Have you been interested in using Gate.io P2P trading (buying and selling) but don’t know how to start? Then you’ve come to the right place. I’d like to help out by making sure you know how to use P2P trading on Gate.io and the most important things to keep in mind when using peer-to-peer (P2P) platforms as your primary source for buying and selling cryptocurrencies.
This guide will give you a basic understanding of how to use a peer-to-peer (P2P) trading platform on Gate.io.
What is Gate.io P2P trading?
Peer-to-peer, which is called P2P in shorthand, is a means by which two users (a broker and a trader) meet each other to buy and sell cryptocurrencies such as BTC, USDT, ETH, etc.
The broker has already fixed the crypto price; the trader can only choose the one that suits them. The trader uses the P2P method to buy and sell USDT only because the price of other coins is much higher or lower than its current price.
Things to know before using Gate.io P2P trading.
- Make the security changes you want to make in the account 24 hours before using P2P trading. Because of the security change, almost all the activity in your account will be blocked for 24 hours.
- Make sure to set the fund password, as it is required to be entered while selling.
- Add as many payment methods as possible; by doing this, you will be protected from payment failure.
- Irrespective of the payment method, it should be in the name of the person in whose name KYC is done.
- Always buy and sell from those brokers who accept the local currency.
- Check the rating and history of the broker you are trading with and see if it is online or not.
Here is a step-by-step guide on how to use Gate.io P2P trading.
Step 1:
Log in to your account. You can use the web or mobile app; both have the same process.
Step 2:
Click on Gate.io P2P Trading, after which a page will open where the Express and P2P options will appear; you have to choose the P2P option. If you want to sell any coin, then it should be in your spot wallet.
Step 3:
Now you will have the option to buy and sell; choose any one as per your requirements. Click on the coin you want to buy or sell, and then choose your local currency and the payment option of your choice.
Step 4:
The list of all the brokers will open according to your selected option, and it will be in descending order according to the price. You just have to choose any one of them. Before that, check the broker’s price, limit order, and payment or coin release time.
Step 5:
After doing everything, click on the buy or sell button given in front of the broker. As soon as you click, a pop-up window will open in front of you, in which you will have to fill in the quantity (in crypto) or amount (in local currency). After that, click on the Yes button.
Step 6:
As soon as you click, a chat window will open in front of you, and from here you will be able to talk directly to the broker. Now you and the broker have 20 minutes (as per the gate rule) to complete the process.
Step 7:
As soon as the broker releases the payment, a message will appear on your window saying that you have received money (in the case of selling). Check your bank account; if everything is OK, then click on that message. And now that the process is complete, you can check the order history book if you want. And that’s all done.
Things to know while using Gate.io P2P trading.
- Never chat with the broker through any third-party app like Telegram, email, etc.
- Ask for money only using the payment method that is added to your gate P2P account (in the case of crypto selling). If the broker is asking for any other payment method or wants to send it in any other way, refuse it.
- It is possible that the broker will send you a screenshot of the payment as proof, which you should not trust at all. To check the balance, you can directly check the bank account or wallet to verify payment and then confirm the transaction.
- Keep in mind that if you are buying crypto, then you will make the first payment (in local currency), but if you are selling crypto, then the broker will make the first payment (in local currency).
Closing. A guide to using Gate.io P2P trading.
The above guide is about selling crypto, but if you want to buy crypto, the process is exactly the same; you will just have to send money to a given payment destination instead of asking for money in your account.
Gate.io P2P trading isn’t complicated, but it is important to be aware of some basic guidelines. The most important thing to remember is that when you’re trading cryptocurrencies, you are dealing with other people, so make sure you do not get scammed just by your silly mistakes.
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