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❓ How to create a Bitget account:
📌 Go to the Bitget website
You can sign up with your email address, phone number, and Apple or Google account.
📌 Enter your email address/phone number
📌 Create a secure password for your account and click [Create Account].
Your password must contain at least 8 characters, with at least one uppercase letter, one special character and one number.
📌 You will receive a 6-digit verification code on your email or phone. Enter the code.
📌 You're a proud owner of the Bitget account.
If you need more detailed instructions check out guide with screenshots on the Bitget website
#Guide #Bitget
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What Is Bybit Savings and How Does It Work?
Bybit Savings is a passive income, flexible investment plan for users to earn yields from their unused funds in the platform by depositing them in a staking pool. The staked assets can be withdrawn flexibly depending upon the chosen staking period — flexible or fixed-term.
📌 Bybit Savings offers users the flexibility to earn attractive interest yields based on their chosen investment plans — Flexible Savings or Fixed Term Savings.
📌 Users can invest their crypto assets in Bybit Savings to earn crypto interest yields without having to rigorously monitor volatile markets.
📌 Bybit Savings is a relatively low-risk investment product that’s beginner friendly.
Bybit pays out yields to participants based on the platform's income in the form of APR. The APR may occasionally fluctuate, depending upon market conditions and the platform's performance. In addition, a user's status on the platform may also affect the APR. For example, Bybit VIP users are entitled to unlock exclusive staking offers with higher APR rewards.
If you need more detailed instructions check out guide on the Bybit website
#Wiki #Bybit #Savings
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💲 Up to 30% APY in USDT with Bybit Locked Savings and up to 10% with Bybit Flexible Savings.
APY varies depending on ongoing promotions, amount of savings, and state of the market.
❓ How to start earning money with Bybit Savings:
📌 Create a Bybit account
📌 Verify your account
📌 Buy USDT (or transfer)
📌 Open Bybit Savings and deposit your USDT
📣 Step-by-step guides:
➡️ How to create a Bybit account?
➡️ How to Complete Individual Identity Verification (KYC) on Bybit?
➡️ How to Buy Cryptocurrency via P2P Trading on Bybit?
➡️ How to Sell Cryptocurrency via P2P Trading on Bybit?
➡️ How to Avoid P2P Scams and Fraud?
➡️ What Is Bybit Savings and How Does It Work?
#Guide #Bybit #Savings
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❓ How to Avoid P2P Scams and Fraud:
✅ Take screenshots.
Make a habit of taking screenshots of all of your transactions as proof that they were completed. If issues arise, calmly gather all evidence, such as screenshots and correspondence, and use it to make your case with the P2P platform and to prevent chargeback attempts.
✅ Use the platform’s escrow service.
P2P platforms typically lock the crypto amount posted in a seller’s ad to ensure the seller doesn’t scam buyers. Don’t be afraid to walk away from a transaction if things start to become suspicious.
✅ Only use reputable P2P platforms that verify the identity of all users in compliance with KYC verification.
You should also take the time to verify a user’s identity before starting a transaction by making sure their payment account details match the identity listed on the platform.
✅ Always check your crypto wallet or bank account to confirm a transaction has been completed.
You should only authorize a crypto transfer as a seller once you've personally verified the payment. On the contrary, buyers should check their account balance to check if they've received their crypto after the counterpart sends you proof of transfer.
✅ Limit your conversations with the buyer or seller to the P2P platform. Don’t agree to use outside communication channels like Skype, Zoom, Discord, Telegram, WhatsApp, etc.
That’ll only make it easier for them to deny the transaction and raise a false dispute against you.
✅ If you’re unable to reach an agreement, immediately contact a P2P platform’s customer support team for assistance.
Reputable platforms typically have a system in place to investigate and handle disputes. You should always report any suspicious activity.
If you need more detailed instructions check out guide on the Bybit website
#Guide #Bybit #P2P #Security
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❓ How to Sell Cryptocurrency via P2P Trading on Bybit
📌 Click on [Buy Crypto] –> [P2P Trading] on the top left corner of the navigation bar.
📌 Click on [Sell]
📌 Filter advertisers by Amount, Fiat Currencies or Payment Methods, based on your transaction needs.
