Crypto Academy Season 2: Week 1 || homework post for @sapwood || P2P Market-USDT (Binance/Huobi)

timileyin988 (57)in SteemitCryptoAcademy • 3 years ago (edited)

Its another season and a new week lecture, I welcome you back to the lecture room sir @sapwood . Thank you for making the last season classes easy for us, here is my submission for the first class in this season.

I will be using Binance throughout for the assignment because Binance is the only exchange I use

(1) EXPLAIN HOW YOU SET UP YOUR EXCHANGE NICHE IN P2P MARKET(BINANCE OR HUOBI)- MARKET MAKER/ADVERTISER?

I logged in to my account on Binance exchange site using my web browser and my dashboard showed immediately after logging in, then I proceeded by clicking the payment button

I then press the add a payment method button, three options showed “NGN Fiat, bank transfer and more”. I chose "bank transfer" then a new tab shows where I filled my account details

add payment method.png
After filling the details Binance send me a security verification code to the number I used during signing up. After I verified that it's me they send a congratulatory message to me that's I have successfully added a new P2P payment method.

(2) EXPLAIN HOW YOU BUY/SELL USDT IN THE P2P MARKET OF BINANCE OR HUOBI FOR FIAT?(SECREENSHOT NEEDED)

Here I will be explaining how to buy USDT with Nigeria naira using P2P, in this aspect I will be using my mobile app.

I proceeded to my Binance exchange app and logged in, after logging in I press the P2P trading button in the opening menu.

I then click on the menu to change the amount of money I will be paying, I choose 450 Nigeria naira and I choose bank transfer as the payment method.

After choosing that the list of the available seller was shown and I pick the one of my choice based on the number of successful trade in their profile. With 5000 Nigeria naira I am buying 10.12 USDT, each USTD cost 494 naira

Once I am ready to buy the USDT, the only step next for me to take is to press the "Transferred, Next" button

I would have buy new one today but due to insufficient funds in my account here is the screenshot of the last successful USDT I bought using P2P

(3) HOW DOES ESCROW PROTECTION HELP A BUYER AND SELLER?

Buyer
It helps buyer in recovering the goods/comodities they bought in case of any fraudulent act from a seller. The buyer will have to tender the evidence of payment to Binance customer care in case of any delayed payment of paid good/commodity

Seller
Escrow protection allow transaction to be done inside Binance any buyer that want to buy any comodity must have a verified Binance account. So this will protect sellers against cyber criminals/ scammers.

(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 METHOD TO TRADE YOUR USDT? EXAMPLES/SCREENSHOT?

SOURCE
There are many payment method on binance depending on your country, you have to choose the ones that fit your country policies. One thing about binanace payment method is that you an choose up to 20 payment methods and this makes it a better application to use

(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 in the P2P market depends on the buyer and the seller, when you want to trade using Nigeria naira (NGN) the minimum trade you can find is 1000 naira.

when you try anything lesser than 1000 there wont be available seller

(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 transfer binance to Huobi and vice versa because I don't have Huobi account.

cc:

@sapwood
@steemcurator01
@steemcurator02
@steemitblog