Bybit. What is P2P trading? How to buy crypto?
By Yuriy Bishko Updated November 01, 2022
After choosing an exchange and registering, the first question every beginner is facing is: "How to buy and sell cryptocurrency?". Quite a frequent and logical question, because when you first go to the main page of the exchange, your eyes run wide because of the number of buttons and interface functions.
- where is it best to buy crypto?
- how to buy crypto on bybit?
- what is p2p crypto trading?
- how to buy using p2p on bybit?
In this article, we will answer all these questions and provide complete instructions on how to buy and sell cryptocurrency using cards and p2p trading.
What is P2P trading? How to buy cryptocurrency using P2P trading on the ByBit exchange?
P2P or person to person trading means the process of buying or selling of cryptocurrency directly, without the involvement of third parties and intermediaries. In our case, without the direct participation of the exchange. But at the same time, the exchange controls the security of transfers and acts as a platform on which the exchange between bidders actually takes place.
For greater clarity, consider a simple example: There are 2 bidders. One wants to buy 100 USDT (crypto dollar), the other at this time wants to sell 100 USDT and get 100 USD on his bank card. The first participant submits an application for purchase and transfers money from his bank card to another person's bank card. If a person has received funds in his bank account, he confirms this transfer and the exchange automatically transfers 100 USDT to the buyer's account on the exchange. Additionally, I would like to note that on average, a P2P transaction takes 2-5 minutes. And also the fact that the exchange fully controls the security of funds transfer.
Next, we move on to step-by-step instructions on how to buy and sell cryptocurrency using P2P trading on the ByBit exchange
1. In order to buy cryptocurrency, click on the Buy Crypto button on the main page of the exchange.
2. Next, below we choose P2P trading.
3. On the next page you will find a list of sellers. In this list, you choose the best option for you:
- The bank to which the transfer is to be made.
- Available amount sold by the seller.
- Minimum and maximum amount range that can be used for transfer.
- The exchange rate at which the exchange is made (in our case 31.7 UAH = 1 USDT, in your case will be your national currency).
After selecting the seller, click on the button - Buy.
4. In the next field, enter the required purchase amount in your currency. Below you can see how much it will be in the equivalent of USDT. Having set the amount, click Buy.
5. On the next page, click Pay Now.
6. The next page will contain the seller's details and the bank card number to which you need to transfer funds. After you have transferred the required amount, click on the confirmation button.
7. Confirm your transaction again.
8. After confirmation, you get to the waiting page. The page has a confirmation timer from the seller. Confirmation usually takes 1 minute. In case of problems or lack of confirmation, you can file an appeal by clicking on the button - Submit appeal. The exchange will then review your application and send you the seller's funds.
9. If the seller confirms the transfer, the transaction confirmation page opens. After that, your account will already be credited USDT for which you can actually buy any cryptocurrency on the exchange.
Now let's look at the process of selling cryptocurrency .
1. To sell cryptocurrency and get money on a bank card, click on the Buy Crypto button on the main page of the exchange
2. Next, below we choose P2P trading.
3. Then go to the Sell page.
This page lists the buyers to whom you can sell your cryptocurrency.
We choose the seller according to the necessary parameters, for example: the bank to which you better get a transfer, the limit, the transfer rate in your currency (in our case it is UAH, 1 USDT = 31.8 UAH). After selecting the buyer, click the Sell button.
4. Next, you should see a window stating that you need to enter your card details. Bank card to which you will receive a money transfer from the buyer.
5. Enter the card number and add it to the list of your cards. You can link multiple bank cards from different banks.
6. Then we return to the list of buyers and select the buyer. Having selected a buyer, you will be taken to the next page. On this page, you enter the amount of USDT you want to sell and click the Sell button.
7. Then you will be taken to the payment pending and confirmation page. If your buyer has sent you funds on your bank card, confirm the transaction.
8. That's all, you have successfully sold your cryptocurrency and received money on a bank card.
In our opinion, the best and easiest way to buy and sell cryptocurrency is P2P trading. A nice bonus of this method is that there are no commissions. But, there is also another way, it is buying directly from the exchange. You can also read the instructions for this method below.
Instructions on how to buy cryptocurrency with a bank card on the ByBit exchange!
1. To buy cryptocurrency and get money on a bank card, click on the Buy Crypto button on the main page of the exchange.
2. Next, click on Express
3. The next step is to choose the currency we are buying for (in our case UAH) and choose the cryptocurrency we want to buy. Enter the required amount you want to buy and click Buy.
4. The next step is to choose the service that will actually carry out this financial transaction. When choosing a service, pay attention to the commission.
5. We confirm the transaction again. That’s it, you have bought cryptocurrency.
Watch these YouTube videos and you will learn how to use the exchange from A to Z
In order to start trading, you need to deposit money to your account and choose profitable coins to buy and sell. For many, this step can be especially exciting and worrying at first, so we suggest you watch a video in which you will:
- see how to deposit and withdraw money from the Bybit exchange;
- learn how to quickly and easily buy coins on the exchange;
- conduct all operations with our trader step by step.
Watch now on YouTube: How to DEPOSIT and WITHDRAW Money at ByBit: P2P tutorial
Once you've created and prepared your account, understood the basic concepts of the trading process, let's move on directly to the market analysis and opening trades. In this video, you will learn everything about futures and how to work with them:
- an introduction to the concept of futures, their differences and benefits;
- analysis of the main mistakes in futures trading and how to avoid them;
- an explanation of different types of orders showing how to use them;
- tips on how to open positions when the price changes.
We recommend you to watch the video in full because we tried to add as much information as possible so that even an experienced trader could learn something new and immediately use it in the trading session.
Watch now on YouTube: A - Z BYBIT Futures Trading Tutorial | Bybit futures step by step
And if you're already familiar with the previous information, or if you've been trading for a long time, then move on to the following video. For more advanced traders we have prepared several ways to earn extra income on Bybit with the help of passive investing and the Bybit Earn project. We are sure the video will help you understand what dual asset investment is, as well as how to maximize your earnings with the flexible saving system on Bybit.