📌 Choose your preferred advertisement, and click on [Sell USDT].
📌 Enter the amount of USDT you want to sell, or the amount of fiat currency you want to receive. Click on [Sell] to proceed.
📌 During the pending process, the buyer will have 15 minutes to complete the payment.
📌 Once you’ve successfully received your payment from the buyer, click on [Release Now] to release your coins.
You will be asked to enter your GA verification code as a verification step.
⚠️ If the buyer did not complete the payment within 15 minutes, the order will automatically be canceled.
The coins reserved on the P2P platform will also automatically be returned to your Spot Account.
‼️ If you’re notified that the payment is completed, but have yet to receive the payment after 10 minutes, you can click on Submit Appeal.
Bybit customer support team will reach out to you.
If you need more detailed instructions check out guide with screenshots on the Bybit website
#Guide #Bybit #P2P
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❓ How to Buy Cryptocurrency via P2P Trading on Bybit
I. Add Payment Method:
📌 Open Bybit P2Ptrading service.
📌 Click on [P2P User Center] in the upper right corner to enter your profile.
📌 Click on [Add Now] under Payment Method.
📌 Select your payment method in the pop-up window and enter the required information.
P2P on Bybit only accepts a payment account with the same name as your identity verification.
📌 Make sure the information you’ve provided is correct, and then click on [Confirm].
Up to three payment methods will be shown to the counterparty. You can enable the preferred payment method, which is displayed under Payment Method in the [P2P User Center].
II. Buy Coins:
📌 Click on [Buy Crypto] –> [P2P Trading] on the top left corner of the navigation bar.
📌 Filter advertisers by Amount, Fiat Currencies or Payment Methods, based on your transaction needs.
📌 Choose your preferred advertisement, and click on [Buy USDT].
📌 Enter the amount of fiat you want to pay, or the amount of coins you want to receive. Click on [Buy] to proceed.
📌 You’ll be redirected to the order page, where you’ll have 15 minutes to transfer the money to the seller’s bank account.
Note: Please verify that all of the order details are correct before proceeding.
📌 Click on [Payment Completed] once you’ve completed the payment.
📌 Once the coins you’ve purchased have been successfully released by the seller, you can click on [Check Asset] to view them
📌 If the seller fails to release the coins after 10 minutes, you can click on [Submit Appeal].
If you need more detailed instructions check out guide with screenshots on the Bybit website
#Guide #Bybit #P2P
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✔️ How to Complete Individual Identity Verification (KYC) on Bybit:
📌 Log in to your Bybit account.
📌 Click on the profile icon in the upper right corner of the navigation bar, then tap on Account & Security page.
📌 Click on [Verify Now] beside the Identity Verification column Click on Verify Now beside the Identity Verification column.
📌 Click on [Verify Now] under Lv.1 Identity Verification
📌 Select the country or region that issued your ID, and your identity document type to upload proof of identity document(s). Click on [Next] to continue.
📌 Complete your facial recognition scan through your laptop camera.
You can also do it through your smartphone camera.
📌 To verify what you’ve submitted, click on [Next] to submit.
If you need more detailed instructions check out guide with screenshots on the Bybit website
#Guide #Bybit
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❓ How to create a Bybit account:
📌 Go to the Bybit website
You can sign up with your email address, phone number, and Apple or Google account.
📌 Enter your email address/phone number
📌 Create a secure password for your account and click [Get My Welcome Gifts].
Your password must contain at least 8 characters, with at least one uppercase letter and one number.
📌 You will receive a 6-digit verification code on your email or phone. Enter the code.
📌 You're a proud owner of the Bybit account.
If you need more detailed instructions check out guide with screenshots on the Bybit website
#Guide #Bybit
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💲 Up to 60% APY in USDT with Binance Locked Savings and up to 10% with Binance Flexible Savings.
APY varies depending on ongoing promotions, amount of savings, and state of the market.
❓ How to start earning money with Binance Savings:
📌 Create a Binance account
📌 Verify your account
📌 Buy USDT (or transfer)
📌 Open Binance Earn and deposit your USDT
📣 Step-by-step guides:
➡️ How to Register on Binance?
