Homework. Steemit Crypto Academy.Season 2: Week1-- P2P Market-USDT
Hello.
I have long subscribed to the cryptoacadeide posts and read them with interest. Now I decided to write a post on the topic that I was interested in and with which I am a little familiar. I can't call myself a newcomer because with P2P exchanges already since 2017. In this task, I want to tell about my experience exchange on the Binance Exchange.
I am Market Taker.
Since I live in Russia, I created a warrant for P2P exchange in rubles. In my case, only the translation from the card on the card of fiat money was available.
I found a seller who sells USDT
I studied the basic data on the seller such as the percentage of orders made, ordering time, confirmation of the identity of the seller. All these operations reduce the risk to run into a fraudster.
Pressed the "Buy USDT" button, a form with seller's details, in my case the seller's credit card number.
The send money to the seller on the card and then clicked the translation confirmation button.
After 3 minutes, the seller sent me the USDT that came to the P2P wallet Binance. From this wallet you can send cryptocurrency on the main wallet of USDT without any commissions.
On this process of buying USDT was successfully completed.
All exchange passed quickly and took about 5 minutes.
The protection of conditional deposit is very important.
When you open a deal, the stock exchange automatically freezes the cryptocurrency on the seller's account and in the slack of fraud from the seller and confirmation of the money transfer you to the seller of the exchange will send you cryptocurrency. In this case, the Exchange acts as a guarantor of the transaction and you can be calm whether you are not valid if you are executed by the rules that set the exchange for exchanging. This is a very positive moment.
I also often exchange another cryptocurrency through P2P on Binance, sell ETH, BNB, BUSD. Unfortunately, there is no P2P sharing STEEM, but I buy it for ETH.
I want to add that before Binance, I often used P2P exchange via Telegram Bot. The exchange process there is similar to Binance and Bot also acts as a guarantor of the transaction and freezes the means before confirming the transaction. The bot is not as convenient as the Binance and several times I tried to deceive scammers, I learned my phone number and sent a fake SMS on the receipt of funds to the account. I opened a dispute and won the dispute, but all this took a long time. In cases of Binance, only positive experience and scammers have never come across for six months, but in any case when exchanging you should be extremely attentive because the fraudsters always attract places where there is a rapid motion of real money. Check your account carefully if you sell cryptocurrency for funds.
At the end of the post, I also want to share the translation experience cryptocurrency from one exchange to another with a minimum commission.
I did not use USDT between the stock exchanges using TRC-20, I used another way, but in the near future I will try this method. Before me, the problem of translation of the small amount of BTC with Bittrex on Binance was faced if the commission would be translated into BTC would be more than $ 20.
I bought a DOGE coin on the stock exchange and translated to another stocking also DOGE. All expenses including the exchange commission did not exceed $ 2.
Thank you for reading to the end, I hope my post will be useful to you.
All pictures are made by me from the personal office of the BINANCE Exchange