Peer-to-peer (P2P) crypto trading options ease the process of getting into the crypto space and also liquidating your crypto to fiat such as U.S. dollars. Is Bybit P2P safe? Yes. But, although the process is simple and pretty straightforward on many crypto exchanges like Bybit, it also comes with risks because not everyone has a clean heart. Here, we focus on how to use Bybit P2P to facilitate a safe and effective crypto trading experience.

What is Bybit P2P

Bybit P2P is a feature on the Bybit crypto exchange that lets you directly trade crypto for fiat or fiat for crypto with other individuals. The program differs from normal trading on the platform because the exchange only connects traders and does not manage trades. However, it provides mediation services in case of a dispute, answering the question on whether Bybit P2P is safe.

Anyone registered and verified on Bybit can sell or buy crypto using the P2P feature. In other words, Bybit P2P is a ramp into and out of crypto. Participants in a P2P trade interact at an agreed-upon price. The exchange doesn’t currently charge transaction fees for using the feature.

Bybit P2P supports over 60 fiat currencies and more than 500 payment methods. On cryptocurrencies, it supports four cryptos; Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD in the same country.

The P2P interface has easy-to-understand functions. Key among them include buy/sell, crypto, amount, payment method, advertiser, price, and Limit sections.

 

How to use Bybit P2P to Buy Crypto

Access the main interface of the exchange, head over to “Buy Crypto” on the top part of the interface then choose “P2P Trading (0 fees).”This takes you to the Bybit P2P page. The “Buy” option is automatically selected.

Select the coin you want to buy, and choose the payment method. The price is ordered in ascending order. That is, from the lowest to the highest.

There are three main things that you should look out for when choosing which advertiser to trade with. Their limit, success percentage, and their offer price. Choose an advertiser with a success percentage of over 90% and a good offer price. The success rating ensures Bybit P2P is safe by giving serious advertisers a higher ranking.

Here is an example. 

Let’s buy USDT in Kenya Shillings (KES) for 20,000 KES.

From the list of advertisers, “E4.ke” has all the qualities we need. They can service buy orders of 1,000 - 32,000 KES, have a successful trades score of 99%, and have an exchange rate of 127.99 KES per USDT.

Click the “Buy USDT” at the end of the ad. On the next window, input the amount you want to spend under the “I will pay” box. On the “I will receive” box it’ll indicate how much USDT you’ll get.

Click “Buy.” The window that opens will have the advertiser’s real names as they appear on their government-issued ID card or passport.

It will also include instructions on how to send cash directly to the advertiser. This can include a phone number for mobile money payments or a bank account number for bank transfers. Once you send 20,000 KES, click on “payment Completed”

Once the advertiser confirms receipt of the funds, they’ll release the coins to you. The coins will go into your Bybit funding account.
 

How to Use Bybit P2P to Sell Crypto

Head over to Bybit exchange’s main page and click the “Buy Crypto” option at the top then choose “P2P Trading (0 fees)” to get to the main P2P trading page. Here, choose the “Sell” option.

An example would explain it better.

Here let us look at how to sell BTC on Bybit P2P.  The process discussed here also applies if you are searching for how to sell USDT on Bybit P2P. Let’s sell 0.6 BTC for Kenya Shillings (KES).

Let’s sell it to “Chira” because they have 0.8 BTC available, a perfect success score of 100%, and a good rate. Click on “Sell BTC.” In the window that pops up, input the amount you want to sell, 0.6 BTC in this example, in the “I will sell” box and it automatically calculates the amount in Kenya shillings you will get.

Next, select the payment method. This needs to be set in advance. When everything is done, press the “Sell” button at the bottom.

The window that pops up will also display the advertiser’s legal name. Wait until the advertiser sends the funds to your bank or mobile money wallet before releasing the 0.6 BTC to them. Note that Bybit discourages third-party payments. This means that the legal names displayed on Bybit should match those of the one sending you the cash. 

To add a payment method, click the “P2P User Center” on the upper right corner of the P2P trading page. 

On the window that opens up, fill in the details as required click “Add Now” under “Payment Method” and fill in the details in the spaces provided.

How to Become an Advertiser on Bybit P2P

An advertiser fulfills buy or sell requests. To become an advertiser, you must first be a verified Bybit user. If you are looking for how to trade on Bybit P2P, becoming an advertiser is one of those ways. Next, visit the exchange’s P2P page by clicking on Buy Crypto>P2P Trading from the exchange’s main dashboard.

On the upper right side of the P2P interface, head over to “Ads,” and then “Post Ads.” This will take you to a new window where you can set a nickname. 

Other details include whether you want to handle buy or sell requests, your crypto of choice, and the fiat currency you’ll support.

Other details include pricing and transaction settings like how long a trade should take and the minimum/maximum transaction amounts. You also dictate the requirements of the counterparty (the individual on the other side of the P2P trade). You’ll also have the freedom to add the payment methods you’ll support.

After filling in the details, acknowledge that you’ve read and agreed to the terms and conditions by ticking the box and then click “Post Ads” to display the ad on the main P2P trading page.
 

Final Remarks

The above guide on “how to use Bybit P2P” clearly shows how to trade on Bybit P2P safely and effectively. Whether buying ETH or searching how to sell USDT on Bybit P2P or how to sell BTC on Bybit P2P, the feature is easy to use. If you want to start buying or selling on Bybit, you can create an account here. 

Is Bybit P2P safe?

Yes. However, ensure that you deal with advertisers who have fulfilled a good number of orders and have a high order fulfillment rate, preferably above 90%. Bybit’s involvement during a dispute further ensures that Bybit P2P is safe.