What is P2p?
In my own simple understanding p2p trading involves buying and selling between two customers without any medium of a third party.
Now for the purpose of this homework i will focus on this outlines.
How You Set Up Your Exchange Niche In P2p Market(Binance)
Now i will be explaining everything mainly with screenshots of my user experience so a newbie understands.
First open your binance app if you are using an app or the web. But for the sake of this homework i will be demonstrating with the app.
Yes we your binance app opens up just click on trade as shown by the arrow. Then:
As it opens up to this page you click on P2p in the upper right bar. Which will take us here👇
Now we have to set up our payment method, to do this we click the three dotted line on the upper right hand side.
Next
Well i already have a payment method, if i didnt i would have just typed those that's after indicating i want bank transfers as my payment method. I can go ahead and put in my account details. Also make sure your account name is filled in correctly and correspond with your name on binance.
Explain how you buy/sell USDT in the P2P Market of Binance? And Have you ever used any of the fiat payment methods to trade your USDT?
Ofcourse as is required and for the sole purpose of these assignment i carried out a Usdt P2p trading with naira fiat which i used in making this purchase of $19.90.
First of on the P2p page the first option is already on usdt, i wanted to buy with naira so i searched for a suitable person
When looking for a suitable person to trade with you check for his percentage ratio, his rate if accepted to you and the ranges which could be #10,000-40,000 or 5,000-10,000 depending on the purchase you intend making.
After i picked the person of interest then
The seller account details was shown and i copied it to make payments to him in naira, mind you each transaction is to be concluded within 15mins.
Yes i made payments with USSD code. Then i had to notitfy him that i have made payments
Then wait for his comfirmation so my funds go be released
Still waiting
Finally he comfirmed it and my funds was released to me.
How Does Escrow Protect A Buyer And Seller?
All online trades are protected by escrow. When an ad is posted the amount of crypto for the ad is automatically reserved from the seller's p2p wallet. This means that if the seller runs away with your money and does not release your crypto, our customer support can release the crypto to you from the reserved funds.
Just a note. If you're selling, never release the fund before you confirm that you have received money from the buyer. Be aware that some of the payment methods buyer use are not instant, and may face the risk of callback.
The Different Payment Methods (Fiat Options) Available In Binance
Well on binance there are a host of fiats payment methods available, below is a screenshot of a few
Yes and also many others.
What Is The Minimum Amount You Can Trade In The P2p Market(Usdt) Of Binance
Well it depends on the range set by the market maker, though for me personally i have seen cases of as low as $3.00, but ofcourse you could make a case is lower than that.
Have You Ever Transferred Trc-20 Usdt From Binance To Huobi And Vice Versa?
Well truth be told i have not, have done loads of transactions on different exchanges binance leading actually but never on Huobi.
All Images Were Taken By Me Per Screenshot Of User Experience On Binance
0.004 SRY