FAQ
Home
Support Center
FAQ
Binance Earn
Simple Earn
Get Started with Binance Simple Earn Locked Products

Get Started with Binance Simple Earn Locked Products

2022-09-22 06:30
Introduction to Locked Products
How to Use Locked Products (Web)
How to Use Locked Products (App)
Introduction to Locked Products
Binance Simple Earn 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 received or accrued up to that point.

Subscription and Redemption

Subscriptions are immediate, and your assets will be transferred from your Spot Wallet into the chosen Locked Product upon confirmation of your subscription. Redemptions for Simple Earn Locked Products are open daily between 00:10 to 23:50 (UTC+0).
Each Locked Product has its own product and individual subscription limits. Once the limits are reached, subscriptions will no longer be processed, including Auto-Subscribe requests. These limits are subject to change at any time.
Locked Products will be automatically redeemed in full on the redemption date. You can choose to redeem your asset to your Spot Wallet, or subscribe to the Flexible Product of the same cryptocurrency in your Earn Wallet, along with the rewards accrued for the last day. Assets subscribed to Flexible Products will generate rewards every minute, and you can redeem them anytime. For more information, please refer to the detailed guide Get Started with Binance Simple Earn Flexible Products.
In case of early redemption, you will receive the full balance of your locked assets, minus any rewards you have received during the term, into your Spot Wallet within the next 72 hours.
In the event of extreme market volatility, network delays, or when there is an unusually large number of redemption requests, your redemptions might be delayed.

What is Auto-Subscribe and how does it work?

The Auto-Subscribe function helps you automatically renew your existing Locked Product position into a new locked term of the same duration upon expiry. Renewals will only consist of the original amount of your initial subscription, while rewards will continue to be sent to your Spot Wallet.
If the available quota for any particular Locked Product is filled, your position may not be renewed even if Auto-Subscribe is enabled. Once your position expires, your assets will be subscribed to the Flexible Product of the same cryptocurrency in your Earn Wallet. Auto-Subscribe is only available for selected Locked Products and is subject to change any time.
You can enable Auto-Subscribe for Locked Products on the subscription pop-up or from your Earn Wallet. Simply toggle on the [Auto-Subscribe] button next to the product to enable the function.
  • Rewards for the new term will start accruing on the renewal day, and distributed to your Spot Wallet from the following day onwards.
  • You can disable Auto-Subscribe in your Earn Wallet to stop any subsequent subscriptions at any time before the end of the locked period. If disabled, your assets will be automatically transferred to the corresponding Flexible Products or Spot Wallet upon expiry.

How is APR calculated and distributed for Locked Products

Rewards = Deposited Assets * APR/365 (to certain decimal places, depending on the cryptocurrency)
Please note that APR is subject to change daily. The estimated rewards displayed at the beginning of your subscription may differ from the actual rewards generated.
Once you subscribe, your assets will start accruing rewards at 00:00 (UTC+0) the next day. After the first full day of accruing rewards, your first distribution will arrive at your Spot Wallet on the following day. You won't receive rewards on the day of the subscription. Rewards are calculated and distributed to your Spot Wallet daily between 00:00 and 08:00 (UTC+0). However, due to network delays, system calculations, and other unforeseeable reasons, reward distributions might be delayed.
For certain Locked Products, the rewards distributed may be in different cryptocurrencies from the subscribed assets. For such cases, rewards will only be distributed with your subscribed assets upon the expiry of the fixed-term product.

Frequently Asked Questions

1. Are my BNB in the BNB Locked Products included in the BNB Balance Calculation Mechanism and eligible for Launchpool rewards?
Yes, your staked BNB in the BNB Locked Products are included in the BNB Balance Calculation Mechanism, From 2023-12-04, users who subscribe their BNB to Locked Products can automatically participate in Launchpool projects. Users can manually claim their Launchpool rewards from the BNB Launchpool Pool every hour. Unclaimed rewards will be automatically distributed to their Spot Wallets after the Launchpool session ends. Please note that this applies to users who reside in countries or regions where participation in Binance Launchpool projects is permitted. If more than one Launchpool projects are running simultaneously, the user’s BNB assets in the BNB Vault will be divided and assigned equally to each project, unless otherwise specified.
Please note that you’re still entitled to receive Launchpool rewards during the redemption waiting period.
2. Why are some products not offered or not visible to me?
Binance occasionally offers specific products to users in certain regions or to those who meet certain criteria. As such, some products may only be visible to eligible users.
3. What happens if I choose to redeem earlier?
You have the option to redeem certain Locked Products before the expiry date. Upon choosing early redemption, the assets will be returned to your Spot Wallet within 48 to 72 hours. However, any accrued rewards will be forfeited, and any rewards already distributed will be deducted from the returned principal.
4. Why can’t certain Locked Products be redeemed early?
Some Locked Products, such as free Locked Products distributed as rewards for certain marketing campaigns, cannot be redeemed early. This is stated in the campaign rules specified in the corresponding announcement.
5. Why does the APR change?
The APR for Locked Products is determined by various meticulously designed factors to ensure sustainable and competitive rewards for Simple Earn users. The APR provided to Simple Earn users is discretionary and doesn't reflect any indication of profitability within Binance's various operations. Please note that the APR of Locked Products may be updated during a locked period.
6. Where can I check my Locked Rewards?
You can check your rewards from Earn History.
7. Can I choose where the Locked Product assets will be distributed to upon expiry?
Yes, you can choose where to distribute the Locked Product assets upon expiry from your Earn Wallet.
For more information about Simple Earn, please refer to:
Disclaimer:
This document may have been translated and published in different languages. In the event of any inconsistency, misstatements, omissions, or errors appearing in any translated version, the English version shall prevail.

