Last Updated on January 6, 2024 by cryptocreed
Binance P2P Quiz Answers For A Beginner’s Guide to Buying and Selling Crypto via Binance P2P
Binance is widely used to sell cryptocurrency using their P2P methods in countries where there are lots of restrictions on dealing with cryptocurrencies.
India is a prime example of why people are moving towards P2P trade more in comparison to selling or buying through the Indian crypto exchange.
It is important for you to know why you should use p2p exchanges cautiously and what are other better options for Indian traders.
Binance P2P was launched in 2019 that allows you to buy all supported cryptocurrencies over 100 local currencies.
Also Read: Create Litecoin Paper Wallet Using Litecoinpaperwallet.com
Things To Remember While Taking Binance P2P Quiz
- Learn and Earn page can be accessed here “https://academy.binance.com/en/learn-and-earn”.
- Login to check if you are eligible or not.
- Try to use a mobile device.
- Questions will be not in the same format for everyone.
- Rewards will get credited to your account within 48 hours.
Must Read: BINANCE SKALE QUIZ ANSWERS
Binance Quiz Answers for A Beginner’s Guide to Buying and Selling Crypto via Binance P2P
Q1: What is P2P trading?
Answer: Peer-to-peer trading, where you buy and sell directly with another person without going through a middleman.
Q2: Who can use Binance P2P?
Answer: Only verified Binance users.
Q3: What are the benefits of using Binance P2P?
Answer: All are correct.
Q4: What should I do when the buyer sends me proof of payment via P2P chat, claiming that they have paid?
Answer: Check my bank or e-wallet balance to see if the fiat has arrived, make sure the buyer’s verified name matches the sender’s name, then release crypto.
Q5: What should I do if the counterparty asks me to provide my social account or phone number?
Answer: Do not send & insist on communicating through Binance P2P chat only.
Q6: What is a fake SMS scam?
Answer: Any of the above.
Q7: Will Binance P2P send me messages in the chat box asking to release funds while a transaction is pending?
Answer: Binance P2P will only send Risk Alerts in the Chat Box.
Q8. True or False? All merchants are also considered makers.
Answer: True (Not Sure)
Q9. When you purchase crypto via Binance P2P, to which wallet is it transferred?
Answer: Funding Wallet
Q10. These users have to pick a nickname. They are:
Answer: Makers
Q11. If you are looking to trade in bulk, you would trade with:
Answer: Block merchants
Q12. The holding mechanism that secures your crypto during a transaction in order to prevent scams is called?
Answer: Escrow
Q13. The taker fee for Binance P2P users is
Answer: 0%
Q14. True or False? You are a taker if you post P2P ads.
Answer: False
Q15. The two price types a user can select from while creating ads are:
Answer: Fixed and Floating
Q16. The act of buying crypto at a lower price somewhere and selling it at a higher price elsewhere is called:
Answer: Arbitrage
Q17. If you are a buyer and you cancel your order, it will affect your:
Answer: 30d completion rate
