Exchanges Simplified
I have been trading on Peer to Peer exchanges since 2014. Also called, P2P exchanges. I have never traded on a Centralized Exchange. For many years now, I trade direct with a few traders, once we established trust gained on the peer to peer exchange.
I will give some quick explanations of the types of exchanges and a few to check out.
First are the peer to peer exchanges. Peer to Peer Exchanges are the first to serve Bitcoin. Bitcoin was designed to be used peer to peer. A peer-to-peer exchange is an online platform organized in a way that allows users to interact with each other freely with minimal oversight. Identification and Know Your Customer regulations are not required. Buyers and sellers have stats and ratings everyone can see. The exhanges added escrow service for security. People were finalizing deals quicker since they were not afraid to lose money thanks to escrow. This made the peer to peer exchanges very popular.
There are quite a few P2P exchanges out there, but many exclude the United States from using them. The exchanges I first used are gone or unavailable now due to regulation. Good news is we still have some available to us.
Next is the Centralized Exchange, also called a CEX. A centralized crypto exchange is an over-the-counter exchange that takes your money into custody and allows users to trade in a secure online environment by acting as an insurer and mediator between traders. Just as any other broker or exchange, a CEX platform earns money by applying fees to transactions. The transactions happen without escrow as the exchange is in possesion of the coin. Because the exchange is the insurer and mediator, in addition to being regulated. They require your information and Know Your Customer regulations apply.
ChicksX - The Lowest Fee Crypto Exchange. Buhd uses their Discord chat service.
LocalCoinSwap - Trade with transparency. Feel confident by trading on-chain with non-custodial exchange.
LibertyX - Buy Bitcoin with cash at 20,000 locations
CoinMama - Since 2013, buy Crypto with credit cards
Coinbase - We're the most trusted place for people and businesses to buy, sell, and use crypto.