Updated Rules checked 2026-10-21
C2C and P2P mean the same thing: inside an exchange, one user buys or sells crypto directly with another user. The exchange holds only the seller’s coins in escrow. The buyer’s TWD or other fiat is transferred outside the platform, and the seller releases the coins only after confirming the payment has arrived. Most exchanges charge the taker no trading fee on P2P; the cost sits mainly in the price the merchant sets.
The first thing users in Taiwan need to know: when checked on 2026-10-21, there were almost no New Taiwan dollar (TWD) P2P ads. Binance, Bybit and KuCoin each showed 0 TWD ads for buying or selling USDT; OKX stopped TWD C2C for users in Taiwan on 2024-06-24; and TWD is not on the P2P fiat lists of Bitget or MEXC. Among the exchanges with data I could check, only HTX still had TWD ads, 7 in total at that moment, and only one of them was selling USDT to you, at a price 13.8% above MAX’s market price.
Below, in order: how a P2P order works, the P2P status and fees of 13 exchanges, the real price gaps in TWD ads, what escrow and appeals can and cannot protect, and the fields to check when choosing a merchant.
Key points: OKX announced that from June 24, 2024, users in Taiwan can no longer buy or sell digital currencies with TWD on OKX C2C. Checking official public data on 2026-10-21, Binance, Bybit and KuCoin all showed 0 TWD USDT ads, and neither Bitget’s 74 nor MEXC’s 60 P2P fiat currencies include TWD. The official pages of OKX, Bitget, MEXC, Gate, KuCoin, HTX, WEEX and Pionex all state that P2P has no trading fee (except Bitget’s Nigerian naira market). P2P escrow protects only the coin side: OKX states that it holds only the seller’s crypto in escrow and cannot hold payments made outside the platform. Binance applies a T+1 rule to TWD P2P buy orders, so part of what you buy cannot be withdrawn for 24 hours (except when paying with TWD cash).
The data below was checked against official pages on 2026-10-21 (data check date) and is shared for reference.
What is C2C/P2P trading, and how does an order work?
Exchanges call this feature P2P (peer-to-peer) or C2C (customer-to-customer). The names differ, but it works the same way. Binance describes P2P as a marketplace where you trade directly with other Binance users, using the fiat currency, price and payment method you choose (Binance P2P introduction). The person who posts an ad is the Maker (advertiser, merchant), and the person who places an order from the ad is the Taker (Binance P2P glossary).
Taking “buy USDT from a merchant with TWD” as the example, the process is:
- Pick an ad and place the order: check the price, per-order minimum and maximum, payment methods and payment time limit. Once you place the order, the price is locked. Binance states that the price at order creation is final and cannot be renegotiated.
- The seller’s coins go into escrow: when the order is created, the coins being traded are automatically held in escrow by the exchange and released only after both sides finish (Binance, MEXC and KuCoin all describe it this way).
- Pay outside the platform: transfer the money to the payment details shown on the order page, from an account in your own verified name. Only after the transfer is done do you tap “Transferred, notify seller”. Binance states that tapping this button before paying may get your account suspended; Bybit also asks you to pay in one transfer, not several.
- The seller releases the coins after confirming receipt: Binance’s and OKX’s rules both require the seller to complete the order within 15 minutes of confirming that the full payment has arrived.
- Appeal if there is a dispute: if the seller won’t release the coins, or the buyer marks the order as paid without paying, first talk it through in the order chat. If that fails, file an appeal and customer support steps in. During an appeal, the coins in the order stay locked.
Selling USDT works the other way around: your coins go into escrow first, the buyer sends you money, and you release the coins only after confirming in online banking that the money has actually arrived. The advertiser sets the payment time limit. In HTX’s TWD ads on 2026-10-21, for example, I saw three: 10 minutes, 30 minutes and 180 minutes.
P2P on 13 exchanges: can you use TWD, and what are the fees?
