Are you not interested in trading but still looking to increase your crypto holdings? Is the 0.05% APY that your local bank offers on your savings account not exciting enough? Well, you’ll surely find something appealing within the Binance Earn product suite.
Binance Earn is your crypto savings account. Here, you’ll find a great variety of options for earning passive income with your crypto holdings.
Introduction
You may have come across this famous quote by esteemed investor Warren Buffett:
If you don't find a way to make money while you sleep, you will work until you die.
Binance Earn is an awesome way to increase your savings while you’re sound asleep, knowing that your funds are doing all the work for you. There are a number of different options, each with their own assumptions about your risk profile, time horizon, and desired returns.
Whether you just want to stake your Proof of Stake (PoS) coins, lend your funds for interest, or safely deposit them to a DeFi service through Binance, we’ve got you covered. So, let’s see what Binance Earn has to offer.
What is Binance Earn?
Binance Earn is a complete suite of financial products that you can use to increase your crypto holdings. You can think of it as your crypto savings account. The difference between a regular savings account and this one is that crypto is capable of so much more!
Let’s go through the main categories of Binance Earn so you can figure out which suits your investment style the best.
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Flexible Savings
Flexible Savings lets you earn interest on your funds. It’s really easy to use, and not surprisingly, it gives you great flexibility! You can deposit your funds, earn interest, and redeem them at any time.
So, if you’re holdings some money in your Spot Wallet, why not deposit it into the Flexible Savings account? Since you can access it any time, it’s easy to make those funds work for you while they’re not being used elsewhere.
Note that the interest will not be calculated on the day you subscribe to a Flexible Savings product. Instead, the first interest payment is calculated from the next day after your subscription.
Fixed Savings
Fixed Savings offer you better returns but less flexibility to access your funds. The difference here is that you’ll set a predetermined duration for your funds to accrue interest. Why is this better? Well, this will give you generally higher interest rates than Flexible Savings products since the term and interest rate are both fixed.
Fixed Savings products can range from 7 to 90 days. So, if you know you won’t need some funds elsewhere for a certain period of time, you can lock them to earn a higher APY.
Lending activities
Lending activities are special events that pop up from time to time under the Activities tab. These generally have a capped supply, meaning you’ll need to be quick to subscribe. These can offer even higher returns than Fixed Savings usually does.
Otherwise, we could say that these lending products are quite similar to Fixed Savings. But, since they’re only available from time to time, you can get higher rewards if you keep up with what’s happening. Make sure to keep an eye on the announcements to secure your slot!
Locked Staking
By simply holding Proof of Stake coins in your Spot Wallet, you can earn staking rewards on your holdings – great, simple. However, there’s also a way to earn higher rewards on staking.
If you commit your PoS coins to be locked for periods ranging from 7 to 90 days, you can earn a higher reward. This is essentially the same deal as Flexible vs. Fixed Savings, only with staking.
In addition, some coins will also allow you to do a Flexible Lock, where you commit your funds for staking, but you still maintain the ability to withdraw if you want to.
YOU CAN SIGNUP IN BINANCE AND START EARNING RIGHT AWAY
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