Complete Guide to P2P Trading on Bitget

Exchange Summary 

Bitget stands out as a versatile cryptocurrency exchange, offering a user-friendly, secure and fee-free peer-to-peer (P2P) marketplace, as well as a wide array of features to cater to traders of all levels. Bitget's P2P marketplace is designed to make buying and selling cryptocurrencies straightforward, boasting zero trading fees, support for multiple payment methods and a robust escrow service to ensure safe transactions. While P2P trading is a key strength, Bitget's offerings extend far beyond this, encompassing derivatives trading with high leverage, spot trading, copy trading features, automated trading bots and various earning opportunities through staking and flexible savings products.

With over 600 cryptocurrencies available for trading, Bitget caters to both beginners and experienced traders alike. Its P2P platform serves as an excellent entry point for those new to crypto, while advanced features like futures trading and bot integration appeal to more seasoned users. Due to the platform's comprehensive nature, potential users should be aware that the user interface can be slightly overwhelming to begin with, which may require a learning curve for newcomers. Nonetheless, Bitget's robust P2P system and a wide range of additional features position it as a strong contender for those looking to begin trading on a reputable crypto exchange.

Is Bitget a good choice for P2P trading?

Bitget offers several features that make it an attractive option for P2P crypto trading, particularly for Australian users. Let's explore the key aspects that make Bitget stand out:

Zero Fees on P2P Trades

Bitget charges zero platform fees for P2P trades, which is a huge advantage for regular traders. Unlike many P2P exchanges, which charge fees on every trade, Bitget's zero-fee policy is a massive drawcard and can lead to substantial savings over time. 

Robust Security Measures

Security is paramount in P2P trading, and Bitget addresses this concern with its robust escrow system. When a buyer places an order, the platform locks the seller's assets until the buyer confirms payment. This mechanism protects both parties, ensuring a safe and trustworthy trading environment. Bitget also enforces 2-factor authentication on all accounts to maintain account security.

Variety of Payment Methods

Bitget's global marketplace offers a multitude of payment options, including bank transfers, cards, PayPal, WebMoney and e-wallets. This flexibility allows Australian users to choose the most convenient and cost-effective payment method for their needs, making it even easier to get fiat into and out of crypto.

24/7 Customer Support

The platform provides round-the-clock customer support, which is crucial in the fast-paced world of cryptocurrency trading. This constant availability ensures that users can quickly resolve disputes or address concerns, maintaining a smooth trading experience.

Support for Major Cryptocurrencies

While less extensive than some exchanges, Bitget supports six major cryptocurrencies for P2P trading: USDT, USDC, BTC, ETH, BGB, and DAI. This selection covers the most popular cryptocurrencies, catering to the needs of most traders.

While Bitget presents many advantages for P2P trading, potential users should still consider their specific needs and compare its features with those of other platforms. 

How does Bitget P2P trading work?

Bitget's P2P (peer-to-peer) trading platform facilitates direct cryptocurrency transactions between users, giving traders control and making buying and selling crypto straightforward. Here's an overview of how Bitget P2P trading operates:

Account Creation and Verification

The process begins with users creating an account on Bitget. To ensure security and comply with regulations, users usually need to complete a verification process, which may include providing identification documents.

Browsing the Marketplace

Once verified, users can access the P2P marketplace. Here, they can view existing buy-and-sell offers for various cryptocurrencies. The marketplace displays essential information such as prices, available payment methods and seller ratings.

Creating or Responding to Offers

Users have two main options:

1. Create an offer: They can post their buy or sell order, specifying the cryptocurrency, amount, price, and accepted payment methods.

2. Accept an existing offer: Users can fulfil an existing order that matches their requirements.

Order Matching

When a buyer and seller agree on terms, an order is created. Bitget's platform facilitates this matching process, ensuring both parties are aware of the transaction details.

Escrow Service

As soon as an order is placed, Bitget's escrow service comes into play. The platform temporarily holds the seller's cryptocurrency, adding a layer of security to the transaction.

Payment Process

The buyer then sends payment to the seller using the agreed-upon method. Bitget offers a range of payment options, including bank transfers, digital wallets and other supported payment options.

Confirmation and Release of Funds

Once the seller confirms receipt of payment, they notify Bitget. The platform then releases the cryptocurrency from escrow to the buyer's wallet.