➡️ How to complete Identity Verification on the Binance?
➡️ How to Add New Payment Methods for P2P Trading?
➡️ How to buy cryptocurrency on the Binance P2P website?
➡️ How to Buy Cryptocurrency via P2P Trading on Binance App?
➡️ How to Sell Cryptocurrency on Binance P2P Website?
➡️ How to sell crypto via P2P trading on the Binance App?
➡️ Binance Simple Earn (what is it and how it works)?
#Guide #Binance #Savings
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💰 What Is a Stablecoin??
Stablecoins are digital assets that track the value of fiat currencies or other assets. For example, you can purchase tokens pegged to the dollar, euro, yen, and even gold and oil. A stablecoin allows the holder to lock in profits and losses and transfer value at a stable price on peer-to-peer blockchain networks.
📌A stablecoin is a cryptoasset pegged to another asset, such as fiat currencies or precious metals.
📌 Stablecoins are designed to maintain a relatively stable price so that users can avoid the volatility risks common in the crypto markets.
📌 There are three types of stablecoins: fiat-backed, crypto-backed, and algorithmic.
📌 Due to their practical use and large market capitalization, regulators are beginning to take a closer look at stablecoins.
Bitcoin (BTC), Ether (ETH), and other altcoins have historically been volatile. While this provides many opportunities for speculation, it does have drawbacks. Volatility makes it challenging to use cryptocurrencies for day-to-day payments. For example, merchants may take $5 in BTC for a coffee one day but find that their BTC is worth 50% less the next. This makes it challenging to plan and operate a business that accepts crypto payments.
Before, crypto investors and traders had no way to lock in a profit or avoid volatility without converting crypto back into fiat. The creation of stablecoins provided a simple solution to these issues. Today, you can easily get in and out of crypto volatility using stablecoins like USDT, USDC, DAI.
Want to read more about #Stablecoins? Check out article "What are Stablecoins? Are They a Good Investment?"
#Wiki
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🪙 What Is MakerDAO (DAI)?
DAI is MakerDAO's stablecoin tied to the US dollar and is among the largest stablecoins and cryptocurrencies by market capitalization. The ERC-20 token has an unlimited supply so long as users keep supplying collateral to generate more DAI.
MakerDAO uses crypto-collateralization to maintain its peg rather than a vault of fiat reserves. It might be a bit puzzling how crypto, known for its volatility, can provide the backing for a stablecoin. Simply put, the crypto a user deposits to create DAI has a much higher value than the stablecoin they receive. This allows extra room for downwards price movements in the crypto collateral.
🪙 Just like any other stablecoin, DAI has several benefits when used:
📌 It's more suitable for expenditures that require stability. Retailers and individuals don't always want payment in cryptocurrencies that can change value overnight.
📌 DAI benefits from all the advantages of the blockchain. Stablecoins are transferable worldwide without a bank account. They are also incredibly secure if stored correctly.
📌 You can use it to lock in profits or losses and hedge risk. DAI will offset some of your portfolio's overall risk and is a helpful way to enter or exit positions without going off-chain.
Want to know more about USDC? Check out "A Beginner’s Guide: What Is Dai and How Does It Work?"
#Wiki #DAI #Stablecoins
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💲 What Is USD Coin (USDC)?
USD Coin (USDC) is a stablecoin pegged to the US dollar at a 1:1 ratio and is designed to remain stable regardless of cryptocurrency market conditions.
As a fully backed stablecoin, it holds US dollar asset reserves in regulated US financial institutions. These reserves are overseen by the accounting firm Grant Thornton, which publishes monthly attestation reports.
USDC is compatible with a number of different blockchains, including Ethereum, Algorand, Solana, Stellar, and TRON. The USDC stablecoin is the second largest stablecoin ecosystem, behind only USD Tether (USDT).
The coin provides users with a number of use cases, such as portfolio balancing, hedging against volatility, pricing in fiat currency, fast international remittances, peer-to-peer (P2P) payments, and payment interoperability across different blockchains.
Need to know more about USDC? Check out "A Beginner’s Guide: What Is USD Coin (USDC) and How Does It Work?"
