Are you a long-term cryptocurrency investor? Perhaps you have some unused bitcoin in your wallet that you don’t intend to sell soon. Whatever the case may be, you will be happy to learn that there is a way to make passive income from cryptocurrency. One of the most popular methods is using Binance Earn.
It’s no secret that companies are flooding the business with various crypto income options these days. The number of options available to crypto fans is astounding. Despite this, Binance Earn looks to be the market leader in this area.
What distinguishes Binance from other cryptocurrency exchanges? That’s exactly what we’ll look at in the next post!
What Makes Binance Earn Unique?
So, why would you use Binance Earn to receive passive crypto gains? In other words, why should you choose Binance when there are so many similar crypto service providers on the market? There are a plethora of causes for this. Naturally, at the very top, there is dependability and security.
It’s no secret that Binance is the most well-known and dependable crypto exchange service provider available. Binance has been around for a long time and has built an unquestionable name in the market.
Binance is the most regulated crypto platform in the sector. The firm conducts some of the most stringent KYC verification checks and maintains all its KYC & AML standards up to date and under the laws.
Another quality for which Binance is famous is its simplicity. Even if you’ve never used a cryptocurrency exchange before, you should have no problems using Binance. The user interface is much better now and made quite accessible.
Binance has positioned itself as a one-stop for all things crypto, besides security and simplicity features. Sure, you have exchange functionality, but there is also a Binance NFT marketplace that you can visit and explore. Binance Earn, of course is another massive industry, with features like staking, APY earning, yield farming, and many more.
In Binance, you can even earn cryptocurrency while training! In conclusion, if you’re seeking a trustworthy platform where you can make a passive income from your cryptocurrency, Binance is the way to go!
Earning Your First Dollars with Binance
You’ve read all the reviews, talked it over with your pals, and decided that Binance Earn is the way to go. So, what’s next? There are a few steps you’ll need to do to get started with Binance interest rates and yield farming. Let’s have a look at them.
The very first thing you’ll need to do is create an account on the platform. The amazing thing about Binance is that you only need one account to use all the platform’s features.
So, sign up for the exchange – it won’t take long. Once you’ve logged in, you will have to confirm your identity. This is part of the Binance KYC procedure. Binance takes the KYC measures extremely seriously. It is proactive about users presenting valid documentation and ID verification to the platform. You won’t be able to make large crypto purchases on your Binance account and will have to move crypto to your wallet from somewhere else. Then you’ll need to identify and use certain Binance Earn items that enable you to access them without verifying your identity.
It’s important to note that the quantity of cryptocurrency you can move, buy, sell, and earn has a limit. As a result, it’s preferable to pass all the needed KYC checks and gain full access to the entire platform. After you’ve finished all that, you can begin exploring certain aspects of Binance Earn. Then, select the product that appears to best suit your requirements and interests.
Also read: UQUID Collaborates with Binance Pay to Bring Millions of Products to Cryptocurrency Users
Binance Earn: Savings
On its “Earn” platform, Binance offers a wide range of items. To keep things simple and easy to follow, we’ll go through each aspect of the platform and examine the many items accessible to it. To begin, you have Binance savings.
The following crypto services are available under the “Savings” section:
- Auto-Invest.
- Savings.
- BNB Vault.
Savings will provide you with consistent revenue while charging you no costs. The concept is straightforward: you will stake bitcoins while receiving constant interest rates.
The customer can choose between two sorts of Binance savings: flexible and locked. With flexible savings, you may withdraw your invested cash at nearly any moment. Locked savings, as the name implies, will force you to lock your crypto assets for a specific amount of time.
To be sure, with Binance Earn, flexible savings appear to be the way to go for many consumers! This is because flexible savings support over 150 distinct assets, whereas the locked version of the service only supports 14 assets.
To use the Binance saves, just have some assets you wish to stake in your Binance crypto wallet account and click subscribe near the asset in the Binance Earn area. There are only a few confirmation windows, and that’s it!
The BNB Vault operates similarly. When you stake BNB coins, Binance calculates and applies the best interest rates to your investment. Potential APYs of up to 20% are possible.
Finally, auto-investing works just as you’d expect. You select an asset and then create an automatic, repeating investing strategy. Besides automatic investments, you can combine this functionality with the previously stated flexible asset staking – this will allow you to invest in crypto while simultaneously receiving a passive dividend!
