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FAQ — P2P HotSwap
2024-08-19 17:46:34
2024-08-19 17:46:34What is P2P HotSwap?
P2P HotSwap is an innovative service that allows users to quickly and easily buy and sell trending coins on our P2P Trading platform. The platform features quotes provided by both P2P advertisers and third-party liquidity providers, ensuring competitive rates for stablecoin conversions and target crypto asset conversions.
How does P2P HotSwap work?
P2P HotSwap streamlines the process of trading trending coins by utilizing the combined strengths of P2P advertisers and third-party liquidity providers.
Here's an example of how it works for a user who wants to buy the popular XYZ coin with USD:
- The user selects P2P HotSwap on the platform to place an order for XYZ tokens.
- P2P advertisers provide quotes for converting USD into stablecoins like USDT.
- Third-party liquidity providers offer quotes for converting USDT into the desired crypto asset — XYZ tokens.
- XYZ tokens are deposited into the user's Funding Account.
Which fiat currencies and trending coins does P2P HotSwap support?
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Note: The supported fiat currencies and coins mentioned here are only for reference, and the availability is subject to change.
What is the difference between P2P HotSwap and P2P Trading?
The following are the main points of difference between the two (2) products:
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Should I place orders via P2P HotSwap or P2P Trading with mainstream crypto currencies such as BTC and ETH?
If you choose coins to place an order directly from the P2P advertising list, you will be buying or selling coins directly to the advertiser.
However, if you place an order through the One-Click Buy page, our system will compare the quotation of the advertisements with the price provided by the P2P HotSwap service. Then, the system will match you with a more favorable price under the same payment method, ensuring you get the most competitive price.
What are the key criteria P2P HotSwap uses to recommend advertisers to me?
P2P HotSwap recommends advertisers to you based on specific criteria to ensure efficient transactions and fair pricing. Advertisers are suggested according to the following rules:
- Timely Payments or Releases: The advertiser's average payment or release time in the past 30 days must be within 10 minutes.
- Verified Advertisers Priority: Among advertisers with the same payment or coin release times, those who are verified will be recommended first.
- Price Competitiveness: When multiple advertisers are verified, the advertisement offering the most favorable price will be recommended.
Why does the conversion rate offered for buying and selling coins on P2P HotSwap become invalid?
The quotation on P2P HotSwap will be invalid when the spread between the order price and the current market price exceeds the specified spread range, so as to ensure the rationality of the transaction price. If the quotation becomes invalid, you can simply refresh the page to get a new quote.
The allowable spread range of each coin is as follows:
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Note: Bybit reserves the right to modify the spread range at its sole discretion. Keep yourself updated by regularly reviewing the latest version of the Agreement here.
Why was I credited with USDT instead of the trending coin that I intended to purchase on P2P HotSwap?
This occurs when the difference between the order price and the current market price exceeds the allowable spread range while the advertiser releases coins, and you do not accept the updated quote.
In such cases, our platform will convert the quotation provided in the advertisement into an equivalent stablecoin (such as USDT) and credit it to your Funding Account.
Why am I credited with USDT when selling coins on P2P HotSwap?
If the buyer has clicked on Payment Completed, but the order creation time exceeds 15 minutes and the order is eventually canceled, the coin you would like to sell will be converted into an equivalent stablecoin (such as USDT) based on conversion rate and returned to your Funding Account.
Please note that if the buyer hasn't made the payment, your coin will not be converted into a stablecoin.
Example
Suppose you want to sell 1 BTC for 80,000 EUR and create an order at 4PM UTC. Possible scenarios are as follows:
Scenario 1: Normal Transaction
Once the buyer makes the payment and you, as the seller, release 1 BTC to them, the transaction is complete. The buyer receives 1 BTC, and you successfully sell your BTC for 80,000 EUR.
Scenario 2: Order Cancellation
The order was not executed: The buyer hasn't clicked on Payment Completed and manually cancels the order at 4:20PM UTC (within the 30 minute advertisement payment time), you will receive your original BTC back after the cancellation.
Scenario 3: Order Cancellation
The order was executed: The buyer has clicked on Payment Completed, and at 4:20PM (order creation time exceeds 15 minutes), the BTC to sell will be converted into USDT based on conversion rate and returned to your Funding Account.
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