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Is Binance Earn the right product for you?

2021-03-30

Are you interested in trading that you are searching for ways to increase your holdings in crypto? Could the 0.05% APY that your local bank is offering on your savings account not that exciting? Well, you will find something highly appealing in the product suite of Binance Earn.

As your account in crypto savings, Binance Earn will allow you to find an incredible variety of options that can help you earn passive income with your holdings in crypto.

Introduction

According to a well-known investor, Warren Buffet, if people don't find a way to earn money as they sleep, they will end up working until they die.

A great way to increase your savings while you sleep is Binance Earn. That is because you know that your funds do all of the work for you. It comes with various options, with each having its assumptions regarding your time horizon, desired returns, and risk profile.

In case you only want to lend your funds for interest, have them safely deposited to Binance's DeFi service, or stake your coins in PoS or Proof of Stake, Binance has you covered. Check out what Binance Earn can offer to anyone:

Binance Earn: What is it?

The complete suite of financial products that people can use to increase their crypto holdings is Binance Earn. You may consider this as your savings account in crypto. It is only different from a regular savings account as crypto can be highly capable of many things!

Allow yourself to figure out what could best suit your investment style by checking out Binance Earn and its main categories:

Fixed Savings

Because of Fixed Savings, people get offered less flexibility but better returns for your funds' access. It is mainly different as you will be the one to set a predetermined duration so your funds could accrue interest. How can this be better? It can provide you with interest rates that are generally higher than the Flexible Savings products as the interest rate and term are both fixed.

Products in Fixed Savings may have a range from seven to ninety days. Once you become aware that you wouldn't need to have some of your funds in another place for a specific period, you can have them locked to earn higher APY.

Flexible Savings

With your funds, you can earn interest because of Flexible Savings. Aside from the fact that its relatively easy to use, it can also provide people with a lot of flexibility. It can allow anyone to earn interest, deposit their funds, and have them redeemed at any time.

Whenever your Spot Wallet has some money in it, you can have it deposited into your Flexible Savings account. Since you can have it accessed anytime, it can be easy to have those funds work for you whenever you're not using them anywhere else.

Take note that the interest will b=not get calculated once you subscribe to a product in Flexible Savings. The first payment in interest can instead get calculated from the following day after you subscribe.

Locked Staking

Having coins on Proof of Stake in your Spot Wallet can allow you to earn rewards in staking on your holdings. It can be simple and great, but there is another way you can make more rewards when it comes to staking.

Once your PoS coins get committed to becoming locked for periods that can range from 7 to 90 days, you can earn a much higher reward. It can be essentially similar to a deal with Flexible vs Fixed Savings that only occurs with staking.

Moreover, some coins could allow you to get into a Flexible Lock where you can commit your funds for staking but maintain your ability to withdraw in case you need to.

Lending Activities

Special events that appear under the Activities tab from time to time are lending activities. Since these can generally come with a capped supply, you may have to subscribe immediately. These special events can offer returns that are so much higher compared to what Fixed Savings provide.

Other than that, we can say that these lending products are somewhat the same as Fixed Savings. Yet, since they can only be available for specific periods, you can get so much more rewards whenever you keep up with things. Just make sure that you always check out the announcements so you can secure a slot!

Launchpool

Binance Launchpad is a platform for token launch wherein the userbase of Binance provides funds for promising projects through the process referred to as the IEO or Initial Exchange Offering. You may have also heard about liquidity mining or yield farming, wherein users can have funds locked up to liquidity pools so they can "mine" a new token. Now, what can you do when yield farming and IEO go together? You can do the Launchpool. Doing this will allow your BUSD, BNB, and other cryptocurrencies to get locked up so you can have a share of the new token that Binance is launching.

There may be times when the tokens can launch on both the Launchpool and the Launchpad simultaneously. If you feel interested in earning some passive income, a great way to do this is through Launchpool. The cost of having new tokens may be the only cost opportunity of having your tokens locked. Aside from that, you can have them redeemed at any point while the event occurs.

Management of Asset

The Asset Management tab can provide anyone with access to some of the highly advanced products in savings. Try not to worry, as these can still be relatively easy to utilize.

Dual Savings

Binance has Dual Savings that can allow anyone to have a nifty way to earn side income regardless of the price. It will enable you to have your yield on your savings maximized as you lessen the price risk. Here is a quick run-through so you can see how it works:

Whenever you have cryptocurrency deposited, you can earn returns that have a basis on a couple of assets. You can have your holdings committed so you can lock in a yield. Yet, if your holdings have a value that increases during the time they are locked up, you can earn more.

It can simply be a way for anyone to control the risks. Check out our Quick Guide to Binance Dual Savings so you will know about it in better detail.

Binance Liquid Swap

A special kind of exchange is Liquid Swap. It allows assets to get priced according to a formula in mathematics instead of just an order book. Once you check out our article in Uniswap, you will know how this type of protocol in liquidity operates. The AMM or automated market maker is another fancy term for this. Liquid Swap can be somewhat the same as other AMMs such as Curve Finance. However, Binance is the one that operates it. It can be a straightforward way for anyone to immediately convert between assets like stablecoins with minimal slippage and fees. It may be great but are savings a part of it? Just like other AMMs and Uniswap, you can also be a market maker. All you need to do is to have one or more supported stablecoins deposited so you can begin to earn interest. With this, it can be possible for you to get higher returns compared to using other products in Binance Earn.

BNB Vault

The BNB yield aggregator known as the BNB Vault allows Launchpool, BNB DeFi Staking, and Flexible Savings to provide you with the best APY returns. With the BNB Vault, it can be pretty easy for anyone to start earning.

After you have your BNB staked, you can get BNB Vault assets. The rewards will get distributed to your account every day, and the interest would begin to calculate on the following day.

It can be possible for you to have your funds redeemed at any time through these two methods: standard redemption and fast redemption. With immediate redemption, you are allowed to have your BNB redeemed on the same day you request it. However, you will lose the interest that gets accrued on the same day. Your funds will get returned the following day through standard redemption. However, you will still get entitled to the accrued interest on that day.

Closing Thoughts

Since you now know so many options on how to earn passive income with Binance, you can get your Binance savings to work for you so much easier with great returns. Binance Earn can let you select the ideal product for your style when it comes to the investment that you can sit back, relax, and allow your funds to do all the work.

Start Saving in Crypto now with Binance

The best cryptocurrency exchange in terms of users and trading volume is Binance. 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 a P2P 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. Binance has a P2P 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 P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P 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 P2P trading by saving through Binance now.