The table covers the 13 exchanges this site tracks. Unless another date is noted, the TWD column is what I found on 2026-10-21 using public data on each exchange’s official website; fees, escrow and appeals follow each exchange’s official help pages.
| Exchange | P2P fee | TWD USDT ads | Escrow and appeals (official wording) |
|---|---|---|---|
| Binance | May charge Maker/Taker depending on the market; the order page is final (source) | TWD is in the currency menu, but there are 0 buy and 0 sell ads (TWD market) | Escrow starts when the order is placed; appeals available, support helps mediate; T+1 on TWD buy orders |
| OKX | No trading fee for buying or selling on C2C (source) | Since 2024-06-24, users in Taiwan cannot buy or sell with TWD (announcement) | Holds only the seller’s coins in escrow; self-service appeal within 72 hours of order creation |
| Bybit | TWD is not on the fee list; fiat currencies not listed have no trading fee (source) | 0 buy and 0 sell ads (TWD market) | Negotiate first, appeal if that fails; states that support cannot guarantee 100% recovery of losses |
| Bitget | No trading fee, except the Nigerian naira market (source) | TWD is not among its 74 P2P fiat currencies (P2P page) | All online trades are escrowed; appeals are usually resolved within 36 hours |
| MEXC | Currently no fee (source) | TWD is not among its 60 P2P fiat currencies (P2P page) | Seller’s coins are locked in the order; appeals go to MEXC OTC support |
| Gate | Currently offers zero-commission P2P (source) | Has a USDT/TWD page; on 2026-10-17 it showed “no ads available” (TWD market) | Seller’s coins are temporarily locked; if either side appeals, the platform decides whether to release or return them |
| BingX | P2P page says 0 fees (source) | Could not confirm whether TWD ads exist at the time of checking | Platform only mediates in good faith and does not rule on disputes; up to 3 appeals per order, filed within 15 days after the order is canceled or completed (appeal rules) |
| KuCoin | Zero trading fee (source, checked 2026-10-11) | 0 buy and 0 sell ads (P2P page) | When you sell, KuCoin holds the assets in escrow; you can appeal if the other side doesn’t release in time (KuCoin explainer) |
| HTX | 0% fee for buying on P2P; the advertiser sets the price (source, checked 2026-10-11) | Yes: 1 ad selling USDT, 6 ads buying USDT (HTX public ad data) | I did not find HTX’s official escrow and appeal explanation this time |
| XT | Not stated on the help page | Could not confirm at the time of checking | Seller’s coins are reserved when the ad is posted; if the seller won’t release, support can transfer them to the buyer |
| WEEX | No P2P trading fee (source) | Only fiat currencies supported in your identity verification country; could not confirm whether TWD is available | 24-hour online support handles trade issues |
| Pionex | 0% C2C trading fee (source) | C2C is open in only 12 countries and regions, and Taiwan is not one of them | Funds are fully held in escrow by the platform; merchants usually release within 2 hours |
| Ourbit | Could not find any P2P fee information | The site’s “Buy Crypto” menu links to card purchases; I found no P2P entry point (Ourbit official site) | Could not find an official explanation |
Sources are linked in the table; XT is based on the XT C2C trading introduction (updated 2026-02-12). The TWD ad counts are a snapshot of public data on the official websites, read on the afternoon of 2026-10-21 (Gate: 2026-10-17). Ads change constantly, so go by what the app shows before you order.
Two things stand out in the table. First, fees are almost all 0, so comparing P2P across exchanges on fees alone doesn’t work; look at price and protection. Second, for users in Taiwan, TWD P2P on the major exchanges has almost no counterparties right now, so buying USDT through P2P is very hard to make work.
Are TWD P2P prices reasonable? Working it out with HTX
HTX was the only exchange I found that still had TWD ads. I put its 7 ads at 16:56 (Taiwan time) on 2026-10-21 next to MAX’s USDT/TWD quote from the same minute (MAX best ask TWD 32.448, best bid TWD 32.447, MAX official ticker API):
| Ad direction | Price (TWD/USDT) | vs. MAX | Per-order limit (TWD) | Payment time limit | Listed payment methods |
|---|---|---|---|---|---|
| Advertiser sells USDT to you | 36.93 | 13.8% above MAX best ask | 25～299 | 10 minutes | Cash in person, bank transfer (Taiwan) |
| Advertiser buys USDT from you | 32.60 | 0.47% above MAX best bid | 30,000～6,520,000 | 180 minutes | Bank transfer (Taiwan) |
| Advertiser buys USDT from you | 32.50 | 0.16% above MAX best bid | 500～5,000,000 | 180 minutes | LINE Pay, bank transfer (Taiwan) |
| Advertiser buys USDT from you | 32.30 | 0.45% below MAX best bid | 30,000～6,459,999 | 180 minutes | Bank transfer (Taiwan) |
| Advertiser buys USDT from you | 31.76 | 2.1% below MAX best bid | 800～3,000,000 | 30 minutes | LINE Pay, JKOPAY |
| Advertiser buys USDT from you | 28.43 | 12.4% below MAX best bid | 25～500,000 | 10 minutes | Cash in person, bank transfer (Taiwan) |
| Advertiser buys USDT from you | 27.45 | 15.4% below MAX best bid | 5,000～500,000 | 180 minutes | Bank transfer, Skrill |
Sources: HTX P2P public ad data and the MAX official ticker API, snapshot at 16:56 (UTC+8) on 2026-10-21. I calculated the percentages directly from the prices, rounded to one decimal place (two decimal places for the first three rows).
