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

Hello steemians, This is the first time I'm participating in the steem crypto academy Season 2/Week-1, I'll demonstrate Using Binance Exchange.

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

^{First interface that you will face when you first open binance, it's written as "Risk notice" that says only release funds when you have successfully received the payment, you just have to accept the terms and conditions and click on "Confirm"}

^{Next interface once you click "Confirm" shown in the above screenshot}

To get started to the next step is to enable the "Advertisement mode" So that you can post your buy/sell Advertisement on Binance P2P

^{To enable the advertisement Mode, click on the three dots in the top right corner shown in the above image}

^{When you click on the three dots you will see serval options, click on the "Advertisement mode" To turn it on. Now you will be able to post advertisement}

P2P trade requirements

^{To do P2P trades on Binance Exchange You will have to verify your KYC details. It is must without this you won't be able to Buy/Sell through binance, Indians can verify KYC using PAN and Aadhar card. p2p}

^{Once you successfully verify your KYC you will be able to see the green "Verified" Sign in your profile means you are all set to make P2P trades}

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

^{So this is the home page, if you want to buy USDT, you can find various advertisements from the sellers you can choose any of them According to the comfort, All have different amount of funds available with different payments methods.}

Post your own ad

You can post your own Ad in the market for Buy/Sell your assets easily.

^{Click on the "Ads" Option shown in the above image}

^{In the Next step click on "Post Ad}

^{In this step you will have to Set the" Price " and the" Type ".}

• Select buy/sell.
• Select Asset and Currency.
• Select price Fixed / floating. (Fixed Recommended)
• modify the price (If chose fixed price)

^{In the next Step set up trading amount Of your asset and the Payment method}

• Enter the Total trading amount you want to Trade(Minimum 100USDT in binance)

• Select order limit i.e minimum and maximum (13 - 100$)

• select payment methods ( you add upto 3 payment method)

• Payment time limit (30 Min to 6Hours)

^{This is the final step in this You can set up the Terms and conditions for your trade and An automated Response, In this step you can also put filters for your trade}

• Write your terms for your trade(optional)
• Write an automated response which will be automatically sent to the buyer once order is created (Optional)
• Ad filters /Requirements for your Ad(Optional)

^{Advertisement successfully posted}

^{Finally you can find your Ad Among others on the P2P homepage shown in the image above}

• 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 method to trade your USDT? Examples/Screenshot?

There are various payments methods available Which are commonly used in my country although every country has different payments methods.

^{You can edit/Add new payment methods by going into your profile from the right bottom side then click on "Payments methods".}

^{here you can find most commonly used payment methods, Although you can add more as there are lot of available payments methods By clicking on "all payment method" as shown in the above picture}

^{Here you can find all the available Payments methods, you can also search for a payment method from the search box as shown in the image above}

^{As you can see I have added some Payments method into my profile that I use for P2P trade, Like IMPS, UPI are most commonly used in India}

I have been doing P2P on Binance for a while now, as you can see in the profile I have done more than 200 trades, I mostly use UPI as fiat payment method.

^{Just a day back I sold around 125USDT on Binance p2p exchange, here in the order details you can find the amount date time and payment method chosen etc}

• How does escrow protection help a buyer and seller?

Escrow protection is much necessary For P2P trades, it's kinda an agreement to protect buyers/Sellers from Cheating and frauds.

For example I have posted a sell Advertisement On Binance P2p, when someone places an order for my Ad my funds automatically gets locked Untill the order is either cancelled by the buyer or completed from my side.

So that means the buyer will only receive Assets when I confirm his payment receipt and release funds from my side and Vice - versa for buy Orders advertisements.

If someone claims that funds have been transferred to your account, but you haven't actually received it yet, then you can make file an Appeal with The required Documents (Bank statement, payment proofs) then the customer service will intervene and solve the order by taking your submitted documents in the consideration, your Assets will remain escrowed Till its solved so nothing to worry about.

Exchanges also provide an "Order chat window" Where you can contact with the buyer/Seller and coordinate for a fair trade.

So basically escrow protection prevents cheats and frauds in such trades.

• What is the minimum amount you can trade in the P2P Market(USDT) of Binance or Huobi? (Choose any one exchange to demonstrate)

^{The total trading amount should not be less than 100USDT}

The minimum amount you can trade on Binance Exchange P2P is 100 USDT.

• 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?

TRC-20 VS ERC-20

I have transferred my USDT from Huobi To binance and Vice - Versa many times, I always use TRC-20 chain since it has low withdrawal fees as compared to ERC - 20

TRC-20	ERC-20
Min withdrawal - 10	Min withdrawal 40
Fees - 1USDT	Fees - 20 USDT

So By using TRC-20 network You save approximately 19USDT on your transaction also its faster than ERC-20, so I recommend to use TRC-20 instead of ERC-20.

Conclusion

I must say the user interface of Binance p2p is user friendly, Although the minimum Amount of trade usdt is 100 this is one of the limitations of this exchange, also Binance p2p exchange has more activity on P2P then any other Indian exchange or other exchange I have traded on.

All the above Screenshots are taken from binance exchange application.

Cc - @sapwood