How to make profit on Binance P2P and avoid losses

[Brickbat1]

Well I am actually asking, not telling. I have always wondered how p2p traders make profit. The spread is so small and even if you trade stablecoins only, forex price fluctuations can still affect the trade. Is there any P2Ptrader here willing and ready to explain how to achieve this? Secondly, is there no risk of your account being sent fraudulent funds? even if you strictly implement "No third Party" payments, what about if the account sending you a payment has been linked to fraud, thereby chainlinking your account to that account? The risks look so high to me versus the reward, besides I am not yet sure exactly how you get consistent rewards?

 

[Castamir]

Well I am actually asking, not telling. I have always wondered how p2p traders make profit. The spread is so small and even if you trade stablecoins only, forex price fluctuations can still affect the trade. Is there any P2Ptrader here willing and ready to explain how to achieve this? Secondly, is there no risk of your account being sent fraudulent funds? even if you strictly implement "No third Party" payments, what about if the account sending you a payment has been linked to fraud, thereby chainlinking your account to that account? The risks look so high to me versus the reward, besides I am not yet sure exactly how you get consistent rewards?

The trick is actually to target a country like Nigeria where the price of usdt per $ is higher than the official rate. But that has changed now, Nigerian Central Bank has normalized the exchange rate. The spread used to be up to 20% profit.

 

[yueshuyayingjun]

I definitely also want to know more about this. I think even if the profit is low, it will be stable.

 

[Brickbat1]

The trick is actually to target a country like Nigeria where the price of usdt per $ is higher than the official rate. But that has changed now, Nigerian Central Bank has normalized the exchange rate. The spread used to be up to 20% profit.

But even then when it was 20%, how would the flow go? the buy side will be what and the sell side will be what?

 

[Castamir]

The buy side (one USDT/$) is cheaper in US or for any one with dollar then, on Nigerian Binance P2P, however when sold, it's worth more than one $ per USDT because $ was scarce. Hence, the 20% profit. This opportunity is mostly present in countries which currency policies led to two different exchange rates, official and unofficial. That's what to look for most times, other reasons can abound though.

 

[Brickbat1]

How would that work, you buy USDT from someone on Binance p2p and pay in dollars into their bank account and then sell the usdt to local currency? Is that what you mean

The buy side (one USDT/$) is cheaper in US or for any one with dollar then, on Binance, however when sold, it's worth more than one $ per USDT. Hence, the 20% profit.

 

[Castamir]

The buy side (one USDT/$) is cheaper in US or for any one with dollar then, on Nigerian Binance P2P, however when sold, it's worth more than one $ per USDT because $ was scarce. Hence, the 20% profit. This opportunity is mostly present in countries which currency policies led to two different exchange rates, official and unofficial. That's what to look for most times, other reasons can abound though.

I made some edits that might answer your question, if it didn't then you can rephrase it so that I understand it better to answer.

 

[Brickbat1]

I made some edits that might answer your question, if it didn't then you can rephrase it so that I understand it better to answer.

Still not really clear. if you have done it before, would appreciate a practical descriptive example. Though it does seem to me that the P2p traders have offers at different prices on the buy side as well as the sell side of a pair...but yet the margins are incredibly small. i wonder what kind of volume they have to do to make a reasonable profit - if the exchange rate doesnt collapse on them.

 

[Castamir]

How would that work, you buy USDT from someone on Binance p2p and pay in dollars into their bank account

You buy USDT directly from an exchange with your US or any country debit card at 1:1 ratio, then sell at Binance P2P of Nigeria at 1:1.2 or 1.5 ratio because $ is scarce and the value is higher, they send naira. As a foreigner, you convert your naira using official bank rates which will give you 20% profit from the naira gained in the unofficial market of Binance P2P. It doesn't matter now because it's all gone with the Central Bank correction. You can find other countries though with currency exchange disparities.

 

[Brickbat1]

You buy USDT directly from an exchange with your US or any country debit card at 1:1 ratio, then sell at Binance P2P of Nigeria at 1:1.2 or 1.5 ratio because $ is scarce and the value is higher, they send naira. As a foreigner, you convert your naira using official bank rates which will give you 20% profit from the naira gained in the unofficial market of Binance P2P. It doesn't matter now because it's all gone with the Central Bank correction. You can find other countries though with currency exchange disparities.

Okay, but even then when it still worked, local cards were restricted to between $20 to $100 a month. That surely was not the main profit route I think. Just too limited and restricted. Lets see if someone with some experience on it can give more details.

