STEEMIT CRYPTOACADEMY | SEASON 2 WEEK 1 : P2P Market-USDT (Binance/Huobi)

INTRODUCTION

goodday sir @sapwood congratulations on your position as a professor in this great community, I went through your article it was amazing I love the step by step method you used just for us to get what you are trying to pass accross

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

I'm going to show us the step to steo process of setting up exchange niche as a market maker using the binanve app
step 1: login your Binance
step 2: go to wallets and click on spot

click on transfer and I'll take you to the next page. I'm using bnb cause i have some amount there that i can transfer. you click on transfer

go to the home page and then click on more

click p2p which is under trade

read the risk notice and then confirm

click on the ...

click on advertisement mode

and post your ads

so you fill them according to you and mind you before you are able to di tbis you should have a nickname on the p2p platform

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

i'm going to be using the binance p2p

NOTE: this is a trade i made myself cause of this assignment

step 1 go to your p2p platform

youll see a list of sellers with their price limit and maximum price so go for the one that suites you and you can use the filter

i choosed this seller and under payment method i saw his account details and i sent him the amount i wanted to buy

before sending him the money i called him first cause on our chat he said call me for faster service so this is our chat, he's confirming the payment from his end

after he confirmed it he released the amount of bnb i brought from him

he released my bnb and i gave him a positive feedback

so i went to wallet and clicked on p2p to transfer my bnb from by p2p wallet to my spot wallet

i select bnb cause thats what i bought and i clicked on transfer and the amount of bnb i bought was transferred to my spot wallet.

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.
With an escrow the Seller will only receive the funds when the Buyer has received and accepted the product he or she purchased

HOW BUYERS ARE PROTECTED: buying online is very very risky but with escrow you can purchase with peace of mind having the assurance that your product will be delivered.Escrow protection helps to tracks and verifies the product the seller has put for sale, The Seller isn't paid until the Buyer accepts the product.

HOW SELLERS ARE PROTECTED : selling online too can be very risky cause you don't know or trust the people you are selling too. some might go an extent to make a fake transfer but with escrow you can sell with peace of mind cause they will help verify the fund the buyer transferred. Escrow protection helps to track and verify delivery of products to the Buyer, The Seller is notified that his product has already been received by the buyer

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 different oayment method in bith binance and huobi so you choose the one which is convenient for you, but the recommended ones are the fiat balance and the bank transfer.
I've never used any of the fiat payment method but i will show you steps on how to gi about it
step 1: go to your p2p platform

click on profile which is at the right bottom

click on payment method because the method you want to use and pay isn't added so you'll have to add it yourself

click add a payment method

you can use the fiat balance or the bank transfer if thats what you want but if it isnt you can click on the "all payment methods"

these are list of other payment methid you can use keep scrolling diwn and you'll see more

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 the seller you choosed to buy from has set, you can't buy anything less the limit he or she sets let me demonstrate
step1 go to to your p2p platform

if you are a buyer youll see a list of sellers with the minimum and maximum amount they want to sell ,so you go for the one you can afford and you can also use the filter botton its at the upper right of the screen it looks like a funnel

after clicking it will show you this and you can input the amount you want to buy and click yes , if there is a selling that wants to sell atleast or atmost or at the range of the amount you are willing to buy the platform will show you . so find the seller who has the range of the amountbyou want to pay.

i wanted to buy from this seller but his limit is greater than the amount i want to pay so the transaction couldn't be made possible i e there is no negotiation in a peer to peer trading.

So you find the seller who has the range of the amount you want to pay and you can also use the filter bar

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?

No I haven't transferred TRC-20 form my Binance to huobi or from huobi to binance, I mostly trade with my Binance and I don't have a huobi account, maybe when I have both I'll try it out.

CONCLUSION

the assignment is mostly practical I enjoyed every single bit of doing it it made me know some things I never knew about the Binance app, thanks you so much for this.

NOTE: ALL PICTURE ARE SCREENSHOT ON MY PHONE FROM MY BINACE APP

CC: @sapwood
CC: @steemalive