Home Cryptocurrency Binance Learn & Earn Quiz Answers: Binance P2P Quiz Answers

Binance Learn & Earn Quiz Answers: Binance P2P Quiz Answers

by cryptocreed

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

  1. Learn and Earn page can be accessed here “https://academy.binance.com/en/learn-and-earn”.
  2. Login to check if you are eligible or not.
  3. Try to use a mobile device.
  4. Questions will be not in the same format for everyone.
  5. Rewards will get credited to your account within 48 hours.
Total reward: $0.50 BUSD
Start & End Date: NA
What to do: Watch a video of 2.11 minutes and answer 11 questions.


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

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