Hi professor @sapwood
I am glad to be part of your class.In this lecture you have provided us very good and new information regarding the transfer and deposit in crypto currency.Now i am going to write my homework.
source
Q.no.1: Explain how you set up your exchange niche in P2P Market (Binance or Huobi) - Market Marker/Advertiser?
Ans: Binance has proven to be a very efficient cryptocurrency exchange as it is more reliable and easy to use. To learn how to set up an exchange niche in P2P market, we need to use a Binance application that is available on playstore. I have briefly described, the method to set up an exchange niche. Moreover, the pictures below will make you understand easily.
Once Binance application is open, click on the Trades icon below
Now click on the P2P option at the top
Now you can see there is an option of Ads at the bottom, you need to click here.
Set your assets with fiat price (Choose the one which is more convenient in your country).
Once you click the next option, you have to choose a payment method that is easily available in your country.
Add your Full Name and Mobile Number and click confirm.
Now as you can see, we need to set the amount we have to sell but you need a $100 at least to post an advertisement.
If you have a $100, you shall proceed in this way.
Set your order limit > choose payment time > write trade terms and conditions if any > you are ready for the trade and your advertisement is uploaded.
Q.no.2: Explain how you buy/sell USDT in the P2P Market of Binance or Huobi for flat?
Ans: Buying or Selling USDT is not a tough job, just we need is to keep in mind the easy procedure below:
Open the Binance application and go to the P2P market.
Here you can see advertisements posted by Binance users. Scroll down and see, if you find any ad suitable, you can go for it. You just need is to set your buying limit and price for the trade to complete.
And if you want to post your own buying advertisement. Follow the process below:
Your advertisement will be posted and if someone is interested to sell you USDT, you shall be notified. By this process mentioned above, you can Buy/Sell USDT for fiat.
Q.no.3: How does escrow protection help a buyer and seller?
Ans: One of the most important key to succeed a trading business is to protect the money and assets of both buyer and seller. The more secure buyer and seller are in terms of transaction, the more benefits both sides attain. First of all we need to understand Escrow, then we can understand how it actually helps buyer and seller. Escrow is an arrangement in which two parties that are trading, nominate a third party that is not any side of trade either buyer or seller; just to hold assets and money temporarily before the final transaction takes place. Now, coming to the point how it helps buyer and seller. In P2P market, escrow of the exchange i.e., Binance, ensures that the seller i.e., market advertiser receives his complete amount and similarly the buyer receives his complete crypto. Furthermore, it also ensures to allow such users to trade who actually have funds and they are not allowed to trade in debit.
Q.no.4: What are different payment methods (flat options) available in Binance or Huobi?
(Choose any one exchange to demonstrate) Have you ever used any of the flat payment methods to trade your USDT? Examples/Screenshot?
Ans: Binance offers different payment methods, so you have to select the one which is convenient for you.
Click top left corner icon.
Below notifications, you can see payment methods. Click here.
Click P2P methods and choose which is convenient for you.
Once you add a payment method, put your account name and number. Click confirm.
You have successfully added a payment method to your account.
Q.no.5: What is the minimum amount you can trade in the P2P market (USDT) of Binance or Huobi? (Choose any one exchange to demonstrate)
Ans: The minimum amount we need to trade in P2P market of Binance is $100. Let me show you by a demonstrative picture:
Above you can see that; for any trade side either you have to buy or sell, you must have $100 in your Binance account. But for a market maker, trade can be even done of $1, if the advertiser has allowed. So you are advised to put the minimum and maximum limits according to the advertiser. If you go for Houbi, you need at least $15 for both buy/sell. People prefer Binance because of the liquidity of the system and lowest trading fees.
Q.no.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?
Ans: No, I have not transferred USDT from my Binance crypto exchange account to other exchange i.e., Huobi. The reason is that I am a beginner and I have only used my Binance account for exchange. But in future as I am constantly learning, I believe, I shall be exploring all procedures in crypto exchange and trade.
I know there are some shortcomings in my assignment,maybe due to lack of credit in binance account or any other issue .So professor now depends on how you look it. also i am a beginner.
thanks for your attention
Cc:
@sapwood
@fendit