Best for buyers · cheapest BUY
Gate
¥6.70
Gate.io's P2P market focuses on USDT and BTC. Their merchant pool skews toward larger merchants (>1000 monthly orders) with high completion rates — fewer ads, but each is from a more established merchant.
OpenRate
P2P Live
Live · refreshes every 5 min
Best P2P Exchange for CNY 🇨🇳
The live winner-takes-all USDT/Chinese Yuan P2P recommendation. Real numbers from China merchants, no affiliate rankings.
Best for sellers · highest SELL
Gate
¥6.98
Gate.io's P2P market focuses on USDT and BTC. Their merchant pool skews toward larger merchants (>1000 monthly orders) with high completion rates — fewer ads, but each is from a more established merchant.
All exchanges quoting USDT/CNY
Ranked by combined ad volume. The cheapest BUY price (best for buyers) is highlighted; same for the highest SELL price.
| # | Exchange | Best BUY | Best SELL | Ads (24h) |
|---|---|---|---|---|
| 1 | HTX | ¥6.78 | ¥6.79 | 4.7K |
| 2 | Binance | ¥6.80 | ¥6.80 | 4.1K |
| 3 | GateCHEAPEST BUYHIGHEST SELL | ¥6.70 | ¥6.98 | 2.1K |
| 4 | OKX | ¥6.79 | ¥6.81 | 395 |
How to use this winner data
- Identify your side.Buying USDT? Pick the cheapest-BUY winner. Selling USDT? Pick the highest-SELL winner. They're often different exchanges.
- Click into the merchant. The headline price is TOP1 — the next ad may be 0.1-0.5% worse. For larger trade size, scan the top few ads on the per-exchange page.
- Verify completion rate ≥98%.No matter how cheap, never trade with a merchant under 95% completion or with fewer than 1,000 orders. The biggest risk on P2P isn't price — it's the rare bad merchant.
- Use the right payment rail. In China, Bank transfer (CNAPS) is dominant. China's interbank network; technically available but flagged for crypto-related transfers.
Frequently asked questions
Which is the best P2P exchange for CNY?+
By cheapest BUY price right now (best for buyers): Gate at ¥6.70. By highest SELL price (best for sellers): Gate at ¥6.98. The "best" depends on which side of the trade you're on. Refreshed every 5 minutes; if you're trading shortly, check the current numbers above.
Why is this exchange the cheapest for USDT/CNY?+
Gate Gate.io's P2P market focuses on USDT and BTC. Their merchant pool skews toward larger merchants (>1000 monthly orders) with high completion rates — fewer ads, but each is from a more established merchant. The "cheapest BUY" status is live — it can change minute by minute as merchants reprice. The page refreshes every 5 minutes.
Is USDT trading legal in mainland China?+
No. The People's Bank of China and 9 other ministries jointly banned all crypto trading and mining for mainland residents in September 2021. The ban includes services provided by overseas exchanges to mainland users. Hong Kong is separate and operates under its own crypto regulatory framework.
Can mainland Chinese residents trade USDT through P2P?+
It happens despite the ban, but bank AML systems aggressively monitor and freeze accounts flagged for crypto transfers. Underground P2P operates via face-to-face cash trades or via overseas exchange accounts (Binance/OKX still serve mainland users informally). Risk-reward is meaningfully worse than for users in friendlier jurisdictions.
Are these recommendations affiliate-influenced?+
No. OpenRate doesn't have referral deals with any of the 9 exchanges we track. The "best" winner is purely whoever has the cheapest live BUY (or highest SELL) price right now, no rankings adjustment, no editorial weighting.
How often does this 'best for CNY' page update?+
Every 5 minutes. Direct-crawled exchanges (Binance, Bybit, OKX, HTX, KuCoin) refresh every 60 seconds; reference exchanges (Bitget, MEXC, Gate, BingX) refresh every 30 minutes via p2p.army's aggregate.