Bybit P2P: Everything You Need to Know

In recent years, P2P trading has seen a surge in popularity among traders thanks to its comparatively low fees, enhanced security, and flexibility. But with so many options out there, how do you find the right platform? In this Bybit P2P review, I’ll take you on a journey through an exchange that not only ticks all the boxes but also brings exciting features to the table.

Aside from Binance P2P and other platforms leading the trend, Bybit P2P stands out for its ability to facilitate direct transactions, eliminating the need for intermediaries. Its zero-fee trading environment, combined with high-security standards, makes it particularly appealing to traders.

Let’s dive deep into how to trade P2P or become a merchant on Bybit, along with the platform's advantages. Whether you’re new to P2P trading or an experienced trader, I will help you navigate the platform with ease.

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What is Bybit P2P Trading?

So, what is Bybit P2P trading, and how is it different from the traditional Bybit cryptocurrency exchange? If you’re already familiar with crypto or Binance P2P, understanding this type of trading won’t be very difficult.

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Bybit P2P is a service within the exchange that enables peer-to-peer trading between users. It offers users a distinctive trading experience compared to spot or futures trading on Bybit. On the typical exchange platform, users typically trade with Bybit itself, which acts as the intermediary executing buy and sell orders.

However, with P2P, Bybit offers a space where users can transact directly with each other, hence the name “peer-to-peer”. Users can negotiate prices as well as the terms of the trade directly. This allows for more personalized trades where users can set their own terms, leading to potentially lower costs and more control over their trading activities.

A key difference also lies in the security mechanism of Bybit P2P. But, to fully grasp this, you need to have a general understanding of how Bybit P2P trading works. As I mentioned before, the platform allows users to trade cryptocurrencies directly between users. But without an intermediary, how are transactions protected?

This is where Bybit P2P steps in as an escrow service, ensuring the security of both parties in the trade. Essentially, an escrow is a third-party smart contract that holds the cryptocurrency until the payment terms are met^[1], guaranteeing a secure transaction.

Let me explain further. When a buyer and seller agree to trade, the seller’s cryptocurrency is placed in escrow, meaning it's locked and inaccessible to the seller until payment is confirmed. The buyer then makes the payment, typically through a bank transfer, digital wallet, or another supported method.

Once the seller confirms receipt of the payment on Bybit, the escrow service releases the cryptocurrency to the buyer’s wallet. This then protects both parties from fraud or non-delivery by holding on to the asset until the issue is resolved.^[2]

It’s clear why Bybit P2P is an attractive option for many traders. Its direct trading model gives users greater control, while the escrow service adds an extra layer of security. However, beyond these features, Bybit P2P also has several other advantages.

Advantages of Bybit P2P

If you’re familiar with crypto exchanges, you might already know Bybit’s reputation as a robust trading platform. Beyond the “traditional” spot trading, Bybit also provides a range of tools like its derivatives market and a secure wallet. Yet, the Bybit P2P trading hub has captured many traders' attention, offering a unique space for direct user-to-user trades.

So, what sets Bybit P2P apart from the rest? Of course, security plays a big part. Bybit has made it its mission to create a safe trading environment. By leveraging an escrow system and tiered verification processes, Bybit ensures that users know their assets are well-protected.

However, Bybit P2P offers more than just security. As one of the largest cryptocurrency exchanges by trading volume, it boasts a large and active community.  This sizeable user base increases liquidity in the Bybit P2P marketplace, which not only speeds up transactions but also creates a more dynamic and responsive market environment.

It doesn’t stop there. Whether you’re using the website or the mobile app, Bybit P2P trading is designed to be user-friendly. Beginner traders will enjoy the straightforward layout, while more experienced users will find the needed features without feeling overwhelmed.

Supported Currencies and Payment Methods 

Finding a platform that can cater to crypto holders or traders from around the world is important, or else, trading won't be possible in the first place. Thankfully, Bybit supports multiple currencies and a wide range of payment methods, making it easier for users worldwide to engage in P2P trading.

That said, Bybit does face restrictions in certain regions, including the United States, the UK, and parts of Asia like Singapore and China, due to regulatory and legal constraints. Despite these limitations, the platform remains highly accessible to many users.

On top of that, Bybit P2P supports over 60 fiat currencies, including major ones like USD, EUR, and GBP, alongside a variety of local currencies, making it accessible to traders from different regions.

