- Zero fees when trading
- 300+ payment methods
- Traders do not require an insurance amount
Bing X P2P – a platform for peer-to-peer exchange of stablecoin USDT to fiat or vice versa (other cryptocurrencies may be added in the future). The platform is integrated into the cryptocurrency exchange ecosystem BingX and it is convenient as a choice way to replenish your account or withdraw funds to fiat currency.
Broker's official website: bingx.com
link p2p: bingx.paycat.com
Criptomais experts have studied the functionality of the platform and prepared their review, indicating important features and nuances. The use of a p2p exchange is available exclusively to verified users, in order to protect against fraud. Experienced traders can become traders to place their ads on the platform; this requires sending an appropriate request to the broker's support.
Briefly about the main thing
- BingX P2P Exchange Platform BingX is intended for buying or selling USDT directly with other users.
- The broker does not charge fees for p2p transactions.
- All users who wish to make transactions must undergo KYC verification.
- Only users who have become traders can post ads. You must submit a sign and wait for approval from the broker's management.
- The T+1 limit applies to purchases. This means that withdrawal and sale of the purchased cryptocurrency is not possible earlier than 1 day from the date of purchase.
At the time of writing this article (September 2023), there is a promotion running – you can win a total of up to $200 to replenish your p2p account. Details.
general information
| Name | Bing X P2P |
|---|---|
| Official website | https://bingx.com/ (p2p – https://bingx.paycat.com/ |
| Release date | 2023 |
| Services | p2p trading |
| Brazilian language | I will eat |
| Fiat currencies | More than 20 world currencies |
| Criptomoedas | USDT |
| Payment Methods | More than 300 methods – banks sites (including Sberbank, Tinkoff available) and cards, SBP, AdvCash, Payeer, QIWI |
| Transaction fees | – |
| Verification | Mandatory |
| Mobile App | Yes |
| Agree | https://bingx.com/en/feedback/?ref=PBVBPT |
| Social networks and blogs | https://twitter.com/BingX
https://www.linkedin.com/company/bingxofficial/, https://www.youtube.com/c/bingx, https://www.reddit.com/r/BingX/ |
What to do before you start trading
BingX P2P is available on the web and on PC. In both cases, the trading process is the same, so you can choose the option that is most convenient for you or combine them. BingX mobile app: enabled iOS on Android.
Register
If you don't already have an Exchange account, you need to create one. It may take a few minutes.
To register, you can use your email or phone number (the first option is preferable, as you may have problems delivering SMS confirmations with some operators).
If you press “Continue with Google”you may unintentionally link your Gmail email.
Verification
Although BingX does not require mandatory verification in general (you can deposit and withdraw crypto without KYC, trade on the spot market), for p2p verification is required. This is due to the large number of scammers in the industry. Knowing that the identity of a potential counterparty has been confirmed, you can feel more confident when working.
Verification is located in your profile settings and is a standard process where you need to provide:
- Last name first name.
- Date of promanence.
- Information about the identity document.
- The country where the document was issued.
- Photo or scan of a document.
- Selfie.
For extended verification, you will also need to confirm your address, but this is not required; it mainly affects the expansion of transaction and withdrawal limits.
Adding a payment method
To select the desired payment method when trading in the future, you must first add it to the list. This is done in the “P2P User Mode” -> “Payment Settings” -> “Add payment account”.
Then select a payment method and enter the required data.
Repeat for other preferred methods if necessary. Remember that according to the broker's rules, all cards and accounts must be registered strictly in your name.
How to Buy Cryptocurrency on BingX P2P Using an Existing Ad
To buy USDT on the BingX P2P platform, select «P2P» no menu “Buy cryptocurrency”. BingX does not charge any fees for p2p transactions.
Filter the available offers: indicate the fiat currency in which you will make the payment, enter the desired amount (since each seller may have their own transaction limits), if you wish, you can also select suitable payment methods.
See the list of available offers. When doing this, pay attention to:
- The exchange rate offered by the seller.
- Payment methods it supports.
- Minimum and maximum limit for a transaction.
- Seller's rating and reputation (number of successful transactions). If you click on the seller's last name, his/her page will open with more detailed information.
Once you have made your choice, click “Compre USDT” in the desired offer.
In the window that opens, enter the transaction amount. The system will automatically calculate the purchase amount in cryptocurrency at the current rate. Also indicate your payment method if there is more than one available.
When finished, click “Buy USDT with 0 commission”.
You will be taken to a page where you can contact the seller. You will be given details to whom you need to transfer the payment amount. Once this is done, click on the button “Transferred, notify seller” and wait for the seller to receive the payment and confirm it.
Do not click “Transferred” until you have actually made the payment. This is fraught with partial freezing of the account.
Once completed, the cryptocurrency will be unlocked and transferred to your account (section “My goods”). As a rule, the entire operation takes from 15 minutes to 2 hours – it depends on the payment processing speed and the information between traders.
How to sell your cryptocurrency on BingX via p2p
Verification is also required to sell through the platform. In addition, transfer the cryptocurrency you plan to sell “Fund Account”. This is done instantly and free of charge through the section “My assets” -> “Transfer”.
select an item «P2P” no menu “Buy cryptocurrency”and select the option "Sell".
Specify your fiat currency, amount, and preferred payment methods to filter offers.
Select a suitable ad from the suggested search results and click the corresponding button “Flip USDT”. Re-enter the amount being sold in cryptocurrency and check the amount received in reais. Click “Sell USDT with 0 commission”.
The order has been created. Just wait for payment, as you already specified the data at the beginning, when adding the payment methods in the settings.
Once the trader transfers the payment in full, confirm receipt. The cryptocurrency will be unlocked and transferred to the buyer.
Whether you are buying or selling, if you encounter any conflicts or misunderstandings, you can file an appeal by writing to technical support. Be prepared to provide evidence of your case, such as screenshots from your bank account, etc.
How to become a trader
Only verified traders can create their own ads.
Application link: https://bingx.paycat.com/merchantApplication/
There are certain requirements to fill out a signup – KYC completed, phone number and email linked. No collateral is required at this time; this is a temporary promotion. Typically, brokers ask traders to keep at least $200 in their accounts as collateral.
Benefits for peer-to-peer traders:
- Commission-free advertising.
- Individual technical support.
- Promotions with generous bonuses and rewards.
- Approach to BingX marketing capabilities (you can attract counterparties, increasing your reach and number of transactions).
After sending a sign, the broker will analyze it within 5 business days and give a positive or negative response.
Advantages and disadvantages
Simultaneously more and less: KYC verification required. This reduces anonymity but increases the level of protection against fraudsters.
Frequently asked questions
Conclusion
BingX P2P is a convenient cryptocurrency exchange platform that works with users almost all over the world, offering security and convenience. The only cryptocurrency it offers is USDT, but this is not critical, since this stablecoin can be freely exchanged for any supported currency via the BingX spot trading platform or conversion tool. The choice of payment methods is very wide – for each fiat currency there are 10 to 20 popular fiat payment options.