If you trade crypto through P2P, you’ve probably come across the ByBit platform. It’s a convenient place for exchanging cryptocurrencies where you can quickly buy or sell coins directly to other users. But as with anything involving money, risks can arise. One such risk is encountering an unscrupulous seller or buyer. That’s why ByBit’s P2P trading has a feature that can save you from unpleasant situations — the “Show Only Verified Merchants” filter. Why should you always enable it? Let me explain!
Who Are "Verified Merchants"?
On ByBit, “verified merchants” are users who have undergone a rigorous verification process by the platform. It’s like ordering a product on a marketplace and seeing the “Trusted Seller” badge. These merchants provide assurances that you will receive exactly what you pay for. The platform checks their experience, positive reviews, and how often they complete transactions without issues.
Who Are "Verified Merchants"?
On ByBit, “verified merchants” are users who have undergone a rigorous verification process by the platform. It’s like ordering a product on a marketplace and seeing the “Trusted Seller” badge. These merchants provide assurances that you will receive exactly what you pay for. The platform checks their experience, positive reviews, and how often they complete transactions without issues.
Risks Without the Filter
Now let’s imagine you decide to take a risk and remove this filter. What might you encounter?
Benefits of the Filter
Now for the good news: enabling the “Show Only Verified Merchants” filter opens up a safer world of P2P trading. Here’s why it’s important:
How to Enable the Filter
A simple step that will save you a lot of stress: go to the P2P trading section on ByBit, and next to the offers, you’ll see the “Show Only Verified Merchants” filter. Turn it on — and you’ll only see verified participants with a high trust level.
Waluetta’s Service Immediately Highlights Such Points in Its Instructions!
Waluetta is a technology that quickly finds the most cost-effective way to transfer money abroad. Like Aviasales, but instead of flights and transfers, it’s your money that gets handled. The service automatically selects the best option considering fees and exchange rates, making the transfer process as advantageous as possible.
You can try this:
Now let’s imagine you decide to take a risk and remove this filter. What might you encounter?
- Dishonest Users: There are people who might not send you the money or crypto, or simply disappear, leaving you empty-handed. Yes, the exchange acts as a guarantor and, after you gather a million pieces of evidence that you’ve been scammed, they might refund you eventually. But why go through that hassle?
- Payment Delays: Unverified merchants might fail to meet payment deadlines, dragging out transactions, which can be critical if you need to exchange funds urgently.
- Fake Reviews: Without the filter, you might come across a user who has inflated their positive reviews but is actually a dishonest market participant.
- Frozen Coins: If the merchant was suspicious, the ByBit platform might freeze your crypto for 48, and sometimes 72 hours, as part of their security protocol. Imagine if you needed to transfer money urgently!
Benefits of the Filter
Now for the good news: enabling the “Show Only Verified Merchants” filter opens up a safer world of P2P trading. Here’s why it’s important:
- High Trust Level: Verified merchants undergo strict ByBit checks, ensuring that they are reliable to deal with.
- Stable Transactions: These sellers and buyers usually trade professionally, meaning they are invested in making sure all transactions are swift and trouble-free. The more successful transactions they have, the higher their rating.
- Security of Your Funds: Using verified merchants reduces the likelihood of fraud to almost zero. You can be confident that you’ll either receive your money or quickly resolve any issues through platform support.
How to Enable the Filter
A simple step that will save you a lot of stress: go to the P2P trading section on ByBit, and next to the offers, you’ll see the “Show Only Verified Merchants” filter. Turn it on — and you’ll only see verified participants with a high trust level.
Waluetta’s Service Immediately Highlights Such Points in Its Instructions!
Waluetta is a technology that quickly finds the most cost-effective way to transfer money abroad. Like Aviasales, but instead of flights and transfers, it’s your money that gets handled. The service automatically selects the best option considering fees and exchange rates, making the transfer process as advantageous as possible.
You can try this:
Key Takeaway
In P2P trading, being quick is important, but being careful is even more crucial. One mistake can cost you money, time, and nerves. Therefore, using the “Show Only Verified Merchants” filter on ByBit is not just an option but a necessary rule for those who want to secure their trades.
So don’t take unnecessary risks — enable the filter and trade with confidence!
