Hello, welcome back to the newcoinshunt blog where we talk about bio, new cryptocurrencies, and news, Today I will be sharing with you how I bought my first car using Binance arbitrage trading.
The Binance platform is one of the biggest exchanges in the Crypto world having a 24-hour trading volume of $76 billion with over 100 million users. It is owned by Zhao who is the true founder of Binance.
The exchange also has a coin named BNB which was built under its smart chain called Binance smart chain (BSC).
The Binance smart chain is known for carrying out transactions with low gas fees, This is due to some investors who don’t want to pay high gas fees or who don’t have enough money to carry out transactions with high gas fees from other chains like Ethereum.
What is Binance arbitrage
Firstly for this to be very simple and clear I will like to talk about what is arbitrage.
Arbitrage or crypto arbitrage is whereby one or an investor buys an asset or product from where is cheap and then sells where is high in order to gain profit. This can be done with Cryptocurrencies or Fiat money and also physical products.
Binance arbitrage is a strategy whereby a trader gains profit trading Fiat currencies with customers within the country or outside the country with the help of Binance P2P service.
The Binance platform is the safest place to buy cryptocurrencies or Fiat money from a Binance Merchant because of the third party which is Binance.
Have you wanted to earn from Binance arbitrage trading, don’t worry stick to the post for some minutes and I will share with you the method used in getting lots of funds from Binance P2P trading as a Binance Merchant.
Binance arbitrage trading
The Binance P2P section is where most transactions are carried out.
It is said that Nigeria is the country that has the highest P2P trading rate in Binance.
The country is filled with young and bright people who are willing to earn no matter how hard the country is.
Every day Nigeria Binance P2P merchants keep increasing and trading in a large and small volumes. And Binance made it easy for users to become Pear-to-pear traders or merchants.
Some people may have known how to trade on P2P and also know how the system works, but it’s said that some don’t. And if you do know how and you want to know some tricks I used keep reading till the end.
How I started Binance P2P trading
Actually, my life has not been easy since the day I was born. I came from a poor home in Lagos, Nigeria, and trying to get some financial balance for myself and my family since.
Long story short I thank God for the help of this strategy. It helped me so much to the extent I showed my friends and my brother how it works and now we’re all winning from this. This also means that we rise by lifting others.
Before I started trading on Binance P2P I was having issues in school and my parents were running out of cash to fund my education. So I had to do something on my own.
One beautiful Sunday after church in school I went with my friends to a canteen to eat, eating they were a television in the canteen keeping the customers entertained while they were having their meal.
Watching the TV I saw an advertisement from Binance about becoming a Binance Marchant for P2P trading.
After watching the ads, quickly I did some research about it. But little did I know about trading. So I did good research on YouTube to know more about trading.
After watching videos on YouTube and reading a blog post about it, I have a little understanding of it.
Then still I asked some of my friends who know more about trading to teach me more about currency pairs and they did. It took me some weeks to fully understand it.
After that, I created a Binance account and verify my account the next day with my NIN (National Identification Number), and a facial verification with address and bank statement.
I got my account verified under 6 hours, made a deposit of $20 in my account, and started trading on Binance.
Although I don’t really know how to trade, my friends helped me in trading.
it took me about 2 months to have a good amount on my account, which I used in trading currency and buying some cryptocurrency.
After some time the Crypto market starts to rise and I was in profit. I used some of the profit to start my Binance P2P trading.
Long story short, when I wanted to start my Binance P2P trading, I discovered that Binance has some requirements before trading, which are:
- Your Binance account must be fully verified.
- Your 30-day completion rate must be up to 80% before trading, which means you must be buying and selling on the Binance P2P section for it to rise.
- Your Binance account must be at least a month old for the user to open trade on Binance P2P trading or become a P2P merchant.
After discovering this, the only problem I was having was the 30-day completion rate which made me lose money and waited for a long time trying to raise mine up.
About this 30-day completion rate, I will tell you a way you can raise yours without losing any of your money.
Time passed on I started trading on Binance P2P, and I was having some experience with it.
Please note that Binance is very strict with banding accounts so stick to the post to know how to avoid account banding.
My experience with Binance trading
Trading on Binance P2P you should be mindful with customers and be fast with trading, so your trading rate won’t be declining.
Merchants on Binance have some ways they use in earning which are fees method and normal method.
- Fees method
The fees method is whereby a Binance Merchant agent trades with customers and adds up a fee for transactions.
This is done so the merchant will gain more profit in order to cover up bank charges and Binance charges.
Please note that Binance does not support this method, so it’s required to be a very risky method that can get your P2P account banned from Binance.
- Normal method
The normal method is whereby an agent trades with a customer without fees being added to the transaction. Which makes the profit from the Normal method to be very little.
Please note that transactions like this are mainly done with huge amounts.
Understanding this method, the one I choose was the fee method.
I used this to trade for a short time before Binance banned my account. But luckily for me, I requested a review, and my account got activated back after two months.
After that, I started using the normal way, which brings low profit but keeps your account safe from banning.
Little by little after trading on Binance P2P, I will save a little bit of the money and use it to invest and buy some assets and wait till they rise in value then I will sell them and get profits.
Although this took roughly 2 years for me because I was very consistent on it, and I know what I want so I tried my best to get it.
Reading through the post I said I will tell you a way you can increase your 30-day completion rate without losing your money.
The secret method for increasing the P2P completion rate on Binance
One of the things that are giving people a hard time or problems creating ads on their Binance P2P account is the completion rate.
This is one of the things Binance needs in order to know if the agent is very active. Because binance love using people’s ads that are active to be on their P2P section.
To avoid losing your money in order to increase your completion rate, it is better to do the trading called “BUY – BUY“.
This is done whereby you buy from a cheap Binance merchant in the P2P section and create buy ads to sell them in bulk.
The profit from this is not much but it’s better than losing, you can do this and It will increase your 30-day completion rate because simultaneously you’re buying and selling.
So how I bought my first car using Binance arbitrage is by sacrificing time to focus on my trading account.
For a day I trade about 100 times a day, so If I was using $100 in trading and I’m getting about $0.10 for a single transaction, I will do this trade 100 times to double my money which will be giving me about $10 up.
In a month I should be getting around $300, in a year I should be getting around $3k in two years like I said I should be getting about $7k. That is, that’s how I got the car.
Arbitrage trading is not easy as it’s very stressful with low profits, but it’s better than doing nothing.
And remember I used $100, so this means if you can go for a higher amount you can gain more than I do.
Always know that nothing comes too easy, everything is hard work and patience, the more you work the more you earn.
Please drop your comments on anything about arbitrage or contact us if you need any help. Thanks.