Peer-to-peer trading, otherwise known as P2P trading, is an excellent way for beginners to venture into the world of cryptocurrency trading. For starters, there are no upfront fees for any P2P transactions and it’s practically free to join any P2P marketplace.
In addition, you don’t have to trust anyone else with your funds. Simply sign up to any P2P trading exchange, such as Bybit, and start trading immediately. Moreover, you can trade in a wider range of digital assets in smaller amounts and at better prices.
In this guide, we’ll explore the Bybit P2P trading platform, offering a detailed review of their marketplace, pros and cons, and how to buy and sell crypto.
To learn more about Bybit, you can check out our in-depth review.
Bybit Overview
Bybit is a top cryptocurrency exchange and derivatives trading platform founded in 2018. Headquartered in Dubai, UAE, it operates in over 160 countries and has over 20 million global users with a daily average trading volume of over $10 billion.
Dubbed as the “crypto ark,” Bybit’s mission is to make crypto trading efficient and inclusive for everyone. At the moment, the exchange offers derivatives, futures, spot, NFT marketplace, and P2P trading for top digital assets such as Bitcoin, Ripple, Ethereum, and many more.
Additionally, it provides a personalized trading interface, real-time price monitoring, and a mobile application for convenient on-the-go trading. Overall, Bybit is a reputable trading exchange that’s a popular choice for both experienced and novice traders.
For an in-depth, detailed review of Bybit, check out our Bybit review.
Pros and Cons of Bybit P2P Trading
| 👍 Bybit P2P Trading Pros | 👎 Bybit P2P Trading Cons |
|---|---|
| ✅ Zero fees on P2P trades | ❌ Not available in the US |
| ✅ 24/7 customer support | ❌ Regulatory issues in UK |
| ✅ Mobile app | |
| ✅ Blazing fast trading engine | |
| ✅ Supports 300+ payment methods | |
| ✅ Escrow-service | |
| ✅ Live chat option |
Understanding Bybit P2P Trading
Bybit P2P platform is a secure peer-to-peer trading platform that facilitates the buying and selling of cryptocurrencies between two users at an optimal, agreed upon price. Bybit isn’t directly involved in the P2P trade other than being a facilitator.
At the moment, Bybit P2P supports 40+ fiat currencies with support for cryptocurrencies such as Tether, Bitcoin, Ethereum, and more. It also offers 350+ payment methods including debit cards, credit cards, in-person cash payments, and more.
Additionally, it offers zero-transaction fees for both the buyer and the seller. Nevertheless, as a trader, you might need to pay transaction fees based on the payment method you use.
How to Buy Crypto on Bybit P2P Trading
To buy crypto on the Bybit P2P trading platform:
1. Join Bybit and register your account.
2. Navigate to the top-left corner of the navigation corner. Click Buy Crypto > P2P Trading.
3. On the Buy page, filter advertisements by entering your desired buying criteria for the amount, fiat currency, and payment method.
4. Select your desired advertisement and click “Buy [Crypto].”
5. Enter the amount of fiat you want to pay. The platform will automatically calculate the amount of crypto you will receive.
6. Click “Buy” to proceed to the order page. Transfer funds to the seller’s bank account.
7. Click “Payment Completed.” You can take advantage of the live chat box to communicate with the seller in real-time.
8. Once the seller releases the crypto, click on “Check Asset” to view your assets.
9. That’s it! You’ve completed your first ever Bybit P2P trade.
If the seller fails to release the crypto within 10 minutes, you can click on “Submit Appeal” and Bybit customer support will reach out to you. Remember not to cancel the order unless you’ve received a refund from the seller.
How to Sell Crypto on Bybit P2P Trading
To sell your first crypto on the Bybit P2P marketplace:
1. Join Bybit and register for an account.
2. Click Buy Crypto > P2P Trading. You’ll find it on the top left corner of the navigation bar.
3. Click Sell then proceed to filter advertisements on your desired criteria (amount, fiat currency, payment methods).
4. Select your preferred advertisement and click “Sell [Crypto].” Don’t forget to add a payment method where you’ll receive your fiat currency.
