Top 5 Countries by P2P Trading Volumes in April 2026

P2P trading remains a key indicator of the practical use of digital currencies, especially in developing economies. Unlike centralized or decentralized platforms, the Peer-to-Peer sector reflects everyday scenarios such as private money transfers or maintaining access to foreign currencies through stablecoins.
India is the undisputed leader in this context. Experts estimate that the average annual volume of P2P trading ranges from 80-120 billion. This country also holds leading positions in the global crypto adaptation index according to Chainalysis. The high popularity of P2P in India is due to a combination of regulatory restrictions, internal demand structure, and market size.
The 30 tax on profits from crypto operations makes trading on centralized platforms less effective,
which drives users to the Peer-to-Peer segment. Additionally, there is a huge retail market in the region with a high share of small and frequent transactions, making P2P a perfect fit.
Nigeria follows with an average trading volume of 30-50 billion per year. The high demand for Peer-to-Peer in the country is driven not by speculative interest but by structural problems in the financial system. Key factors include:
- High inflation and constant devaluation of the Nigerian naira.
- Banking restrictions and developed financial infrastructure.
- Shortage of access to foreign currency.
- A young population interested in digital finance.
P2P in Nigeria has become not just an auxiliary tool but the core of the local digital economy
due to the population s open distrust of the traditional banking system.
Vietnam ranks third with a volume of 30-40 billion. The popularity of P2P in the country is attributed to regulatory restrictions since digital currencies are not legally recognized as a means of payment. Additionally, the Vietnamese dong constantly devalues against foreign currencies.
Pakistan 20-30 billion and the Philippines 15-30 billion are also noteworthy but did not make it to the top three.