Non-Custodial P2P: Vailox, Hodl Hodl, Bisq, RoboSats and Peach
Not all no-KYC P2P platforms work the same way. We compare how each one protects your funds, which assets it supports and what it costs to trade.
Comparisons
“No KYC” and “non-custodial” are often used as synonyms, but they are not. A P2P platform may not ask for your ID and still hold your funds in its own wallet. This comparison only includes non-custodial marketplaces: those where the trade’s funds never pass into the platform’s hands.
How a Non-Custodial Trade Is Protected
There are three main models:
- Multisig. Funds go to an address that requires several signatures to move, for example 2 of 3 between buyer, seller and arbiter. It is the classic Bitcoin model.
- Lightning bonds. Both parties lock a small bond that they lose if they act in bad faith. This is what RoboSats uses.
- Escrow smart contract. Crypto is locked in a smart contract that determines in code how it can be released. This is the model used by stablecoin P2P platforms on EVM and Tron networks, such as Vailox. We explain it in detail in what is crypto escrow.
Comparison
| Hodl Hodl | Bisq | RoboSats | Peach | Vailox | |
|---|---|---|---|---|---|
| Assets | BTC only | BTC (and others in Bisq 1) | BTC only | BTC only | USDT and USDC |
| Escrow | 2-of-3 multisig | 2-of-2 multisig with deposits (Bisq 1) | Lightning bonds | Suspended since September 2026 | Smart contract |
| KYC | No | No | No | Now required to sell | No |
| Fee | 0.75% per side | From 0% (Bisq Easy) | 0.2% total | 2% (buyer) | Per trade, shown before confirming |
| How it is used | Web | Desktop app | Web, via Tor | Mobile app | Web, with your wallet |
| Networks | Bitcoin and Lightning | Bitcoin | Lightning | Bitcoin | Ethereum, Polygon, Arbitrum, Base, BNB Chain and Tron |
Data verified as of October 8, 2026 on the official websites linked below.
Hodl Hodl
Hodl Hodl is one of the longest-running non-custodial Bitcoin P2P platforms. Each trade uses a 2-of-3 multisig escrow: buyer, seller and Hodl Hodl each hold one key, and two are needed to move the funds. The platform cannot take the bitcoin on its own, but it does decide with its signature in a dispute.
It charges a 0.75% fee to each party, which drops to 0.5% with a referral code. It only trades BTC, onchain and over Lightning.
Who it’s for: Bitcoin users who want a simple website with no KYC.
Bisq
Bisq is not a company with a website, but a decentralized desktop application that connects over Tor. It has two modes:
- Bisq 1: 2-of-2 multisig in which both parties post a security deposit. It charges a 1.15% fee to the buyer and 0.15% to the maker/advertiser, in BTC.
- Bisq Easy: aimed at new users, with no fees and limits of $6 to $600 per trade. It does not use escrow: the buyer relies on the seller’s reputation.
Who it’s for: experienced users who prioritize decentralization over convenience.
RoboSats
RoboSats is a Bitcoin P2P platform over Lightning Network, accessible through Tor and with disposable identities generated for each trade. Instead of a multisig, both parties lock bonds that are returned when the trade ends. The fee is 0.2% in total: 0.175% for the taker and 0.025% for the maker.
Who it’s for: Lightning users looking for maximum privacy on small and medium amounts.
Peach Bitcoin
Peach was a mobile Bitcoin P2P app with 2-of-2 multisig escrow. Since September 1, 2026, it has suspended its escrow: selling requires KYC or a high reputation, purchases are capped at 500 Swiss francs per trade, and the platform states that it no longer targets users in the EU and EEA.
Who it’s for: today, it is hardly an option for European users.
Vailox
Vailox covers what the others don’t offer: stablecoins. If you want to swap euros, dollars, pesos or bolívares for USDT or USDC without going through an exchange, Bitcoin P2P platforms won’t work for you.
- Smart contract escrow. The seller locks USDT or USDC in the contract, which releases it to the buyer when the seller confirms receipt of payment. The contract owner cannot withdraw locked funds: in a dispute, they can only release them to the buyer or the seller.
- Re-audited contract. It builds on open-source code that has already been audited and tested for years, with minimal modifications, and the final version has been re-audited by HelixNebula.
- No sign-up. Works with your wallet (MetaMask, Phantom, TronLink, Ledger…) from your browser.
- Six networks. USDT on Ethereum, Polygon, Arbitrum, BNB Chain and Tron, and USDC on Ethereum, Polygon, Arbitrum, Base and BNB Chain.
- More than 20 payment methods, such as Bizum, SEPA, Revolut, Wise, PayPal, Zelle, MercadoPago or Pago Móvil, and cash in person through Cash Points.
- Ads open to everyone. You can create private ads from day one and publish to the marketplace after completing five trades.
Who it’s for: anyone who wants to buy or sell USDT or USDC with local payment methods without handing their funds to a platform.
What to Ask Before Using Any Non-Custodial P2P
Before trading on any of them, check:
- Who resolves disputes and what can they do with the funds? Ideally, they can only give them to one of the two parties.
- Are the contract or multisig audited?
- How do I access it securely? In 2025 Paydece, a decentralized stablecoin P2P platform, suffered domain hijacking to empty the wallets of anyone who connected. Always use bookmarks.
- What happens if the platform disappears? On a non-custodial P2P, your funds remain yours; make sure the design guarantees that.
If you are about to make your first trade, first review the most common P2P scams.
Frequently asked questions
What is a non-custodial P2P?
A marketplace where the platform never holds your funds: the seller's crypto is locked in a multisig or a smart contract during the trade and released to the buyer when the seller confirms payment.
Is there no-KYC P2P for USDT?
Yes, though there are few: most veteran non-custodial P2P platforms only trade Bitcoin. Vailox lets you buy and sell USDT and USDC without KYC, with onchain escrow across six networks.
Which is safer, multisig or smart contract?
Both prevent the platform from custodying your funds. Multisig splits the keys among buyer, seller and arbiter; a smart contract fixes in code what each party can do. In both cases, what matters is who resolves disputes and what powers they have.