Binance Earn: Staking
Staking is the next product you’ll come across in Binance Earn. There are four distinct staking services in which you can take part:
- Locked Staking
- DeFi Staking
- ETH 2.0 Staking
- DOT Slot Auction
Locked staking and DeFi staking are both quite similar, yet very distinct.
Binance locked funds staking allows users to lock their assets on the platform for a fixed time and earn more steady APYs in exchange. DeFi staking is similar in that the method is the same – you choose an asset, stake it on Binance, and profit. The one area in which the two types differ is stability.
Users might expect smaller profits with locked staking, but their funds are safer in the broader scheme of things. While Binance Earn handles all the legwork for you and the APYs are larger than with locked staking. The dangers are also higher with DeFi staking.
Staking with ETH 2.0 allows you to lock some ETH for an indefinite time and earn an APY of up to 5.2 percent. It will give some passive benefits in BETH, the Binance tokenized form of ETH. This is an excellent approach for Ethereum enthusiasts to join in ETH 2.0 while locking their ether for an extended length of time. It leaves them with no alternative but to keep their crypto.
Finally, the DOT slot auction is one of the most intriguing and perplexing aspects of the Binance Earn ecosystem. It enables users to engage in specific Polkadot para chain auctions and receive passive rewards. There may be a few confirmations to pass and accept, depending on the type of staking, but it shouldn’t take long in any scenario. That’s all there is to it – you’re now taking part in Binance staking.
Binance Earn: Farming
Binance Earn provides crypto farming capability to all its customers. Yield farming is one of the most well-known strategies for generating passive crypto earnings. So it’s hardly surprising that Binance has an entire section dedicated to farming.
On Binance, you may engage in one of three types of crypto farming:
- Liquidity Farming.
- Swap Farming.
- Launch Pool.
According to popular thinking, liquidity farming is the most prevalent sort of yield farming. It’s quite easy to learn and comprehend. You have a crypto asset that you have locked up with a liquidity pool. You receive a paltry amount of interest in the trading fees when other individuals use your cash to trade.
Liquidity farming may be dangerous. Even though you’re using Binance Earn, if the market price of the asset you’ve put in a liquidity pool falls, you may lose a lot of money. The staking advantages you’d gain would not compensate for your losses.
Switch farming is another unique feature of Binance Earn. As the name implies, users may make crypto exchanges and receive a passive reward as BNB coins for each trade.
The actual quantity of BNB you’ll receive may vary depending on the coins (or tokens) you trade and the moment you decide to do so. Binance calculates and distributes the benefits as charge rebates. They’re pretty noticeable and may add up quickly, especially if you trade a lot of cryptocurrencies.
Finally, the specialized token launch platform featured on the company’s “Farming” section may be of interest. Binance launchpad provides new crypto projects with unique visibility and an easy launching process. Individuals may then bet the tokens and receive a passive interest as a yield. It’s a win-win situation.
Also, the farming area of the Binance Earn platform still provides a diverse range of passive APY earning opportunities. While the regular liquidity farming feature is the most common, if you’re feeling a little more daring, you may also check out the token launchpools.
Binance Earn: Dual Investment
Dual investments are one of the most intriguing Binance Earn features.
It’s understandable if you haven’t heard of it before – it’s not the simplest passive interest-earning option out there. But, while it may appear too confusing at first, it is the most rewarding investment possibility on Binance Earn.
So, how does it work?
Dual investments provide a high yield and involve two currencies: an underlying asset and a deposit currency. As an example, consider Bitcoin and Tether. When using dual investing, you will come across two sorts of items, which Binance refers to as “Sell High” and “Buy Low.”
If the settlement price is greater than the target price, we deem the product “exercised” in Sell High. The converse is true with Buy Low: if the settlement price is lower than the target price, the instrument is “exercised.”
If someone uses the product, you will receive a refund as your deposit currency. If this is not the case, it will pay your refunds out in the other currency. The current APYs for the dual investment packages may reach over 60%, which is an astounding figure. Naturally, this carries a certain level of danger.
Now, as for how it all works, the procedure would go something like this: you’d start by subscribing to the product of your choice. They will ask you to select a deposit currency. After that, you must provide a subscription amount and a payment date. That’s all I’ve got.
Conclusion
If there is one thing you should take away from this post, it is that the Binance Earn platform is the most feature- and service-rich project. Whatever sort of crypto fan you perceive yourself to be, you should have no trouble discovering the right passive earning program for you. The list is diverse, whether it is liquidity or DeFi farming, Binance savings or the BNB vault, or even dual investing alternatives.
Also read: A Complete Guide To The Binance Smart Chain
