Bitget P2P Exchange: How to Make Money on the Exchanging the Assets
At the beginning of summer, one of the world's leading exchanges, Bitget, launched its own P2P exchange and held a large-scale campaign to attract merchants to the platform. In a matter of weeks, the company received hundreds of applications from potential participants, and today you can exchange fiat currencies for crypto and vice versa, while saving on commissions. In this article, we will find out how the P2P exchange works today and how much you can earn on exchanging the assets.
P2P vs exchange: what is the difference
P2P (peer-to-peer) exchange is one of the most popular tools for buying and selling crypto for fiat money. But unlike stock exchanges, where all transactions are made automatically, on P2P exchanges people are engaged in exchange, directly interacting with each other. Almost all market participants need such platforms to exchange cryptocurrency for fiat money and vice versa. Merchants, that is, users who make an exchange and execute user requests, earn good money due to the difference between the purchase and sale prices of USDT and other crypto assets. Therefore, cooperation with P2P platforms is not only convenient, but also beneficial for both parties.
Let's take an example. In the CIS, there are many physical (offline) currency exchange offices where the dollar, euro and other currencies are exchanged for local ones: such as the ruble, hryvnia, and tenge. All exchanges have one buy price and another sell price. Thus, owners of exchangers earn on this price difference.
In cryptocurrency, this exchange takes place online. Therefore, by fulfilling dozens of applications for the exchange of various crypto assets, users can make a profit.
About P2P safety
All transactions on the P2P exchange are made between participants, and Bitget only acts as a guarantor of security. When opening a deal with a cryptocurrency seller, the amount that the buyer wants to buy is frozen. Next, the buyer transfers fiat money to the bank account / online wallet specified by the seller (Qiwi, Yandex Money, etc.). Next, the buyer must confirm that he actually sent the fiat to the seller, and the seller must confirm that he received the transfer. Only if the payment is confirmed by both parties, the transaction takes place. If one of the parties did not confirm the transaction, then the transaction fails, the seller's cryptocurrency for the transaction amount is frozen and he cannot withdraw it until further proceedings.
This is how Bitget acts as a guarantor of a fair transaction between users.
How to become a P2P terminal merchant
To become a P2P merchant of the bitget.com platform, you need to send an application to our manager at [email protected] or via telegram @Fessssss (Steff Krasnov). When sending an application to Telegram, be careful: Telegram is a key-sensitive app, so you need to use capital and regular characters correctly. At the moment, Bitget accepts applications from merchants, even with minimal experience.
5 easy steps to become a merchant on bitget.com :
● Register an account https://www.bitget.com/en/register
● Go through a full-fledged KYC (in addition to documents, you also need to attach a phone number and email).
● Send screenshots confirming trading on other sites.
● For permanent merchant status, you need to make a security deposit of 400 USDT. Without a deposit, participants will have access to a test merchant for 30 days.
● Provide your UID to get a permanent or test merchant.
Pros and cons of P2P exchanges
Like any other financial platform, P2P exchanges have their pros and cons, which you should know about in advance.
The advantages of the P2P are obvious:
● safety and speed;
● different cryptocurrencies, including new and rare ones;
● earning tools.
Cons:
● high risk of contacting scammers;
● trading on an ongoing basis, like any other type of trading, takes time;
● you need to start a separate crypto wallet.
Merchants and users must fulfill the terms of the deal, otherwise they risk losing their assets, as well as getting banned on the Bitget site.
How to make transactions on the P2P exchange
To make a transaction on the P2P platform, you need:
- select the “Buy cryptocurrency” function and select “P2P trading” in the drop-down list
By clicking on the button of three dots on the top right, you need to add a payment method, be sure to double-check the data before saving and using it to complete transactions.
On the P2P exchange page, you must select one of the two proposed functions: sell or buy cryptocurrency. Then you need to choose a payment method convenient for you. After that, ads of active merchants will appear with the pair you need for buying or selling cryptocurrency with the selected payment method.
Compare merchant ads, paying attention to the price, as well as the number of successful merchant transactions.
Next, enter the desired amount. The built-in calculator will show how much you will receive upon completion of the transaction. We choose a payment method from the previously filled ones, click “buy/sell” and wait for the merchant to complete the order. After that, the cryptocurrency must be removed from holding and the deal closed.
If you have any questions or disputes, you can contact the technical support service.