Crypto Academy Week 9 - Homework Post for @Sapwood

Thank you professor @Sapwood for this week's lecture on P2P Market-USDT

For the homework task, I will be illustrating with screenshots from the Binance app on my android phone.

Explain how you set up your exchange niche in P2P Market(Binance or Huobi)- Market Maker/Advertiser?

Before anyone trades on the Binance platform, a series of verification has to be done. Since Binance acts as an escrow in the P2P trade, it is therefore relevant that both parties are to be trusted, thus verification is required before one can access the P2P Market on Binance.

There are 207 payment methods listed on the Binance P2P market trade from my count.

How to set up payment methods in P2P Market on Binance

• Select P2P Trading on the homepage
  

  

• Click on the 3 horizontal dots on the top right hand of your screen and select Payment Methods from the pop-up menu

• Next, click on Add a payment method

• Type your preferred payment method in the search box for quick identification. I selected Momo for the purpose of this tutorial.

• Fill in the details required and follow the steps provided to confirm your payment method.

Clicking on the filter button on the top right corner will display will help filer out ads according to your preference when you're either buying or selling

Explain how you buy/sell USDT in the P2P Market of Binance or Huobi for fiat? (Screenshot needed)

As I mentioned earlier, you ought to complete verification before you can buy/sell using the P2P feature on Binance.

How to sell USDT on Binance P2P Market
Before you can sell USDT to another user, you ought to have USDT in your P2P wallet. You can transfer USDT from your Spot wallet to your P2P wallet so you sell USDT to any buyer.

• Go to your Spot wallet and click on Transfer

• Select P2P Wallet at the to section. Choose USDT as your preferred coin to transfer. Enter the amount you wish to transfer to your P2P wallet and click on Transfer to confirm.

• You would receive a notification confirming your transfer. Click on P2P Trading within the notice to direct you to the P2P trading platform.

• Select Sell from the top left hand of the screen and choose USDT from the list of coins right beneath the Buy and Sell buttons

• You can use the Filter feature to fish out ads to your preference. As can be seen in the screenshot below, I filled in parameters of my preference and was presented with buying orders of suiting my preference. I choose to trade with backbone by clicking on the Sell button in his ad.

• Next, enter the amount of USDT you wish to sell and add your payment method. Click on Sell USDT to initiate trade. The amount to fiat payment to receive is always displayed above the Sell USDT button.

• You can have a chat with the buyer in the chat box. Must buyers have their terms and conditions pinned in the chat box as seen below.
  

• The Confirm receipt button will light up once the buyer confirms payment of fait currency to the account provided. It is very important to check your account to confirm that you have received the payment before you click on the Confirm receipt button.
  

• You will receive a notice requiring you to confirm that payment has been received. Click on Confirm to approve the transfer of tokens to the buyer's account.
  

  

• You will be required to input an OTG send your address provided in order to approve the token transfer. The transaction will be completed successfully after approval. You can view the order details once completed and give feedback for the transaction made.

Note that each buyer's number of trades completed and completion rate in % display to help you decide whom who is most trustworthy to trade with. Merchants have their user icons in yellow with a yellow tick beside their names.
The payment methods preferred by a user are also indicated to decide who to select for trading.

How does escrow protection help a buyer and seller?

Binance, acting as the escrow holds the token once a trade is initiated. The held token is released to the buyer only when the seller confirms to have received the fiat payment from the buyer.
A seller cannot cancel a trade once it is initiated. in case of any inconvenience, the seller can appeal to Binance(escrow) for the transaction to be canceled once an investigation has been done with evidence providing that payment has not been made by the buyer into the seller's account.
The seller can also appeal to Binance when the seller refuses to confirm to have received payment into his/her account.
within the given time frame. Once evidence of payment is provided and deemed to be authentic, Binance will personally receive the token to the buyer's wallet.

What are the different payment methods (fiat options) available in Binance or Huobi? (Choose any one exchange to demonstrate) Have you ever used any of the fiat payment methods to trade your USDT? Examples/Screenshot?

Binance has 207 payment methods listed in its P2P market trade. One can trade USBT, BTC, BUSD, BNB, ETH, and DAI for and fiat option of choice in the P2P interface on Binance.

I have been using the Momo payment method for my Sell trades on Binance P2P Market trade as demonstrated in the illustration on how to sell on Binance P2P Market.
I have made 3 trades so far on the system with a 100% completion rate.

What is the minimum amount you can trade in the P2P Market(USDT) of Binance or Huobi? (Choose any one exchange to demonstrate)

For Binance, the limit for trade is set by the advertiser. Every advertiser had a minimum amount set that they are willing to start trading from. Thus, it is fair to say that Binance has no minimum amount set for P2P trade but the power is given to the advertiser to set up his/her own trade limit.
It can be observed from my trade with account username backbone that is his set was with (50-10000)cedis range.

Have you ever transferred TRC-20 USDT from Binance to Huobi and vice versa? How much cost do you save using Tron Network as compared to ERC-20 USDT?

I have no experience in the transfer of TRC-20 USDT from Binance to Houbi and vice versa. Regardless, the had Houbi installed in my pursuit to find the most suitable exchange platform to suit my needs. Though both Binance and Houbi have similar GUI's.

I copied both TRC-20 and ERC-20 USDT addresses from my Houbi account to use for the purpose of this illustration.

• For ERC-20 USDT transfer from Binance to Houbi, a 20 USDT fee was to be changed on my transaction of 100USDT.
• For TRC-20 USDT transfer from Binance to Houbi, a fee of 1 USDT was to be changed on my transaction of 100USDT.
  Thus, a total cost of 19 USDT can be saved when one utilizes the Tron network for transactions.

Cc:
@sapwood