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How Can I Earn through Binance Earn?

2021-04-25

Do you feel interested in trading but still searching for ways to increase your holdings in crypto? The 0.05% APY you have in your local bank's savings account may not be exciting enough. If that is the case, you will see something highly appealing in the product suite of Binance Earn.

As your savings account in crypto, Binance Earn can provide you with a wide variety of options to help your crypto holdings earn passive income.

Introduction

According to the well-known investor named Warren Buffett, "If you don't find a way to make money while you sleep, you will work until you die." An excellent way for anyone to have their savings increase while they are sound asleep is Binance Earn, as it allows your funds to do all the work for you. It comes with various options, with each having its assumptions regarding your time horizon, desired returns, and risk profile.

You may have your funds lent for interest, safely deposited through Binance's DeFi service, or PoS (Proof of Stake) coins staked, and Binance has got you under coverage. Let us check out what Binance Earn has in its offering.

What is Binance Earn?

The financial products in a complete suite are in Binance Earn. You can have these used to increase your holdings in crypto. Consider this as your savings account in crypto. It is different from a regular savings account because crypto can provide a lot more privileges!

Here are Binance Earn's main categories that will allow you to determine which would best suit your style when it comes to investment:

Fixed Savings

With Fixed Savings, despite offering less flexibility when accessing your funds, you are offered better returns. Here, the difference is that there is a predetermined duration wherein your funds will accrue interest. Now, how can this be better? It can generally provide you with higher interest rates than the products in Flexible Savings as the interest and term rate are both fixed.

Since products in Fixed Savings have a range from seven to ninety days, you can have them locked to earn APY that is higher whenever you know that you wouldn't need to have the funds elsewhere for a specific period.

Flexible Savings

On your funds, allow yourself to earn interest with Flexible Savings. Since it can be pretty easy to use, it is not surprising that it can provide immense flexibility. You can earn interest by depositing your funds and have them redeemed anytime.

Whenever your Spot Wallet holds money, have them deposited into your Flexible Savings account. You can have this accessed anytime, so it can be easy for you to make these funds work while not using them anywhere else.

Take note that the interest will not get calculated on the day when you subscribe to a product in Flexible Savings. You can instead have your first payment in interest calculated from the following day after you subscribe.

Locked Staking

Have your Proof of Stake coins held in your Spot Wallet so you can earn by staking the rewards on your holdings. It may simply be great, but there is another way that you can achieve higher rewards when it comes to staking.

Once your PoS coins are committed to becoming locked for specific periods that could range from seven to ninety days, the reward you will earn would become higher. Essentially, this is similar to the deal with Fixed vs Flexible Savings that only happens with staking.

Besides that, some coins can allow you to do the Flexible Lock, wherein your funds are committed to staking. However, you can still have your ability to withdraw maintained if you desire.

Activities in Lending

Under the Activities tab, special events like lending activities pop up from time to time. Since these generally come with a capped supply, you would have to subscribe immediately. These can provide returns that are so much higher compared to what the Fixed Savings often provides.

Other than that, you can consider these lending products to be quite the same as Fixed Savings. However, since there are certain times when it is available, you can have higher rewards whenever you keep up with things. Always make sure to check out every announcement so you can secure your slot.

Asset Management

The tab on Asset Management can provide people with access to highly advanced savings products. Don't worry, as these can still be relatively easy to use.

Launchpool

Binance Launchpad is a platform for token launch that has promising projects that the userbase of Binance funds through the process referred to as Initial Exchange Offering or IEO. 

You may have also heard about liquidity mining or yield farming, wherein users allow funds to get locked up to liquidity pools to "mine" a new token. What can you get whenever you have yield farming, and IEO put together? You will get the Launchpool. Here, you can have cryptocurrencies like BUSD, BNB, and others locked up so you can have a share of the new token that Binance is launching. There are even times when the tokens can get launched on Launchpool and Launchpad at the same time.

A fantastic way for anyone to earn passive income is the Launchpool because the price of getting new tokens is the opportunity cost of having your tokens locked. Aside from that, you can have them redeemed anytime during the event.

Dual Savings

The Dual Savings of Binance is a nifty way that would allow you to earn some side income whatever direction the price will go. It will enable you to maximize your savings' yield as you minimize the price risk. How does it work? Here is a quick run-through on how it works:

You allow a cryptocurrency to get deposited to earn a return that has a basis on a couple of assets. Once you have your holdings committed and lock in a yield, you can make more once your holdings increase in value during the time they are locked up.

It can simply be a way for you to control the risks. If you want to learn more about it, review A Quick Guide to Binance Dual Savings.

BNB Vault

The BNB yield aggregator called BNB Vault combines Launchpool, BNB DeFi Staking, and Flexible Savings so you can have the best APY returns. With BNB Vault, it can be pretty easy for you to start earning.

Once you stake your BNB, you will get BNB Vault Assets. The interest will begin to calculate on the 2nd day, and the rewards will get distributed to your account every day.

There are a couple of methods on how you can have your funds redeemed. These are the standard redemption and the fast redemption. The typical redemption allows your funds to get returned on the following day and lets you become entitled to the accrued interest on that day. The fast redemption lets people redeem their BNB on the same day they request it but makes them lose the accrued interest on that day.

Binance Liquid Swap

The particular kind of exchange called the Liquid Swap allows the assets to get priced according to a mathematical formula and not an order book. This liquidity protocol has another fancy term that is AMM or automated market maker. It is somewhat the same as other AMMs like Curve Finance and Uniswap that Binance operates. It can be a simple way to convert between various assets like stablecoins with minimal slippage and fees. It may be great, but how is savings involved? Well, just like other AMMs such as Uniswap, you can also turn yourself into a market maker. All you have to do is to let one or more supported stablecoins deposited so you can begin earning interest. The returns you get from it can be so much higher than the other products of Binance Earn.

Closing Thoughts

There are so many options anyone can earn passive income from Binance. It is now so much easier to make Binance savings work for you with relatively better returns! With Binance Earn, you can select the product that ideally suits your style in investment so you can only sit back, relax, and allow your funds to do all the work!

In case there are still some queries that you want to ask regarding the blockchain and Bitcoin, check out our Q&A platform called Ask Academy, wherein the people from the Binance community will provide answers to any question.

Earn while you sleep with Binance

The best cryptocurrency exchange in terms of users and trading volume is Binance Earn. It announced a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency.

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has an Earn platform that allows Filipinos to do this without any transaction fees. Integrating this will enable the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet without an added cost.

The platform's zero transaction fees offer an escrow service that ensures that all of the cryptos will go to the users' wallets. The Binance Earn platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance's Earn platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global Earn Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Learn more about Binance Earn trading by trading through Binance Earn now.