In addition to its extensive fiat currency support, Bybit P2P offers more than 300 payment methods. These include traditional payment options like bank transfers and credit cards, as well as newer methods like e-wallets and mobile payments. This flexibility is particularly beneficial for traders in regions where access to certain payment methods may be limited.

In terms of cryptocurrency support, Bybit P2P allows users to trade Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).

This flexibility, combined with an intuitive user interface, makes  Bybit P2P a top choice in the cryptocurrency trading space and one of the most popular platforms among users.

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Bybit P2P Fees

After learning about the many advantages the platform offers, you might be wondering what about Bybit P2P fees.

P2P trading on Bybit corresponds to two different types: the taker and the maker. Let me explain a bit: the taker refers to the user who buys or sells cryptocurrencies by placing an order through existing advertisements on the P2P platform in Bybit. A maker, on the other hand, is the user eligible to post their own crypto trading advertisements on the platform.

As of writing this article, Bybit P2P trading operates on a zero-fee structure. This means there is no fee charged to users for posting ads. The same thing also applies when buying or selling cryptocurrencies.

While there is no taker fee, certain conditions must be met before you can begin posting your ads. First, you need to complete Know Your Customer (KYC) level 1. Additionally, your account must be at least 30 days old, with a minimum of 10 completed orders and a 90% completion rate over the last 30 days. Lastly, your phone number and email must be linked to your account.

However, it’s important to remember that while Bybit P2P fees do not apply to creating advertisements or accepting coin purchases, there may still be costs associated with your chosen payment method. Depending on the provider you use, additional charges might apply. So, while it’s free to become an advertiser on Bybit, there are prerequisites you need to meet. I will talk about these later.

As evident, Bybit P2P ensures you keep more of your earnings. Still, it’s always wise to check with your payment provider to fully understand any potential fees that might come.

Is Bybit P2P Safe?

A lot of users are still wondering is Bybit P2P safe. Fortunately, Bybit has made security the cornerstone of its platform, offering several strong measures to ensure your trading experience is safe. 

First, as mentioned, Bybit implements a KYC verification process to enhance security on its platform. Users won’t be able to participate in P2P trading before verifying their identity. This is important because it ensures all traders provide identifiable information. In the event of a scam, Bybit can use this information to help resolve disputes and protect users.

There are three different KYC levels, each offering varying benefits as well as withdrawal limits.

At the most basic level, you can sign up on the platform without verification. After that is level 1 KYC,  where you must submit a document verification, such as ID, passport, and driver’s license. Then, you'll need to complete facial recognition.

Lastly, to pass level 2 KYC on Bybit, you must provide proof of residency, such as a utility bill or bank statement that shows your name and address, in addition to passing level 1.

This tiered KYC verification level allows users to engage with the platform according to their trading needs while ensuring that Bybit can effectively manage risks and comply with international regulations.

But if that's not enough to convince you that Bybit P2P is safe, the platform has recently introduced a new program called “Bybit P2P Shield.” This feature is designed to provide financial protection for eligible users who fall victim to fraudulent activities on the platform.

Verified advertisers can claim up to 40% of the amount lost due to fraud or scams, 5% for frozen accounts, and 5% for personal mistakes. It’s important to note that, as of the time of writing, the Bybit P2P Shield program is reportedly limited to specific regions. However, this feature is planned to extend its coverage globally in the future.

Tips to Protect Yourself

At the end of the day, your asset safety depends on how well you protect yourself while interacting with the Bybit P2P trading hub. Scam methods are constantly evolving, with tactics ranging from faking receipts and impersonating Bybit representatives to chargeback and phishing scams. Staying vigilant when buying or selling orders is crucial to protect yourself. 

Therefore, let’s explore a few tips you can easily follow to ensure that your asset is protected while trading on the Bybit P2P marketplace.

• Document all transactions and communication with other parties on the P2P Order Chat box meticulously. These pieces of evidence will be crucial when making your case to Bybit if you need to appeal in the event of a scam.
• Do not approve a crypto transfer until you have verified the completion of your P2P transactions by checking your crypto wallet or bank account. 
• Ensure the other party’s account details match their identity. Bybit requires Identity Verification for P2P merchants and advertisers to better protect users' funds and assets, which makes resolving disputes easier.

Being proactive in protecting your assets while following Bybit P2P safety measures will help you trade confidently on this platform. 

How to Register

Now that we have explored the advantages as well as the security measures on Bybit P2P, it’s time to take a look at how you can trade P2P on Bybit.

