Fiat trading is the process of using traditional government-issued currencies, such as the US Dollar or the Chinese Yuan, to buy digital assets. Conversely, it also involves selling your cryptocurrencies to receive cash in return. This mechanism serves as a primary gateway for depositing and withdrawing funds from the digital asset ecosystem. On major trading platforms, the fiat trading section typically includes quick buy/sell options, peer-to-peer (C2C) trading, and bulk trading features.
Setting Up Your Payment Methods
Before you can start trading, it's essential to configure your payment methods correctly. This ensures smooth transactions when buying or selling digital assets.
Accessing Payment Settings
Open your trading platform's mobile application and navigate to the fiat trading section, usually found at the bottom of the screen. Tap on the menu icon in the top-left corner and select 'Payment Settings' to proceed.
Adding a Payment Method
Click the '+' or 'Add' button in the top-right corner to set up your preferred payment channels. You can typically choose from bank transfers, Alipay, or WeChat Pay. Select your desired method and fill in the required details accurately.
Important Considerations:
- Always use a bank account registered under the exact same name used for your identity verification on the platform.
- It is highly advisable to avoid using your primary everyday bank account (e.g., a salary card) to mitigate potential inconveniences if the account faces temporary issues.
- When using Alipay or WeChat Pay, never include any notes related to digital assets (like Bitcoin, BTC, or cryptocurrency) in the transaction remarks. This helps prevent payment interception or account freezes.
Once your payment methods are set up and your identity is verified (KYC), you are ready to engage in fiat trading.
Using the Quick Buy Feature
For newcomers, purchasing a digital asset is the first step. The Quick Buy function simplifies this process, making it accessible even for those new to the space.
Step-by-Step Process
- From the app's homepage, tap on the 'Fiat' tab.
- Select the 'Quick Buy' zone and choose 'I want to buy'.
- Pick the cryptocurrency you wish to purchase.
- Enter the amount you want to spend or the quantity of crypto you want to acquire.
- Click 'Buy Now'.
- Select your payment method (e.g., Alipay) and confirm the purchase.
After placing the order, the interface will display the seller's payment details. You must complete the bank transfer or mobile payment to the provided account offline. Once the payment is sent, click 'Already Paid, Please Release Coins'.
Key Reminders:
- Avoid any crypto-related remarks in your payment notes.
- For cross-bank transfers exceeding 50,000 CNY outside business hours (holidays or 5 PM - 8 AM workdays), consider splitting the payment into smaller batches to avoid delays.
- You can cancel an order within 15 minutes, but frequent cancellations or repeated failure to pay may affect your account standing and ability to trade for the day.
Using the Quick Sell Feature
This feature allows you to swiftly sell your digital assets for cash.
Step-by-Step Process
- Navigate to the 'Fiat' section and choose 'Quick Sell'.
- Select 'I want to sell' and choose the cryptocurrency.
- Enter the amount or quantity you wish to sell.
- Click 'Sell Now'.
- Choose your preferred收款方式 (receivery method), like Alipay.
- Confirm the sale.
Upon a successful order, the buyer has 15 minutes to make the payment. The 'Confirm Payment' button will light up once they have sent the funds. It is crucial to log into your bank or payment app to verify that the money has arrived in your account. Only after confirming the receipt of funds should you enter your security password and click 'Confirm Receipt' to release the coins.
Key Reminders:
- Release the coins promptly after receiving payment. The system will automatically transfer the assets to the buyer after 12 hours if no action is taken.
- If you haven't received payment, you can click 'Appeal' to freeze the order and involve customer support.
- Always verify that the funds have actually arrived in your account before releasing the coins, even if the order status shows 'Buyer Has Paid'. 👉 Explore more strategies for secure trading
Navigating the C2C Trading Zone (Buying)
For users who prefer to choose their own counterparty or find specific prices, the self-selected C2C trading zone is the ideal place.
Finding an Order
- In the Fiat section, select 'C2C Trading' and then 'I want to buy'.
- Choose your desired cryptocurrency. You will see a list of sell orders from various merchants.
- Use the filter icon in the top-right corner to sort orders based on price, payment methods, or limits.
Executing a Trade
After selecting a suitable order, click 'Buy'. Enter the purchase amount or quantity and confirm the order. Follow the seller's provided payment instructions to complete the transfer offline, and then mark the order as paid.
The same注意事项 (precautions) regarding payment notes, large transfers, and order cancellation apply here as in the quick buy section.
Navigating the C2C Trading Zone (Selling)
This section allows you to sell your crypto by choosing from a list of buy orders posted by other users.
Finding a Buyer
- Go to the 'C2C Trading' zone and select 'I want to sell'.
- Pick the cryptocurrency you wish to sell to view active buy orders.
- Use the filters to find orders that meet your criteria regarding price and payment method.
Completing the Sale
Once you select a buy order, enter the amount you want to sell and confirm. After the order is placed, wait for the buyer to pay. Verify the receipt of funds in your bank or payment app before entering your password to release the coins.
The注意事项 for sellers are identical to those in the Quick Sell section: release coins quickly, appeal if payment isn't received, and always verify funds.
Understanding Bulk Trading
Bulk trading is designed for large-volume orders, typically those exceeding 100,000 CNY. These orders are specifically marked in the order book.
How to Execute a Bulk Trade
- In the Fiat trading section, tap the filter button.
- Select the 'Bulk Trade' option to view all large-volume orders.
- Apply additional filters based on your needs to find a suitable merchant.
- Click 'Buy' on your chosen order, enter the amount, and confirm.
- The interface will display the merchant's detailed payment information. Make the transfer and click 'Already Paid'.
The same critical precautions apply to bulk trading: no crypto-related payment remarks, careful handling of large off-hours transfers, and mindful order cancellation.
Frequently Asked Questions
What is fiat trading in cryptocurrency?
Fiat trading is the process of converting traditional government-issued money (like USD, EUR, or CNY) into digital assets (cryptocurrencies) and vice versa. It's the primary method for moving funds in and out of the crypto market using familiar payment channels like bank transfers or e-wallets.
Why is it important to avoid mentioning crypto in payment notes?
Financial institutions and payment processors monitor transactions for activity related to digital assets due to regulatory and compliance reasons. Mentioning words like "Bitcoin" or "crypto" can trigger automated systems, potentially leading to payment interception, transaction delays, or even the freezing of your bank or e-wallet account.
What should I do if the buyer says they've paid but I don't see the funds?
Never release your coins based solely on the platform's status. Always log in directly to your banking or payment app to independently verify that the funds have been deposited into your account. If the money is not there, contact the buyer and, if necessary, use the 'Appeal' button to get customer support involved and freeze the order.
How does the platform ensure the safety of C2C trades?
Platforms act as a secure escrow service. When you place a buy order, the seller's crypto is locked in escrow. Once you pay and confirm, the crypto is released to you. When selling, your crypto is locked until you confirm receipt of the buyer's payment. This system protects both parties from fraud.
Can I cancel a fiat trade order after placing it?
Yes, you can typically cancel an order within a short window (e.g., 15 minutes) after placing it if you haven't made the payment yet. However, repeatedly canceling orders or letting them expire without payment can negatively impact your account's credibility and may lead to temporary trading restrictions.