# Atomic swaps vs exchanges vs P2P with an arbitrator

> Comparing three ways to swap USDT for Monero: custody, privacy, requirements, risks and what you have to do in each.

Last updated: October 24, 2026 · Web version: https://monerop2p.app/en/guides/atomic-swaps-vs-exchanges-vs-p2p/

**Short answer:** with a **centralized exchange** you trust a company with your funds and data; with **P2P with an arbitrator** you trust an escrow and whoever settles disputes; with an **atomic swap** you trust nobody, but you (or your app) must act within the deadlines. Each option trades convenience for control.

## Comparison

| | Atomic swap | Centralized exchange | P2P with arbitrator |
|---|---|---|---|
| Custody of funds | Nobody (contract + split keys) | The exchange | Platform escrow |
| Account and verification | No | Usually yes | Usually yes |
| Personal data | Not requested | Requested | Varies |
| If the counterparty fails | Refund through the contract | The exchange handles it | The arbitrator decides |
| Main risk | Deadlines and software | Bankruptcy, hacks or account freezes | Disputes and payment fraud |
| Speed | Tens of minutes (Monero confirmations) | Minutes (after depositing) | Variable |
| XMR availability | Depends on makers | Some exchanges delisted it | Depends on sellers |

## When each one fits

- **Atomic swap:** you want to avoid depending on third parties and can follow the process (or keep your recovery file).
- **Exchange:** you prioritize convenience and accept custody and identity checks.
- **P2P with arbitrator:** you want to pay with local methods and accept that a third party decides disputes.

## What the atomic swap does not solve

- It gives no guaranteed prices: each maker sets them.
- It does not replace your legal or tax obligations.
- If you do not act in time when something fails, you can lose funds.

Next: [what is an atomic swap and why is it safe](/en/guides/what-is-an-atomic-swap/).