Bybit allows P2P trading. Bybit’s P2P service is very popular among users due to its ease of use. It’s also affordable, so it’s recommended. Bybit recommends P2P trading, so take this opportunity to remember.
- What is P2P trading?
- You can set the price freely
- Minimum transaction amount
- Features of P2P trading
- Disadvantages of P2P trading
- P2P trading method
- Services that support P2P transactions
What is P2P trading?
P2P trading is an abbreviation for peer to peer. This refers to a mechanism for trading with other users without going through a virtual currency exchange as an intermediary, and it is a mechanism in which users directly trade with each other. People on equal footing can trade, which is similar to interactive apps like Whatsapp and LINE.
You can set the price freely
Prices can be set freely in P2P transactions. Sellers can set their own prices. If buyers do not know the market price of the currency they want to purchase, they will be sold at a rip-off price. When using a product, carefully research the appropriate price before using it. This means that you may be forced to grab the currency at a higher price than the appropriate price, resulting in a loss.
Minimum transaction amount
There is a minimum transaction amount in P2P transactions. In other words, there is a rule that you must trade at least at the following prices, so please be careful. We use five of the world’s major currencies as examples.
Features of P2P trading
What kind of restrictions and features does P2P trading have?
Identity verification level
In order to do P2P transactions, you must have passed Identity Verification Level 1. Try to complete KYC as much as possible. I am unable to participate.
Handling virtual currency
Bybit has three types of currencies that can be traded on the P2P trading platform. It will be BTC, ETH, and USDT. No other handling is done.
Handling legal currency
Bybit has fiat currencies that can be traded on its P2P trading platform. Currently, it handles 36 currencies, a considerable number of fiat currencies, so users in most countries will be able to use it without problems.
P2P transactions are transactions between individuals, so you can trade without taking a commission. Transactions do not incur transaction fees or credit card fees. P2P allows you to trade without wasting your money.
P2P transactions are transactions between individuals, so quick transactions are possible. If you want to trade immediately, P2P is highly recommended.
Disadvantages of P2P trading
Please understand the following disadvantages before conducting P2P transactions. There have been many problems in recent years.
possibility of fraud
P2P transactions are made between individuals. There are cases in which one deceives the other, steals the money, and runs away. Please use the support center as much as possible, as there is a possibility that you will be involved in troubles such as remittances being delayed.
can’t buy at fair price
There are cases where one side is trying to sell at a price that is too far from the market price. Since the transaction is completely between individuals, the seller may be greedy and not sell the item at a fair price. In this case, there is a risk of being forced to grab a fairly high price.
When conducting transactions, there are cases where products are sold at prices that are far from the market price. Because of this, it is not recommended for beginners. There are cases where you may be deceived, so you should consider this carefully.
Number of transactions and completion rate
The most important factors in P2P transactions are the number of transactions and the completion rate. It is preferable that the partner you do business with has as many transactions as possible and also has a high completion rate. This is proof that the transaction is solid, so you can avoid the risk of rip-offs and fraud as explained above.
P2P trading method
In order to do P2P trading, you need to open an account first, so please complete the registration first. Of course, please finish until the identity verification.
First, go to the official page and select P2P.
Source : Bybit
You can trade by tapping “Buy USDT” of the user you want to trade. Enter the “payment amount” and tap “Purchase” to make the purchase. Please select a payment method and pay.
Source : Bybit
Services that support P2P transactions
Bybit’s P2P transaction supports the following 7 types of services including bank transfer.
- Bank transfer
- Line Pay
- Japan Post Bank
- Convenience store payment