#Wiki #USDC #Stablecoins
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💲 What Is Tether (USDT)?
Tether (USDT) is a stablecoin that plays a crucial role in the cryptocurrency ecosystem. As of July 2023, it had a market cap of over $80 billion, and held the rank of the world's third-largest cryptocurrency, just behind Bitcoin and Ethereum in terms of market cap.
📌 Tether (USDT) is a stablecoin designed to be pegged 1-to-1 to the US dollar and is backed by Tether’s reserves.
📌 USDT exists on multiple blockchains, including Ethereum, Tron, and Solana.
📌 Stablecoins like USDT eliminate the extra costs and delays associated with converting between crypto and fiat currencies.
How Does Tether Work?
Stablecoins serve a distinct purpose as they offer relative price stability, unlike the more volatile cryptocurrencies. Initially, USDT issuer Tether Limited claimed that each USDT represented $1 held in its reserves.
Tether Limited’s reserves include cash, as well as real-world cash equivalents, assets, and receivables from loans.
Users can obtain USDT by purchasing it from cryptocurrency exchanges or other platforms that support its trading. Tether Limited claims that holders of USDT can redeem their tokens for USD at a 1:1 ratio by going through an authorized redemption process. However, it's essential to note that the ease and practicality of redemption have been subject to scrutiny in the past due to limited transparency.
Want to know more information about USDT? Check out Binance Academy article.
#Wiki #USDT #Stablecoins
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Binance Simple Earn
❓ How does Binance determine APR for Simple Earn
Simple Earn APR rewards are determined with various carefully designed factors to ensure that rewards paid to Simple Earn users are sustainable and competitive. Moreover, the APR offered to Simple Earn users is discretionary and doesn't reflect any indication of profitability within Binance's various operations.
For example, Binance may have regard to its competitor's offerings in deciding on appropriate levels of APR. Advertised rewards are not actual or predicted returns/yield in any fiat currency.
Binance may also maintain a promotional rewards reserve to run promotional campaigns and introduce short-term promotional APR offerings on selected tokens from time to time.
Simple Earn APR rewards offered to users are either Real-Time APR and Bonus Tiered APR rewards for Flexible Products or Locked Product APR for Locked Products.
Please refer to the Flexible and Locked Products FAQ to learn more about how these rewards are calculated.
#Guide #Binance #Earn
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Binance Simple Earn
💰Simple Earn allows you to earn daily rewards by depositing your digital assets for flexible or locked terms.
You can subscribe or redeem at almost any time, so you can retain flexibility and liquidity over your assets while earning daily rewards. Locked Products provide higher rewards in exchange for your assets being committed for fixed terms with predetermined redemption dates. You can still choose to redeem your full balance at any time before the redemption date, but you will forgo any rewards you have accrued or received up to that point.
❓ How is Binance able to pay users daily rewards?
Daily rewards are distributed from Binance’s own funds and are determined based on the assessment and evaluation of prevailing market conditions.
The assets you deposit in Simple Earn are used for a variety of purposes, including by other business units within Binance.
Assets may be used for on-chain staking in a tightly controlled manner. Binance may stake through official staking pools, or operate validators and nodes to participate in Proof-of-Stake (POS) network staking. The staking pool selection is determined via stringent risk assessment protocols. Validators and nodes operated by Binance are set up with security as the utmost priority.
Assets may also be used by other business units in Binance for operational purposes. However, business units must adhere to stringent policies and explicit limitations around utilizing user assets deposited in Simple Earn. This may include assets that are loaned to other Binance users (e.g. Margin and Crypto Loan products) and other operational demands.
Binance may also run promotional campaigns from time to time that are sponsored by partnered projects in order to attract more users onto our platform. Thanks to our partners, Binance Earn may run short-term Simple Earn product offerings with higher APRs to benefit users.
#Guide #Binance #Earn
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VI. Triangle scam ⚠️
A triangle scam involves two scammers simultaneously placing two orders with the same seller. Scammer A makes an order for 5,000 USDT worth of crypto (order A), and Scammer B makes an order worth 6,000 USDT (order B).
