The appeal of P2P trading lies in accessibility and decentralization. Traders are able to trade directly between themselves and tend to have a lot of control over their transactions.
Unlike centralized exchanges, P2P trading platforms offer a greater range of payment options and global accessibility. Therefore, users from different regions can participate without any restrictions.
In this article, we’ll explore the Gate.io P2P trading platform, highlighting pros and cons, how to buy and sell crypto, a trading checklist, and some tips to improve your P2P trading experience.
Gate.io Overview
Established in 2013, Gate.io is a leading full-service digital asset exchange platform with over 13 million users worldwide. As an early crypto exchange, Gate.io has industry-leading security features and has been audited to show 100% proof of reserves.
Legally registered in many countries across the world, it has a daily trading volume of $5.56 billion with over 1,700 cryptocurrencies for trade. It also has an ecosystem that consists of Ventures, Web3, NFT, Labs, Trading Platform, and Startup.
Another feature is the Gate Community where you can write posts, live stream, and even chat on the Gate.io Chatroom. If you’d like to know more about the exchange, feel free to check out our Gate.io review.
Pros and Cons of Gate.io P2P Trading
| 👍 Pros | 👎 Cons |
|---|---|
| ✅ Free P2P transactions | ❌ Potential for scams |
| ✅ 24/7 premium customer service | |
| ✅ Identity verification | |
| ✅ Support for 300+ payment methods | |
| ✅ Support for almost 100 fiat currencies | |
| ✅ Dedicated Gate.io community | |
| ✅ Dedicated mini app | |
| ✅ Multi-layered safeguards (Escrow, OTP, 2FA, cold storage) | |
| ✅ Multi-lingual support | |
| ✅ P2P rewards for users | |
| ✅ High exposure |
Understanding Gate.io P2P Trading
Gate.io P2P trading enables you to trade cryptocurrencies directly with other Gate.io users around the world. With support for over 100 fiat currencies and 300 payment methods including credit and debit cards, you can buy and sell the crypto of your choice.
The way it works is that a buyer places an order according to the price displayed on Gate.io, the system finds and provides a list of matching merchants according to the price, amount, and payment method.
The buyer then transfers payment using the agreed-upon payment on Gate.io P2P and the seller releases crypto on the P2P platform once payment is received and confirmed.
Gate.io facilitates the process by verifying the users through KYC and multi-layered safeguards such as the escrow service, 2FA, and OTP.
How to Use Gate.io P2P Trading : Step-by-Step Procedure
Before anything, Gate.io had a mandatory KYC verification that requires you to verify your identity and bind 2FA before you can execute any P2P trades.
If you don’t already have an account, join Gate.io and register for an account. Ensure that you’ve finished KYC verification and 2FA before attempting to trade.
After, check out and follow our step-by-step tutorial on how to buy and sell crypto using Gate.io P2P below.
How to Buy Crypto on Gate.io Using P2P Trading
To buy crypto on Gate.io using P2P trading:
1. Register for an account on Gate.io and log in.
2. On the header menu, hover over “Buy Crypto” and select “P2P Trading.”
3. The “Buy” tab will be set by default. To the right, choose the crypto you want to buy, fiat currency and amount, and the payment method you desire.
4. Browse through the list of displayed sellers to select the one that matches your requirements. Once you find one, click “Buy [Crypto].”
5. In the pop window, enter the amount of fiat you want to spend, payment method, and click “Buy {Crypto].”
6. Once on the order page, make payments and click “Transferred, Notify Seller.” Click “Confirm.”
7. Wait for the seller to verify your payment and release the crypto. The seller will release the crypto and it will now be available for use.
8. The transaction is now complete.
How to Sell Crypto on Gate.io Using P2P Trading
To sell crypto on Gate.io using P2P trading platform:
1. Join Gate.io and register for an account if you have not yet. Log in.
2. On the header menu, hover over “Buy Crypto” and select “P2P Trading.”
3. Select “P2P Trading.” The “Buy” tab will be set by default. Select the “Sell” option.
4. To the right, select the crypto you want to sell, the amount, and the desired fiat currency you want to receive.
5. Browse the list of buyers who match your requirements and select a desired buyer by clicking the “Sell [crypto]” button beside them.
