P2P Merchant Story: How a University Student Built A Rewarding Crypto Business During COVID-19
Being a Binance P2P merchant has become a decent job opportunity to earn money at home during the COVID-19 pandemic. ManilaQC, a university student from the Philippines, shared his inspiring story of how he became a Binance P2P merchant.
ManilaQC is a Biochemistry major from the University of the Philippines. He started to own Bitcoin in 2017 and kept HODLing until this year. During the Covid quarantine, he registered his Binance account and started crypto trading again. Now he has become a proud Binance P2P merchant, facilitating crypto transactions in the Philippines peer-to-peer marketplace. Here’s his account of his “rollercoaster ride” in crypto peer-to-peer trading.
Getting Back to Crypto Trading
I started trading crypto around December 2017. I still remember buying my first fraction of a Bitcoin by reloading my mobile e-wallet in a 7-Eleven, and buying it within the app itself. It really made me happy seeing the price go up little by little.
That bull round introduced me to the world of crypto and blockchain technology, but I wasn’t really active in the crypto space the following years, and most of my coins were bought for long term HODL-ing so I wasn’t really religiously paying attention to crypto news that much. Then, 2020 came with the corona outbreak, market crash, and Bitcoin halving. Most of us were just confined in our homes, trying to live in the new normal, and at some point, things just started getting monotonous. That was when I decided to learn new skills and pursue other hobbies-- including learning crypto trading in more detail which has been on the back burner for quite some time now. Even though I have heard of Binance ever since 2018, I only registered on the platform during the last week of July 2020 and traded on it on August 1. It has been a rollercoaster ride, definitely.
At first, I did peer-to-peer trading to offset my trading fees (on the spot and futures markets), but over time, it just really grew on me, and it proved to be a worthwhile enterprise. It also feels great and fulfilling to facilitate peer-to-peer crypto transactions in the country, while at the same time, filling a certain gap in the Philippine P2P marketplace. P2P is indeed a platform built on trust, convenience, and inclusivity, and those are the essential things I have built my brand on. I’m really glad Binance opened a P2P marketplace geared towards Filipinos since it brings crypto trading and adoption closer to the hearts of every “Juan.”
Scan the QR codes to trade with ManilaQC
P2P Trading is Rewarding I only do P2P trading part-time as I am still a uni student but it is nonetheless, very rewarding. P2P trading has definitely been a good job opportunity in the context of COVID-19 since it is mostly online in nature and requires low maintenance. It also enables you to contribute to the local crypto community by bridging the gap between crypto and fiat, and making the goal of mass adoption closer to reality.
On a busy day, I process around 70 - 100 orders, while on a typically slow day, only around 20 to 50 orders. It also depends if I’m occupied with other tasks as I’m also a student, or if there are any ongoing P2P competitions or promotions. Oh, I worked really hard in the P2P anniversary competition in October, and I won. Hard work really paid off.
Aside from the monetary incentives, it’s also rewarding to meet and trade with new people who share the same interest in crypto. They definitely expand my insights and learnings about the space. I have actually created a Telegram group for my loyal customers at t.me/ManilaQC.
P2P Trading is Also Challenging
What comes along with the great rewards from P2P trading is a handful of challenges, like any other job. The major challenges of being a Binance P2P merchant include bogus accounts or scammers placing P2P orders, dealing with difficult customers, impostors using my name and reputation for malicious intentions, competing with merchants who seem to copy my every move (hehe), customers not reading the terms, conditions, and instructions of the trade, monitoring incoming payments, price volatility and slow customer service response at times.
To resolve these problems and manage risks, I utilize all the available tools in the P2P merchant portal and be stringent but reasonable with regards to my trading terms. And the golden rule - never release a crypto asset without confirming receipt of payment!
Market Movement Affects P2P Trading
Market movement definitely affects my trading business. When the price dumps, people tend to buy more Tether (USDT) to purchase the dips, while at the same time, people also HODL their assets until the price recuperates. This affects the supply and demand of Tether in the P2P marketplace, which in turn also affects the buying and selling rates, and corresponding consumer behavior.
Tether (USDT) is still the most popular asset on the Binance P2P platform due to its stability and flexibility. Also, in the Philippines Peso (PHP) market, there are certain customers who tend to buy or sell more frequently than others, and that’s good since they bring a certain balance to the P2P ecosystem. I’m not sure if I ever traded with any whales, maybe yes.
How I Stay Competitive
Like what has been said in previous interviews of other top-rated Binance P2P merchants who I take inspiration from, you should always focus on finding and building your own niche in the P2P space. Know your customers, know your market, and know-how to service them well. Compete but never imitate. Create and innovate. If you build it, they will come. As cliche as it may sound, “you should always do you”, and never settle for anything less. Slowly but surely, that is how you’ll build your brand, create connections, and acquire loyal customers :)Again, this is ManilaQC, but most of my customers just call me Kim or Grant, and I am a proud and grateful Filipino Binance P2P Merchant.