Steemit Crypto Academy | Season 2: Week1| Homework Post For @sapwood on P2P Market-USDT (Binance/Huobi)| Homework post by @kelechisamuel
Hello steemians I'm glad to participate in this week's lesson and indeed it was a beautiful lecture executed by @sapwood and the homework was direct and straight to the point
So I will go straight to the answers
For the purpose of this homework, I will be using binance throughout
Question 1: Explain how you set up your exchange niche in P2P Market(Binance or Huobi)- Market Maker/Advertiser?
First of all open the binance platform, navigate to trades section as seen in the screenshot below
Next step is to click on the p2p channel on the platform as seen in the screenshot below
When you are on the screenshot page(P2P) you would see a drop down menu for the P2P settings click on it
Then firstly, we need to add our payment method, after clicking the drop down menu, you would see payment method, click on it, click on add payments and the next page will be open, choose and add your details
After that Return back to the p2p page and click the drop down menu And switch to the advertisement mode a pop up will come out, click and confirm the switch
After switching to the advertisement mode, the next step is to click on becoming a merchant, also if you look below in the screenshot you would see a dialogue box titled switch to order mode, that mode is for the market takers where you place your orders and move to the p2p platform but for the Market makers, we have to advance to becoming a merchant
In this section, we will have to go through the kyc verification to be a verified merchant
After the registration, we need to set our advertisement code , so we can also place orders immediately
With the above description and screenshots, I believe you should be able to set your exchange niche on binance
Question 2:
Explain how you buy/sell USDT in the P2P Market of Binance or Huobi for fiat? (Screenshot needed)
As explained above the USDT coin is a stable coin and is of high importance in the p2p platform
So therefore one can buy or sell USDT on the p2p market on binance by few simple steps
1) open your binance
2) navigate to the p2p platform
3)ensure you are under the USDT interface as seen above, becareful to note that there are other coins on the p2p platform, so ensure to be on the USDT interface
Added to that from the screenshot above, you would see a buy & sell tab, depending on your intentions, you can either buy or sell
Let's assume we want to buy, search for a merchant with high trades in that day and looks genuine and make sure he is online.
4)click on the buy usdt a dialogue box will pop up as shown below, click by Fiat, input the amount you want to buy and place the order
A timer of about 12- 15minutes will be counted down while payment is expected to be made by you to the merchant account details
As soon as payment is made inform the merchant from the chat box or call him on phone and if there is no complain, your coin would be transferred.
Question 3: How does escrow protection help a buyer and seller?
Escrow protection verifies the transaction at every point and this is Done by a legal agreement, more like a middle man creating an understanding between both parties
For buyer: escrow ensures that the coin is delivered and also makes sure the seller isn't paid until the buyer accepts the coin
For sellers: escrow confirms the delivery of the coin using their online trackable system and if the deal isn't through, escrow will step in and release funds to the rightful owner
Question 4: 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?
There are a lot of available options on binance, I made a long screenshot of the few I could see on my binance
For the sake of this question I will be citing my example with the Nigerian naira NGN
After choosing the currency, enter the amount you want
Click on start to pay , another page where you would input your card details would appear
Input your details and buy
Question 5:What is the minimum amount you can trade in the P2P Market(USDT) of Binance or Huobi? (Choose any one exchange to demonstrate)
The minimum amount you can trade depends on the limits set by the merchant you wish to do business with
For example I try to go below the limit of my selected merchant here is how it goes from my screenshot
If you look carefully, you would see binance instructing me that I cannot go below the set limit of my merchant
Question 6: 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 never transferred from binance to huobi as I do not have a huobi account but on the other hand I have done a one time transfer of Tron from my Tron wallet to binance and it was almost free if not free can't really remember
Conclusion: This homework task really exposed me to a lot and for me the experience was really worth it
Thank you @sapwood, thank you all for giving attention to my homework