Steemit Crypto Academy Season 2 Week 1 Homework by Professor @sapwood || P2P Market-USDT with Binance

Dear Crypto Steemit Academy funs greetings to you all.

This is my entry into the Crypto Academy Homework lecture prepared by Professor @sapwood. Thanks to the Team initiators and Professors for the opportunity granted us.

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I would like to present on the P2P Market of USDT at Binance Exchange platform.

Actually, I have registered with Binance Exchange app for very long time. I wasn't trading or exchanging my Steem tokens with Binance. When I began to trade for the few month, I have accepted that is one of the best apps in terms of fast, security and low fees charging.

For my readers and Newbies to get full concept of how to complete P2P Trading, I would like to take them through "Depositing Steem to Binance Accounts after registration."

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After successful signing up with Binance Trading app throug verification of your Gmail, password, ID and personal information, you can trade your Steem Tokens.

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Before you can trade your Steem at Binance, you have to go to *Deposit your Crypto at you wallet menu at Binance.

First log in with your Gmail acc. and password. Select deposit Crypto where list of Crypto coins would be displayed. Select Steem. Quickly, two important credentials would be given to you to transfer your Steem successfully. These are ADDRESS & MEMO. The memo is #deepcrypto which is address Binance use to receive Steem. It's constant for every Steem Account. The second is Memo which comes as 9 figures. These two important documents should be copied or quoted well for successful transaction.

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Get back to Steem wallet and select transfer as we normal transfer Steem from one user or block to another. Enter the address, the amount of Steem you are depositing at Binance. Paste your Memo code as it was given to use at the memo session at the last horizontal bar. Click send for the Steem to be release to your Binance Acc.

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How can I buy/sell USDT in the P2P Market of Binance for fiat?

Binance has a lot of exchange pairing. In my case i want to trade USDT through P2P. Before then, I will like to first sell Steem for Ethereum(ETH). This is simple because exchanging Steem directly to Bitcoin is very expensive. So I prefer exchanging Steem for Eth before converting to USDT.

To do this, I will go to market by clicking on the menu, then select spot market. Below this is list of Altcoins, by clicking Alts market. I select STEEM/ETH pairing. The market interface opens for trading. I have 40steem on my possession so, I just enter my amount of Steem to be sold. I then click on sell to automatically convert to ETH.

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One of the best way is convert your Fiat to stable coin even if you do not want to trade quickly. This is one of the best ways Binance has fixed in its exchange platform.

At this point, because I want to get my USDT which is stable coin, the best way for traders to hold coins. I get to the menu list and choose "trade" which gives another list for me to select "convert*. In this case, I am converting ETH Fiat to USDT which is stable coin. This is just simple and illustrated below:

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I have to finally sell my USDT for my local currency, that's "Ghana Cedis(GHS)." This is through P2P which I need not to stress myself. Before then I have to " transfer" my USDT to P2P account first. I get to overview at balance session and select "Transfer" To sell, I must choose the "payment method" whether to sell or buy Crypto. Since I want to sell, I choose "Momo" payment* entered my name and mobile number. By then one can choose more than one payment methods in case you want to vary your payments options.

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How does escrow protection help a buyer and seller?

One of the Authenticity Binance has built is allowing "Escrow protection" on the P2P Trading. This protect traders from losing their Crypto coins. As soon as you open for P2P Trading and send your coins, the Escrow protection will act as intermediary between you and your counterparts in the trading of P2P. Unless you have confirmed that you have received your Crypto, in the case of selling, the Escrow support would never release the Crypto to the buyer. I think this is a perfect idea fixed by Binance and very excited about it.

Currently when I became used to Binance Exchange and trading app, I have been trading using P2P to of USDT market. In this case the minimum about one can trade USDT is 20.00USDT.

My last transactions through P2P is last 3 days and this morning too. Since I use Ghana Cedis (GHS) I often trade from USDT for GHS.

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What are the different payment methods (fiat options) available in Binance?

There are different payment methods using Binance Trading/Market. One can exchange his Fiat pairing with USDT in many option. As I mentioned USDT is more stable coin one could keep after exchanging. Some of the Fiat one can exchange pairing with USDT are: DOGE/USDT, BTC/USDT, TKO/USDT, ADA/USDT, BCH/USDT, LTC/USDT, LINK/USDT, ONT/USDT, EOS/USDT etc. Likewise, we have other different Fiat payment pair for trading; like: DOGE/TRY, DOGE/BUSD, ETH/BUSD, BNB/BUSD and BTC/BUSD. One can learn numerous Fiat marketing to help know the differences between them.

Transferring from USDT Acc to P2P Acc.

This is done by logging into overview of balance at wallet. Select transfer, a display opens which shows: * from Fiat and spot to P2P.* I enter the amount of USDT I have in my Account. In this case I entered 40.00USDT I wish to transfer to my P2P Account. I then confirm for it to take effect.

One can sell or buy his Crypto at P2P with zero fees. I click on trade option to choose P2P. In this case I am selling so, I select."sell" at the left top corner. We have so many payment methods, such as Bank, Credit card Momo and many others. I prefer getting my Ghana Cedis(GHS) quickly in my "momo so I choose Momo. However, you can opt for many payment options.

I choose GHS and list of P2P Traders would be displayed for me with each having different price option. Each also has different minimum amount of coins it receives for transactions. Depending on the amount of coins one has, you can select the one that match with your trading options.

In the trading option of my Peer, i select #Mamudan since he has good terms looking at the amount per Dollar he has stated to give me - thus, $1=5.91GHS, which I think is fair trading. For the 40USDT, my Peer is playing 236.40GHS. So I click on sell USDT to open trading.

Note, I had to wait for my "Buyer" to pay the money before I release my USDT for him. And as it keep pending the Escrow service will protect my USDT not until i confirm that my Peer has paid. As I mentioned, this is one of the interesting and best way i love using Binance.

I then click one confirm as.soon as i see that my Peer has paid the money.

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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?

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Trading from TRC20 for USDT, I haven't tried one before. Actually, I ma learning how to trade with more coins, so will soon exchange TRC-20 for USDT and compare the price difference with that of ETH to USDT.

Conclusion

In summary, I can say that exchanging your Crypto to USDT is one of the best form, since it's stable coin, whether price is decreased it will not have effect on it when not selling quickly. I must also emphasize that P2P trading in Binance is very simple, easy and user friendly compare to other trading options. To my knowledge, Newcomers should try and use that option instead when trading on Binance.

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All images and charts are screenshots from Binance app and my dashboard at Binance

Thanks for your attention.