Phemex offers P2P (peer-to-peer) services, where users can buy crypto with local fiat or sell crypto for local fiat. Please note that different countries may have different purchasing options subject to each fiat partner. To learn more about P2P services, check out What Is Peer 2 Peer Trading?
Here is a step-by-step guide on how to sell crypto on the P2P marketplace:
- Register or make sure you are logged into your Phemex account.
- On the header menu, hover over ‘Buy Crypto’ and click ‘Buy crypto on P2P marketplace’.
NOTE: Completion of KYC and binding 2FA is mandatory for P2P
3. You will then be taken to the P2P Crypto Marketplace page, where you can buy and sell crypto with other local users. Two transaction methods exist: Express and P2P Trading (Express is selected by default).
Buy with Express
- The Express trading module has the BUY tab selected by default.
- In the I want to pay field, enter the amount of fiat you want to spend, then select the desired fiat currency from the drop-down menu.
- The I will receive field will auto-populate based on the fiat amounts and currencies selected. Click on the drop-down menu to find and select your desired cryptocurrency.
NOTE: Quoted amounts are based on the Reference price displayed, but final amounts may change with market prices.
4. Click the Buy button when ready.
5. The next window will display a summary of your order and all the available payment options with their respective prices. Select your preferred method.
6. Click the Confirm Purchase button.
7. The next Pending Order page has multiple elements with key information as detailed below:
- Note the timer, as the transaction must be completed before the time runs out.
- This area displays the amount you must transfer or pay the seller.
- This area includes all of the banking information you will need to initiate a transfer to the seller.
NOTE: This example displays the information needed for a bank transfer, but other types of information may be displayed here depending on the payment method selected.
- This bottom area allows you to finalize your transaction, cancel the order, or initiate an appeal after a given amount of time.
8. Once you have completed a transfer based on the payment method previously selected and the accurate seller information, click the Transferred, Notify Seller button.
9. One final confirmation window will appear; click Confirm only if you are certain you have successfully completed the payment.
10. The order will now move on to the Wait for crypto to be released stage. The seller will verify your payment and release the crypto to you. If any issues arise or the seller has not released crypto nor refunded your fiat, please read “How do I initiate an appeal on the Phemex P2P Marketplace?”
11. If both you and the seller completed all steps on time and successfully, the transaction will be complete, and your new crypto will be available for use on Phemex.
Buy with P2P (Self-Select)
1. Click on the P2P Trading tab.
2. The Buy option will already be selected by default. To the right of it, click on the cryptocurrency you wish to buy.
3. Within this same menu bar, enter the amount of fiat you want to spend, then select the desired fiat currency from the drop-down menu.
- Click the All Payment drop-down menu to filter by payment method type.
- Click on Refresh to update the list of advertisers and prices.
4. As you adjust the filtering options, the list of sellers will automatically update, displaying only those that match your requirements.
5. Click on the Buy button for your desired seller.
6. The pop-up window will display a summary of the seller’s data. Enter the exact amount of fiat you want to spend in the I want to pay the field. As you do, the approximate amount of crypto you will receive will auto-pupulate.
7. Set the payment method and click the Buy button when ready.
8. For the next steps, scroll above and look at steps 7 to 11 from the Buy with Express instructions to proceed.