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. BingX provides a channel for buyers and sellers to post advertisements. Currently, merchants set the prices and post the buy and sell ads, so users can freely choose which merchant ads to trade with.
In addition to price and payment method, you can choose reputable merchants to avoid scams. The platform displays recent transaction data on the ad page and merchant profile page to help users assess merchant transaction status. Let's get to know the relevant parameters.
Part 1: Ad Display Page
1. Verified Merchant Status
You'll notice a yellow verification badge next to some merchants' usernames on the P2P self selection page, indicating they are verified merchants. Merchants without this badge are regular merchants.
Verified merchants must meet specific criteria to apply, such as pay/release time, 30-day order completion rate, number of completed orders, etc. They typically have more extensive P2P trading experience on BingX compared to regular merchants.
2. 30D Trades
This is displayed below the merchant's username, indicating the number of successful trades completed with users in the past 30 days.
3. Merchant Online Status
A dot below the merchant's profile picture indicates their online status. A green dot means the merchant has been online within the past 5 minutes, while a gray dot shows they have been offline for over 5 minutes. The last online time will also be shown below. The more recent the online time, the shorter your wait time is likely to be.
4. Prerequisites for Counterparties
When merchants are posting ads, they may set certain prerequisites for their counterparties. A green button indicates that you place an order on the ad. If the button is gray and marked "Ineligible", it means that you currently don't meet the merchant's prerequisites and cannot place an order on this ad. If you still wish to place an order, click to view the prerequisites needed to qualify.
5. Ads requiring verification
When a merchant publishes an ad, they may choose to require additional verification of security information. If you see this prompt, it means you will not be able to view the merchant's payment details immediately after placing the order. After you provide the verification information the merchant requires and the merchant verifies it, the merchant will provide their payment details so you can transfer the funds.
6. Recommended ads
If a merchant has a strong transaction history and competitive prices, the platform may invite the merchant to participate in an advertising partnership. Merchants who receive a partnership invitation may have their ads designated as recommended ads, gaining top-placement benefits and increased ad recommendation exposure.
7. New user subsidy ads
These promotional ads offer benefits to new P2P users. Each person has a daily subsidy limit, so subsidies are distributed on a first-come, first-served basis. Merchants offering the best prices in the corresponding fiat market may have their ads designated by the system as new user subsidy ads, receiving improved ad ranking and increased ad recommendation exposure.
Part 2: Merchant's Profile
When you click on a merchant’s profile, you’ll access their profile page with more information on trade history, helping you assess their trading reliability.
Here's an example merchant:
a. The merchant has a security deposit of 200 USDT.
b. 81 days since the first trade: The merchant has been active for 81 days since their first P2P trade.
c. 30D Trades: The merchant has completed 525 P2P trades in the past 30 days.
d. Total Trades: The merchant has completed 1,942 P2P trades on BingX, including 157 merchant buy orders (where counterparty sells) and 1,785 merchant sell orders (where counterparty buys).
e. Avg. Release Time: For counterparties buy orders, the merchant’s average release time is 16 minutes per order.
f. Avg. Pay Time: For counterparties sell orders, the merchant’s average fiat payment time is 9 minutes per order.
g. Trade Counterparties: The merchant has traded with 1,548 unique counterparties on BingX P2P Trading.
h. 30D Trade Volume (USDT): The merchant's total P2P trading volume in the past 30 days is 14,543.09 USDT.
You can view how long the merchant has been on the platform, their completed P2P orders, total trading volume, release and payment speed, and whether they've submitted a security deposit. When choosing a merchant, you can compare several profiles to choose the one that best suits your trading needs.
Basic Safety Tips for P2P Trading:
1. Choose a Reliable Merchant
Selecting a trustworthy P2P merchant is essential for beginners. If you're new to P2P trading, consider choosing a BingX verified merchant or review the merchant's trade history to ensure reliability.
2. Do Not Cancel the Order After Payment
If you're the buyer, make sure to click "Paid" within the required time after completing the payment. Otherwise, the order may time out, and you won't receive the cryptos. Do not let the counterparty persuade you into cancelling your order for any reason. If anything seems suspicious, please file an appeal right away. The platform will help you resolve it. More scam examples>>
3. Confirm receipt before releasing coins
If you are the seller, confirm the corresponding funds have arrived in your payment account before releasing coins. Do not rely solely on payment proof provided by the buyer, as it might be fake. Make sure the funds are transferred from the buyer. If the funds are transferred from a third party, file an appeal immediately and return the funds to stop the transaction. If you notice anything unusual, like being pressured to release crypto early, stop the transaction and reach out to customer support immediately.
4. Avoid Off-Platfom Transactions
Keep communication and payment/receipt methods of P2P trades within the platform. If both parties take the conversation to third-party social media or other platforms, the transaction won’t be protected by the platform’s security, putting your funds at risk. If a counterparty tries to lure you off-platform with promises of a better rate, stop the transaction immediately and report it to customer support.
Further reading:
BingX Tutorial | How to Buy Crypto on BingX via P2P
FAQ | BingX P2P Verified Merchant
FAQ | Common Questions for BingX P2P Users