In recent times, the transactional scale of e-commerce with mobile devices such as smartphones and tablets has grown rapidly. In particular, the customer-to-customer (C2C) e-commerce has become more popular. In C2C e-commerce, customers are likely to face more risk buying fake and poor quality products. However, the main stream of research has focused on business-to-consumer (B2C) e-commerce. In this research, a quantitative model of C2C e-commerce usage was developed, which incorporates two cognitive dimensions, namely, (1) risk dimension, including security concern and privacy concern, and (2) institutional feature dimension, including perceived buyer protection policy and perceived third party recognition. This quantitative model was evaluated using PLS-SEM (Partial Least Squares-Structural Equation Modeling). In addition, this research investigated the interaction effect between factors that can positively or negatively influence customers’ intention to use C2C e-commerce with mobile devices.