A few things the numbers show:
- There is only one ad to buy USDT from, and it is expensive: TWD 36.93 is TWD 4.482 more than MAX’s TWD 32.448, so you pay about 13.8% extra for every 1 USDT. This ad’s per-order maximum is only TWD 299, and it has about 10.1 USDT available, so even if you accept the price you can’t buy much.
- Prices for selling USDT vary widely: the highest is TWD 32.60 and the lowest TWD 27.45, a gap of TWD 5.15. Selling 1,000 USDT to the TWD 27.45 ad gets you TWD 27,450; selling as a taker on MAX at TWD 32.447, minus the 0.16% fee, gets you about TWD 32,395, a difference of about TWD 4,945.
- Ads priced above market also come with unusual terms: the TWD 32.60 ad has a TWD 30,000 per-order minimum and a 180-minute payment time limit, and the public data shows 0 completed trades. A price better than the exchange’s order book is a reason in itself to double-check.
- 2 of the 7 ads list “cash in person”: Binance’s P2P rules state that crypto should not be traded through third-party channels such as social media, messaging apps or in-person meetings, and the platform is not responsible for losses that happen off the platform.
For comparison, MAX’s order book: at the same moment, MAX’s USDT/TWD best ask and best bid were only TWD 0.001 apart, and the VIP 0 taker fee is 0.16% (MAX official API fee rates, checked 2026-10-21). Buying 1 USDT on MAX costs about TWD 32.50 including the fee. For the network fees of moving USDT from a Taiwanese exchange to an overseas one, see the USDT withdrawal fee comparison; the full process of cashing out the other way to a Taiwanese bank account is covered in a guide on the Traditional Chinese version of this site.
What does buying USDT on P2P cost?
A 0 fee does not mean no cost. P2P costs are spread across several places:
| Cost | Who charges it, and how | Official basis |
|---|---|---|
| Price spread | Built into the ad price and locked when you order; on 2026-10-21, TWD ads were 0.16% to 15.4% away from MAX | The advertiser sets the price (HTX, MEXC, WEEX and XT all state that quotes are not provided by the platform) |
| Transfer fees | Charged separately by your bank or payment app; Binance requires that, unless agreed in advance, you cover transfer fees on top so the seller receives the full order amount | Binance P2P user trading policy |
| Trading fee | 0 for the taker on most exchanges; Bybit and Bitget charge on a few fiat currencies, and TWD is not one of them | See the 13-exchange table above |
| Withdrawal wait | After a Binance TWD P2P buy order completes, part of the assets cannot be withdrawn for 24 hours (except when paying with TWD cash); if the account shows unusual activity, all withdrawals are disabled for 48 hours | Binance T+1 and T+2 explainer (updated 2026-05-26) |
Take 1,000 USDT and assume HTX’s TWD 36.93 ad had enough supply: on P2P you would pay TWD 36,930. Buying as a taker on MAX at TWD 32.448, including the 0.16% fee, costs about TWD 32,500. P2P costs about TWD 4,430 more, roughly 85 times the MAX taker fee (about TWD 52).
P2P trades also don’t count toward trading volume. OKX states that C2C trades are not included in 30-day trading volume and do not affect your fee tier. For how maker and taker fees differ, see Maker vs. Taker fees; for the cost of Convert versus spot, see Convert vs. spot.
What escrow and appeals protect, and what they don’t
Escrow protects the “coin” side. OKX puts it most plainly: once an order is created, it holds only the seller’s crypto in escrow; payments made outside the platform technically cannot be held by OKX, and OKX cannot recover fiat that has already been sent (OKX anti-scam guide, updated 2026-09-15). So:
- If you are the buyer: if you paid and the seller won’t release, you can appeal. The coins are still in escrow, and support can release them to you based on the evidence. XT states that when the seller won’t release, support can transfer the reserved coins to the buyer.
- If you are the seller: if you release the coins before the money arrives, the escrow is over. XT also warns that some payment methods are not instant and carry a risk of the payment being reversed.
