P2P crypto trading is an excellent way for traders to acquire new cryptocurrency without going through an intermediary. Unfortunately, the P2P trading process is not as secure as you would think it is.
Not every trader will honor their side of the transaction. Therefore, crypto exchange platforms have created secure P2P marketplaces where both buyers and sellers can come into contact and transact without the fear of fraud.
One such exchange offering a P2P marketplace is MEXC. In this guide, we will take a look at the MEXC P2P trading platform, its pros and cons, how to buy and sell crypto, and some helpful tips to improve your overall P2P experience.
MEXC Overview
MEXC, otherwise dubbed as “The exchange of high performance and mega transaction matching technology” is a sub-standard P2P exchange platform with more drawbacks than benefits. Check out our best P2P exchange platforms for better options.
Nevertheless, MEXC was founded in 2018 and currently has over 10 million users, and operates in over 170 countries globally.
It offers localized language support for investors in different regions, allowing each trader to trade with ease. Additionally, all MEXC servers are hosted independently across multiple regions ensuring optimal security for all its users.
The MEXC trading engine is high-performance as it is capable of handling 1.4 million transactions per second, making it a go-to platform for beginner and experienced traders. If you would love to know more, check out our MEXC review.
Pros and Cons of MEXC P2P Trading
| 👍 Pros | 👎 Cons |
|---|---|
| ✅ Zero trading fees | ❌ Supports only three fiat P2P trading pairs (RUB, KRW, & VND) |
| ✅ Supports 30+ payment methods | ❌ No P2P trades without verification |
| ✅ Identity verification (KYC) | ❌ Cannot trade with a P2P merchant from another region/country |
| ✅ Live chat feature | ❌ Only supports 4 cryptos (USDT, USDC, BTC, ETH) |
| ✅ Escrow service | ❌ Mandatory KYC verification |
| ✅ Fast-response customer support | ❌ Tokens are withdrawable 72 hours after purchase |
| ✅ Two-Factor authentication (SMS, Email) | |
| ✅ Accessible to 170+ regions | |
| ✅ Localized language support | |
| ✅ Multi-currency support | |
| ✅ High liquidity | |
| ✅ High Performance (handles 1.4 millions units/second) | |
| ✅ New P2P user rewards |
Understanding MEXC P2P Trading
The MEXC P2P trading platform allows users to trade digital assets directly with other MEXC users. As a user, you have the option to either be a taker or an advertiser to buy or sell crypto with MEXC as a facilitator of the P2P process.
It does so by locking the digital assets indicated in the P2P order until successful completion or if the order is canceled. During this time, the locked digital assets cannot be used or accessed in any way whatsoever.
Additionally, it facilitates the process by responding to your requests whenever you have any issue in the P2P transaction. It offers zero transaction fees for both the buyer and the seller with support for over 30 payment methods.
How to Buy Crypto Using MEXC P2P Trading
Before anything, you will need to join MEXC, create an account, and complete the KYC verification process for full access to their P2P service.
To buy crypto using the MEXC P2P trading:
1. Click Buy Crypto > P2P Trading.
2. Select P2P as your transaction mode and click on the Buy tab to view all the available ads.
3. Select the type of cryptocurrency you intend to buy among the available options.
4. Select your preferred P2P merchant and then click “Buy [Crypto].”
5. In the purchase interface, enter the amount of fiat currency you are willing to pay in the “I want to pay” column. The amount of crypto you will receive will be automatically calculated and displayed in the “I will receive” column.
6. To proceed to the order page, tick the “I have read and agree to MEXC Peer-to-Peer (P2P) Service Agreement” box.
7. Review the payment information displayed on the order page and complete your payment to the merchant.
8. Click “Transfer Completed, Notify Seller” and “Confirm.”
9. Wait for the P2P merchant to release the crypto and complete the transaction.
10. That’s it! You have successfully bought your first crypto via the MEXC P2P marketplace.
11. To view all your previous P2P transactions, click the “Orders” button.
How to Sell Crypto Using MEXC P2P Trading
If you have not yet, join MEXC and create an account first. You will then need to complete the KYC verification process before you can start selling crypto.
