P2P Fiat Trading FAQ

1. What is P2P Fiat Trading?

P2P Fiat trading refers to the purchase or sale of digital assets with Fiat currency (e,g, US Dollar,  Japanese Yen, etc.) between merchants & users. It allows for quick conversions between digital assets and fiat.

2. What is USDT?

USDT, or Tether, is a blockchain-based cryptocurrency pegged to the U.S. dollar (USD). In other words, one USDT will always be equal to one U.S. dollar. Guests can exchange their USDT for USD at a 1:1 rate at any point in time. Tether strictly abides by the 1:1 reserve guarantee; every USDT issued is backed by a corresponding U.S. dollar.

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

Please refer to P2P Trading Tutorial.

4. How to set up the payment method?

If you’re using the web interface:

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

If you’re using the application interface:

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

Please be aware that you need to complete the Know Your Customer (KYC) verification before conducting OTC Trading.

5. When verifying my bank card, why do I see the message "User should be the Card’s Owner?"

The account name of your bound bank card or E-wallet must be the same as your name to verify your identity. Additionally, you must use your own bank card or E-wallet.

6. I filled in my payment collection method incorrectly and I would like to change my payment method. What should I do?

You may edit, or delete and add a new payment method in the “Payment Mode Management” Page.

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

MEXC currently supports most banks on the platform.

8. Can I pay with someone else’s bank account?

In order to avoid transaction issues, kindly make payment with a verified bank account which belongs to you.

9. Why do I receive a “Balance Insufficient” message when selling tokens?

If you would like to sell USDT through the “P2P Trading” function, you first need to transfer your USDT from your Trading account to your Fiat account first.

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

Please contact the merchant through the chat box (on the right) to cancel your order. Do note that MEXC will not be liable for losses arising from guest negligence. Please check before confirming your orders.

11. How many times can I cancel my P2P order in a day?

As a general rule, guests may cancel up to three orders a day before a temporary restriction is placed on their ability to P2P trade for the next 24 hours.  

12. I have confirmed that payment has been made, but the merchant says they have not received their funds. Why is this the case?

The Merchant’s bank may not have processed the transaction yet. Do communicate with the merchant and allow for some additional time for the delay to be resolved. Your tokens will be released to you immediately once payment has been received.

13. The merchant has confirmed that my tokens have been released. Which account were they released to?

Do note that your tokens are deposited directly into your Fiat account. However, if you do not receive your tokens, you may reach out to the merchant with the MEXC messaging system or call them directly. Alternatively, you may raise an appeal to the MEXC customer service department.

14. Do I need to confirm that the tokens have been released when I am the selling party?

Yes. Do click on the “confirm release” button once you have received payment.

15. "There are no ads that meet the requirements yet.” What does this prompt mean?

Some Merchants will place minimum requirements such as “Minimum Trades done” or “Primary KYC Completed” on their listings. If you are unable to meet their minimum requirements, you may not be able to complete a transaction with them.

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

Transfers to your merchant should be completed within 15 minutes. If you do not make the transfer within the stipulated time, the system will automatically cancel your order.

17. I have already made payment. Why did my order still time out?

You have to click "Confirm Payment" after you have made the transfer. If you do not click on the “Confirm Payment” button, your order may timeout and the system will cancel it automatically. If this happens, contact the merchant directly for a refund.

18. I transferred money to the merchant but they have not released the transaction. The merchant said that the transfer was not performed in accordance with the regulations of their bank. Their account has been frozen as a result. What can I do?

Please reach out to the merchant and try to negotiate a compromise. We recommend that you give the merchant some time to resolve the situation. If the merchant is still unable to release the tokens to you after the agreed window of time has closed, you may contact our online customer service department directly and we will reach out to the merchant on your behalf.

We strongly advise against putting sensitive words like “crypto”, “Bitcoin”, “MEXC” or specific cryptocurrency names in the “Transfer Reference” field.

19. "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 stringent Anti-Money Laundering (AML) mechanisms in place. If users have bought USDT through the P2P Trading function, they will need to wait 24 hours from the time of their trade before they can make a withdrawal. 

20. Are MEXC’s P2P merchants reliable?

All of our merchants have paid a security deposit and passed our verification process. MEXC has made every effort to ensure a safe and frictionless trading experience. If you have any additional questions, please contact our online customer service department.

Do feel free to reach out to us if you encounter any issues.

For more MEXC OTC updates, join the Telegram Community : https://t.me/MEXCOTC

MEXC TEAM

September 2021.