As you already know, before buying or selling cryptocurrencies, you’ll need to register and pass at least KYC verification level 1 on the exchange platform. Bybit is accessible via both desktop and mobile apps, but for now, I’ll walk you through the process using the desktop version. Here’s how to do it:

Step 1: Go to Bybit P2P's official website.

Step 2: Look at the top-right corner of the page, find the “Register” button, and then click on it.

Step 3: Once you’re directed to the registration page, enter your email address, and remember to create a strong password to protect your account. There are also options for direct sign-ups via Google or Apple Mail. Do not forget to agree to the Terms of Service as well as the Privacy Policy.

Step 4: Once your account is set up, open your email inbox immediately. You’ll find an email from Bybit with the verification code that is only valid for 5 minutes. Fill out the code on the Bybit verification page and click the confirmation button. You’ll be redirected back to the Bybit homepage.

Step 5: After you finish registering your account, you will need to pass the required KYC verification check. This process involves confirming your ID using documentation such as your ID card, passport, or your driver’s license. A selfie video is also needed to complete the KYC verification.

Mind that a complete level 1 KYC verification is necessary if you want to participate in Bybit P2P trading or use other services the exchange provides. You don’t need to worry because the verification process generally takes 15 minutes.

It may occasionally take hours, depending on the complexity of the information verification. You can periodically check your verification status by looking at your account dashboard. Once you are verified, you can go back to the Bybit P2P marketplace to start trading.

How to Start P2P Trading

When you open the Bybit P2P trading hub, a notice window will appear to remind you to stay safe when trading. As I have discussed in the “Is Bybit P2P Safe” chapter, this notice reminds you to make sure you have received the funds before releasing your cryptocurrencies and to always keep your communications inside the Bybit Order Chat box.

To proceed, click the “confirm” button to finally start trading on the platform.

Truthfully, learning how to trade P2P on Bybit is quite straightforward, especially with its user-friendly interface. So, let’s go over the steps of how to buy and sell cryptocurrencies using P2P on Bybit. To be more specific, I’ll show you how to purchase Bitcoin.

Buying Crypto

Now that you’ve signed up, it’s time to make your first transaction. Let’s start with buying.

Step 1: Select which merchant you'd like to trade P2P with, and always check if the profile is verified.

Pay close attention to the details, such as how many orders have been completed in 30 days and the seller’s completion rate. Such details are important to give you an idea of the seller's activity level and reliability. A higher number of completed orders indicates that the seller is regularly engaged in transactions and has more experience.

Similarly, a higher success rate means the seller consistently fulfills orders without issues, which reduces the risk of problems like delays or cancellations.

Step 2: After choosing the merchant, you can click on the “Buy BTC” button on the right to open the transaction window.

Step 3: On the same window, input the amount to pay to the seller, which will be auto-converted into the cryptocurrency you will receive once the transaction is completed. No extra Bybit P2P fees are entailed here.

Step 4: After entering the amount you’d like to pay, click the “Buy” button. You’ll then be directed to a new page to finalize the transaction.

Step 5: On the same page, choose one of the payment methods accepted by the seller. When making the payment, ensure you are using the account that matches your verified information on Bybit.

Step 6: After finishing the payment, click the “Payment Completed” button and wait until the cryptocurrency is released by the seller and transferred to your Bybit wallet.

As you can see, the P2P buying process is rather quick and straightforward while still maintaining strict security measures. Now, let’s take a look at how to sell your crypto assets through P2P on Bybit.

Selling Crypto

Selling your crypto assets on the Bybit P2P marketplace is quite similar to the buying process. As an example, I'll show you how to sell USDT.

Step 1: Go to the P2P trading page and click the “Sell” button. Select the cryptocurrency you want to sell, and choose the buyer of your selection.

You can also use the filter feature provided to make it easier for you when learning how to trade P2P on Bybit. This tool allows you to choose whether you want to view ads from Verified Merchants only or ads that meet your specific needs. You can also use this feature to filter out advertisements that don’t support your preferred payment methods.

Step 2: After you find your preferred buyer, click the “Sell USDT” button. Again, enter the amount you want to sell to the buyer and click “Sell”. It is important to ensure there is a sufficient amount of funds in your Funding account before starting a transaction.

Step 3: Then, you will be directed to the order page with a countdown timer, awaiting the buyer to complete the payment. Once the payment is received, click on “Release Now” to release the cryptocurrency to the buyer's wallet.

