Introduction to Bitget P2P Trading-General

General content of Bitget P2P Trading introduction.

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, the users directly buy or sell cryptocurrencies from each other on a P2P platform, exchange, or marketplace.

A P2P platform serves as the trade facilitator by providing a platform for buyers and sellers to broadcast their offers. At the same time, it can ensure 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 offered by Bitget. Bitget serves as a platform to facilitate P2P trading, but the offers are provided by users on an individual basis.

3. As a P2P trader, how am I protected?

All online trades are protected by escrow. When an ad is posted, the amount of crypto for 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 ID verification to do P2P trading. You can access the ID verification from [User Center] - [ID verification].

5. Why do I need to complete Identity Verification?

P2P transactions are trades carried out directly between two users. After the buyer and seller are matched, both parties must verify their identities through real-name KYC (Know-Your-Customer). You must confirm the identity of the counterparty (i.e., the person sending fiat currency to your account/the account you’re sending money to) is identical to 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 that fiat currency can only be transferred between the two users if the buyer's and seller's payment method match.

For example, User A has a debit card from ING Bank and is going to use the EUR deposited to Bitget to buy crypto. 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?

In addition to security concerns during login, all users who trade on the P2P market need to receive payments, release coins, and perform other operations during the buying and selling process. These operations require users to enter a two-factor authentication code to verify that they are carrying out the transaction themselves.

8. What are the transaction fees on Bitget P2P?

Bitget P2P charges zero fees now. All merchants can post ads with zero fees to lower the costs. We will publish the announcement if Bitget P2P charges 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.

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