Basic P2P Trading Rules
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 corresponding different purchasing options subject to different situations of different fiat currencies. To learn more about P2P services, check out What Is Peer 2 Peer Trading? or other relevant materials in our website.
Please note that depending on users’ Country of Residence, Phemex has its solo and absolute discretion to decision whether this service is available to specific user or not.
Here are some basic P2P trading rules before you get started, any disobey of the following rules may cause the limitation or suspension your account:
1. General Trading Instructions
● Completion of KYC and binding of 2fa is mandatory pre-requirements to start using the P2P service.
● No party in a P2P transaction shall involve any illegal funds or illegal digital assets, and the party who offering illegal funds or illegal digital assets shall cooperate with the counter-party to handle the matter properly. And if such P2P transaction caused damages to Phemex, the party who offering illegal funds or illegal digital assets shall be responsible for compensation.
● If you are encountering an error message that asks you to switch currency, please switch to local (your KYC country/region) currency for P2P trading.
● Please ensure that the payment method being used during the order is consistent with the payment method that you have selected during advertisement configuration.
● You should never engage in any form of cryptocurrencies trading that is facilitated by a third-party channel, such as social media, chat messaging apps, or face-to-face trading. The Platform shall not and cannot be responsible for any loss of or damages to assets through transactions that are performed or initiated outside of the Platform. The Platform sets the rules for the transaction between Seller and Buyer of the P2P Service, solely to support the user experience on the Platform. In any time/condition, the Platform shall not be deemed as any party of any P2P transactions.
● The additional transaction costs involved in fiat transfers shall be brone by the trading parties not the platform, such as transaction fees required by the payment service provider. Thus, the sending amount should be inclusive of the transaction costs. (E.g. If the order amount is 10,000 USD in total, and an additional 5 USD is charged by the payment service provider, the Buyer should pay 10,005 USD instead of 10,000 USD.) Including but not only limited to RUB, BRL,COP transactions. Unless either party has explicitly agreed to pay for the additional transaction costs before the establishment of trade, the Seller should always receive the full amount, and the Buyer is always responsible for fiat transaction fees required by the payment service provider.
2. Buyer’s Instructions
● You need to choose a payment method supported by the Seller and transfer the amount as shown on the order page within the time specified by the Seller. Make sure to tap on/click the “Transferred, notify seller” button after making the payment.
● Please use the payment method with the account owner name that is consistent with your registered name on Phemex (The name must be identical with the KYC Verified name on Phemex.) The Platform does not support non-real-name verified payment methods. The User’s P2P function will be suspended for a minimum of 15 days if a non-real-name verified payment method has been used.
● Do not click the “Transferred, notify seller” button when the payment is not yet made or completed. If you tap on/click the “Transferred, notify seller” button when the payment is not yet made or completed, your Account may be suspended.
● If Users’ preferred choice of payment is through “instant payment” or “quick payment”, then any other payment methods, such as international transfer, shall not be made without the Seller’s prior consent.
● When payment is made in fiat currency to the Seller, please make sure no sensitive words or expressions related to Digital Assets are used in the remarks field/section, including but not limited to words such as “BTC,” “USDT,” “Cryptocurrency,” and “Phemex purchase.”
● If you have completed the payment and tapped on “Transferred, notify seller”, but the Seller fails to deliver the corresponding Digital Assets (hereinafter referred to as “Delivery”) within the specified time frame, you should first communicate with the Seller through the chat box function. Once you have made sure that you have complied with the terms and rules of the Platform and have correctly performed the procedures stipulated by the Platform (including but not limited to providing relevant legal certificates meeting the platform’s requirements), but the Seller doesn’t respond, you can choose to file an appeal against the Seller. The P2P team may assist you with the complaint based on the appeal-handling rules if requested by the User.
3. Seller’s Instructions
● The Account owner name you used for collecting payment must be consistent with your registered name on Phemex. (The name shall be identical with the KYC Verified name on Phemex.)
