawal Fee: 0.0001 BTC
  • Crypto Deposit Fee: None

Dispute Handling

In case of Seller not releasing Bitcoin or Buyer marking payment complete without making the payment, either party can create a dispute after which Giottus Support staff will analyse proofs, get both parties on call and make a decision.

Opinion:

Giottus is doing everything to deliver the best experience to customers. They are incorporating feedback from customers into their product. Not many people are using it yet but it should pick up once the RBI ban comes in effect. The smart price features that averages Crypto prices from Indian Exchanges will ensure you get the competitive price on Crypto in India

Visit Giottus

5. Bisq

Bisq formerly known as Bitsquare is a decentralised exchange based on Bitcoin. You need to download the app to trade on Bisq. On Bisq a trader has to make a security deposit before trading, this is to ensure only genuine users trade on the platform. Bisq allows traders to choose arbitrators to handle the situation in case of a dispute. Arbitrators are users who have to make high deposits on Bisq and can lose their deposits if they are found to be cheating.

Bisq users 2 of 3 multisig wallet. Which means that if Buyer and Seller are both satisfied they can both sign the transactions and it will go through. In case of a dispute, the arbitrator will be sign the transaction in favour of the one he/she deems fit after investigation.

Bisq offer multiple cryptocurrencies to be traded with BTC.

bisq peer to peer exchange on MacOS
Bisq MacOS App

Pros:

  • Arbitrator based dispute handling is a safer method
  • Decentralised Exchange, no KYC
  • Low fees
  • Highly secure and private (operated on Tor Network)

Cons:

  • No Indian Bank Account setup Option, on IBAN + SEPA
  • No INR based traders yet

Fees:

  • Trading Fees: – 0.2% +Miner fees
  • Crypto withdrawal Fee: miner fee
  • Crypto Deposit Fee: None

Dispute Handling

Third Party arbitrators are chosen by the traders who will do the investigation in case of a dispute. Arbitrators will not cheat because they have to deposit large amount of crypto to become arbitrators and can lose that if caught cheating. They are paid a fee for the service.

Opinion:

I cannot honestly build an opinion because there is no option to actually trade BTC-INR. The account setup process doesn’t have specifications for an Indian account and it is quite confusing. It is a brilliant P2P decentralised Exchange otherwise.

Visit Bisq

6. Liberal Coins

Liberal coins is P2P exchange built for cash transactions within your neighbourhood. Although a lot of options to use IMPS/Wallets are available now, it was primarily built for finding someone nearby to trade with cash.

Liberal coins offer BTC, XMR, DASH and LTC

Liberal coins peer to peer exchange
Homepage of LiberalCoins P2P Exchange

Pros:

  • Searches traders nearby using your location.
  • No KYC
  • Seller coins held in Escrow

Cons:

  • No Dispute handling Specifications
  • Primary use case for cash only
  • Low liquidity

Fees:

  • Trading Fees: – 0.5%
  • Crypto withdrawal Fee: miner fee
  • Crypto Deposit Fee: None

Dispute Handling

It appears that since the exchange was built for cash transactions, they haven’t built anything around dispute handling. If you get cash in hand, you release bitcoin.

Opinion:

I would avoid it for bank based transactions. Would love to try it for cash related transactions but there aren’t many offers.

Visit Liberal Coins

7. LocalEthereum

LocalEthereum is to ethereum what LocalBitcoins is to Bitcoin. Instead of holding your coins in escrow, here your ETH is held in a smart contract that acts like escrow. It offers a variety of payments options for India, even UPI. The exchange is based out of Australia.

LocalEthereum as the name suggests, offer ETH trading.

Local ethereum peer to peer exchange
Local Ethereum Homepage

Pros:

  • Seller’s funds are not locked until they fund the escrow contract
  • No KYC
  • Multiple payment options including cash deposit
  • Even messages are end to end encrypted

Cons:

  • Watch out for scammers
  • Fees high for takers

Fees:

  • Trading Fees: Maker – 0.25% Taker – 0.75%
  • Crypto withdrawal Fee: miner fee
  • Crypto Deposit Fee: None

Dispute Handling

A third party arbitrator will be handed over the decryption key to your chat. Arbitrator will read the chat and determine the dispute outcome.

