Fiat
How to trade on Bitget P2P: a complete guide
2024-02-07 10:45113944
Introduction to Bitget P2P trading.
1. What is P2P trading?
P2P (Peer-to-Peer) trading is also known as C2C (Customer-to-Customer) trading in some regions. In P2P trading, users directly buy or sell cryptocurrencies from each other on a P2P platform, exchange, or marketplace.
A P2P platform facilitates trades by providing a space for buyers and sellers to broadcast their offers. At the same time, it ensures the safety and timely delivery of digital assets during trade execution.
2. Are the offers I see on the P2P market provided by Bitget?
No, the offers you see on the P2P market are not provided by Bitget. Bitget serves as a platform that facilitates P2P trading, but the offers are provided by individual users.
3. As a P2P trader, how am I protected?
All online trades are protected by escrow. When an ad is posted, the crypto amount in the ad is automatically reserved from the seller's P2P account. This means that if the seller does not release your crypto, the customer support agents can release the crypto to you from the reserved funds.
If you're selling, never release the assets before confirming that you have received the funds from the buyer. Please note that some payment methods buyers use are not instant and may face the risk of chargeback.
4. Can I trade without completing identity verification?
All Bitget users must complete identity verification to trade on the P2P platform. You can access the identity verification from User Center - Identity Verification.
5. Why do I need to complete identity verification?
P2P transactions are trades carried out directly between two users. Once the buyer and seller are matched, both parties must complete identity verification. You must confirm that the counterparty's identity (i.e., the person sending fiat currency to your account or the account you’re sending money to) matches the name shown on the order details page.
6. Why do I have to add a preferred payment method?
P2P transactions are trades carried out directly between two users. This means fiat currency can only be transferred between buyers and sellers whose payment methods match.
For example, if user A has a debit card from ING Bank and wants to use the EUR deposited in Bitget to buy crypto, then in order to complete user A’s P2P order, the system will only match sellers who also have an ING Bank account that can receive EUR transfers from user A.
7. Why do I need to enable 2FA?
Enabling two-factor authentication (2FA) provides additional security not only for logging in but also for trading activities. On the P2P market, users must enter a 2FA code to confirm key actions, like receiving payments and releasing coins, ensuring only the account holder can authorize transactions.
8. What are the transaction fees on Bitget P2P?
Bitget P2P currently charges zero fees. All merchants can post ads with zero fees to lower the costs. An announcement will be made if Bitget P2P starts charging transaction fees from makers for every completed order.
*Please note that some payment method service providers may charge extra transaction fees.
9. What is the 30-day order rate?
30-day order completion rate = 1 − total number of canceled orders in the past 30 days ÷ total number of completed orders in the past 30 days
If you are the buyer and you canceled a P2P order, this will affect your completion rate, whereas the seller’s completion rate will not be affected.
If you are the seller and the buyer fails to accept the order or does not complete the payment, then only the buyer’s completion rate will be affected.