This guide provides a step-by-step walkthrough for completing your first P2P Hot Token Swap transaction as a seller on Bybit.
Step-by-Step Process
Step 1: Access the P2P Platform
- Open the Bybit App and log in to your account.
- Tap Quick Buy on the homepage.
Step 2: Create a Sell Order
Follow these steps to submit your sell order:
- Click Sell to navigate to the order page.
Choose your selling method:
- By Quantity: Select the token you wish to sell.
- By Amount: Enter the fiat currency you want to receive.
- Input the sell amount (in fiat or token value).
- Select your preferred P2P payment method.
- Click Sell [Coin].
- Review and confirm the P2P Hot Token Swap Service Agreement.
- Click Confirm to finalize the order.
Step 3: Buyer Payment
- The buyer has 15 minutes to complete payment.
- Use the Chat with Buyer feature for real-time communication.
Step 4: Complete the Transaction
Option A: Successful Payment
- After verifying receipt of payment, click Release Tokens.
Enter your Google Authenticator code for verification.
- ⚠️ Critical: Only release tokens after confirming funds are received.
- If 2FA isn’t set up, follow this guide to enable it.
Option B: Failed Transaction
- Automatic Cancellation: If the buyer doesn’t pay within 15 minutes, the order cancels, and tokens return to your funding account (not auto-converted to stablecoins).
Late Payment Claim: If the buyer marks payment as complete after the 15-minute window:
- Tokens convert to stablecoins (e.g., USDT) at the swap rate.
- Funds return to your account.
👉 Learn more about P2P Hot Swap policies
Dispute Resolution
- If the buyer claims payment but hasn’t paid, click Submit Appeal.
- Bybit’s support team will assist—do not cancel the order unless you’ve received funds.
- For unresolved issues, submit inquiries via this form.
FAQ
Q1: What happens if I don’t receive payment after releasing tokens?
A1: Always verify payment before releasing. If disputed, contact support with evidence.
Q2: Can I cancel an order mid-transaction?
A2: Only cancel if the buyer hasn’t paid. Unjustified cancellations may affect your account standing.
Q3: How are swap rates calculated?
A3: Rates are dynamically adjusted based on market liquidity. Check the order page for real-time rates.
Q4: Are there fees for P2P Hot Swaps?
A4: Bybit charges no fees, but payment providers may apply transaction costs.
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Key Takeaways
- Verify payments before releasing tokens.
- Use 2FA for added security.
- Swap rates ensure fair conversions during failed transactions.
For further assistance, refer to Bybit’s P2P Hot Swap FAQ.
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