Steemit Crypto Academy | Season 2 Week1-- P2P Market USDT(Using Binance) by @sapwood

Q1. Explain how you set up your exchange niche in P2P Market(Binance or Huobi)- Market Maker/Advertiser?

Before you can set up P2P on Binance Exchange.

• You need to have complete KYC verification

• Set up a security by either adding a 2FA or

• Add and verify your Phone number

• Add a payment method

Step 1: After you have done all this then then login to your Binance account using your registered email/phone number and password.

At the homepage select "P2P Trading"

Step 2: The next step is to switch to Advertisment mode.
You can do this by clicking the the upper right side of the screen and select "Advertisement mode"

This mode will allow you to create Ads either to buy or sell cryptocurrency or Fiat.

Step 3: Now that you have switch to Advertisment mode, the next step is to post an Ad, you can then post an ad to buy or sell your assets
Click on "Post as"

Step 4: A page will show where you will have to select the assets you want to advertise and also the fiat you want.
Click on "Next" to proceed

Step 5: The next page requires you to set the trading amount and the order limit.

NOTE: The minimum amount is 100 USD

Step 6: On the the same page, you then need to add a payment method.
click add payment method if you haven't add any before.

Step 7: After you have successfully add a payment method click on "Next" and another page will pop up.
In this page you will be able to add Terms, Auto-reply and Remarks

Step 8: After you have finish setting up the terms, remark or auto-reply which are completely optional the next step is the click on "Post" to publish your ads

Q2. Explain how you buy/sell USDT in the P2P Market of Binance or Huobi for fiat?

Step 1: The very first step is to login to your account and Click on "Transfer" to move your funds from your spot wallet to your P2P wallet

Step 2 At the Transfer page, you need to enter the amount of USDT you want to transfer to your P2P wallet.
I don't have much USDT so I transferred the small amount that I have

Step 3: After the USDT have transferred to your P2P next thing to do is to go to your P2P trading.

Step 4: Since am selling, I click on sell and look for a convenient ads and place an order to the deal I prefer.

The next page that will be displayed is the page showing the buyer information and term.
Then I enter the amount of USDT I want to sell and chose the payment method and click on "Sell"

I then waited for him to send the money so I can confirm and released the USDT.

I don't have much USDT, so I couldn't perform the transaction.

1. How does Escrow Protection help a buyer and seller.

Escrow: Before an order is completed, funds are stored in a safe storage facility. As a result, this is a layer of protection added by Binance to protect legitimate traders and identify fraud.

As I have place an order to sell my USDT, Binance will then act as an escrow by holding the USDT I placed order to sell, then when the buyer sent the money and confirm that he as made payment at his own end, then Binance will send a message to me that the buyer have made payment that I should confirm the money at my own end, After I have successfully confirm the money I then click "Confirm receipt" to release the coin after which Binance that serves as an escrow will now release the coin to the buyer.

Binance provides outstanding support in the event of a conflict maybe incase I didn't receive my money. I'll need to include details such as my bank history, payment status. After the Binance support team had checked the problem, my coin would be returned, and the buyer would be punished by Binance.

Q4. 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 payment method on Binance Exchange.
Here in Nigeria it supported different payment method.

The screenshot below shows the list of the payment method arranged in alphabetical order.

You can also decide to search for your preferred payment method

The last P2P trading I did I used the bank transfer payment method to sell USDT.
Below is the screenshot of the recent transaction I did using Bank transfer to sell my USDT

Q5. What is the minimum amount you can trade in the P2P Market(USDT) of Binance or Huobi?

But to publish an Ad, the Market Maker needs at least 100 USDT in Binance P2P. A Market Maker can trade any amount within the min/max limit as defined by the Advertiser.

The minimum amount you can trade on P2P market on Binance depend on the advertiser limit, but as a Market maker that want to post an advert the minimum amount required is 100 USDT.

The screenshot below shows the minimum amount you can advertise.

The screenshot below shows the recent selling and buying ads listed on Binance P2P trade with different minimum amount.

Below is the screenshot of Buying Advertisment listed on Binance P2P trading

_{Buying Advertisment listed on Binance P2P}

Below is the screenshot of the selling Advertisment

_{Selling Advertisment on Binance P2P}

Q6. 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 don't make use of Huobi Exchange, but I will show the minimum amount of USDT to transfer using TRC-20 is just 10 USDT, while there is a transaction fee of 1 USDT.

To Transfer USDT using ERC-20, the minimum amount of USDT you can transfer is 40 USDT and the transaction fee is 20 USDT

So you can all see that TRC-20 is clearly better compare to ERC-20.
Because TRC-20 does not only save you 19 USDT as transfering fee, it also have the minimum 10 USDT to transfer compare to ERC-20 that have 40 USDT minimum fee
TRC-20 doesn't not only have the better minimum USDT to transfer.

Conclusion

Peer2peer trading allow people to buy and sell cryptocurrency using their local currencies. Not only that there is also a zero charge Fee for the transaction either buying or selling for Fiat or crypto.

It a great pleasure to attend the lecture of @sapwood
Am glad I have been able to complete my homework task