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Gate.io > Help Center > OTC/P2P Trade > Notes for OTC / P2P
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P2P User Guide
Updated at:610 days 11 hours ago

What is Fiat Trading?

P2P means “Peer to peer”. P2P trading means trading between two individuals, non-corporate involved trading. The buyer pays the seller outside of Gate.io, and then the seller transfer the agreed purchased asset to the buyer.

Before you start Fiat Trading, you need to complete the KYC process, verify your mobile phone number, credit card. You cannot bind someone else’s credit card with your account.

What is Block Trading?

It will be considered as a block trade when the volume per order is over 30,000USDT.

P2P Fiat Trading Process

1.P2P fiat trading is online 24*7. As a user, you can trade through the automated or choose Merchants to buy from or sell to.

2.The automated Fiat Trading matches the most suitable orders for you when you trade. The price of the selected order may vary from the estimated price. Therefore, when you made a trade, please make sure to double-check your quantity and the price before you confirm your order.

Note: When you make an order, the buying/selling price on the page is the best available price on the market at that point. The actual price that you get matched might change due to the restrictions on your quantity and the payment method.

3.The buyer shall complete the payment and click the “Payment completed” button within 20 minutes. Otherwise, the order will be automatically cancelled.

4.When you trade outside of office hours, if you are trading in large quantities, please separate the transfer into several batched to avoid delay.

5.After payment is completed, you can click the “Contact” button to contact the counterparty, to remind him/her to check if the payment is received. You also can call them.

6.During the Fiat Trading process, as soon as the buyer verifies that the payment is received, the buyer shall click “Confirm payment received” to release the crypto.

7.During Fiat Tradings, both parties shall be honest. The payment will be transferred directly to the seller’s account, therefore the seller must check the payment information before you make the payment. The platform will not be responsible if you transferred to an incorrect account.

How to buy cryptocurrency on Gate.io P2P?

First, you need to complete the identity verification on Gate.io. Second, you choose the crypto/fiat pair that suits you. Third, you can put down the amount you wish to buy in the “total purchase mount” box, or choose a seller to buy your crypto from. During this process, if you are a first-time buyer, you will be asked to complete a test before going ahead. This test is to make sure that you fully understand P2P trading’s Terms and Conditions and know how to protect yourself. After you finish the purchase (make sure to notify the seller once you’ve done your payment transaction), the seller will send your crypto to you.

How to sell cryptocurrency on Gate.io P2P?

It’s easy to sell cryptocurrencies on Gate.io P2P platform. First, you choose the crypto/fiat pair that you wish to trade. Second, you can either put down the amount of fiat that you wish to sell to, or choose from a seller below. During this process, if you are a first-time seller, you will be asked to complete a test before going ahead. This test is to make sure that you fully understand P2P trading’s Terms and Conditions and know how to protect yourself. You will also need to make sure you have enough amount of crypto in your P2P wallet. Then, you can follow the steps and complete the selling process.

What are the downsides of P2P exchanges?

There are some drawbacks in P2P exchanges, such as: lower liquidity, longer trade times, less intuitive user experience, and less crypto/fiat pairs that you can choose from.

How do I protect myself against fraud?

Gate.io has designed a mechanism to protect both parties of P2P trading. It will protect you from incidents of theft or scam by preventing others from stealing your assets without completing their part of trading.

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