- If the money you receive is tainted: if the payer is not the person who placed the order, the money may come from another scam victim, and your bank account risks being listed as an alert account. This is the “three-party scam” described by Taiwan’s Criminal Investigation Bureau (CIB, 刑事警察局) (CIB announcement, 2026-05-14). What an alert account means and how to get it lifted is covered in the C2C section of fake exchange withdrawal scams.
Here is what each exchange’s official rules say about appeals:
| Exchange | When you can appeal | The platform’s role |
|---|---|---|
| Binance | Seller doesn’t release in time: first talk in the chat, and appeal if they don’t respond | The platform is not a party to P2P trades and has no obligation to step into disputes, but may help under its appeal rules |
| OKX | Tap the self-service appeal link within 72 hours of order creation | Holds only the seller’s coins in escrow; cannot hold or freeze payments made off the platform |
| Bybit | If the negotiation time runs out without a resolution, tap “Negotiation failed” and then appeal | Only an information intermediary, not a credit intermediary; support cannot guarantee 100% recovery of losses |
| Bitget | Seller hasn’t released within the time limit: tap “Appeal” | Usually resolved within 36 hours; appeals with insufficient or fake evidence, or filed late, may be rejected |
| BingX | Within 15 days after the order is canceled or completed, up to 3 times per order | Only mediates in good faith, does not rule on disputes |
Sources: Binance P2P user trading policy (updated 2026-05-12), OKX anti-scam guide, Bybit P2P dispute handling (updated 2026-05-03), Bitget P2P FAQ, BingX appeal rules, checked 2026-10-21.
An appeal only works if the conversation and the payment stay on the platform. Binance’s rules state that it is not responsible for trades made through social media, messaging apps or in person. If your account gets restricted by risk controls because of P2P, see what to do if your exchange account is frozen.
What are P2P merchant security deposits and verified merchants?
The “deposit” in the title means assets that anyone who wants to post P2P ads has to freeze in their account first. It is not money the buyer pays. The official rules:
- Bybit: the security deposit is 200 USDT for regular advertisers and 1,000 USDT for higher tiers such as verified and block advertisers, paid in USDT only. It cannot be unfrozen while you have ongoing orders, appeals, or orders completed or canceled in the last 5 days (still within the appeal window); once unfrozen, you can no longer post ads (Bybit security deposit guide, updated 2026-03-17). The guide describes the deposit’s purpose as “enhancing the security of P2P trading” and keeping ad permissions; it does not say the deposit will be used to compensate trading counterparties.
- Bitget: to apply as a merchant you upload a photo of yourself holding your ID and a bank statement for each fiat currency. The deposit amount depends on the fiat currency you apply for and is frozen as soon as you submit the application; there is no application fee, and review usually takes 5 business days (Bitget P2P FAQ).
- Binance: verified merchants who passed the P2P Merchant Program have a yellow badge next to their nickname (Binance P2P introduction). I could not find a clear deposit amount in the Binance Help Center.
What these badges mean: a verified merchant has passed extra review by the exchange, and the platform holds an asset it can freeze. But no exchange states that the deposit will be used to compensate your losses, so treat the badge as a reference point, not a substitute for checking the payment and the name yourself. All 7 of HTX’s TWD ads showed 0 in the merchant level field of the public data, and none had a merchant tag.
How to choose a P2P merchant: fields to check before you order
Two rules, that the payer’s name must match the verified name and that third-party payments are not accepted, are already laid out in a table comparing three exchanges in fake exchange withdrawal scams, so I won’t repeat them here. Beyond those, check these before you order:
- How far the price is from the market: open the USDT/TWD quote on MAX or BitoPro first. Whether an ad sells clearly above market or buys at a price clearly better than market, ask why.
- Number of trades and completion rate: the ad page lists the merchant’s number of trades and completion rate. Binance’s rule is that if an ad’s completion rate is below 20% after it has been live for a while, the system takes the ad down.
- Whether the payment method shows the payer’s name: Binance discourages payment methods that don’t show the payer’s name, because the seller cannot check it; if a dispute arises from paying this way, the buyer bears the loss. Before using an e-wallet such as LINE Pay or JKOPAY, make sure the other side can see your verified name.
- Whether the payment time limit is long enough: limits range from 10 to 180 minutes. If you can’t pay in time, don’t place the order. Under Binance’s rules, canceling 3 times in one day stops you from acting as a taker for the rest of that day, and failing to pay in time 5 times in a row blocks you from buying as a taker for 24 hours.
