INTRODUCTION

P2P trading has been innovative in the crypto business since it’s offset. The fact that it is easy to use and does not have any charges, as compared to normal trading, is good news to traders everywhere. Professor @sapwood has done a great job explaining the p2p concept and now I will try to complete the homework tasks given.

Off we go...

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

Step 1: Click on “p2p trading” on the binance home screen.

Step 2: Read the risk notice, tick that you have agreed and click confirm.

Step 3: Switch to advertisement mode.

Step 4: Explore the tabs

Step 5: You will have to pick a username and verify you phone number.

Step 6: Before choosing a payment method you will be prompted to complete the “Know your Customer"(KYC)

_{My fully verified account}

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

For this task, I would be explaining how to sell USDT on binance both as a market maker and a market taker.

Market maker

Step 1: Transfer USDT from spot wallet to p2p wallet.

Step 2: Click on “Go to trade”

Step 3: Click on “Ads” and then click on “Post Ads”

Step 4: Choose to sell, select currency and set order price. Click next

Step 5: Input Trading amount, set limit, choose payment methods and set time limit. Click next

Step 6: Set remarks and counter party terms. Click post

Step 7: Wait until a trade is initiated. Mine was instantaneous. You can view trade orders in “orders” tab.

Step 8: Confirm receipt and proceed to release assets.

Step 9. Verify and release assets. And voila. Everyone goes home happy.

Market Taker

Step 1: After funds are transferred, click p2p trading and select the “Sell” tab

Step 2: Select a trade then input amount.

Step 3: Contact the buyer and wait till they transfer the funds

Step 4: Confirm transfer and release assets. And that’s it!

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

Escrow protection provides a medium where assets are locked safely during a trade. When a buyer or seller initiates a trade, the USDT is locked up to avoid any scams. Once the assets are locked, the seller does not have access to them. After the buyer pays, the seller does not have an option but to confirm payment and release the assets. This feature is what makes traders confident in the p2p market as it helps to improve seller-buyer relationship.

If a dispute arises, an appeal can be filed to involve the binance team. The team checks the evidence, such as bank statements, and releases the assets to the appropriate owner (buyer or seller).

(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?

Binance has over 150 different payment methods.

I always use the bank transfer method for all my trades because I feel it is much more convenient for me.

_{My bank details}

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

I have done multiple trades on binance as a market taker and I have never encountered any set minimum amount eve though advertisers set their own limits. However, acting as a market maker for this assignment, I was shocked to find out that the minimum amount for trading is 100 USDT.

(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 but I have transferred TRC-20 between different wallets on binance.

The cost for withdrawal on the TRC-20 network is 1 USDT.

_TRC-20

Compared to the outrageous fee of 20 USDT for ERC-20 transfers, it’s clear that TRC-20 is a better option by far.

_ERC-20

CONCLUSION

Like I mentioned earlier, p2p trading is a really innovative way of trading. I have been using it since I started in the cryptocurrency business and I have never had regrets.
I really enjoyed this lecture.

Special thanks to @sapwood