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Bybit recently introduced its latest product, Bybit P2P Shield. Bybit P2P Shield, a next-generation program, will establish a safe P2P trading system.
The latest post by Bybit sheds light on how the program will work. Bybit believes in offering a reliable and safe P2P trading environment. The platform understands how users are losing confidence due to an increase in frozen accounts and fraudulent activities.
Bybit P2P Shield focuses on the following:
- Creating an environment where traders feel protected and confident when doingP2P trading
- Offering compensation under unforeseen circumstances where users encounter fraud
- Delivering constant updates for a state-of-the-art trading experience
Here is a quick overview of how the Bybit P2P Shield works:
The program offers financial protection to users who fall victim to fraud activities during P2P transactions on Bybit.
If the Trader Status shows “Verified Advertiser,” users can claim up to 40% of the amount for fraud, 5% for a frozen account, and 5% for personal mistakes.
If the Trader Status shows “Cooperative Advertiser,” users can claim up to 20% for fraud, 5% for a frozen account, and 5% for personal mistakes.
Users need to fill out a form with supported documents to file these claims. Here are some scenarios in which P2P Shield fails to save users.
- If users lose the cooperative or trader advertiser status within 14 days of filing a claim
- If the main account or associated accounts are “high-risk”
- If the claim is submitted with a Custodial Trading Account or Subaccount
- If the user’s name on the receipt does not match the identity on Bybit
- If the claim is submitted 30 days after the order
It is suggested that users go through the terms and conditions laid out by Bybit to understand them completely. Bybit has also notified traders that Bybit P2P Shield does not offer absolute protection. It is up to users to stay vigilant and cautious while trading.