The order book is the public marketplace: everyone's bids and asks, matched automatically. OTC - over the counter - is a private negotiation between two parties, usually for sizes that would move a public book. P2P sits in between: a platform lists ads, you choose a counterparty, and escrow protects the trade while money moves bank to bank.
Each fits a different job. The order book is fastest for crypto-to-crypto. OTC keeps big trades from causing slippage. P2P is the bridge between bank money and crypto. Picking the venue that fits the trade saves more than chasing the last decimal of the price.
💬 Which do you use most - order book, OTC or P2P?
Binance Academy covers this in more depth: https://www.binance.com/en/academy/glossary/otc-over-the-counter-trading
Next lesson: IBAN: the account number that has to match a name
Trading crypto from Dubai since 2019.