How Brits can save time and money on P2P Bitcoin trades in 2023.

From nations to nodes (Jack Butcher)

Access BTCEUR offers on peer-to-peer order books with no fees via Revolut.

Why P2P?

The privacy benefits of trading Bitcoin peer-to-peer (P2P) as an alternative to centralised onramps and exchanges are clear and easy to find (for example here, here and here).

As the risks associated with the KYC "Know Your Customer" process become widely appreciated, more people will turn to P2P alternatives. Any further Bitcoin related transaction bans from UK banks would also boost adoption.

Well known P2P platforms.

All four P2P trading platforms linked below are all relatively straightforward to get started with. If you're new to P2P trading, Peach and HodlHodl are perhaps a little easier to navigate over Bisq and RoboSats.

That said, there are no shortage of quick start guides, FAQ pages, and video walkthroughs available.

False start; where are the peers?

Once set up, Brits might be disappointed to see a thin order book, or perhaps a couple of offers with hefty premiums above the centralised exchange price. 🫰

At the time of writing (May '23), BTCGBP offers using the familiar Faster Payments bank transfers are few and far between (perhaps with the exception of Bisq).

With usage of P2P trading platforms in the UK still limited, it can be a bit of a waiting game to find a peer. ⏰

The situation will surely improve as adoption grows, but in the mean time, there's an easy way to access BTCEUR offers posted by our European peers. 🇪🇺

Enter Revolut.

Revolut is a UK based platform with over 25 million users. It's simple and free to deposit pounds via Faster Payment bank transfers or a debit card. Popular for travel, the app is well known for its excellent exchange rates.

As long as you're not exchanging over the weekend, you can can often pick up a very favourable rate.

"Our rate (including any fees) is currently 0.04% better than the European Central Bank (ECB) rate. This comparison rate is typically one of the best available."
Revolut Currency Exchange

Revolut allows you to instantly swap between £s and €s (and back). There are no exchange fees up to a limit of £1k per month and the premium tier (£6.99/month) has no limit.

"All of our plans allow you to make at least £1,000 of exchange per month without an exchange fair usage fee."
Revolut Fees

When exchanging, it's easy to enter the exact amount of euros that you need (for example for a specific trade offer). This way, it's possible to only exchange the exact number of pounds necessary.

Exchanging GBPEUR in Revolut with no fees (8th May 2023)

GBPEUR exchange rate as quoted by Google Finance (8th May 2023)

With euros in Revolut ready to go, better trade offers await.

Bitcoin trading: GBP vs EUR order books compared.

It's not surprising that BTCEUR order books are deeper, after all there's a total population of ~340 million people with the Euro 💶 compared to ~67 million with Sterling 💷.

With more potential peers, there's a little more competition with BTCEUR offers and less of a premium compared to the few BTCGBP offers that you may find.

Let's take a look at the order books across the four platforms with a buy in mind:

Peach