What is Binance Savings?
Anyone may have heard the esteemed investor Warren Buffett's famous quote:
"If you don't find a way to make money while you sleep, you will work until you die."
One of the great ways anyone can increase their savings while they are sleeping is getting into Binance Earn as you will know that your funds will be the ones to do every work for you. It comes with so many options that each has its assumptions regarding your time horizon, desired returns, and risk profile.
Whether you only want your funds safely deposited to Binance DeFi service, lent for interest, or you wish to have your PoS or Proof of Stake coins staked, Binance can have you under their coverage. Check out the things that Binance Earn offers.
When it comes to being an adult, earning your own money can be pretty thrilling, but it may become challenging for anyone to become innovative when handling it. Do you need to purchase an incredible item that you have frequently been checking out for so many years, or would it be better to have the money set aside for any necessary expense that could arise? Whatever your financial decision would be, it can affect your path to attain financial freedom. As a guide, here are the spending habits that you always need to check:
Constant Food Delivery Order
Since many people are now working from home, you should be the one to prepare your meals, unlike the time when you can buy from nearby restaurants or the canteen. However, since you don't have excellent cooking skills and you find food delivery more convenient, you may end up using it more frequently. Even if it can help you in satisfying any craving, your savings can undoubtedly get affected. Since you are often at home nowadays, it would be the best time to develop your cooking skills.
Getting to Live Beyond Your Means
The budget plan 50-30-20 involves 50% of your income spent on necessities, 30% on wants, and 20% on investments and savings. You can have this adjusted based on your preferences and priorities, but you need to make sure that you follow the budget you set. Even if it may appear challenging at first, following it can help you save a lot for the long term.
Payment for a subscription that you don't use
Right now, there are so many "cheap" paid subscriptions that you feel tempted to avail. After giving in, you could end up not consuming any of these paid subscriptions. Even if they may appear cheap considering the monthly fees, it could eventually have a significant effect on your finances once it accumulates for years.
Online Shopping Thrill
You frequently see flash sales, midyear sales, and end-of-season sales online. Whenever you check out the items, you see one you want to buy right away because you don't want to waste a great deal. However, could you get it to be a great deal if you end up leaving it unused just like any other thing that you recently bought? Our advice is to undergo a cooling period. If you still consider that you need it after a week, you can buy it. Just remember to have the item evaluated first so you can avoid any impulse purchases.
Failure to Reward Oneself
We just talked about expenses, but you may be the exact opposite who tries to save each peso. Despite being commendable, you should avoid forgetting that it would be best to treat yourself for every hard work. Allowing yourself to become restricted for an extended time may end up with you splurging, which can be so much more costly than having the little things enjoyed from time to time. To track these habits, the first thing you need to do is to have them recognized. Once you do this, you can determine the best actions to help you develop great habits. Despite being a long process in learning, it can help anyone in attaining financial freedom.
Trying to Keep up with Everyone.
Even if there is someone in your circle that recently gushed about their newly released gadget, it does not mean that you should have it as well. That is because you may not need to have it. Make sure to have yourself focused on what you have and be happy about it. It may become futile if you always need to keep up with everything that is trending nowadays because these can just come and go.
If you don't feel interested in trading but want to increase your crypto holdings, consider the 0.05% APY that your local bank offers on your savings account. It can help you look for something appealing within the product suite of Binance Earn.
As a crypto savings account, Binance Earn provides numerous options to help you use your crypto holdings to earn passive income.
Binance Earn: What is it?
As a complete suite of financial products, Binance Earn can allow anyone to increase their crypto holdings. You may consider this as your crypto savings account. Binance Earn is different from a regular savings account as crypto is capable of providing more!
Here are Binance Earn's main categories that will allow you to determine which will best suit your investment style.
Fixed Savings
Fixed Savings, you get offered minimal flexibility in accessing your funds, but you get much better returns. This is different because there is a predetermined duration so that your funds will accrue interest. It is so much better as it provides you with interest rates that are generally higher than Flexible Savings products because of the fixed interest rate and term.
Products in Fixed Savings have a range of seven to ninety days. Whenever you know that you wouldn't need to have some funds be elsewhere for a specific period, it would be better to have them locked to earn higher APY.
Flexible Savings
Earn interest on your funds with Flexible Savings. It can be pretty easy to use, as it surprisingly provides excellent flexibility. You can have your funds deposited here, earn interest, and have them redeemed anytime.
