Crypto Exchanges Without Intermediaries
Trading without intermediaries can mean two things: P2P with escrow, or non‑custodial DEX with smart contracts. Here’s how they differ, the benefits/risks, and how to choose what suits you.
Overview
“No intermediaries” removes traditional custody. On P2P, escrow protects crypto while off‑chain payment settles; on DEX, a smart contract executes the swap without taking custody of your funds.
What “no intermediaries” means
- Custodial vs non‑custodial: with non‑custodial, you keep control of your keys/funds.
- P2P (escrow): trades between people, protected by escrow with on‑platform chat.
- DEX (AMM/orderbook): smart contracts/pools enabling swaps without a central custodian.
Benefits and risks
- More control and privacy; less reliance on third parties.
- On P2P: operational risk if you go off‑platform or skip reading terms.
- On DEX: risk of slippage, low liquidity, or malicious tokens.
- Costs: network fees on DEX; spreads/fees on P2P.
How protection works
- P2P: escrow holds crypto until the seller confirms payment.
- DEX: a smart contract executes swap logic per on‑chain rules.
KYC, compliance and regions
Requirements vary by platform and payment method. Check local rules and avoid off‑platform payments when using P2P.
Checklist to choose
- Custody model and key control
- Payment coverage (P2P) or liquidity (DEX)
- Fees, spreads, and network costs
- Reputation and dispute handling (P2P)
- On‑chain risks: audits and contract reputation (DEX)
Quick start on NoOnes (P2P)
- Search offers by crypto, payment method, and country
- Read the terms and open the offer
- Pay as instructed and click “I’ve paid”
- Escrow releases crypto after confirmation
FAQ
Are P2P and DEX the same thing?
No. P2P connects people with escrow and on‑platform chat; DEX uses smart contracts and liquidity pools.
Do I need KYC on no‑intermediaries platforms?
On P2P it varies by payment method/country. On DEX there is usually no KYC, but risks and regional restrictions still exist.
What’s the most common risk?
On P2P: going off‑platform or ignoring offer terms. On DEX: low liquidity, slippage, and malicious tokens.
More Articles to Read
Unlock Your Financial Freedom
Join the movement for global financial empowerment. Trade, invest, and access new opportunities worldwide with Noones.
Start Your Journey