How to make your first P2P transaction on Bybit
Peer-to-peer (P2P) trading is a direct method of exchanging fiat currency for crypto, between two users, without an intermediary order book. Unlike traditional exchanges, in which an automated engine matches buy and sell orders, P2P trading facilitates a direct marketplace for buyers and sellers to transact at agreed-upon prices.
For many global users, P2P trading serves as the primary gateway from cash to crypto. This accessibility is significant because it supports local payment methods that traditional banking integrations often lack. Whether you prefer bank transfers, e-wallets or cash in person, P2P bridges the gap between traditional finance (TradFi) and the digital asset market.
Whether you’re new to crypto or a veteran user, this guide serves as your comprehensive walk-through for completing your first transaction on Bybit. We’ll discuss the Bybit P2P platform, its advantages, safety tips and the trading process itself.
Rest assured that no prior trading experience is required to start. By following these steps, you can securely navigate the Bybit P2P marketplace.
Key Takeaways:
Bybit P2P offers a zero-fee platform for buyers and sellers to trade crypto directly, using over 600 payment methods and more than 65 fiat currencies.
Completing Identity Verification Lv. 1 is a mandatory requirement for ensuring a secure trading environment and preventing fraud on the Bybit P2P platform.
Bybit P2P utilizes an escrow system to reserve assets once an order is created, protecting both parties until the transaction is confirmed complete.
What is Bybit P2P?
The Bybit P2P marketplace is an easy and secure platform designed to facilitate the buying and selling of holdings between two users at an optimal, agreed-upon price. Available to both retail users and global participants, it offers access to over 300 cryptocurrencies via P2P.
The platform supports more than 65 fiat currencies, including USD, EUR and INR, with trading pairs often focused on major assets like USDT, USDC, BTC and ETH.
Bybit provides the platform for advertisers and takers to transact, but does not provide buy or sell quotes on the P2P page itself.
To ensure safety, Bybit employs a robust escrow mechanism. Once a buy order is submitted, the specified coin amount is reserved, or frozen, on the platform. This ensures the seller has the funds they’re advertising, and protects the buyer from potential fraud.
This differs significantly from Spot trading. On Bybit Spot, you interact with an automated system that matches orders instantly. On P2P, however, you deal with a merchant or human counterparty. The fiat transfer takes place off-platform via your bank app or payment provider, while the crypto settlement occurs on-platform.
What you need before making your first P2P transaction
Before initiating a trade, you must meet specific requirements to ensure ecosystem safety. First, you need a valid Bybit account registered via email address or mobile phone number.
The most critical step is to complete mandatory Identity Verification (KYC). You must complete at least Individual Identity Verification Lv. 1 or Business Identity Verification. Bybit offers inclusive verification options for specific regions. For example, users in Nigeria can use BVN or NIN, while users in India can utilize their Aadhaar number via DigiLocker. Other regions, such as Indonesia, Argentina and the UAE, also offer local document verification options.
Once your identity is verified, configure your account settings in the P2P User Center. Link a mobile phone number and email address for security. Crucially, you must add at least one payment method.
There is one vital rule: the name on your payment method (bank account or e-wallet) must match the registered name on your Bybit Identity Verification. Bybit strictly prohibits third-party payments. If names do not match, sellers can refuse the transaction, and you risk asset freezing or account suspension.
How to make your first P2P transaction on Bybit
Before starting, make sure you have fiat funds ready if buying, or assets transferred to your Funding Account if selling.
Step 1: Go to the P2P trading page
Navigate to the P2P interface. On the web, click on Buy Crypto on the navigation bar, and select P2P Trading.
In the Bybit App, tap on More on the homepage. Select P2P, or find it under the Buy Crypto tab. Toggle between the Buy and Sell tabs, depending upon your intent.
Step 2: Select an advertisement
Use filters to find the correct offer. You can filter by Coin Type (e.g., USDT), Fiat Currency (e.g., USD, EUR) and Payment Method (e.g., bank transfer). Analyze the data on each advertiser's ad. Order Quantity shows orders made in the past 30 days, while Completion Rate indicates the percentage of successful orders.
If a Buy or Sell button is grayed out, or marked Ineligible, then you do not meet that specific advertiser's requirements, such as region or registration days. Simply select a different ad.
Step 3: Place your order
Click on Buy or Sell on your chosen ad. Enter the amount of fiat to pay, or crypto to receive. If you have a passkey or security authentication set up, verify it now. Click on Buy or Sell again to confirm.
