Bybit P2P: key features and benefits
The cryptocurrency world is a massive one, with many different subcultures existing within it. There are investors, miners, developers, and traders all occupying their own niches in the crypto ecosystem. The truth is that every single one of these groups has its place; otherwise, there would be no balance. We have our fair share of exchanges and brokers as well as mining pools and mining software creators.
However, so far there have been few platforms that offer peer-to-peer (P2P) trading services for virtual assets. The need for such a solution is great as it would mean more people can get involved in crypto without having to trust another person with their funds. This article will introduce you to what exactly P2P trading is and also explain Bybit P2P in detail.
What Is P2P Trading and How to Make Money on It?
P2P trading (also referred to as peer-to-peer or P2P) is a form of online trading that allows individuals to buy or sell assets (such as stocks, commodities, or cryptocurrency) directly with one another, either online or through an offline broker, instead of trading through a conventional financial intermediary, such as a stock exchange. The advantage of peer-to-peer trading is that you can often trade in a wider range of assets, in smaller amounts, and at better prices than on an exchange.
Another advantage of peer-to-peer trading, when it comes to crypto assets, is that you can do it without having to worry about KYC and AML procedures. One more thing to keep in mind is that when you trade on P2P platforms, you don’t have to worry about things like high transaction fees, exit costs, and market manipulation.
There are many benefits to P2P networks, but there are also some disadvantages as well. Despite the ease of converting currencies back to dollars, euros, or yen, there's no guarantee that you'll recover the original value of any transaction you initiated using the P2P currency. There is also the possibility of human error, such as sending money to the wrong recipient.
Finally, refunds can be hard to process. Since there is no middleman involved, disputing charges after the fact is difficult.
10 Best P2P Crypto ExchangesHow to Buy Cryptocurrency For Fiat on Bybit P2P
To buy cryptocurrency for fiat on Bybit P2P, follow these steps:
On the home page, click on the Buy Crypto button and then select P2P.
After filling out the field for the payment method, amount, and fiat currency, you can filter your preferred advertisers.
Depending on the transaction you are completing, the information you enter will vary. To buy crypto for fiat with P2P, you'll need to create a nickname.
Before clicking the Buy button, select your preferred advertiser.
To proceed, enter how much fiat you'd like to pay or the amount of coins you'd like to receive, then click Buy. You have 15 minutes to pay, or else the order will be canceled. As soon as the money is transferred to the seller's account, you'll be returned to the main order page. As soon as you've verified that every order detail is correct, click the Pay Now button.
Once the transaction is complete, click the Payment Completed button.
You can view all the details of the transaction in the history of your P2P assets after receiving your coins.
How to Sell Cryptocurrency on the Bybit P2P Exchange
Here’s how to sell cryptocurrency on the Bybit P2P Exchange:
Log in to the website and select Buy Crypto, then P2P Trading under the navigation bar to access P2P trading.
By filtering by Amount, Fiat Currencies, or Payment Methods, you can find your preferred buyer. Don't forget to add your preferred payment method.
From the filtered search results, choose an offer and click on Sell asset.
Simply enter the amount you would like to sell, or the amount of fiat currency you would like to receive, and click Sell. It is important that the name of your bank account matches your Bybit username. If not, the buyer may request a refund and cancel the order.
Wait until the buyer pays. If they do not do so within 15 minutes, their order will be automatically canceled. You can also contact the buyer via the Live Chat icon if you encounter any issues.
Once the buyer pays, you'll be notified. Before clicking Release Now, check that the funds are in your account.
Unless the buyer completes the transaction within 15 minutes, the order will be automatically canceled and the coins held in escrow will be returned to your Spot Account.
P2P on Bybit: taker and maker fees
Bybit offers zero transaction fees for makers (users that place orders) and takers (users that take liquidity from the order book) for P2P trading.
| Taker fee | Maker fee | |
|---|---|---|
| Fiat trading pairs | No | No |
The fee schedule on the official Bybit website was last updated in January 2023. The cryptocurrency exchange states that the fee rates may be changes and recommends checking the platform for updates. In addition, the payment system used by a trader may charge transaction fees.
How to Become a P2P Merchant on Bybit And Create an Order
Bybit users can become merchants by creating an account and posting at least two ads, including at least one selling 300 USDT.
Once you meet all the criteria, such as spending at least 50 hours online each week, you'll earn a weekly commission of 200 USDT. You'll earn 400 USDT if you list ads for two different fiat currencies.
Popular P2P Trading Programs
The OKX crypto exchange is one of the top P2P crypto exchanges in 2023. You can make deals on the go via one of the best crypto apps on OKX if you want to trade P2P. Plus, there are no fees for P2P transactions on OKX.
As another great P2P crypto exchange, Binance is also a great choice. Binance's popularity is largely due to its ability to connect traders across the globe through spot and P2P trading, as well as futures, options, and margin-based products, in a number of fiat currencies and crypto assets, including altcoins.
As a P2P crypto exchange, Huobi is also considered to be one of the best. With Huobi, users can trade USDT, BTC, ETH, and HT (Huobi Token) with peers from all over the world in nearly 50 different currencies. Additionally, neither makers nor takers are charged commissions.
FAQs
Is P2P the best way to buy crypto?
The answer to that depends on your trading strategy. With P2P platforms, you can easily find buyers and sellers whenever you need them.
Does Bybit do P2P?
Yes. Bybit's P2P (peer-to-peer) trading platform allows users to buy or sell assets at an agreed-upon price on an easy and secure platform. The P2P platform allows advertisers to post Buy and Sell ads and trade coins with no transaction fees.
What is crypto P2P trading?
In P2P trading, two individuals trade cryptocurrency directly with each other without the involvement of a middleman. In this way, both parties are able to choose their preferred payment method and a price they are comfortable with.
How do I become a P2P merchant on Bybit?
Become a merchant on Bybit by creating an account and posting at least two ads, including one that sells at least 300 USDT.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.