1. How to subscribe to Simple Earn Locked Products?

1. Log in to your Binance account and go to [Earn] - [Simple Earn].
2. Find the token you’d like to subscribe to using the search bar or scroll down to view the available coins.
3. Select a locked term next to the coin and click [Subscribe].
4. You will see a subscription window pop-up. Select the locked term and enter the subscription amount. Choose to utilize the funds in your Spot Wallet, Funding Wallet, or both.
You can also enable the [Auto-Subscribe] function here. Check the subscription summary on the right and click [Confirm].
  • Duration (Days): Choose between various locked terms (subscription days)
  • Subscription Amount: The amount of tokens you want to subscribe with
  • Amount Limits
    • Minimum: The minimum amount of tokens you need to subscribe
    • Available Quota: The maximum amount of tokens you can subscribe to this product, takes into account your existing subscriptions
  • Subscription Date: The date and time of subscription
  • Value Date: The date and time your assets start to accrue rewards
  • Interest End Date: The date and time the locked term ends
  • Flexible Products/BNB Vault will start automatically: The date and time your assets will be redeemed and subscribed to the Flexible Product of the same cryptocurrency in your Earn Wallet (or BNB Vault), if Auto-Subscribe is not enabled.
  • Next Subscription Date: The date and time your assets will be resubscribed to the same Locked Product, if Auto-Subscribe is enabled.
  • Est. APR: The estimated APR, subject to change
  • Est. Interest: The estimated daily rewards, subject to change
5. A confirmation message will appear with the details of your subscription. Your assets are now transferred from your selected wallet(s) into the Simple Earn Locked Product you've selected. You can click [View Holding] to manage your subscriptions in the Earn Wallet.
1. Log in to your Binance account and go to [Earn]. Click the wallet icon to access your Earn Wallet. Here, you can manage your subscriptions, redemptions, and enable/disable the Auto-Subscribe function.
2. Click [Redeem] next to the asset you wish to redeem.
3. You'll see a redemption pop-up window showing the early redemption amount you'll receive and the expected redemption date and time. Click [Redeem earlier] to continue.
4. A confirmation message will appear with the details of your redemption. You'll see an estimated time for your assets to be returned to your Spot Wallet.
1. Log in to your Binance account and go to [Earn]. Click the history icon.
2. Go to the [Locked] tab.
3. You can filter your transaction history by token type, transaction type (such as subscription, redemption, and rewards), and dates. Click [Search].

1. How to subscribe to Simple Earn Locked Products?

1. Log in to your Binance app and go to [More]. Scroll down to [Earn].
2. Go to [Low Risk]. Here you can view all available tokens or use the search bar to find the token you’d like to subscribe to. Tap the token to subscribe.
3. Enter the amount you want to subscribe. You can also enable or disable the [Auto-Subscribe] function if you wish. Check the subscription summary and tap [Confirm].
4. A confirmation message will appear with details of your subscription.
Your assets are now transferred from your Spot Wallet into the Simple Earn Locked Product you’ve selected. You can tap [Go To Wallet] to manage your subscriptions in the Earn Wallet.
1. Log in to your Binance app and go to [Wallets] - [Earn].
2. Select the [Asset] or [Product] tabs to go to your Locked Product holdings.
3. Details of your Locked Product will be shown, together with options to enable or disable [Auto-Subscribe] and [Redeem].
4. Tap [Redeem] and [Confirm].
5. A confirmation message will appear with details of your redemption. You’ll also see the estimated time for when your assets will be returned to your Spot Wallet.
1. Log in to your Binance account and tap [Wallets] - [Earn].
2. Tap the [History] icon in the top right corner of your screen.
3. You can filter your transaction history by token type, activity type such as subscription, redemption and rewards, and dates.