Q1: What is P2P Trading? How is pricing determined?
BingX P2P Trading (peer-to-peer) is a user-centric fiat currency trading platform that enables seamless fiat-to-crypto trades between users and merchants. As a transaction facilitator, BingX provides a platform for both buyers and sellers to publish advertisements (ads); however, the displayed ad prices on the platform are not provided by BingX.
Currently, merchants set prices and publish buy/sell ads, allowing users to choose their preferred merchants to trade with. BingX P2P Trading supports USD, PHP, VND and more, with additional fiat currencies set to be added in the future. Stay tuned!
P2P Portal >>
Q2: How does BingX ensure the security of my funds?
Once a seller's ad is published, the corresponding amount of cryptocurrency will be automatically deducted from the seller's Fund Account. The cryptocurrency remains frozen for the duration of the transaction unless the order is canceled.
Before confirming the receipt of buyer's payments, seller must not release the cryptocurrency or manually cancel the order. It is important to note that certain payment methods used by buyers do not support instant crediting of funds, posing a risk of payment chargeback.
Why should we enable Two-Factor Authentication (2FA)?
To enhance the security of users' P2P transactions, all users in P2P Trading are required to perform actions such as receiving payments and releasing cryptocurrency during the trading process. These actions require users to enter a two-factor authentication code, ensuring that the transactions are conducted by the legitimate owner.
Q3: How to buy crypto on BingX? Do I need to pay a fee?
Before buying cryptos for the first time, you need to complete KYC (Know Your Customer) verification in the "Identity Verification" page. Once verified, you can quickly buy cryptos through P2P Trading.
Step 1: Visit "P2P Trading", search for your fiat currency and rate you want to pay, and select a merchant.
Step 2: Choose a payment method and contact the seller to get the transaction details.
Step 3: After completing the payment through the third-party platform, click "Confirm Payment" on the order page. After that, wait for the seller to release the cryptos to your account.
Please do not click "Paid" until the payment is successfully completed, as this may result in certain restrictions on your account. The transaction duration varies based on receipt time and communication speed, typically ranging from 15 minutes to 2 hours. If you haven't received the corresponding fiat currency or cryptocurrency for your order, you have the right to file an appeal.
BingX Tutorial | How to Purchase Crypto via P2P on BingX >>
Q4: Is KYC verification mandatory for using BingX P2P Trading? What documents are required?
All BingX users must complete KYC verification to use the BingX P2P Trading service. This is to ensure that accounts are signed up for and operated by rightful individuals. Visit "Avatar" - "Identity Verification" to check for the required documents. Entity Verification is not supported currently.
Importance of identity verification: After the orders of both buyers and sellers are matched, both parties must complete KYC verification to prove their identity for the transaction. This helps the seller confirm that the buyer and the matched user in the order are the same person.
Q5: How to sell crypto on BingX?
Before selling cryptos for the first time, ensure you've added a payment method, such as a bank account or other third-party payment platforms where you'll receive payments from merchants.
Step 1: Visit "P2P Trading" and select "Sell".
Step 2: On the "Sell" page, select the fiat currency, enter the amount and click "Search". You can refine your search by choosing a specific payment method. Pick an ad that matches your criteria and click "Sell USDT".
Step 3: After the merchant completes the payment, verify the receipt of the payment in your receiving account or wallet. Once verified, release the cryptos to the buyer to complete the order.
💡 If you have not received the payment, or if the name of the payer or the payment amount does not match, please communicate with the buyer. If the issue persists, you can file an appeal. Do not release the cryptocurrency to the other party until the issue is resolved.
BingX Tutorial | How to Sell Crypto via P2P Trading >>
Q6: How do I link a payment method? Does my bank account name have to match my KYC name?
(1) BingX App: On the P2P Trading page, tap "..." in the upper right corner, and tap "Payment Method" to add your payment method for receiving payments when selling cryptos.
(2) BingX Web: On the "P2P Trading" page, go to "P2P User Center" and click "Payment Settings". Select "Add an account". Alternatively, you can add your payment method in the pop-up window during the selling process.
Please note that the receiving account name must match your KYC name on BingX. Otherwise, the merchant has the right to request an order cancellation.
Why is it mandatory to add a payment method?
P2P trade occurs directly between two users. The payment methods of the buyer and seller must match for the seller to successfully transfer funds.
For example: User A holds a bank card from Bank X and intends to buy cryptocurrency using the bank transfer method. In this case, User B must also hold a bank card from Bank X to receive the funds transferred by User A, thus finalizing the transaction.
Q7: How long does it take to withdraw/sell cryptos after buying them through P2P Trading?
To prevent abnormal deposits and withdrawals, money laundering, fraud, and other illegal activities, the T+1 withdrawal limit is implemented for P2P trades. This means that users need to wait at least 1 day after buying cryptos through P2P Trading before they can withdraw or sell them.
Q8: I am an ordinary user, can I post ads for buying and selling cryptos?
Currently, BingX P2P Trading only allows approved merchants to publish ads. You can view the merchant application requirements and guide on the "Merchant Application" page.
Q9: What payment methods does BingX P2P Trading currently support?
BingX supports 300+ payment methods. After selecting the buy/sell currency and the corresponding currency, you can choose an ad based on the payment method options provided by the merchant.
Q10: How to check my order history?
Visit "P2P Trading" and click "Orders" in the upper right corner to view your order history.
Q11: What if there are no matching sellers/ads when buying cryptos?
You can visit the "Buy Crypto" page to search for more ads from other channels. If you still can't find the ad that suits your needs, you can provide feedback to our customer support.
Q12: Can P2P Trading be used on the website or app?
Q13: How much does the P2P Trading charge in fees?
Our platform doesn't charge fees from buyers and sellers. However, please note that you may need to pay fees to third-party channels depending on your selected payment method.
Q14: How can I change my nickname?
You can change your nickname according to the following methods.
App: Tap on the avatar in the upper left corner, then tap on your avatar again to enter the Profile Settings page and change your nickname.
Web: Click on the avatar icon in the upper right corner - "Account & Security" - "Nickname"'.
Q15: Can I use someone else's payment account for P2P Trading?
No, BingX only accepts payment accounts registered under the name that you used for your identity verification.
Q16: Can P2P merchants use BingX's logo and name as their profile picture and nickname?
No, this is not allowed. If reported by users or detected by the system, your nickname and profile picture will be removed. Repeated violations may result in restrictions on some P2P features.