š” Are you a long-term cryptocurrency hodler? Perhaps you have some stagnant cryptocurrency in your wallet and you donāt plan to sell it anytime soon? Whatever the situation, you may be glad to know that there is a way to make passive money from your cryptocurrency - one of the most popular ways to do this is to find out What is Binance Earn?
Itās no secret that these days the industry is filled with various services for earning cryptocurrencies. A variety of choices that will stun crypto enthusiasts! However, even so, Binance Earn remains the leader in this regard!
What does Binance have? What other platforms don't offer? How do exchange services differ from other projects for earning and staking cryptocurrency? How to earn cryptocurrency on Binance Earn? Well, thatās exactly what weāll talk about later in the article!
ā”ļø Start: https://www.binance.com/en/earn
ā What is Binance Earn and What's Special about It?
In fact, there are many reasons. Naturally, at the very top of the list will be reliability and safety.
It is no secret that Binance is considered by many to be the most famous and reliable exchange service provider. Binance has been in the industry for a long time and has been able to build an undeniable reputation in the industry.
In addition to various measures to protect users' assets, Binance can also be called the most regulated exchange in the industry. The company applies strict KYC checks and keeps KYC and AML requirements up to date and in accordance with country laws.
Another thing Binance is known for is its simplicity. Even if you've never used a crypto exchange (or any other crypto platform), you won't have any problems with Binance. The user interface is streamlined and very clear, and whether you are looking for Binance Earn, Binance Exchange or other site features, they are all clear.
ā Getting Started with Binance Earn
You've checked all the Binance Earn reviews, discussed the platform with your friends, and decided that Binance Earn is right for you. So - what now?
To start profitable farming and earn interest from Binance, there are several steps you need to take. Let's look at them.
The very first step will be obvious - registering an account on the platform. The great thing about Binance is that you only need one account to use all the platform's services. In other words, if you register on the Binance exchange, you will not need to have a separate account for the NFT marketplace or Binance Earn - everything will be interconnected.
ā What is Binance Earn: Deposits
Binance has many different products on its "Earn" platform. To keep things simple and help you understand, we'll go through each section of this platform and discuss the different products available.
For starters, Binance deposits.
The "Deposits" section includes the following services:
š¢ Deposits
š¢ BNB Storage
š¢ Auto investing
With Deposits (service) you can receive stable earnings and also pay zero commissions. The operation of the service is simple - you can store cryptocurrencies (BTC, BNB, etc.) and receive a stable (to some extent) interest.
ā What is Binance Earn: Staking
The next product that Binance Earn reviews are discussing is Staking. There are four types of staking services in which you can participate:
š¢ Blocked Staking
š¢ DeFi Staking
š¢ ETH 2.0 Staking
š¢ DOT Slot Auction
Blocked staking and DeFi staking are very similar to each other, but at the same time they are very different.
-By using locked staking on Binance, users can lock their funds on the platform for a certain period of time and earn more stable APYs in return. DeFi staking is similar in that the process is the same - you choose an asset, stake it on Binance and receive a stable income.
With staking locked, users can expect lower earnings (APY), but their assets are more secure overall. With DeFi staking, although Binance Earn does all the hard work for you (staking assets in the pool, which is why many are wondering what Binance Earn is) and the expected APY is higher, the risks are also higher.
-Staking ETH 2.0 allows you to lock up ETH for a relatively long period of time (until ETH 2.0 is launched - this could even take several years!) and earn APY of up to 5.2% while doing so. Some passive rewards will be paid out in the tokenized version of ETH - BETH.
This is a great way for Ethereum fans to participate in ETH 2.0 and lock up their Ether for a long time, thereby leaving them with no choice but to hodle their cryptocurrency.
Finally, the DOT slot auction is one of the most interesting but confusing features of the ecosystem that you need to become familiar with. if you want to know what is Binance Earn. At its core, the product allows users to participate in certain Polkadot parachain auctions and earn passive income for certain projects.
Obviously, the DOT slot auction is mainly aimed at people and enthusiasts who already have a good understanding of the blockchain and the Polkadot ecosystem, and are also interested in various ways to earn income with it.
Taking into account all the staking services mentioned in this section (with the possible exception of DOT word auctions), your participation will look similar. You select a service - locked staking, DeFi staking, etc. - and then, assuming you have that crypto asset, simply staking.
ā What is Binance Earn: Dual Investment
Perhaps one of the most interesting features of Binance Earn is the dual investment.
If youāve never heard of it before, then itās not at all surprising - itās not the most beginner-friendly option for passive income. However, although it may seem overly complicated, if you take some time to study, you will realize that this is potentially one of the most profitable options on Binance Earn?
Dual investments offer advanced farming and include two selected cryptocurrencies - the underlying asset as well as the deposit currency. For example, Bitcoin and Tether.
When using dual investments, you will encounter two types of products - Binance calls them "Sell High" and "Buy Low"
When using Sell High, if the settlement price is higher than the target price, the product is considered "completed". With Buy Low, the opposite is true - the product becomes āfilledā if the settlement price is below the target price.
If the product becomes fulfilled, you receive a refund in the form of your deposit currency. If not, your refund will be paid in a different currency.
It's definitely more confusing than deposits or Binance liquidity farming, but the idea is still the same - you invest and earn passive income over time.
At the time of writing this guide, what is Binance Earn, the current APY for dual investment products reaches 60% - that's incredibly high! Naturally, there is also a corresponding risk.
Supported assets are as follows:
BTC, ETH, SOL, MATIC, ADA, BNB, DOT, BCH, AVAX, FTM, ALGO & More.. A very worthy list! Now a little about how this process will work - you start by that you are subscribing to a product of your choice. At the same time, you are asked to select a cryptocurrency to deposit. After this, you will need to set the subscription amount as well as the due date. That's all!
ā How to Choose the Best Binance Earn Solution for Yourself?
Now you know what Binance Earn is and you are aware of all the different options on how to earn cryptocurrency on Binance Earn, the only thing left to do is decide which of the mentioned methods is best for you.
Let me tell you right away - you donāt have to choose just one method! You can use as many Binance services as you want at the same time!
Fine - but still, which ones are right for you?
It comes down to two things - your APY expectations, as well as your risk tolerance.
If you want to earn passive income, but are in no rush and don't want to take on the risk, you may want to look into auto investing, BNB vaulting, and Binance deposits. But if you don't mind more risk with a higher APY, you can try DeFi staking, dual investing, and things like DOT slot auctions.
It is important to take time and analyze each of the available options. Once you decide what you want (and vice versa - what you don't want), you can choose the appropriate services.
But pay attention that regardless of the APY you receive, you will always need to have the associated assets in your Binance wallet. You can send them from another wallet, but it will be much easier to buy the desired cryptocurrency on the Binance exchange with fiat funds!
ā Conclusion
To summarize, the main message of the article was this - the Binance Earn platform is really rich in functionality in terms of popular services for passively earning cryptocurrency!
For whatever reason you want to know what Binance Earn is, you should not have any problems finding the right passive income service for yourself. Whether it's DeFi or liquidity farming, Binance deposits, BNB vaulting, or even double investing options, the list is truly varied!
That being said, while you can definitely choose the best APY services on Binance Earn, you should also not forget the fact that that you can earn crypto while learning Binance! This can be a great addition to your existing passive income methods, as well as gaining knowledge on the topic of crypto and blockchain!
Thanks for reading my Binance Earn guide! Good luck in your adventures to earn maximum APY !!
š Wallpaper created by OWNER
