We ran a P2P research project at Breet in November 2025, with seven people trading on Bybit P2P. Here’s what two of them experienced.
My Experience Using Bybit P2P: A Detailed Review of Two Transactions
Hello, my name is Nire and here is my experience trading USDT on Bybit P2P.
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First Trade on Bybit P2P: A Smooth Start With a Few Notable Concerns
My first trade on Bybit P2P was surprisingly smooth, especially since the account was new. From opening the order to completing the entire exchange, the process took less than five minutes.
The buyer was polite, responsive, and made payment quickly, which helped the process move without delays.
1. User Interface
The P2P interface on Bybit was clear and easy to navigate. Labels such as “Mark as Paid” and “Release” were straightforward, making the entire flow beginner-friendly.
Even though it was my first time using a new account, I didn’t struggle to locate any essential functions.
2. Fast Confirmation
Once the buyer transferred the funds, they appeared in my bank account almost immediately. Confirming payment and releasing the USDT was quick and simple.
Bybit’s workflow minimized the number of steps, so there was no unnecessary back-and-forth between screens.
3. Security Prompts
Before payment was made, Bybit displayed a fraud-related warning banner. It was slightly alarming, especially for a first-time user, because it highlighted recent scam cases on the platform.
However, it also showed that Bybit is monitoring trading activity and attempting to prevent potential issues.
4. A System That Depends on User Honesty
The process relies heavily on trust. Buyers can mark their payments as completed manually, and sellers must check their bank app to confirm before releasing the coins.
When both sides act in good faith, the system works well, but there is room for dishonest behavior.
5. Smooth Mobile App Experience
The Bybit mobile app performed well throughout the trade. Notifications came in instantly, the interface didn’t lag, and there were no glitches or interruptions mid-transaction.
This helped reduce anxiety during the payment window.
6. Transparent Payouts
There were no hidden charges and no difference between the listed exchange rate and the amount received.
The payout matched exactly what was shown on the order summary.
7. Areas for Improvement
One limitation I noticed was related to identity verification.
Bybit restricts users from reusing the same NIN or BVN across multiple accounts. This can be frustrating for people who lose access to an old account and want to create a new one legitimately.
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Bybit P2P Review: What I Didn’t Like About my First Trade
Although the trade was smooth, a few concerns stood out:
Rate Negotiation: The buyer attempted to negotiate a lower rate (₦21,500 instead of ₦21,802). This is common on P2P platforms, but it can slow down the process or cause tension.
Unverified Payment Proof: The buyer only sent a generic “PAID” stamp image instead of an actual bank transfer receipt. Images like that can be easily faked and are not reliable for verification.
Missing Payment Details in Chat: Bybit did not show my bank name or account number inside the chat confirmation window. This could lead to mistakes if a buyer pays into the wrong account.
Security Banner: The fraud warning pop-up highlighted ongoing scam risks, which may unsettle beginners.
Manual Confirmation Required: I had to check my bank app myself before releasing the USDT, since Bybit does not verify payment authenticity on behalf of the seller.
No Escrow Validation of Receipts: The platform relies on the seller’s judgment rather than validating whether the uploaded receipt is real.
My Second Trade on Bybit P2P: A False Payment Claim and a Quick Resolution
The second transaction involved more complications, and it highlighted why caution is important on P2P platforms.
1. The Buyer Marked Payment as Completed Without Sending Funds
Shortly after opening the order, the buyer marked their payment status as “completed” even though no money had been transferred. They also uploaded the same type of “PAID” stamp image as supposed proof of payment.
This created an immediate red flag.
2. Attempt to Cancel After Being Questioned
Once I confronted the buyer about not receiving the funds, they tried to cancel the transaction. This seemed like an attempt to exit the situation quickly after the false payment claim.
3. Buyer Communication
Although their behavior was suspicious, the buyer did reply in the chat. However, their responses included confusing messages like “let me approve,” which felt more like a tactic to stall the process.
4. Platform Protection
Thankfully, Bybit’s escrow system kept my USDT locked throughout the issue. I did not release the coins until I confirmed the actual payment in my bank account. The platform allowed easy cancellation of the trade since the buyer had not provided legitimate proof.
5. Resolution Time
The entire situation; from the false payment claim to the trade being cancelled, was resolved in about 15 minutes. Although it was not ideal, the process did not drag on for too long.
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My Experience Trading on Bybit P2P: Complete Review (Second Participant)
Hello. I’m Bolaji, and in November 2025, I was part of the traders selected to carry out Breet’s P2P Research. I was assigned to use Bybit P2P platform and complete 3 transactions. Here’s my experience.
Bybit P2P Verification
It took 30 minutes to approve my KYC. I was told to do a face capture and my BVN was requested. After that, I could initiate a trade.
My first attempt was to sell about 20 USDT. It took some time to locate a trader whose limits matched what I had available. When I finally selected one from the Bybit P2P section, the trader sent a screenshot claiming to have made the payment and asked me to release the coins.
The screenshot didn’t look authentic (screenshot below shows an image of a bank app interface), and I hadn’t received any bank notification, so I declined.
I cancelled the order afterward, but the platform required a 30-minute wait before the coins could be returned to me.
During that period, the buyer could still dispute the trade, and if that happened, it was possible I might not receive the coins back. This extended what should have been a simple process into nearly an hour.
Second Trade on Bybit P2P: Traders Requesting Off-App Communication
My second attempt involved selling about 15 USDT.
Again, finding a trader who accepted a low amount took a while. When I matched with one, he asked for my WhatsApp number so we could move the trade off the platform. He stated, “No number, no payment.”
Since I had already provided my account details within the app, I didn’t feel comfortable continuing the conversation elsewhere.
This happened with two additional traders as well; both preferred to communicate off the app before making payment, and I declined each time.
Eventually, I found someone willing to complete the process fully within the platform, and that transaction went through more smoothly, although it took about 17 minutes for the second transaction to be marked as completed on the platform.
Although finding suitable traders took time, the actual payments did not. Once a legitimate buyer sent the money, it typically arrived in about two to three minutes. This part of the process was straightforward compared to the delays earlier on.
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Overall Observation of my Trading Experience on Bybit P2P
Overall, selling small amounts of USDT on Bybit P2P took longer than I expected.
The main issues were related to low trading limits, a fake payment attempt, and multiple traders insisting on moving communication off the platform before paying.
Although payment itself was quick once completed, the steps leading up to it made the entire process more time-consuming than anticipated.
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