On centralized exchanges, an order book is used to summarize the bids of buyers and sellers. Traders place pending orders, which get into the stack. A large number of orders to buy and sell cryptocurrency indicates a high liquidity of the asset. This is favorable to the platform, so the exchange encourages providers. The article tells how to become a maker on Binance P2P. The status gives privileges – exclusive support, access to promotions, discounts on commissions.
Who is a maker on a crypto exchange?
The trading platform performs the role of an intermediary between sellers and buyers. Otherwise, users would have to search for counterparties on forums on their own. For the qualitative fulfillment of functions, the exchange must provide high liquidity on cryptocurrency pairs. This means that participants can sell or buy a large volume of digital assets at any time at a fair price.
The interests of sellers and buyers converge in the middle – the most profitable bid order is almost equal to an ask order. This situation is called a narrow spread between supply and demand.
To ensure high liquidity it is necessary to have a lot of limit orders in the stack. This work is performed by makers. Usually they are large traders and companies that have a contract with the exchange for liquidity supply. But ordinary users trading with pending orders can also be makers.
What orders are opened
Parties meet in the market – some supply liquidity, others take it from the stack. Makers open limit orders than create demand.
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Differences from takers
These traders require immediate execution, so they create market orders. To satisfy the demand, the algorithm selects the nearest limit order. In this way, takers reduce liquidity.
Difference between a maker and a merchant
On large CEXs, you can change cryptocurrencies between each other and fiat. To do this, you need to switch to a P2P platform. Makers are professional liquidity providers in the spot/futures market. In a peer-to-peer service, this role is performed by merchants. At certain moments any user can take over this function. Merchant status gives privileges.
Advantages of a maker
Exchanges benefit from liquidity providers, so platforms stimulate their activity. Makers pay less commissions and receive a special account badge that increases trust. For them, Binance removes restrictions.
For example, a regular user, when inserting a P2P ad, can withdraw funds only the next day, a merchant – immediately.
Also, Binance holds promotions, offers exclusive tech support and officially allows to work with cards of other users.
Commissions
The exchange offers liquidity providers favorable working conditions. Makers pay less commissions, and with large turnovers can trade for free. Details – in the table.
| Client level | Commissions on spot (%) | Fees from futures trades (%) | ||
|---|---|---|---|---|
Instructions on how to become a maker on Binance
To get the benefits, you need to work only with limit orders. But creating an order does not guarantee that it will get into the stack. If the price is almost the same as the current price and there is a corresponding pending order on the market, the order can be executed immediately. Instructions on how to become a maker on Binance:
- Go to the trading terminal on the website or app.
- Fill out the order window – enter the price and volume of the transaction.
- Select the order type “Post Only” (Post Only).
This one guarantees that the trader will pay a lower commission. If there is already such an order in the stack, the order will not be executed – an error message will appear.
How to become a maker on Binance P2P
Binance peer-to-peer service allows you to exchange cryptocurrencies for more than 70 fiat units. USDT, BTC, BUSD, BNB, and ETH are available in 2023 P2P. Coins can only be bought with verification currency.
Takers do not pay a commission to the exchange, the second side of the transaction is charged 0.35%. Any client can add a bid, but merchant status gives advantages:
- 20-50% discount on fiat transaction fees.
- Exclusive advice from tech support staff.
- Merchant badge. Users can filter trades by it. It is considered safer to trade with professionals.
- Advanced work settings – you can set the time of activity or take a break. Temporary hiding of the ad does not affect the rating.
Account registration and security settings
Only authorized users with a confirmed profile can work on the platform. To do this, you need to:
- Open the website or mobile app.
- Click on the “Registration” button.
- Choose the method – by phone number or email.
- Enter the login and think of a password.
- If available, specify the ID of the invitee. If the user follows a referral link, the field is filled in automatically.
- Click on the “Create an account” button.
- Enter the second identifier – e-mail or phone.
The profile will open automatically. In anonymous clients, the functions of the platform are blocked. For activation, you need to confirm your identity.
To obtain the status of a merchant, extended verification will be required. It is necessary to provide a photo of a state sample document, take selfies with the device’s camera and confirm the address of residence.
After changing the status, you should customize the profile security. For P2P operation it is necessary to connect 2FA:
- Open a profile.
- Select the menu item “Security”.
- Click on the item “Authenticator application – Manage”.
- Click on the edit method icon.
- Download and install the code generation client on your smartphone.
