P2P on Bybit Trading: Everything You Need to Know

Understanding Peer-to-Peer Trading 

Peer-to-peer (or P2P) trading is a form of trade in which buyers and sellers directly exchange their coins and fiat assets.

What is Bybit Peer-to-Peer (P2P)?

P2P on Bybit is an easy and secure peer-to-peer trading platform. It facilitates the buying and selling of two users’ holdings at an optimal, agreed-upon price. Please note that Bybit does not provide the buy and sell offers on the P2P page.

Currently, P2P supports more than 40 fiat currencies, including EUR, USD and JPY, and also supports four cryptocurrencies (USDT, BTC, ETH and USDC).

Bybit P2P Fees Explained

The fee structure of P2P trading corresponds to two different types: taker and maker.

P2P on Bybit offers zero transaction fees for takers and makers. 

Note:

— The taker is the user who buys or sells coins by placing an order through existing advertisements on the P2P platform. 

— The maker is the user who posts trade advertisements. 

To learn more about fees on the P2P platform, please refer to P2P on Bybit: Fees Explained.

How to Start Using P2P on Bybit 

Can’t wait to start your P2P trading journey? Here’s a step-by-step guide to help you start your first P2P transaction on Bybit.

For Buyers

Step 1: Please click on Buy Crypto –> P2P Trading on the top left corner of the navigation bar to enter the P2P trading page. 

Step 2: On the Buy page, you can filter advertisers by entering your desired criteria for Amount, Fiat Currencies or Payment Methods, based on your transaction needs. 

Step 3: Choose your preferred advertisement, and click on Buy USDT. 

Step 4: Enter the amount of fiat you want to pay, or the amount of coins you want to receive. Click on Buy to proceed. 

You’ll be redirected to the order page, where you’ll have 15 minutes to transfer the money to the seller’s bank account. Note: Please verify that all of the order details are correct before proceeding. 

Step 5: Click on Payment Completed once you’ve completed the payment. 

Step 6: 

a. Once the coins you’ve purchased have been successfully released by the seller, you can click on Check Asset to view them, along with your transaction history. You can also check your order status from the P2P order history. 

b. If the seller fails to release the coins after 10 minutes, you can click on Submit Appeal. 

Our customer support team will reach out to you. During this period, please do not cancel the order unless you’ve received a refund from your seller.

For Sellers

Step 1: Please click on Buy Crypto –> P2P Trading on the top left corner of the navigation bar to enter the P2P trading page. 

Step 2: On the Sell page, you can filter advertisers by entering your desired criteria for Amount, Fiat Currencies or Payment Methods, based on your transaction needs. 

Step 3: Choose your preferred advertisement, and click on Sell USDT. 

Step 4:

a. Enter the amount of USDT you want to sell, or the amount of fiat currency you want to receive. Click on Sell to proceed. 

Step 5: During the pending process, the buyer will have 15 minutes to complete the payment. 

Step 6: 

a. Once you’ve successfully received your payment from the buyer, click on Release Now to release your coins. You will be asked to enter your GA verification code as a verification step.

Learn how to set up a GA verification on your account here. *Please ensure you've received the funds from the buyer before ticking the confirmation box and releasing your coins.

What If the Transaction Failed?

Order transaction has failed:

1) If the buyer did not complete the payment within 15 minutes, the order will automatically be canceled. The coins reserved on the P2P platform will also automatically be returned to your Spot Account.

2) If you’re notified that the payment is completed, but have yet to receive the payment after 10 minutes, you can click on Submit Appeal. Our customer support team will reach out to you.

For more details on how to buy or sell, please refer to the following two articles:

1. How to Buy Coins on P2P

2. How to Sell Coins on P2P

Can I Trade Without KYC?

Now, you will need to complete at least KYC Lv1 before you can start P2P trading.

Simply proceed with the following steps:

1. Click on Account & Security in the upper right-hand corner of the page.

2. Click on Verify Now in the Identity Verification column under Account Information.

3. Click on Verify Now under Level 1 Basic Verification.

Or you can click here to complete the verification. 

To learn more about the KYC verification process, please refer to the Individual KYC FAQ.

Is P2P on Bybit Safe?

Once a buy order is submitted, the amount of coin specified will be reserved on the P2P platform. This means that if the seller doesn’t release the coin within 10 minutes after receiving the payment, our customer support has the right to release the coin from the reserved funds to the buyer after verification.

If you’re a seller, please make sure you’ve received the funds from the buyer before releasing your coin.

Notes When Trading P2P on Bybit

P2P on Bybit offers zero transaction fees for both buyer and seller. We support more than 350 payment methods, including debit cards, credit cards, in-person cash payments, and more.

However, traders may need to pay transaction fees to the payment provider based on the payment method selected.