The cryptocurrency landscape continues to evolve, with major exchanges expanding their services to meet growing user demand for seamless, flexible trading options. On November 4, Huobi Global Professional Platform officially launched its peer-to-peer (P2P) trading service, enabling direct digital asset transactions between users. This new feature supports Bitcoin (BTC) and Tether (USDT) trading with Chinese yuan (RMB), allowing users to buy and sell cryptocurrencies using local payment methods while also supporting withdrawal capabilities.
This move positions Huobi as one of the leading platforms in the decentralized trading space, joining other major players like OKEx—previously a partner of OKCoin—that have already introduced C2C (consumer-to-consumer) trading. With two of the former top three exchanges now offering P2P services, it signals a strategic shift toward decentralized, user-driven trading models that empower individuals to transact directly without intermediaries.
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How Huobi’s P2P Platform Works
Huobi describes its C2C platform as a marketplace similar to e-commerce giant Taobao, where users can act either as advertisers or counterparties. Advertisers are individuals who post buy or sell orders for digital assets, specifying their preferred price, payment method, and transaction limits. Counterparties then browse these listings and choose to accept an offer by purchasing from or selling to the advertiser.
According to the Huobi Global Professional Platform C2C Trading Service Agreement, the C2C system is explicitly defined as an over-the-counter (OTC) trading platform. Users can create buy or sell orders for digital assets and complete trades directly with other users, fulfilling peer-based exchange needs in a decentralized environment.
This model offers several advantages:
- Greater pricing flexibility based on market supply and demand
- Direct negotiation between buyers and sellers
- Support for multiple fiat currencies and localized payment methods
However, it also introduces risks due to the anonymous nature of participants and varied payment channels—a concern highlighted by the National Internet Finance Association's recent Monitoring Report on Bitcoin OTC Transactions.
Supported Payment Methods and Transaction Safety
Currently, Huobi’s P2P platform supports a wide range of payment methods, including:
- Alipay
- WeChat Pay
- Bank transfers
- Western Union
- Paytm
These options cater to users across different regions, particularly in Asia, where mobile payments dominate. However, the platform clearly states that any disputes arising from transactions conducted outside these approved channels are not its responsibility. This disclaimer underscores the importance of adhering strictly to platform guidelines to avoid fraud or loss.
Furthermore, Huobi emphasizes that it only provides the technological infrastructure for trading. All buy/sell advertisements are posted by users themselves, meaning content accuracy, legitimacy, and risk levels may vary. Given the real-time nature of information flow and high volume of listings, the platform does not review each individual transaction or advertisement prior to publication.
Users must therefore exercise caution when engaging in trades, verifying counterparty reputation, checking transaction history, and following best security practices such as using escrow services provided by the platform.
Fee Structure: Transparent and Competitive
One of the key appeals of Huobi’s new P2P service is its cost-effective fee model. The platform breaks down charges into two components:
Trading Fees:
- Registration, placing orders, and executing trades are completely free.
- After a successful transaction, the advertiser (the party who posted the ad) is charged a 1% fee based on the total trade value.
Withdrawal Fees:
- When users initiate a withdrawal (withdraw crypto to an external wallet), a network miner fee is deducted.
- This fee is dynamically adjusted based on current blockchain congestion and is automatically calculated by the system.
This structure ensures low barriers to entry while maintaining sustainability through post-trade revenue generation.
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Understanding USDT and RMB Conversion Options
Stablecoins like USDT play a crucial role in facilitating fiat-to-crypto transitions, especially in markets with regulatory restrictions on direct crypto purchases. For users looking to convert USDT into RMB, Huobi COO Zhu Jiawei outlined two primary methods:
- Indirect Conversion: Convert USDT to USD first via international exchanges or brokers, then transfer funds to RMB through traditional financial channels.
- Direct P2P Exchange: Engage in direct peer-to-peer trades with individuals willing to exchange USDT for RMB using local payment methods.
The latter option is faster and more accessible for retail investors but requires careful vetting of trading partners due to potential fraud risks.
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These terms reflect common search queries related to decentralized trading, fiat on-ramps, and cross-border crypto transactions—especially relevant for users in China and Southeast Asia.
Frequently Asked Questions (FAQ)
Q: Is Huobi’s C2C platform legal for Chinese users?
A: While mainland China has strict regulations on cryptocurrency exchanges and initial coin offerings (ICOs), peer-to-peer trading is not explicitly prohibited. However, users should remain aware of local laws and use such platforms at their own risk.
Q: Can I get scammed on Huobi’s P2P platform?
A: Like any decentralized marketplace, there is inherent risk. Scams can occur if users bypass escrow systems or send money before receiving crypto. Always use verified traders and follow platform security protocols.
Q: Does Huobi hold my funds during a P2P trade?
A: Yes. Huobi uses an escrow mechanism: when a buyer sends payment, the seller’s crypto is locked until the buyer confirms receipt. This protects both parties during the transaction.
Q: Are there daily limits on P2P trades?
A: Trade limits depend on user verification level (KYC status) and reputation score. Higher-tier accounts typically enjoy larger transaction allowances.
Q: Can I use this platform without KYC verification?
A: Basic access may be possible, but full functionality—including large trades and withdrawals—requires identity verification in compliance with anti-money laundering (AML) standards.
Q: How does Huobi make money from free trades?
A: Although trading itself is free, Huobi earns revenue by charging a 1% fee on successful ad-based transactions and collecting dynamic miner fees during withdrawals.
The launch of Huobi’s P2P trading service marks a significant step in democratizing access to digital assets. By supporting RMB transactions and integrating widely used payment systems, the platform enhances financial inclusion for millions of users across Asia. As the industry shifts toward decentralized models, platforms that prioritize user autonomy, transparency, and security will lead the next wave of adoption.