● After confirming receipt of the Buyer’s full payment, the Seller must complete the order (release the crypto to the Buyer) within 15 minutes.
● Unless otherwise specified by the platform, no one is supposed to ask Customer Support agents to cancel the order without the Buyer’s consent.
● Pricing for established orders between the Seller and the Buyer are deemed as final and non-negotiable.
● If you have incomplete orders or disputes with the Buyer, please make sure to stay contactable at all times via the mobile phone number or email that you registered on the Platform.
● In case of the extra fees charged by the payment service provider, the Seller has to provide proof of transaction by service providers to clearly show the amount deducted.
4. Risk Warning and Disclaimer
● You, no matter as buyer or seller, fully understand the risks associated with P2P transactions, including but not limited to the risk of fluctuations in the value of Digital Assets, the credibility risks concerning the counter-parties under P2P transactions, and the compliance risks of fiat currency transactions in the user’s Country of Residence.
● You, no matter as buyer or seller, have sufficient investment knowledge and experience, and the ability to bear the risks associated with P2P transactions, and agree to independently bear all the risks arising from the engagement in P2P transactions.
● Special Notice to User for Merchant Trading: Although the platform has a certification procedure for merchants, the relevant certification does not constitute an endorsement of such merchant. The relevant transactions still have the general risks of P2P transactions, WHERE USERS ARE ADVISED TO BE CAUTIOUS.
● Users should not reveal any personal information (i.e., social networks, messenger accounts) neither in the trading conditions nor in auto-replies for their safety.
● Users should not include “Phemex”, names of local banks and payment systems, or any of the sensitive words in their nicknames.
● It is forbidden to use multi-accounts to trade on P2P.
● The Platform is not and shall not be deemed as a party to any P2P transaction. Therefore, any disputes between Users engaging in P2P transactions have nothing to do with the Platform. It is not obliged to assume any financial or non-financial obligations or responsibilities to any party (including but not limited to indemnities).
5. Abnormal Trading Behaviors and Measures to Handle Them
You agree that, to the maximum extent permitted by law, the Platform shall not be liable for any losses you suffer from P2P transactions or the use of services under these Rules due to reasons other than the platform’s intentional conduction or gross negligence, including but not limited to hacker attacks, power outages or unavoidable technical failures.
Except the reasons and conditions stated in “What Are the Reasons You Can Get Suspended on Phemex” and “How is Risk Control System of Phemex Working,”the platform has the right to restrict, suspend, or terminate your Account or access to services in the platform’s sole and absolute discretion, immediately and without notice and for a period, if:
● We reasonably suspect that you have violated or may be acting in violation of these Rules;
● We detect that you are using multi-accounts to trade on P2P;
● It is revealed that in the process of interacting with other users, the offender used obscene language against the counter-party, insulted, extorted, harassed, threaten, or otherwise violated or tried to violate legal rights (such as, among other things, the rights to privacy, publicity, etc. intellectual property) of other users, as well as the collection of private information that is subsequently being distributed to any other parties.
You acknowledge that our decision to take certain actions, including limiting access to, suspending, or closing your Account or wallet, may be based on confidential criteria that are essential to our risk management and security protocols. You agree that Phemex is under no obligation to disclose the details of its risk management and security procedures to you.
6. Additional Disclaimer
Your use of the Phemex P2P services and all information and other content (including that of third parties) included in or accessible from the Phemex P2P services is at your own risk. All payments are final upon completion unless otherwise required by law. Neither Phemex P2P platform nor merchants shall be responsible for your loss in and after a completed payment.
This document is an extension and supplement to the Phemex P2P Service Terms of Use and is intend to help users better understand the contents of the Phemex P2P Service Terms of Use. Phemex reserves the right to modify or amend all policies/documents and make final determinations on our platform at any time. The safety, security, and integrity of our platform and user accounts will always remain our top priority. For more information, please contact our customer service team at support@phemex.zendesk.com
