How to Buy Crypto With P2P via Bybit Wallet
The cryptocurrency landscape has witnessed a myriad of changes since its inception. It started as a niche market to become a global financial phenomenon, and the number of ways in which individuals can acquire crypto assets have diversified. Among the various methods available, P2P (peer-to-peer) trading stands out as a preferred choice for many. One of the most popular platforms for P2P trading is Bybit.
If you’re interested in P2P trading, read on, as this article explores how you can buy crypto with Bybit P2P via the Bybit Wallet.
Key Takeaways:
Bybit P2P is an innovative platform designed by Bybit to streamline the peer-to-peer trading experience for its users.
Bybit Wallet is a state-of-the-art digital web3 wallet solution provided by Bybit Web3, tailored to meet the needs of modern cryptocurrency enthusiasts and grant them easier access to the world of web3.
Bybit Web3’s recently integrated Buy Crypto feature allows users to effortlessly purchase cryptocurrencies using their credit/debit cards and P2P payments.
What Is P2P Trading?
P2P is a decentralized trading method in which individuals transact cryptocurrencies directly with one another via a crypto exchange or app, bypassing traditional intermediaries such as banks or brokers.
This system operates using trust-based mechanisms (such as smart contracts) so that both buyers and sellers can set their own terms, prices and conditions. The absence of a middleman often results in reduced fees, as well as more control over transactions. Moreover, P2P trading platforms often incorporate escrow services, ensuring that both parties fulfill their end of the bargain before funds are released, adding an extra layer of security to the process.
What Is Bybit P2P?
Bybit P2P is an innovative platform designed by Bybit to streamline the peer-to-peer trading experience for its users. It acts as a marketplace where users can list their buying or selling offers.
What sets Bybit P2P apart is its commitment to user security and convenience. The platform’s rigorous verification process ensures that users are transacting with other credible individuals. With support for multiple fiat currencies and a trusted community of traders, Bybit P2P has positioned itself as a leading choice for those venturing into the world of P2P crypto trading.
What Is the Bybit Wallet?
Bybit Wallet is a state-of-the-art digital web3 wallet solution provided by Bybit Web3, tailored to meet the needs of modern cryptocurrency enthusiasts and grant them easier access to the world of web3.
As Bybit continues to innovate and enhance its offerings, the recent integration of the Buy Crypto feature into the Bybit Web3 platform stands as a testament to its commitment to user convenience. It focuses on P2P transactions and allows users to effortlessly purchase cryptocurrencies using their credit/debit cards and P2P payments. What's even more compelling is that once a user acquires crypto through this method, the assets are sent directly to their Bybit Wallet.
This seamless integration between Bybit Web3, Bybit Wallet and Bybit P2P ensures that users have a streamlined experience, from purchasing to storing their digital assets, all within the Bybit ecosystem.
How to Buy Crypto With P2P via Bybit Wallet
Excited to kickstart your crypto journey with Bybit? Following is a detailed step-by-step guide on how you can buy crypto with P2P and receive the funds in your Bybit Wallet.
To get started, you’ll first need to create a Bybit account and complete Identity Verification. If you haven’t already established an account, you can follow our quick sign-up guide before continuing with the following steps.
On Desktop
Step 1: Log in to your Bybit account by clicking on the Log In button at the top right of the Bybit home page.
Step 2: Navigate to the Bybit Web3 Portal by hovering your cursor over the Web3 tab on the navigation bar on the Bybit home page, and clicking on Bybit Wallet.
Step 3: A window will pop up once you enter the Bybit Web3 Portal. Click on Create Wallet.
Step 4: After you’ve created your Bybit Wallet, click on the Buy Crypto tab on the navigation bar.
Alternatively, you can also head to the Assets page and click on Buy for the corresponding crypto to purchase it.
Step 5: Place your order by following these steps:
Choose the fiat currency you would like to pay with. Note that more than 60 fiat currencies are supported, including RUB, VND, UAH, HKD and more.