5. Enter the amount of crypto you want to sell. The platform automatically calculates the amount of fiat currency you will receive.
6. Click Sell to proceed to the order page.
7. Once you’ve received your payment from the buyer, click “Release Now.” You’ll be asked to enter your Google Authenticator verification code as verification.
8. That’s it! You’ve sold your first digital assets on Bybit.
Note that if the buyer doesn’t complete the payment within 15 minutes, the order will be automatically canceled and the coins will be returned to your funding account. Alternatively, if you receive a payment confirmation and are yet to receive the payment after 10 minutes, click “Submit Appeal” and Bybit customer support will reach out.
Bybit Trading Checklist
Here’s a checklist for new P2P traders on the Bybit platform:
- Verify your Identity: In order to perform P2P trading on Bybit, you’ll need to complete the individual Identity Verification (Level 1 KYC) process. For more information about Bybit’s identity verification process, read our Bybit KYC guide.
- Move Assets to the Funding Account: Before placing any orders or advertisements, ensure that you first move your assets into your Funding Account. Note that P2P trading is only processed via the Funding Account.
- Familiarize Yourself with Bybit P2P: Explore the P2P marketplace and get comfortable placing orders. Also, try setting up a P2P crypto ad to test out how it works. Take advantage of the platform’s educational resources (guides and tutorials) as well.
Bybit Trading Tips
Here are a few tips for you if you’re using the Bybit P2P trading platform:
- Use the Mobile App: Ensure that you use the Bybit mobile app to ensure that you never miss a trade, especially if you are a Bybit seller, and for on-the-go trading. Make use of the App Push Notifications feature to receive all notifications.
- Utilize the Order Chat Box: In case you run into an issue during an order, we recommend initiating communication with the counterparty to resolve the issue.
- Avoid Canceling Orders: As a buyer, anytime you cancel an order, your completion rate will be affected. As a seller, if you accept that a cancellation happened because of you, your completion rate will be affected. Additionally, exceeding the cancellation limit leads to a 24-hour P2P trading restriction.
- Block Feature: If you don’t wish to trade with another Bybit user ever again, simply use the block feature to block them. You will find this button at the bottom of the user’s profile page.
- Leave Reviews: Leave behind reviews of your P2P trades to help other users make informed decisions when selecting P2P ads. Your review will show on the user’s main page and the rating will contribute to their rating.
Summary
Bybit is a reputable cryptocurrency exchange platform with undoubted strength in customer support, security measures, and quality service. Its dedication towards innovative trading features, security, and user experience make it a worthwhile P2P trading platform.
In addition, Bybit is accessible in over 160 countries and offers translation support in multiple languages. Unfortunately, it excludes a few jurisdictions such as the US, China, and Canada among others.
Join Bybit today and start your P2P trading journey today with zero-fees!
FAQs
Is Bybit P2P Safe?
The Bybit P2P marketplace is safe and secure as it prioritizes security through a formidable anti-fraud system that ensures all parties to a transaction remain safe. Additionally, there’s round-the-clock support for all Bybit P2P users.
How Does Bybit P2P Trading Work?
Bybit P2P works by facilitating the buying and selling of digital assets such as Ethereum, Tether, and Bitcoin directly between users at an optimal, agreed upon price. Without an intermediary, traders can complete P2P trades in three simple steps and with zero fees.
How to Cancel Bybit P2P Order?
You can manually cancel a Bybit P2P order by clicking “Cancel Order” at the bottom of the P2P order page and selecting a reason for canceling the order. Click “Yes” to confirm and your order will be canceled and coins reserved on Bybit P2P will be returned to the funding account.
Can Bybit P2P Trading Be Used in the US?
No, you cannot use Bybit P2P in the United States. Bybit enforces access restrictions to a few jurisdictions including the United States. Therefore, Bybit will block you if it detects a US-based IP address. Check out our guide here for a full list of Bybit supported and restricted countries.
