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Personal carbon trading is a downstream cap-and-trade system for GHG emissions that targets households. This alternative to a carbon tax is present in the public debate in France, in various forms. Based on the existing scientific literature, the article discusses what can be expected of personal carbon trading in five dimensions: environmental effectiveness, cost-effectiveness, equity, operational feasibility, and acceptability. It systematically compares the properties of personal carbon trading with those of a carbon tax and with those claimed by its proponents. In terms of equity, the two instruments have similar opportunities, despite what has been claimed. The environmental effectiveness of personal carbon trading, which is often emphasized, is not decisive, while the shortcomings of quota trading are underestimated. Personal carbon trading can raise the visibility of GHG emissions for individuals, but the effects of this interesting feature are still uncertain.