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Basic P2P Trading Rules

Date: 2022-08-09 08:47:14

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 are some basic P2P trading rules before you get started.

1. General Trading Instructions

  • Completion of KYC and binding of 2fa is mandatory to start using the P2P service.
  • 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 by the Users. The Platform sets the rules for the transaction between Seller and Buyer, solely to support the user experience on services on the Platform, the Platform is not part of any P2P transactions.
  • Both trading parties should bear the additional transaction costs involved in fiat transfers, such as transaction fees required by the payment service provider, unless either party has explicitly agreed to pay for the additional transaction costs before the establishment of trade. 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. 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 Currency 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 regulations 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. However, the Platform is not a party to a P2P transaction. Therefore, the Platform is not obliged to intervene in any disputes between Users engaging in P2P transactions. Please note that Phemex and the Platform hereby reserve the right of any final interpretations and judgments for the sanctioning of appeal cases. Reopening of appeals will be determined at the sole discretion of Phemex and the Platform on a case-by-case basis.

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

  1. You 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 counterparties under P2P transactions, and the compliance risks of fiat currency transactions.
  2. You 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.
  3. 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.
  4. Users should not include “Phemex”, names of local banks and payment systems, or any of the sensitive words in their nicknames.
  5. It is forbidden to use multi-accounts to trade on P2P.
  6. The Platform is not a party to a P2P transaction. Therefore, any disputes between Users engaging in P2P transactions have nothing to do with the Platform. The Platform has neither the rights nor the obligations to resolve any disputes arising therefrom. 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 this Policy 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.

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, at the discretion of the platform, if:

  • We reasonably suspect that you have violated or may be acting in violation of this Policy;
  • We detect that you are using multi-accounts to trade on P2P;
  • We believe it is necessary to protect our other Users. If we exercise our right to restrict or deny your access to the Services, we will not be responsible for any consequences of our failure to provide you with access to the Services, including any delay, damage, or inconvenience that may result;
  • We determine that you are using our platform in any way that may adversely affect or prevent other users from taking advantage of our Services;
  • It is revealed that in the process of interacting with other users, the offender used obscene language against the counterparty, 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.

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 sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Phemex P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Phemex P2P platform nor merchants shall be responsible for your loss in a completed payment.

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