6. In the pop-up window, enter the amount of crypto you want to sell, set the payment method, and click “Sell [Crypto].”
7. Click “Confirm sale” to proceed to the order page. Click “Confirm Sale.”
8. Wait for the buyer to make payments. Click “I have received payment” to confirm receipt of payment.
9. Gate.io will release the digital assets to the buyer. Congratulations! You’ve sold your first crypto on Gate.io P2P.
Gate.io P2P Trading Checklist
Here’s a comprehensive Gate.io P2P trading checklist to help you as navigate this new marketplace:
KYC Verification: Gate.io demands that every P2P user conduct a mandatory identity verification and binds 2FA with their account. Without verification, you cannot access any of Gate.io features, products, or services.
Geographical Availability: Unfortunately, Gate.io is not available to certain jurisdictions. Some of these include the US, France, Canada, Singapore, China, among others. Make sure you’re in a Gate.io supported jurisdiction before attempting to register.
User Reputation: Since you are trading with other Gate.io P2P users, it’s important that you check your counterparts reputation before attempting to trade. This includes checking information such as completion rate, number of orders completed, feedback, etc.
Cryptocurrency Support: Gate.io has support for over 1,700 cryptocurrencies. Nevertheless, it’s important to ensure that it has the kind of cryptocurrencies that you’re looking for.
Gate.io P2P Trading Tips
Here are a few helpful tips to improve your Gate.io P2P trading experience:
- Watch out for Scams: Gate.io uses multi-layered safeguards such as 2FA and escrow for added security. However, scammers will obtain your information through illegal means and attempt to convince you to share sensitive information or even transfer funds.
- Don’t Share Sensitive Data: Don’t share any sensitive information such as your password, verification codes, or click on any links sent to you via messages from unknown Gate.io senders.
- Communicate through the Proper Channels: Only use the provided chat options provided by Gate.io to communicate with your P2P counterparty. Alao, uaw official Gate.io channels (tickets, live chat, or X) to communicate with Gate.io staff.
- Activate the Anti-Phishing Feature: To ensure that you’re using the correct Gate.io account and not a fake one, enable the anti-phishing feature. Once enabled, an anti-window check window will always pop up displaying your anti-phishing code.
- Avoid High-Risk Payment Methods: To avoid getting chargebacks, avoid using high-risk payment methods such as PayPal, Venmo, and others that have strict chargeback policies.
- Only Trade With Verified Traders: Check whether the trader you are trading with is verified. Also, check their reviews, rating, and feedback before committing to a P2P trade. Select a counterparty with a good rating.
- Use Different Cards/Accounts for Paying & Receiving: Use different cards to buy and sell crypto. Transactions on the receiving account have a higher risk of being frozen. Therefore, filter incoming funds and transfer them to a safer account.
- Avoid Off-Platforms Transactions: Gate.io’s P2P marketplace is a relatively safe place for conducting trades without fear of getting scammed. Therefore, only stick to Gate.io P2P to avoid losses.
- Trade Small Amounts First: Start by trading a small amount first to test out the Gate.io P2P marketplace. Also, make sure to only accept or make payments from and to the same payment account that your counterparty has provided.
Summary
Compared to other top P2P alternatives, the Gate.io P2P trading platform stands out. It offers 24/7 multilingual customer support through multiple channels, has 0 handling fees, and has support for over 300 payment methods.
When it comes to user interface, the Gate.io P2P platform is user-friendly and easy to use for both beginner and experienced traders. It also uses multi-layered safeguards such as 2FA, an escrow service, and cold storage.
If you’re ready to start P2P trading on this platform, join Gate.io today and start buying and selling crypto with zero trading fees.
FAQs
Is Gate.io P2P Safe?
The Gate.io P2P trading platform is safe to use. However, just like any other online platform, users are prone to scams by malicious actors. Therefore, it’s important to follow Gate.io guidelines for P2P trading to ensure you don’t fall into scams.
Can Gate.io P2P Be Used in the US?
Gate.io P2P cannot be used in the US as Gate.io is not available in the US due to regulatory restrictions. Therefore, US citizens can’t access Gate.io features, services, and products like P2P.
How Long Does a Gate.io P2P Trade Take?
Once a P2P trade has been started, it takes about 15 minutes for payment to be made before the trade automatically closes.