Select the coin you would like to receive.
Enter the amount you wish to purchase. You can choose either the fiat currency or the coin amount.
Select your preferred network.
Enter or select your wallet address.
After confirming all of your details, click on Buy.
Please note that this transaction will incur gas fees and trading fees.
Step 6: Once you have carefully read, understood and agreed with all the provided information, tick the box next to I agree to Bybit’s Privacy Policy and click on Confirm.
Step 7: You’ll be prompted to select your preferred payment method. Select P2P Trading, and click on Buy.
Please note:
The name on your payment method should match the name in your identification documents provided for Identity Verification on Bybit.
Your payment method information is shared between P2P Trading and Buy Crypto on Bybit Web3. If you’ve previously added payment method details on Bybit P2P, the same information will be available for use with Buy Crypto on Bybit Web3.
Step 8: After you’ve ensured that your order details are correct, click on Confirm. This will create an order record that can be found on the P2P Trading Order page.
Step 9: Click on Go to Complete Payment and you’ll be redirected to the P2P Trading page to complete your order.
Step 10: Complete your payment within the specified time. Then, click on Payment Completed.
Step 11: After completing your payment, click on On-chain Info to view your order details.
Please note that transaction records made using the Bybit Wallet are recorded on the blockchain and publicly accessible. However, only those who are aware of your wallet address can identify your transactions using a block explorer such as Etherscan.
Step 12: To view your orders, navigate to the Buy CryptoOrder page and click on Orders.
On Bybit App
Step 1: On the Bybit app home page, tap on More followed by Web3 to enter the Bybit Web3 Portal.
Step 2: Tap on Buy Crypto.
Alternatively, you can also choose the Wallet tab, and tap on Buy to purchase crypto.
Step 3: Place your order by following these steps:
Choose the fiat you would like to pay with. Note that more than 20 fiat currencies are supported, including RUB, VND, UAH, HKD and more.
Select the coin you would like to receive.
Enter the amount you wish to purchase. You can choose either the fiat currency or the coin amount.
Select your preferred network.
Enter or select your wallet address.
After confirming all of your details, tap on Buy.
Step 4: Once you have carefully read, understood and agreed with all the provided information, tick the box next to I agree to Bybit’s Privacy Policy and tap on Confirm.
Step 5: You’ll be prompted to select your preferred payment method. Select P2P Trading, and tap on Buy.
Please note:
The name on your payment method should match the name in your identification documents provided for Identity Verification on Bybit.
Your payment method information is shared between P2P Trading and Buy Crypto on Bybit Web3. If you’ve previously added payment method details on Bybit P2P, the same information will be available for use with Buy Crypto on Bybit Web3.
Step 6: After you’ve ensured that your order details are correct, tap on Confirm. This will create an order record that can be found on the P2P Trading Order page. To access this page, tap on Web3 → Wallet→ Buy → Order.
Step 7: Tap on Go to Complete Payment and you’ll be redirected to the P2P Trading page to complete your order.
Step 8: Complete the payment within the specified time. Then, tap on Payment Completed.
Step 9: After completing the payment, tap on On-chain Info to view your order details.
Please note that transaction records made using the Bybit Wallet are recorded on the blockchain and publicly accessible. However, only those who are aware of your wallet address can identify your transactions on a block explorer such as Etherscan.
Step 10: To view your order(s), navigate to the P2P TradingOrder page and tap on Orders.
The Bottom Line
In the ever-evolving landscape of cryptocurrency, having a reliable and user-friendly platform is of paramount importance. Bybit's integration of P2P trading into the Bybit Web3 ecosystem, coupled with the convenience of the Bybit Wallet, offers users a seamless and secure experience from start to finish.
Whether you're a seasoned trader or a newcomer to the crypto world, Bybit ensures that buying crypto via P2P is straightforward and efficient. Create your Bybit Wallet and purchase crypto with Bybit P2P today!
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