Steemit Crypto Academy | Season 2: Week1-Homework for [@sapwood] ...P2P Market-USDT (Binance/Huobi)

in SteemitCryptoAcademy3 years ago (edited)
Today i am writing my homework task for @sapwood . I am excited to learn new things here and that is the beauty of these tutorials. After having gained some user experience, i will try to write this diary. So let's begin :

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

Having some user experience with Binance, i am going to take example of Binance for this task. To set P2P niche on Binance, I'll take you to the main page of Binance app.

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Binance interface

Click on P2P as shown above. A risk notice will appear . Read it carefully than mark it and continue.

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Risk notice warning us to read T&C and banking details of seller

After marking risk notice, you will land into advertisement page as shown below:

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Ads by other sellers

Next step is to turn on advertisement mode. For that click on 3 dots at top right corner. A drop down menu will appear as shown below

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Turn adv mode

A confirmation notifice will appear.
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Confirm this notice

From the bottom panel of main page, click om Ads as shown below.

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Click on post Ads

Next step to set niche is to enable KYC

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  • To enable KYC , Basic and Advanced security verification is needed. Basic verification involves updating your personal details like country you live in, Name, DOB, Residential adress.

  • Details have to filled as per identifying documents.

  • Advanced verification involves uploading photograph and front & back side of identifying documents and than a live photograph ( asking you to open and close mouth) . Than set your nickname and your niche is ready.


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

So we have now arrived at a point where I'll demonstrate how i bought 2 USDT in P2P market.
  • Open Binamce App , on the main page , click P2P and the following page will open.

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  • From the list of sellers available, select the one that matches your requirements.

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  • Select the amount of USDT. I wanted to purchase two USDT .

  • Check payment methods of seller . So aa to confirm that, if you can transfer funds via seller selected modes. A seller can select upto 3 payment methods.

  • Click on transfer
    the fund and pay via desired mode .

  • Once you have completed sending payment, only then click " transferred, next ".

  • i paid funds via Google pay to the SBI bank account of the seller.

  • Shortly after transfer of funds, 2 USST were released by seller. I received direct message on my phone number. I than checked for completed transactions.

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How does escrow protection help a buyer and seller?

Escrow protection is helpful for both buyer. and seller. Let me tell you how:

Eacrow For Buyer

If a buyer places an order for cryptocurrency , the seller's cryptos get locked ( escrowed) untill cryptos are released by him or order is cancelled by buyer. Another situation that may arise, if a buyer makes payment but seller does not release the cryptocurrency, the bhaiya can escalate the issue with the Binance's customer care service and they will verify the claim . After confirming that the payment has been made, they will release the amount of cryptocurrency for which payments has been done from seller's escrowed deposits.

Escrow for seller.

If a buyer places an order but doesn't make payment, the funds locked (escrowed) on order placement are released by Binance's escrow service after completion of negotiation time.

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?

To look for different payment method in binance, go to P2P settings and click P2P payment methods

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  • Next page to open is
    IMG_20210417_173936.jpg

  • Click on Add payments method and you will see below interface.

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  • We have four Recommended methods and there is also an option to look for "All payments methods ".

  • Click on All payments methods and payments methods will be displayed in Alphabetical order.

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  • You can search for payment method from search bar.

  • I have made use of Google pay (UPI) as mentioned above to purchaae USDT.

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Google pay added to p2p


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Transaction history from my Google pay


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


As we are talking about Binance. The minimum amount has to be traded on Binance Exchange P2P is 100 USDT. It is actually the short coming of Binance. Huobi is advantageous over Binance in this matter, as there is no limit set by Huobi. Traders can set their own limit.

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?


Although i haven't transferred but for the sake of completing this task, i have tried to do so, there i saw using ERC - 20 , mnimum amount has to be 40 USDT and transaction fees is 20 USDT . For small scale transaction, it is a huge sum and seems unaffordable. Say for example, for 100 USDT, 20 has to be paid as transaction fee. Isn't it huge.

But for TRC -20 , minimum amount has to be 10 USDT and transaction fees is only 1 USDT.
So, we concluded that TRC-20 is more beneficial than ERC - 20.

Thanks

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