Q1: What is P2P Trading? How is pricing determined?

BingX P2P (peer-to-peer) Trading is a user-centric fiat currency trading platform. It facilitates direct and handy fiat-to-crypto trades between users and merchants. As a facilitator of transactions, BingX provides a platform for both buyers and sellers to publish 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, TWD, PHP, VND and more, with additional fiat currencies set to be added in the future. Stay tuned! Access 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 the "P2P Trading" page, enter the fiat currency and amount you want to pay, click search and choose a suitable ad.
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.
Currently, BingX does not charge any fees for P2P Trading during the user promotional period.
Learn more >>

 

Q4: Is completing the KYC verification mandatory for using BingX P2P Trading? What documents are required?

All BingX users must complete the KYC verification in order to use the BingX P2P Trading service. This ensures that all accounts are signed up and used by the legitimate account holder. You can check the required documents in the "User Center" by clicking your avatar icon, and clicking "Identity Verification".
Why should we complete KYC 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: Go to "P2P Trading" and choose "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 seller. If the issue persists, you can submit a complaint. Do not release the cryptocurrency to the other party until the issue is resolved.
More details >>

 

Q6: How to link a payment method? Must the bank account name for receiving payments match my KYC name?

(1) BingX App: On the P2P Trading page, click "..." in the upper right corner, and tap on "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 a payment 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 Trading occurs directly between two users. Transfer is only successful when the payment methods of both the buyer and the seller match.
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. 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 merchant 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?

You can go to the "P2P Trading" page 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?

You can conveniently buy and sell cryptocurrencies through BingX's website or app. Details on the supported fiat currencies are available on the P2P Trading page.
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Risk Disclaimer

Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material is for reference only and should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BingX is not responsible for any losses you may incur.

BingX attaches great importance to compliance and has strictly abided by local regulations. Please obey local laws and regulations in your country or region. BingX reserves the right in its sole discretion to amend, change, or cancel this announcement at any time and for any reason without prior notice.

For more information, please refer to our Terms of Use and Risk Warning.