- Open the app and tap on the icon with the “+” sign at the bottom of the screen.
- Scan the QR code from the Binance website with your camera.
- Click on the “Next” button in the exchange profile.
- Enter the code from the generation app and click “Submit”.
You can use additional methods to protect your account. This is not a prerequisite for getting the status of a maker on Binance. But such measures will increase the safety of funds. Such options are available:
- Passkey access key.
- Anti-phishing code.
- White list of addresses for withdrawal of funds.
- Limits on transactions.
- Management of devices that have access to the account.
Application to become a maker
There are several levels of merchants on the Binance exchange. To get a new level, you need to have a previous status. The available categories are:
- “Verified. The minimum level gives competitive advantages over regular users. You can withdraw cryptocurrency immediately after purchase, get a 0% discount on commissions, a special account badge and access to exclusive merchant offers. To activate the level, you need to have 500 USDT of security deposit on your balance, work on the exchange for more than 6 months and fulfill the turnover conditions – at least 18 BTC, 300 P2P transactions. The percentage of executed orders should be 92% or higher. A large number of positive reviews and high activity over the last month are also required.
- “Trading for cash”. The user has the right to specify the possibility of offline settlements in the ad.
- Pro. Available only for organizations. It will be required to fill in the company’s license details and pass KYC. After activation, an exclusive badge and a customizable profile will be added.
- “Large. Traders get a discount on commissions, a customizable profile and increased withdrawal limits. To get the status, you need to hold more than 5k BUSD on a spot account, show an average trade volume of $2.5k or more, high activity over the last 30 days and offer multiple payment methods.
If the user meets the requirements, you should click “Become a P2P Merchant” at the bottom of the homepage, select the level and click on “Apply”. The button will be inactive if not all conditions are met. A response to the application will be received within 48 hours. In case of a negative decision, you can improve your statistics and make a new request.
Card binding and settings for trading
To become a maker on Binance, you need to keep a deposit of 1 million rubles. Otherwise, it will be difficult to fulfill the turnover condition. It is also necessary to offer users different payment methods – popular banks and EPS. You can add options in the following way:
- Open the site of the exchange and go to the P2P platform.
- Click on the “More details” button and then – “Payment methods”.
- Trade statistics will appear on the page. Click on the “Add payment method” icon.
- Choose a bank or EPS.
- Enter the account number and the name of the financial organization. You can specify the location of the office (optional).
To get started, go to the “My Listings” section and create a proposal. On the page, you can manage applications, delete unnecessary ones or suspend them.
If the merchant is unable to process the request, his rating will decrease. Therefore, you need to enter offline bids during breaks.
Tips for trading on Binance
Binance does not participate in transactions on the P2P platform. Transactions are conducted between users. If the parties can not settle a dispute, it is necessary to contact the support staff. To do this – click on the “Arbitration” button on the order page. The staff will contact users within 12 hours to solve the problem.
Both parties must provide evidence (photos and videos) of good faith fulfillment of obligations. To increase the safety of trading, it is worth following the recommendations:
- Communicate with the counterparty via Binance chat. The history is saved, so you can check the correspondence.
- Do not confirm the receipt of money before the actual display of the amount on the balance.
- Do not conduct transactions outside of Binance.
- Activate account security settings.
Frequent questions
π Why is it considered safer to trade with merchants?
These are professional market participants who conduct dozens of trades every day. To obtain status on Binance, they made a security deposit. In case of problems, a refund will be paid out of this amount.
π’ What role does a trader play when placing stops?
On Binance, you can add a TP/SL condition to an order. In this case, the transaction will close according to the market – the participant will be the taker. To save on commission, it is better not to use the service, but to create a separate limit order.
β‘ Does the Exchange pay makers extra for placing limits?
Not in most areas. Makers get a discount on fees. But for futures paired with BUSD, users from VIP-5 to VIP-9 earn 0.01% from each executed order.
π How do I get a commission discount if I need to buy a coin at the current price?
In the trading terminal the exchange stack is displayed. There you can see the limit orders placed. To add liquidity you need to click on one of the nearest prices – 1-2 points below the current one. In a calm market, after a couple of minutes the transaction will be executed with a reduced commission.
β¨ Why place market orders?
Sometimes you need to buy quickly on a signal or exit a trade. Slowing down potentially leads to losses. Binance charges minimal transaction fees, so it’s worth paying them. This will help you avoid a bigger loss.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