- Whether they ask you to leave the platform: if someone asks you to add them on LINE or Telegram, or to meet in person, stop. The CIB warns people not to trust crypto dealers of unknown origin (CIB: fake investment).
- How soon you can withdraw what you buy: Binance applies T+1 to TWD P2P buy orders; other exchanges may also restrict withdrawals after a C2C purchase. OKX, for example, runs a real-time risk assessment on every C2C buy order.
If you run into a suspicious buyer, seller or payment request in Taiwan, you can call the 165 anti-fraud hotline (165 反詐騙諮詢專線) or check on the 165 anti-fraud website. For exchange identity verification steps, see the KYC guides for each exchange, such as Binance identity verification and Bybit identity verification; common scam types are covered separately in 5 types of exchange scams.
FAQ
What is the difference between C2C and P2P?
There is none; they are two names for the same kind of trade. OKX, XT and Pionex tend to call it C2C, while Binance, Bybit, Bitget and MEXC call it P2P. In both cases users buy and sell crypto directly with each other using fiat, and the exchange matches ads and holds the seller’s coins in escrow.
Can you buy USDT with TWD on Binance C2C?
TWD is in the Binance P2P currency menu, but when checked on 2026-10-21 there were 0 TWD USDT buy ads and 0 sell ads, so in practice you can’t buy any. Even if an ad were available and filled, Binance applies a T+1 rule to TWD P2P buy orders, so part of the assets cannot be withdrawn for 24 hours (except when paying with TWD cash).
Can you still use TWD on OKX C2C?
No. On 2024-06-07 OKX announced that from June 24, 2024, users in Taiwan can no longer buy or sell digital currencies with TWD on OKX C2C (OKX announcement). The announcement also states that the suspension applies only to TWD; C2C in other currencies and services such as deposits and withdrawals are not affected.
Are there fees for buying USDT on P2P?
Most exchanges charge the taker no trading fee. The official pages of OKX, Bitget, MEXC, Gate, KuCoin, HTX, WEEX and Pionex all state that there is none, and Bybit charges only on a few fiat currencies. The real cost is in the ad price: on 2026-10-21, HTX’s only TWD ad selling USDT was priced 13.8% above MAX, and you also pay any transfer fees charged by your bank or payment app.
Is C2C safe? Can it get your bank account frozen?
The coins are in escrow; the TWD is not, so the risk is mainly on the TWD side. If you sell USDT and receive a payment from a third party, that money may come from a scam victim, and your bank account may be listed as an alert account. Check the payer’s name before accepting payment, and release the coins only after online banking shows the money has actually arrived. The consequences and what to do are covered in fake exchange withdrawal scams.
What if the seller doesn’t release the coins after you pay on P2P?
First contact the seller in the order chat. If they don’t respond or the negotiation fails, file an appeal; the coins in the order stay locked during the appeal. OKX’s self-service appeal must be filed within 72 hours of order creation, BingX’s within 15 days after the order is canceled or completed, and Bitget usually resolves appeals within 36 hours. Keep your transfer records, and don’t try to settle it privately off the platform.
What is a P2P merchant security deposit? Does the buyer pay it?
The buyer doesn’t pay it. The deposit is an asset that people who want to post ads freeze in their own account: on Bybit it is 200 USDT for regular advertisers and 1,000 USDT for verified tiers and above; on Bitget it depends on the fiat currency applied for. The official pages don’t say the deposit will be used to compensate trading counterparties, so a verified badge is only a reference point.
If there are no TWD P2P ads, how else can you buy USDT?
The usual route is to buy USDT with TWD on MAX or BitoPro and then withdraw it to an overseas exchange. On 2026-10-21, MAX’s USDT/TWD bid and ask were only TWD 0.001 apart, and the VIP 0 taker fee was 0.16%. The steps and costs, including cashing out to a Taiwanese bank account, are covered in guides on the Traditional Chinese version of this site.
Guides to buying crypto starting from TWD, and to the fees and sign-up of the two Taiwanese exchanges MAX and BitoPro, are on the Traditional Chinese version of this site. For withdrawal networks and fees once USDT is on an overseas exchange, see the USDT withdrawal fee comparison; for how USDT and USDC differ, see USDT vs USDC. For each overseas exchange’s referral code and automatic fee rebate, see the exchange referral code hub; HTX is covered in full in the HTX review.