Bybit has introduced a P2P HotSwap function, an innovative P2P Trading platform that simplifies the buying and selling of in-demand crypto assets, making it easier than ever for users to get their hands on the trending coins in the market.

By leveraging the combined strengths of P2P advertisers and third-party liquidity providers, we offer competitive quotes for stablecoin conversions and target trending coin conversions. 

Benefits

Enhanced Accessibility: Catering to users with different levels of expertise, P2P HotSwap makes it simpler for users to participate in the crypto market. The increased range of supported trending coins and payment methods simplifies the process of catching the market trends.

Streamlined Convenience: The efficient one-step process allows users to quickly purchase trending coins using fiat currency, allowing for a smooth transition to their subsequent investments without any complications.

Competitive Rates: Through P2P HotSwap, users can access various quotes for converting fiat currencies into stablecoins and eventually into altcoins. This competitive environment among providers results in improved exchange rates and reduced fees for users.

Read More

FAQ — P2P HotSwap

P2P HotSwap on Bybit: Fees Explained

How to Buy Crypto With P2P HotSwap

How to Sell Crypto With P2P HotSwap

How Does It Work?

P2P HotSwap streamlines the process of trading trending coins by utilizing the collective expertise of P2P advertisers and third-party liquidity providers.

Advertisers quote stablecoin conversions (e.g., fiat currency to USDT), while liquidity providers quote target crypto asset conversions (e.g., USDT to trending coins). This enables users to seamlessly buy or sell their desired crypto assets at the best possible rates.

Example 1: As a Buyer

A user who wants to buy the treading XYZ coin with USD:

1. The user selects P2P HotSwap on the platform to place an order for XYZ coins.

2. P2P advertisers provide quotes for converting USD into stablecoins like USDT.

3. Third-party liquidity providers offer quotes for converting USDT into the desired crypto asset — XYZ coins.

4. XYZ coins are deposited into the buyer's Funding Account.

Example 2: As a Seller

A user who wants to sell the treading XYZ coin into a stablecoin:

1. Receive payment from the advertiser and release the XYZ coins to the third-party liquidity provider.

2. Third-party liquidity provider converts the XYZ coins into a stablecoin (e.g., USDT).

3. The stablecoin (e.g., USDT) is deposited into the buyer's Funding Account.