Step 4: A window confirming receipt of the payment will appear. Once you’ve ensured you have received the correct amount of funds, tick the confirmation boxes and click “Release Coins” to complete the transaction.

Quite easy, right? Whether you are buying or selling cryptocurrencies, rest assured that your transactions are secure, straightforward, and quick with Bybit P2P.

How to Become a P2P Merchant

I’ve covered the step-by-step guide on buying and selling cryptocurrencies on Bybit P2P. But, if you’re looking to take your trading experience to the next level and gain additional perks, you can apply to become a verified P2P merchant. Now, let’s explore how to become a P2P merchant on Bybit.

Before we dive into the details, it's worth noting that if you're accustomed to P2P platforms, you might be more familiar with the term "merchant" rather than "advertiser". However, in Bybit P2P, there is no distinction between the two terms. 

To proceed with the steps to become a merchant, you need to meet all the Bybit P2P merchant requirements first. So, on the merchant program page, you'll find detailed criteria that you need to fulfill to qualify as a Bybit P2P merchant, such as:

• Must have a 30-day completion rate of at least 90%;
• Must have more than 60 completed sell orders in the last 30 days;
• More than 500 USDT Available Balance in Funding Account;
• Average coin release and payment time under 15 minutes;
• Must have an overall positive rating of at least 95%.

The process on how to become a P2P merchant on Bybit involves demonstrating a good trading track record and adhering to the platform’s requirements. To apply, you will need to go to the Bybit P2P page and click on “P2P User Center” at the top right corner. Click the “Verified Advertiser” button to be directed to the merchant verification page.

It’s important to remember that you won’t be able to fulfill Bybit P2P merchant requirements without completing the KYC verification process. As I have discussed in the previous chapter, for your account to be verified, you’ll need to submit an identification document and a selfie video.

If you have met all the Bybit P2P merchant requirements, you can then click on the “Apply Now” button to continue the application process. You will be asked to submit several documents, such as your bank account history, a screenshot of your available balance, and proof of transactions on other platforms (if available).

On the last page of the form, you will need to fill in your name and identity number, and proof if you are also verified on other platforms. That's it!

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Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

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• Very competitive trading fees
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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
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Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
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Benefits of Being a Verified Advertiser

After you fulfill all of Bybit's P2P merchant requirements and become a verified merchant, you will enjoy several benefits that set you apart from general advertisers.

The most notable advantage is acquiring enhanced advertising rights. What does this perk entail? Your advertisements will be prioritized, giving them more visibility and attracting more transactions.

Passing the merchant verification process also adds a verified mark to your account. This social proof becomes a symbol of trust in the Bybit P2P community, signaling you’re a reliable and trustworthy trader. Over time, this verified symbol will help accumulate positive reviews and a strong reputation for your account.

Another valuable benefit of becoming a verified merchant is having access to dedicated support. Bybit provides priority assistance to verified merchants, ensuring that any disputes or issues arising during transactions can be resolved swiftly. 

These benefits that the verified merchant program provides can give you increased visibility and credibility. If you are an experienced trader looking to expand the amount of crypto you can sell in your advertisements, becoming a verified merchant could be a good choice for you!

Some of the requirements on how to become a Bybit P2P trader may be hard to fulfill. That said, they’re crucial to maintain the safety of the platform, ensuring only experienced and reliable traders are granted the verified status. 

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Conclusion

Let’s recap what we’ve covered so far. Overall, Bybit P2P stands out as one of the best peer-to-peer solutions. Not only does it offer seamless transactions for users, but it also eliminates the need to worry about Bybit P2P fees. Further, through advanced protective features, Bybit’s commitment to user security reinforces its reputation as a reliable choice for P2P trading.

Even though users are protected by features like Bybit Shield’s real-time monitoring, it’s still essential to remain vigilant. Scammers and fraudulent activities are constantly evolving, so users should take simple precautions, such as verifying the other party’s credentials, documenting all transactions, and avoiding communication through channels outside of Bybit’s chat. 

All in all, whether you're looking for flexibility, convenience, or reliability, Bybit P2P covers all the bases, making it a go-to platform for traders at any level.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Ali A., Yukesh S., Shankar T., Thanigai R.: ‘Decentralised Escrow Protocol that Facilitates Secure Transactions between Trustless Parties’;

2. Nazari M. H., Bisawas A. K.: ‘Decentralized P2P Trading based on Blockchain for Retail Electricity Markets’.