Note that for large amounts or specific advertisers, you may see a Verification Required prompt. This means that the merchant may request additional proof, such as a photo ID or bank statement, in the Order Chat Box before providing payment details.
Step 4: Complete the payment and receive your crypto
Once the order is created, a countdown timer will appear. This is usually set to 15 minutes by the maker. You must complete the payment within this time frame. Leave the Bybit platform, and open your banking app to transfer your fiat currency to the seller's provided details.
Crucially, once the transfer is successful, you must mark the payment as completed on Bybit before the timer expires. Failure to do so will cancel the order, potentially resulting in a loss of funds if you’ve already paid.
Use the Contact Seller or Order Chat Box for real-time communication. Once you confirm payment, the seller will verify receipt and release the coins to your Funding Account.
Key advantages of trading on Bybit P2P
Bybit P2P offers distinct benefits for traders. The most significant of these is the cost structure: zero transaction fees for takers, and zero platform fees. While your payment provider may charge transfer fees, Bybit doesn’t take a cut.
The platform offers global reach and flexibility, connecting users worldwide with over 600 payment methods and more than 370 currencies. This ensures high liquidity, and allows you to trade using your preferred banking channels.
Security standards are also rigorous. Bybit enforces strict criteria for advertisers, including completion rates and asset holdings. The escrow service protects funds during every transaction. Additionally, an asset-locking strategy provides a one-to-24-hour buffer to detect and prevent suspicious transactions, ensuring a safer environment.
For those overwhelmed by choices, the P2P Trading AI Assistant (accessible on the P2P advertisement page) helps filter the best ads, based on your needs, and summarizes merchant requirements efficiently.
Beginner safety tips for your first P2P trade
P2P trading involves humans — so adopting safety habits is essential to avoid scams:
Always verify funds. If selling, confirm the money has arrived in your bank account before releasing crypto. Never trust screenshots provided by the buyer, as these can be faked.
Communicate only within the Bybit P2P Order Chat Box. Avoid moving to Telegram or WhatsApp, as scammers use external channels for man-in-the-middle or impersonator scams. Bybit support cannot verify chats outside the platform.
When making payments, never include sensitive terms such as crypto, BTC or USDT in the bank transfer reference or memo fields. These triggers can cause banks to freeze accounts or reject transfers.
Ensure identity matching. Do not accept or send payments to third-party accounts! Your name must match your Bybit KYC name. If using Cash in Person, meet in a safe public location with cameras, verify ID physically, bring a companion — and do not release coins until cash is counted and verified.
Be aware of specific scams. Watch for “chargeback” scams, in which buyers reverse payments after crypto release, or “cancel order” scams, whereby a scammer asks you to cancel the transaction after you’ve already paid.
Frequently asked questions (FAQ)
1. Are there any fees on Bybit P2P?
Takers pay 0% fees, except for AZN, USD and EUR trading pairs, for which a 0.25% service fee is charged. Makers (advertisers) may be charged transaction fees (based on fiat currency and advertiser level) ranging from 0% to 0.30%. For more details, visit Bybit’s Help Center.
2. What are P2P Super Deal Fee Savers — and how do they work?
These are discount vouchers that reduce the cost of USDT taker purchases, which you can earn from the Rewards Hub by completing tasks. The discount is calculated as follows: (Purchase quantity − Fee Saver value) * unit price. The unit price in the ad list will reflect this discount when applied. Learn more here.
3. What if there's a dispute?
If you cannot reach an agreement in the chat, go to the P2P Orders page, choose the order you wish to dispute and click on Order Dispute to involve Bybit support.
A Fast-Track Appeal option is available for specific USDT orders, providing judgment within 15 minutes, while Normal Track involves a specialist and can take over 48 hours. You can find more information about the appeal process here.
Next steps after your first P2P trade on Bybit
The assets you’ve purchased via Bybit P2P are transferred to your Funding Account. To trade, click on Transfer to move funds to your Unified Trading Account (UTA) or Derivatives Account.
Once your assets have been transferred, you can access the full ecosystem: Spot market for hundreds of cryptocurrencies traded on the Spot market, perpetuals and options trading, Bybit Earn for yield generation, TradFi for stocks, precious metals, indices and forex, and additional services. If you prefer speed over negotiation, consider One-Click Buy as an alternative to Bybit P2P.
Closing thoughts
Bybit P2P is a vital service that ensures global access to a wide range of cryptocurrencies and fiat assets. With Bybit's escrow system — and zero taker fees — you have a safe environment in which to build your portfolio.
We encourage you to log in to your account, complete KYC and browse the P2P marketplace to make your first trade today.
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