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How to Earn Rewards On Your Crypto Holdings

2022-06-14

From this article, you will learn how you can earn rewards from your crypto holdings using Binance Earn, as well as how to use Binance P2P

Main Takeaways

  • There are many ways to earn crypto rewards, but one of the simplest involves using the Binance P2P platform in tandem with Binance Earn. 

  • Binance P2P allows to buy and sell cryptocurrencies directly between users, while Binance Earn lets both new and experienced crypto users earn rewards on the digital assets they hold. 

  • There are many ways to generate rewards with Binance Earn, from Simple Earn products with flexible and locked terms to more advanced products such as DeFi staking, automated market makers (AMMs), and more. Do note that not all products are available in every country.

  • Binance users can transfer cryptocurrency from Binance Earn to Binance P2P and easily sell their crypto assets for their preferred local currency.

Users just starting their crypto journey often face a barrage of offers from companies promoting opportunities that seem highly attractive at first glance. However, you should always investigate these claims — even ours.

There are many ways to receive small amounts of cryptocurrency, including airdrops, contests, sales rounds, bug hunts, and sign-up promotions. There are also a variety of more complex ways to earn crypto rewards, but these tend to be less accessible for novices.

Because of this, new users often prefer products that require less active participation, like those offered by Binance Earn. But first, let’s take a closer look at what Binance P2P is and how it works.

What Is Binance P2P?

Binance P2P is a cryptocurrency exchange that has won the trust of millions of users. P2P, or peer-to-peer trading takes place directly between the buying and selling parties.

Our escrow service gives traders peace of mind, as the platform will not execute any transaction until both parties confirm that the terms of the deal have been met on both sides.

On the surface, the process is similar to that taking place on a regular, centralized exchange, where a user can give away a certain currency and receive another in return. But what is the key difference, and how does this work in practice?

The P2P trading mechanism is simple and reminiscent of any real-world, over-the-counter transaction — you post your offer and set the main parameters, such as the asset that you wish to buy or sell, its amount, price, and method of payment. Once the counterparty accepts your offer, the funds in the seller’s wallet are temporarily frozen.

The transaction is registered by the platform and the buyer must complete the payment within a certain period of time, in the case of Binance P2P – in under 15 minutes. Once the seller confirms the receipt of the payment, our escrow service releases the frozen funds and deposits them into the buyer’s account.

During this process, Binance P2P takes on a minimal role as the platform is not party to the transaction, which results in a significant reduction in commission fees. At the same time, however, it provides users with a high degree of protection from dishonest buyers and sellers.

Binance P2P is available in more than 250 countries, allowing users from all over the world to trade cryptocurrencies safely and quickly, with minimal fees involved. In addition, Binance P2P supports over 100 fiat currencies, 10 digital assets, and 700 payment methods to meet users’ needs.

What Is Binance Earn?

Binance Earn is a service that users to generate cryptocurrency rewards on their digital assets in a number of ways. Let’s take a look at each of them.

Simple Earn

Users can earn daily rewards by subscribing to:

  • Flexible Products. Users can subscribe to and redeem their digital assets from Flexible Products at any time.

  • Locked Products. Users are offered higher rewards but have limited access to their assets once subscribed. Each subscription will be automatically redeemed on the specified redemption date or renewed for the same locking duration, depending on whether the user has enabled the “Auto-Subscribe” option. Users can also redeem their assets earlier but if they do so, they must forgo any rewards earned.

Dual Investment

Users can buy or sell cryptocurrency at their desired price and on their preferred date in the future while earning rewards. Users have the flexibility to choose the target price, annual percentage rate (APR), and subscription period. 

Binance Liquid Swap

This tool has 2 components:

  1. Liquidity Farming. This product gives users the opportunity to earn BNB rewards and pool fees by providing liquidity on their two favorite tokens. Rewards are calculated using — among other methods — an Automated Market Maker (AMM) formula.

  2. Swap Farming. Thanks to the Liquidity Farming feature, users are now able to earn BNB rewards instantly when they buy or sell tokens. This is also a great way to earn crypto rewards with your crypto holdings if you are a professional or arbitrage trader with APIs.

