Steemit Crypto Academy | Season 2:Week1- Homework task by @rubilu123 for @sapwood

rubilu123 (68)Beginner[3,4,5,7,8,9,10]in SteemitCryptoAcademy • 3 years ago (edited)

Hello prof @sapwood,

Am happy the steemit crypto academy has returned in due time and will like to thank you for making trading in crypto currencies understandable.

I am delighted to be able to do your homework for this week’s crypto academy.
I will now look to answer your questions below.

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

For the purposes of this trade I will be using the my binance account.

The illustrations of how to set up a market advertiser is shown below.

when you open the binance account, click on trades as shown by the arrow.

Then click on the P2P option to open the window shown

Then click on the adds option as shown by the yellow circle.

The following windows open so that you can enter your asset and fiat price price; since I am in Ghana I will be using the Ghanaian cedi(GHS)

change the fiat price from the USD to GHS

select your mode of payment; i will be using the Momo option which is available in my country

add your momo account details and press confirm

The above window opens so that you can set the amount you are willing to sell; my minimum account balance is less than 100 as you can see so am not able to add my advertisement

So I will explain the remaining steps without illustrations.

So after setting the total amount you want to trade.

You can then proceed and select your order limit.

You then set your payment time limit.

You can choose to write your terms for your trade.

You can also add automated responses, this response is sent to the buyer once the trade is completed.

Your advertisement is set and added to the trade for buy option.

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

I will be explaining about my experience with binance as I purchased USDT.

Screenshot (32).png

because this is my first trade on binance I have to do the SMS authentication as seen in the screenshot above before i can make any trade; in this authentication phase you will be sent a number for verification

Screenshot (45).png

after the verification you go to the dashboard and click on the ''buy crypto option''; a dropdown menu opens and then you click to create the P2P option

The trading center opens and then you can see the list of people who have created their advertisements to sell USDT.

you then choose your payment option and then click the buy USDT option

A menu opens for you to insert the amount you want to buy(minimum of 100)

Before the USDT is released you have to pay the money to the market advertiser before the funds are released; after making the payment you can then click on the ''transferred, next''; In my case I bought an amount of 100 cedis and before the USDT was released to me I had to make payment the market advertiser

After payment is confirmed by the advertiser, he released the USDT into my wallet

As you can see this is the USDT transferred into my account after payment to the market advertiser

so this is how to buy USDT on binance using the peer to peer market

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(3) How does escrow protection help a buyer and seller?

An escrow

is a financial and legal agreement designed to protect Buyers and Sellers in a transaction. For a fee, an independent third party holds payment until everyone fulfills their responsibilities in the transaction.
source

In binance, their escrow holds the crypto until the market advertiser receives his full payment before the cypto is released to the buyer.

binance's escrow also makes sure the buyer receives his crypto after payment; if the market advertiser doesn't release the crypto in full, the escrow makes sure the buyers fiat is refunded.

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(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?

I only have user experience with Binance because that is where I make all my transactions

I recently acquired some USDT with binance.

There are a wide range of payment methods on binance, from bank transfer to BBVA and a whole lot of payment methods.

I use the Ghanaian cedi(GHS) as my fiat option to make trades on binance; considering my geographical location I use the momo option.

click on the avatar icon in the top left corner on the binance app

2.Then click on ''payment methods'' in the resulting list

3.click on the P2P payment method

4.since I have a payment option already I will click on ''add a payment option''

5.a list of payment options appear, then you look for momo, you can conveniently type momo

6.a fill form pops up for you
fill your details.

The registered account name and you momo number.

NIOTE: Due to security reasons I am not able to screenshot the next round of verification.

After you add the acc name and registered number, a mobile verification code is sent to the momo number

after entering the verification number you then submit and then your payment option is added.

red steem line.png

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

In the P2P market(USDT),considering that I use momo and using the Ghanaian cedi fiat you cannot trade less than 100 cedis

from the above screenshot you will see different traders with their prices limit
as seen the minimum trade limit is 100 cedis for almost every trader
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On a personal level I will love to have more user experience with Huobi; which i will create an account and start trade there too.

note: unless stated all images are screenshots from my phones and laptop from binance app and cite

This is my homework submission for @sapwood's homework task.

Thank you.

#sapwood-s2week1 #cryptoacademy #p2p #blockchain #market

3 years ago in SteemitCryptoAcademy by rubilu123 (68)Beginner[3,4,5,7,8,9,10]

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sapwood (75)member 3 years ago

Thank you for attending the lecture in Steemit-Crypto-Academy- Season 2 & doing the homework task-1.

The above window opens so that you can set the amount you are willing to sell; my minimum account balance is less than 100 as you can see so am not able to add my advertisement

Yes, the minimum amount to publish an Ad is 100 USDT. But you can still buy/sell an amount below 100 USDT, should the Advertiser set the min/max limit like that.

The Advertiser has the freedom to set the min/max limit on his own(Binance does not set any criteria for that). So if an Advertiser has set the minimum limit as 1 USDT, then you can easily buy 1 USDT as Market Taker.

if the market advertiser doesn't release the crypto in full, the escrow makes sure the buyers fiat is refunded.

Not necessarily. If you have paid as a Buyer, then produce the payment proof in the chatbox and ask the Seller to release, if he does not repond, then raise an Appeal, Binance team will intervene and after verifying the facts they will release the asset.

Feedback/Suggestions:-

The author has demonstrated with a real trade- He bought 17.09 USDT in the Binance P2P Market(as Market Taker), he has explained all the steps with relevant screenshots.
The author has also explained the steps to create an Ad as Market Maker(although he could not able publish the Ad due to insufficient fund).
We would suggest the author to cover all the sub-parts in an assignment(in this assignment, the author has covered 5 out of 6 questions).

Thank you.

Homework Task -1 accomplished.
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