P2P Fiat Trading FAQ

1. What is P2P Fiat Trading?

P2P fiat trading is refer to the purchase or sale of digital assets through Fiat currency (such as US dollars, Japanese yen, etc.) between merchants & users. Its advantage is that it can quickly convert between digital assets and fiat.

2. What is USDT?

USDT is a token Tether USD (hereinafter referred to as USDT) based on the stable value currency U.S. dollar (USD) launched by Tether. 1USDT=1 U.S. dollar. Users can use USDT to exchange 1:1 with USD at any time. Tether strictly abides by the 1:1 reserve guarantee, that is, for every USDT token issued, its bank account will have 1 USD fund guarantee.

3. How to buy/sell USDT through OTC trading?

Please refer to P2P Trading Tutorial.

4. How to set up the payment method?

Web version:

Please click "Buy Crypto" > "Settings" >"Add Collection Method". 

APP version:

Please click "Trade" > "Fiat" > "..." > "Collection Settings" > "Add collection methods".

Note: please be aware that you need to complete Identity verification before conducting OTC Trading.

5. When I bind the bank card, why does it show "user should be the card’s owner"?

The account name of your bound bank card or E-wallet must be same as your name for identity verification; and you must use your own bank card or E-wallet. 

6. My payment method information is filled in incorrectly or I want to change the payment method, what should I do?

At the "Collection method", you can directly modify or delete your payment method, and then bind the correct payment method.

7. Which bank cards can be bound to the platform?

We currently support most banks, you can add your bank card to try.

8. Can I use other people's payment methods to pay?

No, you cannot. Please be sure to use your own bank card/E-wallet for payment.

9. Why is my balance Insufficient when I sell coins?

If you want to sell USDT through P2P Trading, you need to transfer your USDT from Trading account to Fiat account first.

10. Why did the order show that it was completed before I received the money; when I sell USDT?

When the merchant had transfered the funds to you, He will click "Confirm Paid", and the system will default to the "completed" status at this time.
However, bank transfer might need some processing time. Under normal circumstances, your fund will be arrived in a while. Yet if you did not received the fund, please contact the merchant or our customer service to solve the problem. 

11. I didn't make the payment, but I accidentally clicked "I have paid", what should I do?

Please contact the merchant through chat box (on the right) to Cancel the order. Do note that, MEXC will not bear any responsibility for the losses caused by your own mistakes, please check carefully when you are conduting P2P trading.

12. How many times can I Cancel P2P order in a day?

Under normal circumstances, if you cancel the order three times a day, you will be restricted from P2P trading. 

13. I am confirmed I had make the payment, why did the merchant say that he did not receive the fund?

Bank system in some country might had delay in bank transfer. 

Please communicate with the merchant & wait patiently. After merchant confirm received your fund, he will release USDT to you as soon as possible. 

14. I paid, why haven't I received the coins?

The coins is deposited into your Fiat account. If you confirmed you didn't received the USDT in Fiat account, please contact the merchant by chatbox or phone. Alternatively, you can appeal this case to our  customer service. 

15. Do I need to confirm the coins release; when I sell coins? 

After the merchant confirms the payment, your USDT will be automatically transferred to merchant. You do not need to confirm the coin release. 

16. Why does it say "There are no ads that meet the requirements yet"

Some merchants will put some requirement such as Minimum amount of trade/ had done Primary KYC, etc. Please find merchants who meet you requirements. 

17. Is there a time limit for making payments to merchants?

Under normal circumstances, you should complete the transfer to the merchant within 15 minutes. If you didn't make the payment within 15 min, the order will be automatically cancelled by the system.

18. Why did it show that the order has timed out after I paid? 

You need to click "Confirmed Payment" after you paid. If you don't click "Confirmed Payment", it may cause order timeout, which system will auto cancel the order. If this happen, you can contact the merchant to refund your money. 

19. I transferred money to the merchant. The merchant did not release the coins. When I contacted the merchant, he said that the transfer was not performed according to the Bank regulations, which caused his bank account get frozen. What should I do?

If you fail to send money to the merchants in accordance with the regulations, and resulting in the froezen of merchant bank account, you can consult the merchant and negotiate. Or If you had transfer to the merchant’s frozen card, you need to negotiate with the merchant.
We recommend that you wait patiently for the solution. If the merchant does not handle it within the agreed time, you can consult the online customer service, and we will communicate with the merchant to solve your case. 

Note: Please do NOT put sensitive words such as crypto, Bitcoin or any other coin names, MEXC on your Transfer reference. 

21. "Because your account has undergone OTC transactions, it will take 24 hours to withdraw cash. If you have any questions, please contact the platform customer service" What does this prompt mean?

The MEXC trading platform has upgraded its anti-money laundering mechanism. If users have bought USDT through P2P Trading, they will need to wait 24 hours to withdraw any coins. The 24 hours is counted from the last P2P trading time.

22. Is MEXC P2P Merchant reliable?

All of our merchants have paid security deposit and passed our verification process. Please rest assured to trade with them. If you have any questions, please contact our online customer service. 

MEXC Team 

August, 2021.