Getting Started with P2P Trading on Bybit: The Complete User Guide

Bybit’s P2P trading provides a simple and reliable peer-to-peer buying and selling environment. It is a service that allows users to efficiently execute transactions at set prices when buying or selling assets. Importantly, Bybit itself does not participate in the transactions but serves as a platform that offers a secure trading environment.

Basics of P2P Trading: Using the Web and App

Bybit’s P2P trading is available on both the official website and the mobile app. You can access the same features on either platform, allowing for trading regardless of location.

It also enables cross-border transactions, meaning you can buy or sell with any counterparty as long as you can transfer the specified fiat currency to the designated account. This flexibility is a major appeal of Bybit’s P2P trading.

Identity Verification and Account Setup: Preconditions for P2P Trading

To use P2P trading, completing identity verification (KYC) or business KYC is mandatory. Individual users can complete standard KYC procedures, while corporate users should select business KYC verification.

As part of account setup, you can set a nickname in the P2P User Center. Click the pencil icon to register your nickname. Note that spaces, special characters, and emojis are not allowed. Once set, your nickname cannot be changed, so choose carefully.

Notifications and Communication: Staying Updated on P2P Trading Progress

You can receive notifications about your P2P transactions through multiple methods. Notification settings can be managed within the P2P User Center.

Push notifications in the app: Simply turn notifications on within the app, and ensure that your smartphone’s system settings have all group notifications enabled.

Telegram bot notifications: You can also opt for Telegram notifications. Enable Telegram notifications in the “Manage Notifications” section of the P2P User Center, then follow the prompts to add the bot to your contacts. Afterward, start a chat with the bot to complete the linking process. The official bot account (@Bybit_Official_P2P_bot) can be verified on the official Bybit channel verification page. Telegram notifications include order status updates and dispute alerts.

Email and SMS notifications: These are also available. If notifications are enabled but you do not receive emails or SMS, check your device’s notification settings. If issues persist, consult the troubleshooting articles on Bybit’s support page.

Order Management and Record Keeping: Efficiently Managing P2P Transaction History

Completed P2P transaction records can be managed in several ways.

Using the Export feature on the order list page, you can export P2P order information as CSV files or similar formats. This feature is only available on the website. You can view your past 7 days of transaction history directly on the order list page, and for more detailed review, check the export results via the “Tasks” menu in the top right corner.

Downloading receipts: You can also download receipts for completed transactions by clicking “Receive” on the order list page. Downloads are only available from the website, with a maximum of 10 receipts per day, and each receipt can be downloaded up to 10 times.

Completion Rate: Showing Reliability with Numbers

The 30-day transaction completion rate is calculated as follows:

Completion Rate = Number of completed orders ÷ Total number of orders × 100%

This figure is based on transaction records from the past 30 days.

If you cancel an order as a buyer, your completion rate decreases. Cancellations as a seller generally do not affect your completion rate, but if there are issues with the seller, buyers can file a dispute citing “seller’s problem” as the reason.

If the seller admits fault, the buyer’s completion rate remains unchanged, but the seller’s completion rate decreases. If the seller denies responsibility, the buyer can file a dispute once.

Important: If you exceed the maximum number of cancellations, P2P trading will be unavailable for 24 hours. During this period, you cannot initiate new transactions, so please be cautious.

Bybit’s P2P trading is designed with these mechanisms to ensure safe and transparent peer-to-peer buying and selling. Maintaining user trust and providing a smooth trading experience are core to the platform.