To convert Pi coins into Pakistani rupees (PKR) on the Bitget platform, users must first ensure that the Pi coins they hold are Mainnet Pi located on the Pi Network mainnet, rather than the balance from the early mining stage. And the registration of the Bitget account and the advanced KYC verification have been completed. According to Bitget’s 2023 Security compliance report, its KYC Level 2 authentication usually requires users to provide identification documents and facial recognition. The average review approval time is 12 minutes, and the approval rate is 98%. Currently, the process of depositing coins from the Pi network to the exchange involves users generating a one-time signature transaction through the Pi wallet. The average block generation time of the network is 5 seconds, but the first deposit usually requires 1 to 3 confirmations, taking about 15 seconds to 2 minutes. For instance, in the first quarter of 2024, the Bitget platform recorded a success rate of 99.5% for Pi coin deposits, with 90% of the funds arriving within three minutes.
After the Mainnet Pi is successfully recharged to the Bitget account, users can conduct trading operations in the spot trading market. Bitget supports the trading pair of Pi and USDT (PI/USDT), which is a key intermediate step in the process of converting pi into pkr. The average 24-hour trading volume of this trading pair in April 2024 was approximately 2.5 million USDT. The Spread between buy and sell orders typically remained around 0.001 USDT, providing good market liquidity. Users can choose market orders for immediate execution, with an average execution speed of less than 100 milliseconds. They can also set limit orders to specify the expected price. Historical data shows that the average waiting time for limit orders to be executed is approximately 45 seconds. Referring to a local user case in Pakistan, a user from Lahore successfully sold 5,000 Pi at an average price of 0.0115 USDT in March, and the order was fully executed within 18 seconds.
After successfully selling Pi for USDT, users need to further convert USDT into Pakistani rupees. Bitget provides P2P merchant services through its third-party payment partners and supports the fiat currency channel of PKR. There are over 50 certified Pakistani merchants on this platform, offering various quotations and payment methods. Users need to enter the P2P zone, select “Sell USDT” and specify the payment method as bank transfer or local e-wallets such as JazzCash. The exchange rate is usually 1.5% to 2.5% higher than the official bank rate. For instance, on April 15th, the market’s central exchange rate was 1 USDT ≈ 278 PKR, while the buying quotations of P2P merchants ranged from 277.2 PKR to 280.5 PKR. A student user from Karachi sold 100 USDT in January this year and finally made a deal at a price of 27,780 PKR, with the entire process taking 7 minutes.
Cost control and risk management are of vital importance throughout the entire exchange process. The Maker fee for Bitget spot trading is usually 0.1%, while the Taker fee is 0.15%. For users with a monthly trading volume exceeding 100,000 USDT, the rate can be reduced to 0.08%. P2P transactions themselves do not charge additional commissions, but merchants’ quotations already include their profit margins. Users must be aware of the risk of price fluctuations. The historical daily price fluctuation rate of Pi coin is as high as 15%. Under extreme market conditions, the total time from initiating a deposit to the final completion of the P2P sale may exceed 30 minutes, during which the coin price may change significantly. In addition, it is essential to only conduct transactions with P2P merchants that have a credit rating above 95% and have completed more than 1,000 transactions to minimize the risk of fund freezing or fraud. Bitget’s margin merchant system provides a margin guarantee of up to 10,000 USDT.