Phemex offers P2P (peer to peer) services, where users can buy crypto with local fiat or sell crypto for local fiat. Please note that different countries may have different purchasing options subject to each fiat partner. To learn more about P2P services, check out What Is Peer 2 Peer Trading?
Here is a step-by-step guide on how to sell crypto on the P2P marketplace.
- Register or make sure you are logged into your Phemex account.
- On the header menu, hover over ‘Buy Crypto’, and click ‘Buy crypto on P2P marketplace’.
- *Completion of KYC and binding 2FA is mandatory for P2P selling
3. You will then be taken to the P2P Crypto Marketplace page where you can buy and sell crypto with other local users. Two transaction methods exist: Express and P2P Trading (Express is selected by default).
Sell with Express
- Make sure you have the Sell tab selected.
- In the I want to sell field, enter the amount of crypto you want to sell, then select the desired cryptocurrency from the drop-down menu.
- The I will receive field will auto-populate based on the fiat amounts and currencies selected. Click on the drop-down menu to find and select your desired fiat currency.
- NOTE: Quoted amounts are based on the Reference price displayed, but final amounts may change with market prices.
- Click the Sell button when ready.
6. The next window will display a summary of your order and all the available payment options with their respective prices. Select your preferred method.
7. Click the Confirm Sale button when you are ready.
- Before users confirm the purchase, they must make sure that there is no pending orders to avoid this outcome:
8. The next Pending Order page has multiple elements with key information as detailed below:
- Note the timer, as the transaction must be completed before the time runs out.
- This area displays the amount you must receive from the buyer.
- This area includes all of the banking information you will need to check your balance from the buyer.
NOTE: This example displays the information needed for a bank transfer, but other types of information may be displayed here depending on the payment method selected.
- This bottom area allows you to finalize your transaction, cancel the order, or initiate an appeal after a given amount of time.
9. Once you have received the payment, confirm it by clicking the “I have received payment” button. After confirming the payment, Phemex will automatically release the crypto to your buyer.
10. The transaction is complete! Congratulations, you have successfully sold your crypto for fiat on Phemex’s P2P Crypto Marketplace.
Sell with P2P (Self-Select)
1. Click on the P2P Trading tab.
2. Click on the Sell option. To the right of it, click on the cryptocurrency you wish to buy.
3. Within this same menu bar, enter the amount of crypto you want to sell, then select the desired crypto currency from the drop-down menu.
- Click the All Payment drop-down menu to filter by payment method type.
- Click on Refresh to update the list of advertisers and prices.
4. As you adjust the filtering options, the list of sellers will automatically update, displaying only those that match your requirements.
5. Click on the Sell button for your desired buyer.
6. The pop-up window will display a summary of the seller’s data. Enter the exact amount of crypto you want to sell in the I want to sell the field. As you do, the approximate amount of fiat you will receive will auto-fill.
7. Set the payment method and click the Sell button when ready.
8. For the next steps, scroll above and look at steps 7 to 11 from the Buy with Express instructions to proceed.
- NOTE: Make sure to check your buyer’s profile and view all their data before making a purchase to avoid any future problems with your transactions.
- User data includes info such as name and rating, number of trades completed in 30 days, the completion (successful) rate of their orders completed in 30 days, average time to release crypto, and total trades completed.
- In the case of either the seller not releasing crypto or the user not transferring the fiat, the order for the cryptocurrency can be canceled.
- In the case of the Order expiring as it failed to be processed within the payment time, users can click on Open An Appeal to open a dispute. The two parties (seller and buyer) will then be able to initiate a chat with each other to better understand the issue. Click Chat to begin.