Crypto Expert (Beginner to Pro) #10 - P2P Marketplace in Cryptocurrency (Part II): How to Sell as a Maker Taker

Introduction

The movement of funds in crypto shouldn't be an extreme burden or concern for the most basic user. The technology behind most of the crypto products is put in place to simplify user interaction day in and day out.

We will be moving into volume 2 of the P2P marketplace that was started one week ago, and this edition entails selling as a market taker on one of the most popular platforms in this region.

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ByBit Marketplace

Bybit P2P marketplace is one of the most popular ones in this region; it became more relevant after the exit of Binance P2P due to government policies.

With many thousands of traders across the country, the ByBit P2P marketplace has remained the main medium for Fiat to crypto conversion and vice versa.

We will be utilizing the mobile App for the exploration of the ByBit P2P marketplace due to IP restrictions while using the web version. Let's take the steps one after the other:

• First, ensure the asset you are willing to trade on the P2P is in the funding wallet. Locate the P2P trading from your ByBit App landing page.

If you can't find P2P trading as shown in the screenshot above, consider using the more icon to explore options and get hold of the P2P.

• On the P2P marketplace, there are options to select a choice asset, equivalent amount in a desired currency, payment method and so on. Most of the filter options we have discussed in the previous edition.

• Recently, the minimum USDT that can be traded on the ByBit P2P marketplace is 10 USDT, but if you are selling below 10USDT, you can consider converting your asset to USDC (as you can trade USDC even when less than 10). On the filter page, I included the amount 18,000 NGN because I'm looking at selling 10 USDT and choosing a payment method (Bank transfer and Opay) to narrow down ads to suit my trade.

• Now, I have a lot of ads to choose from while I utilized some of the factors we considered in the last volume of P2P here to ensure we are trading with genuine traders who are not in to play games.

• From the screenshot above, you can see an overview of the trades the market maker has made in the last 30 days, the completion rate in percentage, payment window, total assets holding for sale, limits (lower and upper) and so on. To see more, you can click on the ads' profile icon beside the ad maker name to see more like total buying and selling since the account started operating and, most importantly when the account was created and its first trade (in days).

• Having satisfied with the basic account metrics, proceed below the chosen ad page, locate the desire ad (an account can have numerous ad at a time) and click the sell button.

• Input the amount you are willing to sell and initiate the selling process.

• You can see the details of the trade while waiting for the payment. Note- Ensure you get the payment before proceeding to release the asset. The release button remains inactive until the buyer marks the order paid

• You can use the contact buyer on the screenshot above to chat with the buyer in case of a delay or other reasons. Hit the release button when you have confirmed payment in your preferred payment method.

• From the screenshot above, you can see the order dispute button which can be used if there are issues during the transaction. If there are none, proceed to click the release button, check the boxes on the next page to acknowledge you have received the right amount and use your passkey (OTP from email, authentication code and so on) to confirm the transaction.

Boom! You have just completed the process of selling your USDT without involving a third party thereby saving yourself a lot of stress and the possibility of falling a victim into the hands of manipulators.

It's a wrap for the week and we will be coming up with a buy transaction in the next edition and from there to how to make money as a market maker. Until then, have fun!