To sell crypto using the MEXC P2P marketplace:
1. Click Buy Crypto > P2P Trading.
2. Set up your P2P payment method. Refer to our guide on how to add payment methods on MEXC.
3. Select “P2P” as the transaction mode. Click on the “Sell” tab to view all the available ads.
4. Select the crypto you intend to sell. You have 4 options (USDC, USDT,BTC, & ETH).
5. Select your preferred P2P counterparty and click on “Sell [Crypto].”
6. In the selling interface pop up, enter the amount of crypto you want to sell in the “I want to sell” column. The amount of fiat you will receive will automatically show in the “I will receive” column.
7. Tick the “I have read and agree to MEXC Peer-to-Peer (P2P) Service Agreement” box.
8. Wait for the buyer to complete payment. You can use the live chat box feature to communicate with the merchant as you wait.
9. After you have successfully received your payment, check the box “Payment Received.” and click “Confirm.”
10. Enter your 6-digital Google Authenticator 2FA security code and click “Yes” to finish the transaction.
11. You’ve now completed your sell order. Click on “Orders” to view all your transactions.
MEXC P2P Trading Checklist
Here’s a checklist guide to help you stay safe on the MEXC P2P marketplace:
- Verify the Merchant: Always make sure that the merchant is verified. MEXC requires all their P2P users to verify their accounts before they can engage in P2P trades. If the merchant is not verified, look for another verified P2P user.
- Beware High Rates: Ensure you stay on top of market prices to make sure you don’t fall to unrealistic offers. Some vendors will use unusual prices to attract unsuspecting traders. Be cautious when a merchant’s price stands out from other P2P merchants.
- Check Rating & Customer Feedback: Before attempting to make any transaction, check the merchant’s account to see their customer satisfaction ratings and feedback. Positive reviews are a good one. Negative reviews should make you think twice.
- Check for Fake Transfers: When receiving payment, make sure that it is verified and that the money can be moved to another account. Do the same for any crypto that you receive to make sure that the transaction is real.
MEXC P2P Trading Tips
Here are a few tips to ensure that your MEXC P2P experience remains top-notch:
- Complete KYC Verification: Ensure that you complete your KYC verification process to enable you to access and make buy or sell orders on the P2P MEXC market.
- Avoid Canceling Orders: Avoid canceling orders on multiple occasions especially when there is no valid reason for the cancelation. Canceling orders intentionally and malicious twice in a row will have your access to MEXC P2P disabled indefinitely.
- Avoid Using Offensive Language: Using any offensive remarks or offensive language during the P2P process will cause your access to MEXC P2P disabled for 7 days.
- Transact in a Timely Manner: Ensure that you make payments, release tokens, and communicate to your counterparty in a timely manner. Also, only accept payment in the methods you have specified on the MEXC P2P platform.
- Don’t Trade Outside the Platform: Never trade outside MEXC no matter how attractive the deal is. The disadvantage of trading outside MEXC is that you will have zero protection and zero proof that you were ever scammed.
Summary
P2P transactions are an excellent way to acquire and sell digital assets. However, as with any online transactions, there are potential risks involved.
Therefore, it’s important that you stick to the MEXC P2P platform to stay safe during P2P trades. With MEXC, you can enjoy advanced protection features such as 2FA, escrow protection, and a rating system.
Prioritize safety and caution and join MEXC to confidently engage in fulfilling P2P trades.
FAQs
Is MEXC P2P Crypto Exchange Safe?
The MEXC P2P crypto exchange is fairly safe. However, just like any other online platform, there are potential risks involved. To ensure that you don’t fall victim to any cases of fraud or scam, follow our comprehensive checklist.
Can You Use MEXC P2P Trading in the US?
No you cannot use the MEXC P2P trading in the US. MEXC is restricted in several regions including the US. Check out our MEXC supported and restricted countries guide for a comprehensive list.
How Long Does MEXC P2P Trading Take?
MEXC P2P trading typically takes around 15 minutes. However, the P2P trade duration is dependent on a few factors such as whether the merchant is online, the payment method being used, among others.
