How to Locate and Use Bybit P2P Crypto Trading
Locate and use Bybit P2P: Ever since Binance suspended all its operations in Nigeria, a new alternative to Binance known as BYBIT has surfaced; so if you’re looking for how to use Bybit P2P crypto trading, then you’re just in the right place. So, how about you stick around, huh?
What is Bybit?
BYBIT is a P2P trading platform where users can buy, sell, and trade cryptocurencies. Not just cryptocurrencies and altcoins, users of the platform can also trade NFTs on the platform. But, let’s focus on crypto trading.
Bybit is a centralized trading platform, and just like other centralized exchanges, it is controlled by an entity and requires KYC verification. Bybit was established by founder and CEO Ben Zhou, and was launched in March 2018.
Bybit is currently one of the easiest exchanges to buy and sell cryptocurrencies, and the platform has over a hundred crypto tokens listed including major coins like Bitcoin, Ethereum, Tether, Solana, and more.
To fully understand how to use the Bybit P2P crypto trading, let’s quickly talk about P2P trading just so we cover our basics.
What is P2P Trading?
P2P trading is known as peer-to-peer trading, and it is one of the most popular ways to buy cryptocurrencies. It implies trading between two persons.
A P2P trade is carried out between two individuals. The buyer usually sends fiat (also known as government-issued currency or local currency) payment to a seller who holds the cryptocurrency that the buyer wants. It’s like an exchange. The buyer wants what the seller has and the seller wants what the buyer has, so they can both exchange what they have.
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The seller in turn now releases the digital asset or cryptocurrency to the buyer.
Because this exchange of asset between these people or users is done “outside” of the exchange rather than on the exchange, it is known as P2P trading.
Now, you might be wondering, “What is the buyer sends money to the seller, and the seller doesn’t release the asset?” or “What if one of them defaults?”
Wait. Wait. We’ll get to it.
So how do they do this? The answer is simple: through an escrow service.
Here’s how it works:
Bybit locks the digital currency of the seller, and until the buyer pays and both parties are satisfied with the transaction, will the digital asset or crypto be released.
Bybit in this case is recognized as an intermediary.
In P2P trades, an intermediary makes sure both parties (peers) do not default; and basically improves security between the two parties.
To do this, Bybit would run a background check on its merchants and make sure that other users have nothing to worry about.
Locate and Use Bybit P2P Crypto Trading
Crypto trading generally involves depositing and withdrawal.
Depositing crypto can be done either by buying crypto with fiat or depositing directly (this is if you already have crypto in another wallet of another exchange. You can make the transfer via any blockchain of your choice).
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Like we stated earlier, fiat means local currency e.g. Naira, Dollar, etc. You can do this through P2P trading or buying with your Visa or Mastercard.
How to use Bybit P2P Crypto Trading
- Install the App
To use Bybit P2P crypto trading, the first thing you have to do is to register on the platform first. Obviously. To do this, you have to download the app from the Google play store or Apple store, and install the app.
- Sign up
Create an account if you do not have one. Creating an account in easy, and in a couple of minutes, a verification code will be sent to your email address.
- Then you’ll need to verify your identity
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Verifying your identity involves uploading a government ID such as Nigerian passport, NIN, BVN, Drivers’ licence and so on, and then uploading a selfie. This is a KYC (know your customer) verification process.
To deposit crypto on Bybit using P2P;
- Go to the ‘Buy’ tab located at the P2P trading
- Select the cryptocurrency or coin that you would like to purchase. This is where you will see all available trades
- Type in the amount you would like to buy, and orders that match your requirement will be displayed
- Choose the one you’re most comfortable with. For example, you could choose one that offers you the highest rate.
- Click on the listing to read the terms and conditions offered by the seller
- If you’re okay with the terms, type in how much you’re willing to get from them with fiat or crypto
- Click on buy, then you’ll see an account to pay into
- Make payment
Once payment is made and confirmed, you will automatically receive a deposit of the coin in your wallet.
Conclusion
Bybit is a good alternative to Binance, and it has come to stay. It is very user-friendly. However, be sure to do more research to determine if it suits your trading needs or if you need to explore other options like Dtunes.