Whenever your Spot Wallet has some money holdings, it would be better to deposit it into your Flexible Savings account. Since it can be possible for you to have it accessed anytime, you can easily allow those funds to work for you whenever they don't get used anywhere else.
Take note that the interest will not get calculated when you subscribe to a product in Flexible Savings. The first payment in interest gets calculated from the following day after you subscribe.
Locked Staking
Allow yourself to earn staking rewards from your holdings by just having Proof of Stake coins held in your Spot Wallet. Doing this may be great, but you can find a way to get more staking rewards.
Once your PoS coins get committed to becoming locked for periods that range from seven to ninety days, you can earn more rewards. It can essentially provide the same deal as Fixed vs Flexible Savings, but you are doing it with staking.
Moreover, some of the coins can also let you undergo the Flexible Lock wherein your funds get committed for staking, but you can still have your ability to withdraw maintained if you need to.
Activities in Lending
Special events that appear under the Activities tab from time to time are known as Lending Activities. Since these come with a supply that generally gets capped, you need to subscribe immediately. Compared to what Fixed Savings often provide, these can offer returns that are so much higher.
Other than that, we can consider these lending products to be quite the same as Fixed Savings. Yet, since you can only avail them from time to time, keeping up with everything that's happening can help you get higher rewards. Just make sure to constantly check out the announcements so you can secure your slot.
Management of Asset
The Asset Management tab can provide people with access to some of the highly advanced products in savings. However, despite being advanced, using them can still be relatively easy.
Launchpool
By this time, it's highly possible that you already came across Binance Launchpad. This token launch platform has promising projects that the Binance user base funds through the process referred to as IEO or Initial Exchange Offering. You may have also encountered liquidity mining or yield farming wherein users allow their funds to be locked up to liquidity pools to "mine" a new token. Once you can put a yield and IWO farming together, what will you get? You can have the Launchpool. It will allow your BUSD, BNB, and other cryptocurrencies to be locked up so you can have a share of the new token that Binance is launching. At times, the tokens can launch both on the Launchpool and Launchpad at the same time.
A fantastic way for anyone to earn passive income is Launchpool because the price of getting new tokens is the only cost opportunity for having tokens locked. Aside from that, you can have them redeemed anytime during the event.
Binance Liquid Swap
There is a particular type of exchange called Liquid Swap. It prices assets according to a mathematical formula and not an order book. This type of liquidity protocol that people also refer to as AMM or automated market maker.
Just like Uniswap, as well as the other AMMs such as Curve Finance, Binance is the one that operates it. It can be a dead-simple way to immediately convert between assets like stablecoins with minimal slippage and fees. Now, how is savings concerned about this? Well, just like other AMMs and Uniswap, it can be possible for you to become a market maker. All you need to do is have one or more supported stablecoins deposited so you can begin to earn interest. With this, it can be possible for you to make an interest that is so much higher than the other products of Binance Earn.
Dual Savings
The Dual Savings of Binance is an excellent way for anyone to earn some side income whatever direction the price can go. It will allow your savings yield to be maximized as the price risk gets lessened. Here is a quick run-through so you can see how it works:
First, you have your cryptocurrency deposited to earn a return that has a basis on the two assets.
Next, you commit your holdings and lock in a yield.
In the end, you earn so much more whenever the value of your holdings increases while they are locked up.
Having this can provide an excellent way for anyone to control the risks. Check out our Quick Guide to Binance Dual Savings if you want to have a more detailed guide on doing this.
BNB Vault
The BNB yield aggregator combining Launchpool, Flexible Savings, and BNB DeFi Staking is the BNB Vault. It can be pretty easy for anyone to earn with BNB Vault to get the best APY returns.
Once you stake your BNB, you will get BNB Vault assets. On the second day, the interest will start calculating, and the rewards will get distributed to your account every day.
Through the following methods, standard redemption and fast redemption, you can have your funds redeemed anytime. With quick redemption, you are allowed to have your BNB saved on the same day when you request it. However, you will end up losing the accrued interest for that day. With standard redemption, the funds will return the following day, but you will still get entitled to the same day's accumulated interest.
Closing Thoughts
Since there are now so many options for you to earn passive income with Binance, you can get your Binance Savings to work for you so much easier with greater returns. With Binance Earn, you can choose the product that perfectly suits your desired investment style 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 Earn by saving through Binance now.