Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P

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P2P exchanges (peer to peer) of bitcoin and cryptocurrencies represent one of the easiest and most practical ways to buy or sell digital assets for national currency. One of the platforms to carry out this type of exchange is KuCoin, which has P2P services.

This exchange has more than 10 million users and has been in the market since 2017, based in Seychelles. In addition to P2P cryptocurrency exchanges, KuCoin offers spot trading, margin trading, futures, staking and loans in approximately 200 countries. In this tutorial you will learn how to trade bitcoin and altcoins on KuCoin P2P, even if you have no experience with this type of platform.

What is KuCoin P2P

P2P is the acronym for peer-to-peer. This means that when trading on P2P platforms, you are trading directly with other users and not with the platform itself. In this case, KuCoin P2P is the means for the parties involved to exchange bitcoin and other cryptocurrencies for national currency.

It is an exchange method that is characterized by flexibility, since you decide with whom to trade, the price at which you will sell or buy the asset and the payment methods that you will accept. Now, keep in mind that when trading with other users, the risk of scams increases, so you have to be careful. But you can learn to identify the warning signs.

The advantage of KuCoin P2P is that it has a guarantee deposit to ensure that both parties receive the agreed funds. KuCoin temporarily freezes the seller’s cryptocurrencies, while the buyer must make the payment in national currency through the established method. Once this is done, the cryptocurrencies are automatically released into the buyer’s KuCoin account.

How to trade bitcoin and cryptocurrencies with KuCoin P2P

Step One: Sign up and verify your account

Prior to make P2P exchanges With bitcoin and altcoins on KuCoin, you have to register on the platform. Luckily, the process will not take you more than five minutes. You have two options to register, with a phone number or email.

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Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P

If you choose the email, you must enter the address and click on the blue button «Send code». In a matter of seconds, you will receive a numerical code to your email that must be entered in the “Email verification code” section. Then, you set a password, agree to the terms and conditions of use, and click “Sign Up” to complete the process.

In case you register with a phone number, the process is the same, only you will receive the validation code by SMS.

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
To register with KuCoin you need an email or phone number. Source: KuCoin

Once registered, you can do KYC verification, although it is not mandatory. Hover over the user icon in the upper left corner. A menu will be displayed with the option “KYC Verification”, click there and the platform will direct you to the page you will see below:

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
By doing the KuCoin KYC verification you will have more benefits, such as a higher trading limit. Source: KuCoin

Click on “Start Verification”. You have to enter some basic data, like name, country of residence, type of identity document and document number.

Then, you have to upload a photo of the identity document, one from the front and one from the back, as well as a selfie in which you hold a handwritten note with the following information: name, verification code and date. Make sure the photo is sharp and the note reads clearly.

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
To complete the KYC verification, you must upload a photo of your identity document. Source: KuCoin

After uploading the photos as well as reading and accepting the verification disclaimer, click the “Submit” button. You have to wait a bit for the KuCoin team to approve your request, and you will already be a verified user.

Step Two: Fund Your Account

If you wish sell cryptocurrencies in KuCoin P2P, you have to fund your account first. In the upper left corner is the icon wallet. when doing click there, you will see the following:

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
You can deposit crypto or fiat currency to your KuCoin account. Source: KuCoin

Click on the blue “Deposit” button and select the payment method: crypto or fiat currency. If you choose cryptocurrencies, indicate the digital asset, be it bitcoin, ether or the more than one hundred options. You also have to select the network, and finally copy the address or scan the QR code that the platform gives you to make the deposit.

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
Before selling cryptocurrencies, you must fund your account. Source: KuCoin

It is also possible to make deposits with national currency, but for that your account must already be verified. US dollars, euros, Colombian pesos, Brazilian reais, Argentine pesos and Mexican pesos are some of the alternatives. And the payment method is Advcash.

Step three: Access the P2P exchanges section

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
To access P2P exchanges, click on “Buy cryptocurrency”. Source: KuCoin

In the main menu at the top of the screen, hover over “Buy cryptocurrency”. Click on the second option called “P2P”. In this way, you will already access the exchanges peer to peer of KuCoin.

Step Four: Sell or Buy Crypto?

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
You can accept ads from other users or post a new one. Source: KuCoin

On the left of the screen you will see a number of options, including buy, sell, my orders, my ads and post ad. Select “buy” or “sell” if you want to accept ads previously posted by other users.

If you want to create a new one, click on «Publish ad». However, only KuCoin traders can post. To become a trader, you must apply by application which may take up to seven business days to process.

Step five: Select a user to exchange

To avoid waiting, simply select one of the ads that are already posted. When buying cryptocurrencies, choose between USDT, BTC, ETH, KCS or USDC and the national currency with which you are going to make the exchange. All the ads available for that currency will automatically appear.

After analyzing data such as the payment methods accepted by the seller, the limit, the price and the user’s reputation, click the “Buy” button next to the ad you want to accept. The same applies when selling.

Step Six: Complete the Order

After selecting an ad, it is time to place the order. To buy, you have to enter the amount in national currency in the upper bar and in the lower bar the amount in cryptocurrencies that you will receive will appear. You cannot buy less or more than the seller has set the limit.

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
Indicate the amount in national currency that you are going to buy. Source: KuCoin

Read the observations of each trader to ensure that the exchange will be carried out properly. After completing the mentioned fields, click on “Place order”.

To sell cryptocurrencies, you first need to link your phone number to your KuCoin account, set a business password, and set fiat payment methods. The process to sell is very similar to the one mentioned above to buy.

Enter the amount you want to sell in national currency and the number of cryptocurrencies that will be deducted from your account will appear in the lower bar. Place the code to trade and click on “Place order”.

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
The amount of cryptocurrencies to be sold must match the limit established by your counterparty. Source: KuCoin

Step seven: Release the funds or mark “paid”

Seven steps to exchange bitcoin and cryptocurrencies on KuCoin P2P
When you make the payment, click on “mark as paid”. Source: KuCoin.

When you buy, after placing the order, you have to make the payment with the corresponding method. Upon completion, mark “paid” for the seller to release the funds. It is important that you make the payment in less than 30 minutesIf not, the order will be automatically cancelled.

Wait for the seller to confirm receipt of the funds and release the cryptocurrencies, which will be deposited into your main KuCoin account. If the seller does not release the assets within the time specified by the system, or if there is a problem during the transaction, please contact him through the chat window on the order page.

If you are the seller, confirm that you received the correct amount of money in the chosen medium. Do not trust, always verify, Even if the buyer sends you images of proof of payment or other evidence, it enters your bank account. If all is well, you can release the funds, but do it before the time runs out. With that, the order will be completed.

conclusion

KuCoin P2P is a practical and easy way to buy or sell cryptocurrencies with national currency. The platform gives you the opportunity to choose the offer that best suits your needs or create a new one if you can’t find what you’re looking for.

Remember to take certain security measures when exchanging bitcoin directly with other users, as the risk of fraud on P2P platforms is always present. If you are the seller, always verify that you received the funds before releasing the payment, and in case of any problems, contact KuCoin.

KuCoin has a guarantee deposit to ensure that both parties comply with their payment. And one advantage is that the platform does not charge commissions for P2P exchanges. The exchange has other services that may be of interest to you, such as cryptocurrency loans. Take a look at the following review to know more about it.

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