BingX P2P (peer-to-peer) is one of BingX's fiat trading options. It enables seamless connections between users and merchants for quick exchanges between fiat currency and cryptocurrency. Currently, P2P merchants set prices and post buy and sell ads on BingX P2P, and users choose merchants to trade with on their own. BingX P2P Trading supports more than 60 fiat markets, including USD, EUR, RUB, PHP, and VND. Additional fiat trading pairs will be added over time—stay tuned! P2P Portal >>
2. BingX P2P traders
After completing platform identity verification (KYC), BingX users can use BingX P2P to select merchants or ads to exchange fiat and cryptocurrency. KYC is required to verify that the related accounts are legally registered to and used by the account holder.Visit "Avatar" - "Identity Verification" to check for the required documents.
3. Order makers and order takers
- Order maker: On the BingX P2P platform, a user who posts crypto buy or sell ads after being approved as a merchant is called an order maker.
- Order taker: On the BingX P2P platform, a user who selects a posted buy or sell ad to exchange fiat and cryptocurrency is called an order taker.
4. Ad filters
BingX P2P lets users filter ads by fiat currency, amount, and payment method. After you complete the settings, the system will automatically match you with the most suitable advertiser based on the best price, preferred payment method, and trade amount.
5. “Timeout” Status
When an order taker places an order on an ad, the order enters the in-progress status. Please note that if the buyer does not click “I have paid” before the payment countdown ends, the order will be automatically canceled when the countdown ends and the status will change to “timeout”. The seller will not be able to release the crypto, the seller’s locked funds will be unlocked, and the buyer will need to place a new order.
If the buyer has already paid the seller, be sure to click “I have paid” before the countdown ends.
6. “Paid” status
When both buyer and seller agree and commit to a transaction, the trade enters the in-progress status. If the buyer clicks the “I have paid” button after making the payment, the order status will change to “Paid.” This status means the seller’s assets will be securely locked until both parties confirm the payment is complete.
If the seller receives a notification that the buyer clicked “I have paid,” check the corresponding receiving account to confirm the funds have arrived before releasing the crypto.
7. “Release crypto” operation
Once the buyer completes payment and the seller confirms receipt, the seller will release crypto and transfer the agreed amount of cryptocurrency to the buyer.
8. Importance of binding payment/receiving methods
To ensure your order matches an appropriate counterparty, the system will review the payment methods you add to confirm both parties can use the same payment channel.
You can link payment/receipt methods in the BingX App and on the web. Please note that the name on the receiving account must match the KYC name on the BingX platform; otherwise, the merchant has the right to request that the order be canceled.
9. Key differences between the Quick Buy area and the P2P section
In the "Quick Buy" area, the system automatically matches you with the best trading option (including third-party channels and bank card buy-crypto methods), while in the "P2P" section, you can choose a suitable buyer or seller to trade with.
10. Meaning and importance of the "T+1" withdrawal limit
After you buy crypto via P2P, the platform will freeze the funds for that transaction. You can withdraw or sell them only after 24 hours. The "T+1" withdrawal limit provides a 24-hour buffer period to better protect users’ asset security. Click here for details>>
11. Initiating an appeal
If a dispute arises between the trading parties, you can initiate an appeal and submit relevant evidence through the order page. BingX customer support will intervene to help resolve the issue. During the appeal handling process, the disputed assets will be securely locked by the platform until the appeal is resolved and the assets are unlocked.
12. Withdrawing an appeal
If both parties reach an agreement and no longer need customer support, the appellant can choose to withdraw the appeal. The appealed order will be changed to a canceled status, and up to three appeals can be filed for the same order.
Recommended reading:
FAQ | Common questions for BingX P2P users
FAQ | Common questions for BingX P2P merchants
BingX tutorial | How to sell cryptocurrency via P2P trading?