Scammer B then transfers 5,000 USDT to the seller. At the same time, Scammer A marks order A as paid. The seller releases the crypto to Buyer A, thus completing order A for 5,000 USDT. Scammer B sends another 1,000 USDT to the seller, provides the 5,000 USDT payment proof they got from Buyer A, and pressures the seller to release digital assets under order B.
The fraudster’s goal is to make the seller release the funds immediately without verifying the transfer. It can be easy to release funds without verifying who initiated the transfer. If you're not being careful, you could be releasing the funds twice but only receive half or less of the assets being bought.
How to avoid falling victim to triangle scams ✔️
Always check your bank account or e-wallet to confirm that you've received all the funds from your pending P2P transactions. Be careful with the proof of payment counterparties send you, and remember that scammers may try to reuse these proofs.
#Scam_alert #P2P
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V. Man-in-the-middle scam ⚠️
The scammer will pretend to be a reputable merchant looking to buy or sell crypto on Binance P2P. They'll contact their victims on Telegram, WhatsApp, or social networking platforms and send the victim their bank account details and a link to a P2P ad to let them know they'll be making a payment via this account. The scammer will then ask the victim to confirm that they've received the account details by having them copy them over to the chat on the order page.
The victim doesn't realize they are sharing the scammer's bank account details in the chat of an unrelated buyer, who is also unaware of the scam. The victim then releases their crypto to the unrelated buyer, who unknowingly sends money to the scammer's bank account.
If the victim tries to reverse the transaction by opening an appeal, there isn't much customer service can do. Because all communication with the fraudster took place outside the Binance P2P platform, and the buyer sent their funds to a third-party scammer account.
How to protect yourself from a man-in-the-middle scam ✔️
Don't respond to any P2P trading requests outside of Binance P2P. Limit communication with your counterparty to the Binance P2P chat before or during a transaction. More importantly, if a buyer asks if they can make payment via a third-party transfer, remind them that transfers made from someone else's account violate P2P transaction policies. Also, double-check your counterparty's bank account details directly on the Binance P2P platform. Refrain from trusting information or offers received on external channels.
#Scam_alert #P2P
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IV. Chargeback Scams ⚠️
Scammers can initiate a chargeback (available for some payment methods) to retract the payment they’ve made to their counterparty. In many cases, fraudsters will process payments via a third-party account.
If your counterparty tries to pay you with a cheque deposit, it’s most likely a scam because requesting a chargeback from cheque payments is very easy. If your counterparty insists on paying you with a cheque, don’t release the funds and file an appeal immediately.
How to protect yourself from chargeback scams ✔️
Always check that the buyer’s name on the payment details matches their verified name on Binance. Don’t accept payments from third-party accounts. If it happens, file an appeal and refund the payment to the sending account.
#Scam_alert #P2P
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III. Proof of payment scams ⚠️
When making online transactions on Binance P2P, it’s essential to double-check all payment-related information shared by your counterparty. Scammers can digitally manipulate screenshots and claim that they’ve upheld their part of the deal and pressure you into releasing your funds. If you comply without confirming that you’ve received the payment, you risk losing your money or digital assets with little to no chance of recovering them.
How to protect yourself from proof of payment scams ✔️
Always check your bank account or e-wallet to confirm that you’ve received the funds from your counterparty before marking the transaction as complete.
#Scam_alert #P2P
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II. Binance imposter scams ⚠️
This type of scam involves scammers posing as Binance employees to offer fake services to steal people's funds. The scammer will contact potential victims via unofficial emails or social media accounts that look like official Binance accounts. They'll ask you in the P2P chat for your email address, claiming that it's required by the Binance P2P Escrow service to confirm your payment. Then they'll send you an email that looks remarkably similar to official Binance emails to make you believe that you need to release the crypto first to receive the payment.
How to protect yourself from Binance imposter scams ✔️
Binance will never send emails asking you to complete a P2P transaction. Always release funds after receiving the payment. Pay attention to the username or email address. You can verify the authenticity of email addresses and site links on Binance by searching the sender's address on this page.
Note: Do not mention anyone's name or share offline contact information in the chat. Payment must be submitted using the counterparty's specified payment method, and the name on the account must match your counterparty's verified name on Binance.
#Scam_alert #P2P
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