OKX P2P Trading — convert crypto to fiat on the OKX app

okx learn
OKX Learn
2022.06.11

A step-by-step guide on how to convert BTC and other cryptocurrencies to fiat with P2P Trading on the OKX app

OKX offers users a comprehensive suite of products and services to cater to all kinds of crypto traders and investors. Among them is OKX P2P Trading, which enables you to buy crypto from or sell crypto to other users in the P2P marketplace in your local currency. 

When you buy crypto P2P — or peer-to-peer — OKX holds the crypto (in an escrow service), and we release it when the seller receives your payment. Because you buy directly from sellers, there is a wider range of payment methods available than on traditional exchange platforms. The available options vary between sellers.

Essential steps before using our P2P marketplace

To buy or sell crypto from the ads available in OKX’s P2P Trading marketplace, you need to have verified your identity by completing KYC level one.

You’ll also need to add at least one payment method to your account to sell crypto via one of the ads listed in the marketplace. To add a payment method, tap P2P Trade from the app home screen.

Then, tap the menu in the top right corner and tap Payment Methods.

Next, select the currency you want to use and tap Add to open the list of available payment methods.

Select the payment method you want to use from the list. OKX P2P Trading marketplace supports payments by bank transfer, wallets and virtual banks. You can find the list of supported payment methods here.

The advertiser — another OKX user — chooses which payment methods they accept. This means that you can often buy or sell cryptocurrency using a wider choice of payment methods than traditional exchanges typically accept.

Enter the details requested and complete the 2-factor authentication check. Then, tap Save.

How to change crypto to local currency with our P2P Trading marketplace

Log in to your verified account on our app and tap P2P Trade from the home screen. Next, tap Sell at the top and select the local currency you want to receive. Then, select the crypto you want to sell.

You’ll see all available P2P ads for your chosen fiat currency listed, the price per unit, available amount, order size and payment methods accepted. Using the toolbar below the supported crypto assets, you can also filter the results by payment method, amount and other options.

Select an offer by tapping the relevant Sell button.

On the sell order popup, enter the quantity of the crypto you want to sell for local currency or the amount you want to receive. Check the details entered and tap Sell [crypto].

Select the payment method to receive funds on the next screen. Then, check your P2P trade details and complete the 2-factor authentication check. Tap Sell to complete your sale.

With the sell order placed, you must wait for the buyer to make a payment to your bank or wallet account. When they have completed their payment, you will receive a notification under “My Orders.” 

Check your bank account or the appropriate payment method when you receive the notification confirming the payment is complete. If you have received the payment, tap the order from the “Pending” section and tap Release Crypto on the next screen. 

Do not tap Release Crypto until you have definitely received the payment and confirmed it for yourself — you should not rely on the buyer showing you a screenshot of the completed payment or any other reason.

Carefully check that the details from the payment received match those shown on the screen. When you’re happy that the funds are in your account, check the box and tap Confirm.

On the following screen, tap Confirm.

You’ll then receive a confirmation of your completed P2P order. 

Disputes when using P2P Trading

When selling crypto via P2P Trading, you can raise a dispute if the buyer has marked the order as paid but you have not received their payment. Before raising a dispute, we suggest you wait 1–3 business days if the payment method chosen is not instant. It is very common for payments, especially bank transfers, not to be processed immediately by the buyer’s bank. Such payments may take 1-3 business days before the seller receives the funds.

Once you have raised the dispute, our Customer Support will act as a mediator between you and the buyer. If the buyer can’t prove they have successfully made the payment, we will release the crypto back to you.

To raise a dispute, find the order you want to dispute in the “My Orders” section and tap Dispute. Then, wait for us to handle the dispute.

How to buy crypto with P2P Trading

Log in to your account on the OKX app. Tap P2P Trade and make sure Buy is selected at the top. 

At the OKX P2P marketplace home screen, select the payment currency and the asset you want to receive, and filter the listed offers by payment method or amount available. Then, tap Buy next to your preferred offer. 

Enter the amount or quantity you want to buy and select your required payment method. Then, tap Buy [crypto].

At this point, OKX will hold the crypto being bought until the seller confirms the payment has been received, the order has been canceled by you or the order times out. You mustn’t make the payment if the order is at risk of timing out because we will automatically release the crypto held (in escrow) when the timer reaches zero if the payment has not been marked as complete. 

If you need to message the seller for any reason, tap the highlighted icon. If not, check the order details and tap Continue.

The next screen will show you the seller’s payment details. Make the required payment using the agreed method. Then, double-check all the details. 

Tap Payment Completed when you have made the payment. 

When the seller confirms receipt of payment, the crypto held by OKX will be released to your funding account. 

P2P marketplace cancelation rules

If you’re buying crypto with local currency on our P2P Trading marketplace, you can cancel the trade at any time. This releases the assets held by OKX back to the seller. Your order will be canceled if you don’t make the payment on time. You mustn’t attempt to send payment close to expiry because the funds are returned to the seller automatically if the time runs out before you mark the payment as completed. It’s safer to cancel the order and start again.

When buying on the P2P marketplace, we recommend you never cancel an order that has been paid. Instead, you should reach out to the seller to come to an agreement on the refund before canceling.

OKX P2P Trading marketplace is a safe and convenient way to buy or sell cryptos. When you buy crypto, we hold the seller’s crypto in our escrow service until the seller receives your payment, and then we release the crypto. In case the seller doesn’t release the crypto, you can raise a dispute. Our customer support will handle the dispute raised and release the crypto after some verifications.


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