Peer-to-peer (P2P) trading has become a popular way for users to directly exchange digital assets using various payment methods. Whether you're new to the concept or looking to deepen your understanding, this guide answers the most frequently asked questions about P2P trading—focusing on accessibility, security, supported assets, and best practices.
What Is P2P Trading?
P2P trading refers to a decentralized method of buying and selling cryptocurrencies directly between users without an intermediary setting prices. On platforms that support this model, users can create or respond to buy/sell offers at mutually agreed-upon rates. This system empowers traders with flexibility in pricing and payment options while maintaining a secure environment through escrow services and user verification.
Unlike traditional exchange models, the platform itself does not set bid or ask prices. Instead, individual users (often called merchants) list their offers based on current market conditions and preferred payment methods.
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Supported Coins and Fiat Currencies
A wide range of digital assets and fiat currencies are supported on P2P platforms. Commonly traded cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), USDT, and other stablecoins. Supported fiat currencies vary by region but typically include major ones like USD, EUR, GBP, and emerging market currencies such as NGN, INR, and BRL.
The exact list of supported coins and fiat pairs may change based on regulatory compliance and local demand. Users are encouraged to check the official trading restrictions page for the most up-to-date information.
Why Regional Availability Matters
Due to differing financial regulations, some currency pairs may only be available in specific countries. For example, INR trading might be limited to Indian users who complete local KYC requirements. Always verify eligibility based on your region before initiating trades.
Is KYC Required for P2P Trading?
Yes. To participate in P2P trading, users must complete identity verification—either individual KYC or business KYC, depending on account type. This requirement enhances platform security, reduces fraud risk, and ensures compliance with anti-money laundering (AML) standards.
Verification typically involves submitting government-issued ID documents, proof of address, and sometimes a live selfie. Once approved, verified users gain access to higher trading limits and additional features like becoming a merchant.
Can I Use P2P Trading on Web and Mobile?
Absolutely. P2P trading is fully accessible via both desktop browsers and mobile applications. The interface is optimized for seamless navigation across devices, allowing users to monitor orders, manage payment methods, and communicate with counterparties from anywhere.
Mobile users benefit from real-time notifications, quick response times in order chats, and easy access to transaction history—all essential for efficient trading.
Minimum Order Amounts and Limits
Minimum trade amounts vary depending on the merchant’s settings. These limits are designed to prevent micro-transactions that could increase processing overhead or fraud exposure. While the platform doesn't enforce a universal minimum, typical starting values begin around $10–$20 equivalent in local currency.
Merchants can adjust their minimums within allowed ranges based on their risk tolerance and operational preferences.
Transaction Fees: What You Need to Know
One of the key advantages of P2P trading is zero platform transaction fees for both buyers and sellers. This means no hidden charges are applied when completing a trade.
However, users should be aware that third-party payment providers may apply their own fees. For example:
- Bank transfers might incur wire fees.
- Credit/debit card payments may carry processing charges.
- E-wallet services like PayPal or Skrill often have service costs.
Always review the total cost of your chosen payment method before confirming a transaction.
Why Can’t I Buy or Sell a Specific Coin?
If you're unable to place an order, it may be due to mismatched requirements set by the merchant. Common reasons include:
- Not meeting the merchant’s preferred payment method.
- Failing additional verification checks (e.g., photo proof of payment).
- Being blocked by the merchant or having a low completion rate.
Clicking the “Does not meet requirements” button will reveal which criteria you’re missing, helping you resolve the issue quickly.
Supported Payment Methods
P2P platforms support over 300 payment methods globally, including:
- Bank transfers
- Debit/credit cards
- Cash deposits
- Mobile money (e.g., M-Pesa)
- E-wallets (e.g., Paytm, GCash)
To add a payment method:
- Go to the P2P User Center.
- Navigate to Payment Method.
- Click Add and follow the prompts.
Ensure your added method matches exactly what the merchant accepts—otherwise, your order won’t go through.