Feedback System

After the transaction is complete, users can rate each other. This feedback system helps maintain trust within the community and assists future traders in making informed decisions about their trading partners.

Throughout this process, Bitget's platform ensures that all transactions are secure and efficient while allowing traders flexibility and control. The system combines the benefits of direct peer-to-peer interactions with the security measures of a reputable centralised exchange, allowing you to feel at ease when placing P2P trades.

Step-by-step guide to trading P2P on Bitget

1. Access the P2P Trading Platform

Begin by opening the Bitget mobile app and logging into your account. Once logged in, navigate to the "Home" tab and tap the "Add Funds" button. Select "P2P Trading" to access the peer-to-peer marketplace. Before proceeding, ensure you've completed all necessary verification steps and added your preferred payment method to your account.

2. Choose Your Cryptocurrency

In the P2P trading section, you'll be presented with various cryptocurrency options. Select the type of crypto you want to buy. You can use filters to sort offers by coin type, fiat currency or payment method to find the most suitable option for your needs. Once you've seen an offer that meets your requirements, click "Buy" to proceed with your chosen option.

3. Enter Trade Details

Now, input the amount of fiat currency you wish to spend on this transaction. The system will automatically calculate the amount of cryptocurrency you'll receive based on the current offer. Review these details carefully, and when you're satisfied, click "Buy [Crypto] With 0 Fees" to initiate the trade. It's important to note that at this point, Bitget's escrow service secures the seller's crypto assets to ensure a safe transaction.

4. Complete the Payment

After initiating the trade, you'll be presented with the merchant's payment details. Transfer the funds using the specified payment method within the given time limit. If you need to communicate with the merchant, use the provided P2P chat box. Once you've sent the payment, click "Paid" to confirm the transaction. Remember to only transfer funds directly to the merchant using the payment details they provided. Don't click "Cancel Order" unless you've received a refund; only click "Paid" after you've sent the payment.

5. Await Confirmation and Receive crypto

After you confirm the payment, the seller will verify the receipt of funds on their end. Once they confirm, Bitget will release the cryptocurrency to your wallet. You can click "View Asset" to check your updated balance and ensure the transaction has been completed successfully.

6. Verify Your Transaction

To double-check your purchase, navigate to the "Assets" tab in the app. Go to "Funds" and select "Transaction History" in the top right corner. This will allow you to review the details of your recent P2P transaction and confirm that everything is in order.

Remember, P2P trading requires attention to detail and prompt action. Always adhere to the platform's guidelines and communicate clearly with your trading partner to ensure a smooth transaction. If any issues or disputes arise during the process, don't hesitate to contact Bitget's customer support. They're available 24/7 to help resolve any problems during your P2P trading experience.

Bitget Features

While Bitget has a fantastic P2P marketplace, it offers many other features that cater to various trading styles and investor needs. Here are some of Bitget's other key features:

Derivatives Trading

Bitget has established itself as one of the largest derivatives exchanges in the crypto market. The platform offers a robust derivatives trading experience with some notable features:

• High Leverage: Bitget provides up to 125x leverage on certain trading pairs, allowing traders to amplify their potential profits (and risks).

• Diverse Trading Pairs: The platform supports a wide range of futures contracts on a range of different pairs.

• Advanced Order Types: Traders can use various order types to implement advanced trading strategies, including trailing stops.

• Competitive Fees: Bitget offers competitive fee structures for derivatives trading.

• Risk Management Tools: The platform provides tools to help traders manage their risk exposure effectively.

This feature has contributed significantly to Bitget's popularity among more experienced traders looking for high-leverage opportunities in the crypto derivatives market.

Trading Bots

Bitget's trading bots provide an automated solution for maximising earnings. These bots operate 24/7, leveraging market fluctuations to generate a profit based on their algorithmic strategy. Users can choose from AI-recommended bots or customise their own. The platform offers various bot types, including Grid Bots for volatile markets, Martingale Bots for cost averaging, CTA Bots for trend following and Auto-Invest Bots for regular, scheduled investments. Bitget's AI bots simplify advanced trading strategies by offering intelligent parameter settings. Bot trading is free of charge. However, transactions incur a fee, aligning with Bitget's standard fee structure.