 

[arsignupar]

P2P is not for earn massive money, only to convert crypto to fiat money without losing too much.

 

[punk434]

You buy USDT directly from an exchange with your US or any country debit card at 1:1 ratio, then sell at Binance P2P of Nigeria at 1:1.2 or 1.5 ratio because $ is scarce and the value is higher, they send naira. As a foreigner, you convert your naira using official bank rates which will give you 20% profit from the naira gained in the unofficial market of Binance P2P. It doesn't matter now because it's all gone with the Central Bank correction. You can find other countries though with currency exchange disparities

You are correct when there is scarcity for the dollar. OP is asking in general , like Indian markets or other where there is no scarcity, how will the traders who buy and sell often makes money? Like a trader who places buy order for 87.5 rupees (1 usdt) and sell order for 88.5 rupees (1 usdt)
makes 1 rupee profit on 1 usdt.

In my opinion the largest volume he makes with 1 rupee profit on 1 usdt, he makes more profit. But what if if he buys 1 usdt at 87.5 rupees and suddenly USD value falls for INR and the top sell order is at 86.5 rupees. 1 rupee loss on 1 usdt here. How do they control this ?

 

[Brickbat1]

You are correct when there is scarcity for the dollar. OP is asking in general , like Indian markets or other where there is no scarcity, how will the traders who buy and sell often makes money? Like a trader who places buy order for 87.5 rupees (1 usdt) and sell order for 88.5 rupees (1 usdt)
makes 1 rupee profit on 1 usdt.

In my opinion the largest volume he makes with 1 rupee profit on 1 usdt, he makes more profit. But what if if he buys 1 usdt at 87.5 rupees and suddenly INR value falls and the top sell order is at 86.5 rupees. 1 rupee loss on 1 usdt here. How do they control this ?

Precisely my question, thank you. Whats the lure that makes them take the risk still, or is there some trick to avoid this or cost average out of the loss or hold till later.. whats the catch?

 

[web-flake]

I had a friend that was doing something like this. I never cared to ask him because he wasn’t going to tell me, I also one guy from morroco that was begging me to look for a solution to do arbitrage with a specific Nigerian bank but he didn’t know, and I didn’t know, so the matter died down, from what he said he told me that a friend of his was making about $500 daily with exchange usdt to naira. But based on the binance stuff, I am sure there had proper of earning, and I think for some the profit margin ain’t that high, because I could remember talking to one and I forgot the exact amount and sent him #43200 rather than #43284 and he said I should send the 86 naira which is about a cent or something. According to him that’s his profit, well I didn’t know if I were to believe him or he was just a cheapskate

 

[punk434]

Precisely my question, thank you. Whats the lure that makes them take the risk still, or is there some trick to avoid this or cost average out of the loss or hold till later.. whats the catch?

Even I have the same doubts that you have regarding this. I did many P2P trades as a seller only, so I don't know how these regular P2P traders make a living on it. I hope someone who is a P2P trader will respond with their strategy.

 

[Rufai]

You buy USDT directly from an exchange with your US or any country debit card at 1:1 ratio, then sell at Binance P2P of Nigeria at 1:1.2 or 1.5 ratio because $ is scarce and the value is higher, they send naira. As a foreigner, you convert your naira using official bank rates which will give you 20% profit from the naira gained in the unofficial market of Binance P2P. It doesn't matter now because it's all gone with the Central Bank correction. You can find other countries though with currency exchange disparities.

How do you convert the Naira using the official bank rates? Because as far as I'm aware, Nigerian cards are restricted from carrying out foreign transactions.

 

[BlueSteelDigital]

this is exactly like moneychanger?

most of them are making like 0.3%-0.5%

but they are doing it at voume + cosistency

 

[shareenavilla]

You are correct when there is scarcity for the dollar. OP is asking in general , like Indian markets or other where there is no scarcity, how will the traders who buy and sell often makes money? Like a trader who places buy order for 87.5 rupees (1 usdt) and sell order for 88.5 rupees (1 usdt)
makes 1 rupee profit on 1 usdt.

In my opinion the largest volume he makes with 1 rupee profit on 1 usdt, he makes more profit. But what if if he buys 1 usdt at 87.5 rupees and suddenly USD value falls for INR and the top sell order is at 86.5 rupees. 1 rupee loss on 1 usdt here. How do they control this ?

92 price t.me/usmpay

 

[shareenavilla]

Sell your Usdt 92 price
T.me/usmpay

 

[uweb3bank]

I trade Eur and USDT with my binance account and online bankings with my KYC and make profit