To make $100 as a beginner in Binance P2P (peer-to-peer) trading, you can follow these steps:
Create an account: Sign up for a Binance account if you don't have one already. Provide the necessary details and complete the registration process.
Complete identity verification: Verify your account by submitting the required identification documents. This step is necessary to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Deposit funds: Deposit the desired amount of cryptocurrency (e.g., Bitcoin, Ethereum, USDT) into your Binance account. You'll need these funds to initiate trades on the P2P platform.
Familiarize yourself with the platform: Spend some time exploring the Binance P2P platform. Understand how it works, the different features available, and the trading pairs offered. You can also check out tutorials or educational resources provided by Binance.
Choose a trading pair: Select a trading pair that suits your preferences. Binance P2P supports various fiat currencies, such as USD, EUR, NGN, and many others. You can choose a popular trading pair like BTC/USD or explore other options based on your local currency.
Find a buyer/seller: On the Binance P2P platform, you can either be a buyer or a seller. If you want to make $100, you'll need to find a seller who is willing to sell an equivalent amount of cryptocurrency for your chosen fiat currency.
Initiate a trade: Once you've found a suitable seller, carefully review their trade terms, including the exchange rate, payment methods, and any additional requirements they may have. Initiate the trade and follow the instructions provided by the seller.
Complete the transaction: Coordinate with the seller to complete the transaction. Make the payment through the agreed-upon payment method, such as bank transfer or online payment services. After you've made the payment, notify the seller and provide any necessary proof of payment.
Confirm receipt of cryptocurrency: Once the seller verifies the payment, they will release the cryptocurrency to your Binance P2P wallet. Confirm the receipt of the cryptocurrency, and the trade will be considered completed.
Withdraw your funds: After you've successfully completed the trade and received the cryptocurrency, you can choose to hold it in your Binance wallet or withdraw it to an external wallet for safekeeping.
Remember to exercise caution when trading on any platform. Verify the reputation of the counterparty, read user reviews, and be vigilant against potential scams or fraudulent activities. Start with small trades and gradually increase your involvement as you gain more experience and confidence in using the Binance P2P platform.