Step-by-step guide to buying and selling crypto on Binance P2P using Mongolian Tugrik (MNT). Learn how to use MNT bank transfers safely with Binance's escrow protection.
Binance P2P is the most popular way for Mongolian traders to buy and sell cryptocurrency using MNT. P2P trading connects buyers and sellers directly, with Binance holding the crypto in escrow until the payment is confirmed. This guide covers everything from account setup to completing your first P2P trade safely.
Binance holds the seller's crypto in escrow until you confirm the payment. If the seller doesn't release, Binance mediates with chat evidence.
Pay directly from your Mongolian bank account. Supported banks include Khan Bank, Golomt Bank, TDB, and XacBank. No international transfer fees.
All P2P sellers are KYC-verified by Binance. You can see their completion rate, total orders, and buyer reviews before trading.
Sign up on Binance with your email or phone number. Complete KYC verification by uploading your passport or national ID and a selfie. Verification usually takes a few minutes to a few hours. P2P trading requires at least intermediate verification.
Set up Google Authenticator (2FA), enable anti-phishing code, and configure SMS verification. These protect your account from unauthorized access during P2P transactions. Binance P2P also shows a seller's verification badge.
Open the Binance app or website and navigate to 'Buy Crypto' then 'P2P Trading'. Select your country as Mongolia. You will see a list of verified sellers offering crypto for MNT.
Select your preferred payment method: Khan Bank, Golomt Bank, TDB, XacBank, or mobile payment. Choose a seller who accepts your bank. Check the seller's completion rate (target 95%+), response time, and total orders.
Enter the amount of USDT or BTC you want to buy (or the MNT amount you want to spend). The seller's crypto will be locked in Binance escrow. Do not transfer money outside the Binance platform.
Use your Mongolian bank app to transfer the exact MNT amount to the seller's account. The seller will provide their bank account details inside the Binance chat. Take a screenshot or photo of the transfer receipt.
After transferring, click 'I have paid' in Binance. The seller will verify the payment and release the crypto from escrow. The crypto will appear in your Binance funding wallet within minutes. If the seller does not release, Binance support will mediate.
P2P purchases go to your Binance funding wallet. If you want to trade, transfer to your spot wallet. If you want to hold long-term, consider withdrawing to a personal wallet for self-custody.
Never communicate outside the Binance chat — all disputes require chat history.
Never mark 'I have paid' before you actually transfer money.
Never cancel an order after you have already paid — this will trigger a dispute.
Never share your Binance password or 2FA codes with anyone, including 'customer service'.
Never accept a seller's request to send extra money 'for verification' — this is a scam.
Always trade with verified sellers who have 95%+ completion rate and 500+ orders.
Go to P2P Trading and switch to 'Sell' mode. Select the crypto you want to sell (usually USDT, BTC, or ETH).
Choose a buyer who accepts your bank. Check their completion rate, payment history, and response time.
Enter the amount and confirm. Your crypto will be locked in escrow. Wait for the buyer to send MNT to your bank account.
Verify the MNT deposit in your bank account. Only after confirming the money arrived, click 'Release Crypto' to complete the trade.
Never release crypto before confirming the bank transfer. If the buyer claims they paid but you see nothing, open a dispute immediately.
Crypto trading involves significant risk and may not be suitable for all users. Prices can be highly volatile, and users may lose their funds. This review is for informational purposes only and does not constitute financial advice. Product availability, fees, and local access may change. Always verify information directly with the exchange before opening an account or trading.
We evaluate crypto exchanges based on 7 criteria designed to help Mongolian traders make informed, safe decisions. Our rankings are independent and updated regularly.
We check whether the platform provides access to users in Mongolia and whether key services are available.
We review spot trading fees, conversion fees, withdrawal fees, and possible hidden costs.
We check whether users can buy or sell crypto using local currency, supported payment methods, or P2P trading.
We review KYC, two-factor authentication, withdrawal protection, anti-phishing tools, and platform reputation.
We compare spot trading, futures, Earn products, copy trading, wallet functions, and Web3 features.
We test whether the platform is easy for new users to understand and start trading.
We check whether the platform clearly explains the risks of crypto trading, leverage, futures, and self-custody.
Our reviews are for educational purposes only. We do not provide financial advice. Cryptocurrency trading carries significant risk of loss. Always conduct your own research before using any exchange. Verify all regulatory information directly on the platform's official website. Past performance does not guarantee future results.