Launchpool & Launchpad

The Bitget Launchpool, exclusively available to BGB holders with completed KYC verification, offers hourly calculated rewards that users can monitor directly in their accounts. Staked assets are not locked and can be withdrawn at any time, providing greater investment flexibility. The platform also features pools for beginner investors and a reward system for user referrals. Additionally, Bitget's Launchpad allows users to stake and farm popular or newly listed tokens, offering opportunities to invest in early-stage crypto projects.

Bitget Earn

Bitget Earn offers users a way to earn a yield on their digital assets, similar to how banks offer term deposits to earn a higher return on savings. This feature includes Flexible Savings for daily interest on crypto deposits and Shark Fin and Dual Investment products for varying risk-reward profiles. Users can easily select products based on their risk tolerance, subscribe, earn interest, and redeem their earnings.

Staking

Bitget's Staking feature allows users to earn through principal-guaranteed mining across various cryptocurrencies. Key benefits include daily credited interest, flexible staking and a simple redemption process. The platform offers competitive APRs for many cryptocurrencies, including ETH, MATIC, DOT, ADA, SOL, and others.

Copy Trading

Bitget pioneered copy trading in crypto, introducing this feature back in May 2020. The system allows less experienced traders to mirror the strategies of more seasoned "elite traders." With over 130,000 elite traders to choose from, users can engage in Futures Copy Trading, Elite Spot Trades or Bot Copy Trading. This feature has proven popular, with over 650,000 users actively following elite traders at the time of writing. Experienced traders can also benefit by becoming elite traders, earning up to 10% in profit share and gaining recognition within the community.

This vast range of features demonstrates Bitget's commitment to providing a comprehensive trading ecosystem. Whether you're a beginner looking to learn from experienced traders, an advanced user seeking automated solutions or an investor interested in buying into early-stage launchpad projects, Bitget offers tools and platforms to suit everyone.

Disclaimer: This information is provided by Blacksheep Operations Pty Ltd ABN 16 674 111 392 for general informational purposes only and may refer to products not available in your location. It does not constitute (i) investment advice or a recommendation to invest; (ii) an invitation or solicitation to buy, sell, or hold digital assets; or (iii) financial, legal, accounting, or tax advice. Digital assets, including stablecoins and NFTs, are highly volatile and carry significant risks. You should carefully assess your financial situation before deciding whether to trade or hold such assets. For advice specific to your circumstances, please consult your legal, tax, or investment adviser. All data and statistics are provided solely for general information. Blacksheep Operations accepts no responsibility or liability for any errors or omissions in this information, nor for any use of or reliance upon it by others.

FAQs

How does P2P work on Bitget?

P2P trading on Bitget allows users to buy and sell cryptocurrencies directly with each other. Users can create buy or sell orders specifying their preferred price and payment method. When a buyer and seller agree on terms, Bitget's escrow service holds the seller's crypto until the buyer confirms payment. Once payment is confirmed, the crypto is released to the buyer. This system enables users to trade using various payment methods while benefiting from Bitget's security measures.

How safe is Bitget P2P?

Bitget P2P incorporates several safety measures to ensure secure transactions. The platform uses an escrow system to protect both buyers and sellers, holding the cryptocurrency until the payment is confirmed. Bitget also implements user verification processes and provides 24/7 customer support to handle disputes. While these measures significantly enhance safety, users should always exercise caution, follow platform guidelines, and only use trusted payment methods when trading.

How to become a P2P merchant on Bitget?

To become a P2P merchant on Bitget, users typically need to meet certain criteria set by the platform. This usually involves completing advanced account verification, maintaining a good trading history, and having a certain amount of cryptocurrency holdings. Interested users should check Bitget's current requirements and apply through the platform. Once approved, merchants can create sell advertisements and manage larger transaction volumes, potentially benefiting from increased trading limits and other perks.

How to sell USDT on P2P Bitget?

First, to sell USDT on Bitget's P2P platform, ensure you have a verified account and deposit the USDT you want to sell. Navigate to the P2P trading section and select "Sell" for USDT. You can either create a sell advertisement specifying your terms or accept an existing buy order. If creating an ad, set your price, payment methods, and limits. Once a buyer matches your offer, the USDT will be held in escrow. After receiving payment, confirm receipt on the platform to complete the transaction and release the USDT to the buyer.