BNB Vault

This hassle-free tool allows users to earn rewards on their BNB holdings. From time to time, Binance will also offer bonus rewards for those who choose to participate.

To start earning rewards, simply go to Binance Earn. Terms and conditions apply, and you should read them carefully before participating.

How to Buy Tokens Using Local Currencies on Binance P2P

There are several ways to buy cryptocurrencies on Binance. Follow these instructions if you want to buy tokens with USD.

  1. Visit the Binance app homepage. If you are already registered on the exchange, just log into your account and go directly to step 4. If you don’t have an account, click on the [Register] button.

  2. Enter your email address and create a secure password. Then read the license agreement and click on [Register].

  3. You will now need to verify your identity and set up a convenient payment method.

  4. Click the [P2P Trading] button.

  5. On the [Buy] tab, select the coin you want to purchase. Configure the transaction’s parameters using the [Amount] and [Payment method] filters. Once a list of relevant offers appears on the screen, select the one that mathes your preferences and click on [Buy].

  6. Enter the amount in the original currency or the desired amount of crypto and click on [Buy].

  7. The details of the transaction will appear on the screen. Confirm the amount and payment method.

  8. When the seller completes their end of the deal, the transaction will be completed.

Watch the following video tutorials for more information: 

As you can see, Binance P2P is very simple to use. In case of any unforeseen circumstances or questions about your transaction, you can use the chat window to communicate directly with the buyer. 

How to Transfer Assets from a P2P Wallet to a Spot Wallet

In some circumstances, you may want to trade on a traditional cryptocurrency exchange. To transfer your funds from Binance P2P to Binance’s spot exchange, you must move your funds from your Funding wallet to your Spot wallet. 

The term “spot” comes from “spot markets,” which are the markets where financial assets can be traded for immediate delivery, or “on the spot.” Most crypto exchanges connect buyers and sellers to spot markets by default. Your Spot wallet stores the funds you can use to trade on Binance’s spot markets.

The simplest way to transfer tokens from your Funding wallet to your Spot wallet is at the moment when you have just purchased these tokens. After completing a transaction, a corresponding button will appear on your screen. If you don’t take advantage of this opportunity, you must perform several actions to transfer your crypto to your Spot wallet at a later time.

 

1. On the top navigation bar, tap the [Funding] button.

2. Select the coin you want to transfer from the list of assets that appears on screen, then tap [Transfer].

3. Select [Spot] in the [To] field and enter the transfer amount. Tap [Confirm Transfer].

4. Verify the amount transferred to your Spot wallet by going to the [Spot] tab.

Navigating the Binance Earn Wallet

To open your wallet, visit the Binance app home page and click on the [Wallets] button on the top navigation bar. 

On the next page, you’ll see the various account types on the left panel. Open the “[Spot Account] tab to see your total Spot wallet balance. If you want to see all the ways you can buy and sell tokens with fiat currency, select the [Funding] tab.

Visit the [Earn] tab to see your Earn wallet balance. Here, you can view the statistics of your rewards over a specified time in fiat and crypto, and monitor all active assets. You can filter your subscriptions with the [All Holdings] drop-down tab.

How to Earn Interest on Your Crypto Assets and Cash Out With Binance P2P

To redeem and withdraw funds from your wallet, click on the [Wallets] tab at the bottom of the Binance app, then on the [Earn] tab. Select the desired coin from the list of available assets and click on the [Redeem] button on the right side of the page. 

The operation will be launched instantly and the funds will be transferred to your [Spot] wallet shortly. To cash out the crypto, transfer it to your [Funding] wallet so you can sell it to other crypto users. 

To learn more: 

(Support) How to Sell Cryptocurrency on Binance P2P (App)?

(Support) How to sell crypto on Binance P2P using Lite Mode

(Support) How to use P2P Express Zone to sell crypto?

Conclusion

Binance Earn provides many flexible tools for generating crypto rewards. For beginners, it can be a suitable option due to the flexibility of its products. When using Binance P2P, you can also cash out to fiat fairly simply. If you are looking for ways to generate some returns on your cryptocurrency holdings, you now know where to find them.