Opinion:

LocalEthereum has the most offers for ETH in India. Keep an eye out for scammers though. Be vigilant. It isn’t quite different from LocalBitcoins or LocalMonero.

Visit LocalEthereum

8. LocalMonero

LocalMonero is Peer to peer exchange for Monero (XMR) based out of Hong Kong. You don’t even need a phone number or email to register. Other than that it is essentially like other local<coin> platforms.

LocalMonero Peer to peer exchange
Local Monero Homepage for India

Pros:

  • No KYC
  • Multiple payment options including cash deposit
  • Taker fee is Zero
  • Privacy Protected
  • Seller coins held in Escrow

Cons:

  • Low liquidity
  • Fees high for makers

Fees:

  • Trading Fees: Maker – 1%
  • Crypto withdrawal Fee: 0.03 to 0.1 XMR
  • Crypto Deposit Fee: None

Dispute Handling

Support staff handles dispute by checking chat and proofs.

Opinion:

LocalMonero is quite private and secure, thanks to privacy coin XMR. It is worth a try. You can check out more about LocalMonero here.

Visit LocalMonero

9. Remitano

Remitano is becoming popular in India. It has a colourful and pleasant UI and some users consider it faster than LocalBitcoins. Ofcourse, be wary of scammers.

Remitano peer to peer exchange
Remitano Exchange Homepage for India

Pros:

  • Optional KYC
  • Multiple payment options including cash
  • Maker Fee is Zero
  • Seller coins held in Escrow

Cons:

  • Low liquidity
  • No Chat option with traders

Fees:

  • Trading Fees: Maker – 1%
  • Crypto withdrawal Fee: 0.0005 BTC
  • Crypto Deposit Fee: None

Dispute Handling

Support staff handles dispute by checking proofs from both parties

Opinion:

I have personally never used Remitano because other P2P exchanges do a good job and liquidity is usually low on Remitano. But a few of our readers love it.

Visit Remitano

10. Paxful

Paxful is the last on our list but it is not the least. This NYC based exchange is yet to be widely used in India but offers a good bouquet of options for trading. From Amazon gift cards, cash to IMPS and wallets, it is all offered on Paxful.

Paxful only offers BTC trading

paxful peer to peer exchange
Homepage of Paxful Exchange

PROS:

  • Optional KYC
  • Multiple payment options including cash, gift cards
  • No Fee for Buyers
  • Seller coins held in Escrow

CONS:

  • Low liquidity
  • Seller fee higher
  • No one offers gift cards or credit/debit card based purchases in India

FEES:

  • Trading Fees: Seller – 1%
  • Crypto withdrawal Fee: 0.0005 BTC
  • Crypto Deposit Fee: None

DISPUTE HANDLING

Support staff handles dispute by checking proofs from both parties.

OPINION:

Paxful once again is a good alternative to other P2P exchanges. The only problem is that not a lot of people use it and hence not a lot options for trading are available. It is still worth a shot.

Visit Paxful

VERDICT – BEST EXCHANGE

Honestly, it really depends upon the choice of the trader. For me, I don’t mind doing KYC, but some other people won’t like it. It is very subjective. But this is my choice

  • Liquidity in INR: LocalBitcoins, LocalEthereum
  • Ease of Use: Instashift
  • Privacy and safety: LocalMonero, Bisq, Hodl Hodl
  • Multiple payment options: Localethereum, Paxful, LocalBitcoins
  • Low Fees – Giottus

What is your opinion? Let us know in the comments below

Update: An incomplete article was published earlier due to our error. We apologise for the mistake and the same has been rectified. This is really embarrassing. We will ensure such mistakes are not repeated. Thank you for supporting us. 



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