Bybit P2P is a method of direct interaction between buyers and sellers, without going through an intermediary. In this type of transaction, parties exchange their coins and fiat assets directly. Please join BCrypto to discover details about P2P trading on Bybit and how it works in the article below.
What is P2P trading on Bybit?
The P2P trading service on Bybit is a convenient platform. Create safe conditions for conducting direct transactions between individuals. Here, users can buy and sell assets easily at pre-agreed prices along with many attractive Bybit bonus. Notably, Bybit does not provide trading brokerage services on its P2P platform.
Currently, P2P trading on Bybit supports up to nine Fiat trading pairs. Including INRUSDT, VNDUSDT, AUDUSDT, HKDUSDT, MYRUSDT, PHPUSDT, RUBUSDT, TWDUSDT, and UAHUSDT
How does Bybit P2P work?
Below is a detailed step-by-step guide to help you get started with your first P2P trading on Bybit.
Add Bybit P2P payment method
- Step 1: Visit the P2P Trading page by clicking “Buy Crypto” and selecting “P2P Trading” from the navigation bar on the left side.
- Step 2: Navigate to the P2P User Center by clicking the icon in the upper right corner and fill in your profile information.
- Step 3: Click the “Add Now” button under “Payment Methods”.
- Step 4: Select the payment method you want to add to the list that appears and provide the necessary information as requested.
Note: On Bybit's P2P platform, only payment accounts with the same name as your identity verification will be accepted.
- Step 5: After checking the information and making sure it is correct, click the Confirm button to complete the process.
Note: Users can select 1 preferred payment method among the 3 methods and enable it to display under “Payment Methods in P2P User Center”.
See more: Instructions on how to Bybit register for traders
For P2P Trading Bybit buyers
- Step 1: Start by clicking “Buy Crypto” and select “P2P Trading” in the top left corner of the navigation bar to access the Bybit exchange P2P trading page.
- Step 2: On the Buy page, you can filter ads by entering criteria such as amount, Fiat currency, or payment method, depending on your transaction needs.
- Step 3: Select the ad you are interested in and click “Buy USDT”.
- Step 4: Enter the fiat amount you want to pay or the coins you want to receive, then click “Buy” to continue.
- Step 5: Once you have completed payment, click “Complete payment”.
- Step 6: Once the seller has successfully released the coins you purchased, you can click “Check Assets” to view them along with your transaction history. You can also check the order status from Bybit P2P transaction history.
In case the seller does not release the funds within 10 minutes, you can click “Submit complaint”. Bybit's customer support team will contact you.
For P2P merchants on Bybit exchange
- Step 1: Start by clicking “Buy Cryptocurrency” and select “P2P Trading” in the top left corner of the navigation bar to access the P2P trading page.
- Step 2: On the Sell page, you can filter ads by entering criteria such as amount, Fiat currency, or payment method, depending on your transaction needs.
- Step 3: Select the ad you are interested in and click “Sell USDT”.
- Step 4: Enter the amount of USDT you want to sell or the amount of Fiat you want to receive, then click “Sell” to continue.
- Step 5: The buyer will have 15 minutes to complete the payment while it is pending
- Step 6: Once you have successfully received payment from the buyer, click “Release now” to release your funds
For Bybit P2P advertisers
- Step 1: Start by clicking “Buy Crypto”. Select “P2P Trading” to access the P2P trading page.
- Step 2: At the upper right corner of the P2P transaction page. Click “Advertisement” and select “Post My Ad”
- Step 3: Create your ideal ad by setting the following settings:
Type: Select the ad type as “Buy” or “Sell”, along with Fiat currency.
Price Setup: Enter Fixed Price or Floating Price. Include the price (per USDT) or option fee you want to apply
Trade Setup: Enter the total amount you want to trade, and the minimum and maximum trade amount for each ad.
Partner Requirements: Select “No Required” or “Identity Verification Required” for the person you want to trade with.
Payment Method: Click “New Payment Method” to add a new payment method.
- Step 4: Confirm that all information has been entered and click to accept the agreement, then click “Post My Ad”.
- Step 5: Verify Security by entering the 6-digit Google Authenticator 2FA security code. Then click “Confirm”.
- Step 6: You will be redirected to the “Live” page to see details about your ad.
KYC Required P2P Trading Bybit
As an advertiser, completing KYC verification is a necessary step before you can post ads:
- Step 1: Click “Account & Security” in the upper right corner of the page.
- Step 2: In the “Verify Identity” column under “Account Information”, click “Verify Now”.
- Step 3: Next, under “Basic Verification Level 1”, click “Verify Now”.
See more: Tell you how to quickly open a Bybit account
Why should you participate in P2P trading on Bybit?
P2P on Bybit gives you the ability to convert between Fiat and coin easily and completely free of charge via the Bybit app and web platforms.
You can post ads to buy or sell with other buyers and sellers. Use more than 80 diverse payment methods. These methods include debit cards, credit cards, direct cash payments, and many other options.
Epilogue:
Through BCrypto is shares, it can be seen that Bybit P2P is a convenient and safe trading platform. Allows users to convert between Fiat currency and coins easily and for free. Completion of KYC verification is required to become an advertiser on Bybit. Helps ensure security and safety for the trading community.
Frequently asked questions
How many payment methods are supported on Bybit P2P?
Bybit P2P supports over 80 different payment methods, including debit cards, credit cards, direct cash payments, and many more options.
What is the KYC verification process on Bybit P2P and why is it important?
The KYC verification process on Bybit Exchange includes steps such as basic identity verification. Verify security with Google Authenticator 2FA security code. This process is important to ensure the security and safety of the trading community.
What benefits does Bybit P2P bring to users?
Bybit exchange P2P offers benefits including flexibility in fiat and coin conversions. Convenience in posting ads and making transactions. As well as the safety and security of user transactions.
