Binance p2p Arbitrage: How To Make Up To N50,000 Daily In Nigeria
Binance p2p Arbitrage is preferably the most participated when it comes to cryptocurrency exchanges in the world. And the reason is that Binance happens to be the largest cryptocurrency exchange platform in the world.
And as such, Nigerians have taken advantage of it to make some money.
However, when we speak of the crypto space, Nigerians are on top of the list, always on the lookout for opportunities to make money online, especially in cryptocurrency.
So, if you are looking for ways to make money in cryptocurrency, Binance p2p Arbitrage is the real deal.
For this reason, this post will show you how to make money from the Binance p2p Arbitrage or Binance p2p Exchange. Without wasting much time let’s dive into it.
What Is Arbitrage Trading?
There are certain terms that may be confusing to the layman or perhaps a newbie (beginner) in the crypto space. So, it is pertinent we describe what arbitrage trading is.
Arbitrage Trading (or exchanging) is an exchange procedure whose end goal is to produce a profit by at the same time buying an asset in a market and selling it in another.
This is most regularly carried out between indistinguishable assets exchanged on various trades. The distinction in price between these monetary instruments ought to, in principle, be zero since they’re straightforwardly similar assets.
The issue an arbitrage dealer, or arbitrageur, has isn’t just tracking down these pricing contrasts yet, in addition, having the option to exchange them rapidly.
Since other arbitrage brokers are probably going to see this distinction in value (the spread) also, the window of profitability for the most part closes very quickly.
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What’s more, since arbitrage exchanges are by and large little to no risk, the profits are for the most part low. That implies arbitrage dealers or traders need to act very fast, however they need a huge capital to make it worth the effort.
Moreover, in this article, we will focus only on USDT which is a stablecoin (not volatile like others in the cryptocurrency market). Hence, we will be trading USDT by purchasing it when it’s low and selling it when it rises in value.
USDT Current Exchange Value
You need to understand that 1 USDT is equivalent to 1 USD. And at the time of writing this article, 1 USD is N750 in Nigeria, but we will use N500 as an example. Therefore, the motive for making money via the Binance p2p Arbitrage is very clear.
And as such, we will buy 1 USDT for N500 and sell it for N502, getting returns of N2 per USDT exchanged.
To be sure, you cannot make decent money from Binance p2p Arbitrage if your utilization of the p2p exchange is for instant buy and sell at the price of advertisers.
To give an example, if you buy 1 USDT at N502 and sell it for N500, that is a loss for you, because you won’t make a profit in the Binance p2p Arbitrage as a user.
Nevertheless, there is a very potent method to make money via the Binance p2p Arbitrage by countermanding the normal way. That means instead of making a direct purchase from advertisers, you can possibly create an ad to buy from users directly at a lower or considerable rate.
Buying directly from users, gives you the room to make a profit via the Binance p2p Arbitrage, because most users on Binance are just there to store their coins, and exchange them (sell) when the value rises.
Some of them may actually have a need that demands immediate intervention, they may choose to sell their USDT at a lower price, which you leverage to make money.
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How To Post Ad On Binance p2p Arbitrage
Before you are eligible to post advertisements on Binance p2p Arbitrage, you must satisfy the following requirements below;
- You must be a registered user on Binance for a period of 30 days
- The first trade you carried out must be up to 30 days
- SMS authentication must be verified
- Your identity verification must be completed
- Make sure your p2p orders must be 20 and above
- You need to ensure that the completion rate of your orders in the last 30 days is at least 80% and beyond
- Make sure that the number of unique trading counterparties must be 10 and above
When the above requirements are all met, then you will be eligible to create and post your first ad on Binance for Binance p2p Arbitrage. Let’s push further!
To create and post your first ad for Binance p2p Arbitrage, navigate to p2p exchange ally and click on the three dots icon horizontally located at the top right corner of your phone, then hit the “Advertisement Mode” turning it to advert mode.
When you land on the advertisement area, click on “Profile” following “More” just like what you see in the screenshot below
The reason why you should click on “More” is so that you will know if you have completed a sum of 20 trades on Binance. See the screenshot below;
The above screenshot shows 21 trades have been carried out in this account, so it’s eligible. Hence, to post an ad, click on “Ads” from the menu and then click on “Post Ad.” See the screenshot below.
In the event that this is your first advertisement, you will be incited to enter your “Nickname”. As you can see from the profile, the moniker is “Haon123”. So pick any nickname you are okay with. Recollect that the nickname ought not to be your genuine or real name.