Why Is There a Generic Bank Transfer Option?
While many banks are listed individually, the generic “Bank Transfer” option exists for users whose financial institution isn’t yet included in the system. It allows broader access without limiting participation due to incomplete banking integration.
Can I Trade With Users From Other Countries?
Yes—geographic location doesn't restrict trading as long as you can send or receive the required fiat currency. International trades are possible if both parties have compatible payment systems (e.g., SWIFT transfers, international e-wallets).
However, cross-border transactions may involve longer processing times, currency conversion fees, or stricter bank scrutiny. Consider these factors before initiating international trades.
How Do I Contact Support During a Transaction Issue?
If problems arise during a trade:
- Submit a support ticket via the official form.
- Select P2P Trading as the category.
- Include your Bybit UID, P2P order number, and screenshots of the issue.
You’ll receive an automated email with a case number, and customer service will respond within 1–2 business days.
For faster resolution, provide detailed context including timestamps and communication logs from the order chat.
Handling Disputes in P2P Orders
If a dispute arises:
- Use the Order Chat feature on the P2P order page to contact your counterparty.
- Attempt to resolve the issue amicably.
- If unresolved, file an appeal through the designated process.
Appeals should include all relevant evidence (payment receipts, chat logs). The platform’s mediation team reviews each case impartially to ensure fair outcomes.
Can I Be Both a Bulk Trader and Verified Merchant?
Yes—if you meet eligibility criteria for both roles. However, you must maintain separate security deposits for each status. Having dual identities displays both verification badges on your profile.
Note: Your merchant rating and appeal processing priority are determined by the higher-tier status (usually bulk trader).
How to Unfreeze a Bulk Trader Deposit
To unfreeze your security deposit:
- Visit the bulk trader announcement page.
- Submit a cancellation request.
- Ensure no active orders or pending appeals exist.
Once submitted, you’ll lose bulk trader privileges automatically. The deposit will be released after final verification.
Managing Subscriptions and Blocks
You can subscribe to trusted merchants for faster future trades:
- Click the merchant’s name.
- Press Subscribe on their profile.
To manage blocked users:
- Go to P2P User Center > Blacklist Management.
- Add or remove users as needed.
Visibility After Blocking
- Non-merchants: Will no longer see ads from blocked merchants.
- Merchants: Can still view ads but cannot trade with blocked parties.
Even after unblocking someone, they may have independently blocked you—choose alternative listings if orders fail.
Why Additional Verification May Be Required
Some merchants mark listings with “Verification Required” to reduce fraud risk. When placing an order, you’ll see instructions for submitting documents such as:
- Proof of payment
- Government ID
- Selfie with transaction reference
This step protects both parties and increases trust within the P2P ecosystem.
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Frequently Asked Questions (FAQ)
Q: Is P2P trading safe?
A: Yes, when conducted on reputable platforms with escrow protection and verified merchants. Always confirm payment details and avoid external communication outside the platform.
Q: Do I need money in my account before placing a buy order?
A: No—funds are only locked upon order confirmation. However, having sufficient balance speeds up execution.
Q: How long does a typical P2P trade take?
A: Most trades complete within minutes once payment is sent and confirmed. Delays usually stem from slow bank processing or incomplete verification.
Q: Can I cancel a trade after sending payment?
A: No—once payment is made and marked as completed, cancellation isn’t allowed. Always double-check recipient details before sending funds.
Q: What happens if a seller doesn’t release crypto after payment?
A: File an appeal immediately with proof of payment. The platform will investigate and release funds if you’ve followed all steps correctly.
Q: Are there daily limits on P2P trading volume?
A: Yes—limits depend on your KYC level and trading history. Higher verification levels unlock greater volumes.
By understanding these core aspects of P2P trading—supported assets, verification needs, fee structures, and dispute resolution—you can trade more confidently and efficiently. Stay informed, use trusted partners, and leverage secure platforms to maximize your digital asset experience.