The cryptocurrency industry and the financial world in general have continued to evolve at an astonishing rate. While these changes are taking place, consumers are also demanding more efficient, safe and reliable ways to trade these assets.
One of the solutions offered in terms of a safe way of crypto trading is peer-to-peer, popularly known as P2P trading or exchanges. P2P trading allows a direct crypto transaction between users without the need for any mediator. This can help in environments where crypto growth is disrupted. In countries like Nigeria, crypto users have to depend on P2P to bypass roadblocks.
And here is the great news. Among the several crypto trading platforms offering this service, Bybit, a global cryptocurrency exchange Platform seems to be the best and the most sought out for. It is quite known for its competitive and modest fees as well as its innovative solutions.
Bybit, P2P exchanges offer people the opportunity to buy and sell digital assets directly to each other. Although this option is not new, it has become so popular because it gives you control over your assets and how you want to trade them.
This article is an exhaustive overview of Bybit P2P, how it works, its core features, and why users prefer it amongst other platforms.
What is Bybit Peer-to-Peer (P2P)?
Peer-to-peer 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 peer-to-peer page.
Currently, peer-to-peer supports more than forty fiat currencies, including EUR, USD, NGN and JPY, and also supports four cryptocurrencies (USDT, BTC, ETH and USDC). It also allows users to trade in various fiat currencies, making it accessible to traders globally.
Key Features of Bybit P2P
1. World reach: Bybit’s peer-to-peer platform is accessible to users worldwide, this allows you to trade in their local currencies. One of the advantages it brings is that it makes it easier for individuals in regions with limited access to centralized exchanges or banking services to trade.
- Zero fees: Bybit peer-to-peer does not charge any fees for trading. With this, the entry for trading is already lowered. This will allow traders to keep more of their crypto.
- Tailored-made Offers: Buyers and sellers can post their offers, and specify their preferred payment methods, trade amounts, and prices. In this way it allows users to find the best deal that suits their needs.
- Multiple currencies and payment methods: Over three hundred payment methods and more than sixty currencies are available on peer-to-peer trading to offer more flexibility to traders.
- Local currency-to-Crypto:Another main reason why Bybit is preferred to others is the fact that you can easily convert any local currency to any crypto asset. With this, you’re able to avoid centralized exchanges
- Strong security: Bybit uses a rigorous “Know Your Customer” authentication process for both Buyers and Advertisers. All peer-to-peer Advertisers are selected based on strict criteria. Additionally, Bybit implements very strict asset management protocols to prevent fraud and ensure the safety of traders’ funds.
How to get started with the Bybit peer-to-peer platform?
The Bybit peer-to-peer platform is almost the same as other crypto exchanges, but some unique features make it stand out from others. Most notable is the fact that it is very user-friendly and also it is one of the most secure. But that’s not all. Here is how you can get started and benefit from Bybit:
1. Create an account
First, you must create a user account on Bybit and complete all the requirements. It is called the “Know your customer” process to know and authenticate your credentials and identity. You should know that this is a standard process for every crypto exchange. This is done to minimize fraud and also to comply with the existing financial regulations.
Immediately after your account is authenticated, you can begin to familiarize yourself with the peer-to-peer trading section and navigate through it. As you take your time to navigate, you will see a list of sell and buy options that are available for the different cryptocurrencies
3. Choosing a trade
What next is that you can decide to take a deeper look into an offer for sale. You can also decide to sell too. But as someone new to the platform, you might want to buy a crypto asset. When you take a deeper look, and browse further about the asset being traded, you will find the price of that digital money in your local Fiat currency. Then you will also see the available trade limit and the payment method the seller wants
Immediately you find an offer that suits you, you can immediately initiate the transaction. So how do you do that?
4. Begin the trade
Immediately a trade is selected, you then enter the amount for which you have agreed to buy and confirm the payment method.
What happens next is that Bybit holds the seller’s cryptocurrency in what is called “escrow”. This ensures that it won’t be released to you unless you complete the payment
5. Complete the payment
Having completed the payment using the agreed mode of payment, you will then confirm the transaction on the Bybit platform
6. The cryptocurrency exchange
Once the seller immediately confirms the Money to have been sent, Bybit immediately releases the cryptocurrency from the escrow to your account. And this ends the transaction
However, in some rare cases where there is an issue, the Bybit support team will step in and act as a mediator to resolve the issue amicably.
Why use Bybit P2P?
When it comes to the choice of crypto trading platforms, Bybit peer-to-peer stands out. This is because of some of the unique features it has. Let’s explore some of them
1. Greater control
The Bybit peer-to-peer platform helps you to have a firm grip on your trades and transactions. It allows you to trade on your terms and make the choice that suits you regarding who you want to trade with and how much you are ready to set for the trade.
This allowance is helpful for both amateurs and professionals who look forward to getting a good deal from their trades.
2. Zero fees and lower cost
Bybit offers no trading fees, and also a very competitive high rate for exchanges of cryptocurrency. And unlike other exchanges, there are no other hidden charges because it is quite as transparent as possible. This is one of the features that makes it a go-to for many, especially in Africa.
3. Access to local markets
Generally, peer-to-peer trading allows you to bypass all the difficulties of centralized exchanges by helping you to convert your local currencies into crypto assets directly.
Conclusion
The Bybit peer-to-peer platform provides a straightforward, user-friendly opportunity for those buying and selling the cryptocurrency with other traders. It is a global player in the crypto business and most importantly, it has no trading costs and fees attached.
Bybit peer-to-peer also offers a safe, flexible, and cost-effective solution. By eliminating intermediaries, it provides a more direct, personal trading experience while maintaining the safety and security necessary in the cryptocurrency space.
