How to Offramp Crypto to Fiat Using ByBit's P2P Trading: A Step-by-Step Guide

How to Offramp Crypto to Fiat with ByBit’s P2P Trading: A Complete Guide

Converting your cryptocurrency to fiat can be challenging in some regions. ByBit’s P2P trading offers a secure and easy way to convert your crypto to fiat. This guide walks you through the entire process, ensuring you can safely cash out.

Why Use P2P Trading?

In many countries, direct crypto-to-fiat conversions can be difficult due to limited options. P2P (peer-to-peer) trading connects buyers and sellers of crypto, allowing users to cash out their digital assets into local currencies. ByBit’s P2P market currently supports USDT, BTC, ETH, and USDC.

Important Tip:

Never release your crypto until you see the fiat in your bank account!

Step 1: Convert Your Crypto to a Supported Currency

Since ByBit’s P2P market supports only USDT, BTC, ETH, and USDC, you'll need to convert any unsupported crypto (such as ADA) into one of these currencies.

1. Click "Convert": Choose the cryptocurrency you want to convert and exchange it into USDT, BTC, ETH, or USDC.
   
   
2. The conversion happens almost instantly, so you’ll have the funds available for P2P trading.
   
   

Step 2: Access the P2P Market

1. Go to the P2P Market: On ByBit, navigate to the P2P trading section.
2. Select "Sell": Choose the cryptocurrency you want to sell (in this case, ETH).
3. Choose Fiat Currency: Select the fiat currency you want to receive (e.g., EUR).
4. Choose Your Payment Method: In this example, we used Bunq and Revolut as payment methods.
   
   

Step 3: Set the Amount to Sell

1. Click "All" to sell your full balance or enter a custom amount.
   
   
   
   
2. Share Details: Once the buyer is matched, share your name and IBAN with the buyer to complete the transaction.
   
   
   
   

Step 4: Wait for Payment Confirmation

• Once the buyer sends the funds, you will receive a notification to confirm the transfer. Always check your bank account to ensure the money has arrived before releasing the crypto.
  

Step 5: Release the Crypto

After confirming the funds in your account:

1. Click "Release": This transfers the cryptocurrency to the buyer’s account on ByBit.

   Reminder: Never release your crypto until the fiat has been successfully deposited into your account.

What If Something Goes Wrong?

• Communication Issues: In some cases, buyers may send funds from a different account or bank than expected. If something seems off, communicate with the buyer directly, or refuse to release the crypto if you're unsure.
• Payment Method Preferences: ByBit’s P2P market allows flexibility in choosing payment methods, so you can find the one that best suits your needs.

Final Thoughts:

ByBit’s P2P trading is a great solution for converting crypto to fiat in regions with limited cash-out options. Once you complete your first transaction, the process becomes quicker and easier. Always remember to double-check the details and never release crypto until you receive the fiat in your account.