Ever since Binance Exhange launched in the autumn of 2017, it has become the most popular trading platform in the world, and there’s a good reason for it.
On one hand, they offer the highest liquidity on most of their trading pairs, making it the best place for day traders and quick in-and-out entries that would be impossible without a decent volume. On top of that for the longest time they managed to keep their users privacy intact and still allow accounts to stay almost anonymous (if you don’t count email details) for up to 2BTC daily withdrawal limit, which is really cool. Not many exchanges have achieved that (the only other one I can think of is Kucoin Exchange).
Then there’s all the add-ons and external services that they rolled out over the past couple of years such as their Charity Foundation, Binance Lab (supporting startups in the crypto space), Binance Research, Binance Academy, Binance Dex (decentralised exchange) and the list goes on and on…
Last year they added margin trading and futures trading, along with their loan service and not long ago they even added fiat trading pairs for the first time to their European platform (you can now trad Bitcoin and alts against the Euro).
Indeed, the ecosystem of Binance has expanded a lot since they launched and they continue to grow. The latest news is that they acquired the most-visited website for all crypto users: Coinmarketcap.com – a move that will give them a chance to tap into the enormous traffic that this website gets but in this post I want to direct your attention to their “earning” features for users of the exchange.
Currently there are two very simple ways to earn ‘interest’ (or dividends) on your crypto that you hold on the exchange: Savings and Staking.
Savings is the feature where you earn interest and they are either Flexible or Locked. The Locked are offered on limited time frames and often these are not available but Flexible are on offer pretty much all the time.
What are Flexible Savings?
Savings is a financial product that Binance provides for his users to lend and earn interests. Users can lend his/her idle crypto assets to Binance Margin, and get interests.
Flexible Savings is your Crypto savings account. Users can subscribe their cryptocurrency of choice and earn daily interest, with the flexibility to redeem their funds at any time.
There are many altcoins to choose from and they have different interest rates which you find once you are logged in and you navigate to the “finance” tab on the top menu.
IOST | XMR | BTC | BNB | BCH | BUSD | EOS | ETH
ETC | LINK | LTC | TRX | USDT | XML | XRP
The other method for growing your crypto holdings is Soft Staking.
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Users are rewarded for simply depositing and holding coins on Binance as they normally would. With staking on Binance, users can receive staking rewards all while just being a regular Binance user. For all users, this means more freedom & accessibility into staking participation for all chains, without giving up full liquidity which is why we refer to it as Soft Staking – you are not required to lock-in your coins for a fixed period of time and they never leave your wallet in the exchange, so if there comes a time to trade them, you can do so instantly.
To make use of either of these features, you will need to have a Binance account (if you are not yet registered with Binance, use my link and sign up today: https://www.binance.com/en/register?ref=18518380
Once you login your Binance account, you can access this feature by going to the Finance tab in the top menu and choose Staking (see below).
Similar initiative has also Kucoin Exchange where Soft Staking is provided for many coins such as: EOS, TRON, COTI, ATOM, PIVX, TEZOS, WAN and more. To find out more, go to this article I posted a few months ago.
Other posts you might like:
Earn Bitcoin as cashback on your shopping
How to earn crypto with LBRY – the YouTube alternative that pays you