Then after you have finished setting your nickname, you’ll be taken back to where you’ll tap on “Post Ad” once more. This will take you to the primary promotion page as seen beneath.
On the main page of the advertisement, you’re prompted to choose whether to trade (buy or sell). In any case, in this post, I’ll center around “Buy”. The cycle for trading (buying and selling) is basically the same. Allow me to say also that, while putting in a purchase request as a trader, the request will show up as sell on the user area.
Then, we will choose the asset we need to purchase. For this situation, we’ll buy USDT. We will purchase USDT with Nigeria Naira. In a situation where you’re not a Nigerian, choose your country’s currency and continue to the subsequent stage on this page.
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Moreover, we really want to choose whether we need our buying price to float or remain at a fixed sum.
The term “floating” indicates that if the price of the asset rises, my purchasing cost will likewise increase. Assuming the cost of the asset decreases, my purchasing cost will likewise reduce as per the current rate.
“Fixed” then again implies, if the cost of the asset rises, my purchasing cost will continue as before. Assuming the price of the asset decreases, my purchasing price will in any case continue as before.
I pick the “Fixed” price and I input the value I need to purchase USDT at #507.06 Naira. Then, at that point, click on “Next” to continue to the following page.
As we get to the second page, we want to include the “Total Trading Amount” which is at least 100 USDT. It can’t be lesser. Thus, the base measure of USDT you can purchase is 100 USDT which is comparable to #50,702.14 Naira.
This sum should be in my Nigeria bank account since I will keep on getting orders until the 100 USDT amount I chose is exhausted.
The next one is “Order Limit”. This is the minimum and maximum measure of USDT somebody can offer or sell to you per time. Along these lines, we set it to N1,000-N10,000 Naira. Any request that will come will be between that range per time until the total of 100 USDT is finished.
Moreover, you also need to choose a “Payment Method”. Would you like to send cash to the individual selling USDT through bank transfer or PayPal or Skrill, and so on?
For this situation, I chose bank transfer since I have the Naira in my Nigeria bank account.
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Then, select how quickly you’ll have the option to make payment to the merchant’s or seller’s bank account for affirmation. It tends to be 15 minutes 30 minutes or even 45 minutes based on what you desire. However, in this case, I chose 30 minutes.
Be that as it may, assuming the data connection in your space isn’t swift or you are delayed in making transactions, select a higher time period.
Continuously guarantee you make payment as quickly as possible for you to have great evaluations (ratings) and positive feedback.
Click on “Next” and continue to the third page.
The third promotion page is the place where we want to set our agreements (or better still terms and conditions). We can likewise set our autoresponse to anyone that chooses to sell to us. Take a glance at the instances of those that set their promotions and create your own ad accurately.
Moreover, we can as well set counterparties prerequisites yet I’ll recommend you leave it the way it is. Making any adjustments or changes to it will lead to low exposure to your ads.
Select that you are “Online” and click on “Post”. Notwithstanding, to go live yet, you can pick “Offline Now” and publish later at your own pace when you are ready.
At the point when everything is set and done, click on “Post”.
Bravo! You have successfully published your first ad, and it’s online. The next thing is you will start getting orders and money will start rolling in. From there, click on “Done” or trigger this sign (>) to see the full detail of your advertisement.
From the look of things, by observation, you can see that the buy ad is now displayed on the sell for me to buy from users pleased to offer to me at my stipulated price, (which is N507.06 for 1 USDT).
Furthermore, for the fact that you’re the one to make the bank transfer, you can be charging between N50 to N100 for every transfer you make to conceal the bank charges during the transaction. This is one more method of getting more cash into your bank account.
Notwithstanding, just know that charging additional cash to cover transfer charges isn’t okay by Binance. Assuming you coercively charge your customer N50-N100 without them agreeing to it and the matter is raised, your account will be suspended.
Subsequently, talk with your customer and guarantee the individual consents to your terms prior to continuing with the transfer. Establish a friendly connection with your clients and accept this as a business.
If you don’t have an account with Binance yet, CLICK HERE TO REGISTER. And to enjoy easy access to your account anytime, download the app from Google Play Store or App Store.
The Binance p2p Arbitrage system can be a source of livelihood for you if you follow the steps above accordingly.
However, building it into a multimillion Naira venture may take time due to the small USDT sales, but from the compounding effect that would likely occur because of the several orders you receive daily, you can be making millions in the course of 3 to 5 months.
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