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The Beginners Guide on How to Use Binance Earn

by BSC News

March 12, 2021

chain

Though their APY may be lower than most yield farms, Binance offers users the safety of better security and customer support services through their centralized exchange.


Introduction to Binance Earn

Binance earn is a feature on Binance exchange that provides you with opportunities to earn passively using crypto tokens. The earn option is different from spot and futures trading as it is a passive investment strategy that solely requires users to deposit or stake tokens into the Binance earn suite.

Here are the products available through Binance earn: flexible, fixed-term, and launch pool asset management.


Flexible Savings

Flexible savings allows you to deposit your cryptos and receive interest from your deposited funds daily. This is superior to holding as it gives you daily interest, and it can be withdrawn or taken back at any point in time together with your interest gained.


Fixed-Term Savings

This is very similar to the flexible savings, only that it has a fixed time your deposit would stay on the platform before available for withdrawal. If you are withdrawing your funds before the due date or approved date, you will lose your interest. The fixed-term staking has a limit of users allowed to participate. Once the capital limit has been reached, the subscriptions to the fixed-term savings are closed.


Binance Swap

Binance swap or the Binance liquid swap uses automated market-making technology and liquidity pools. It a combo of centralized and decentralized finance service, providing users high annual returns through providing liquidity on the Binance decentralized exchange (DEX). Users are given the option to swap to related cryptocurrencies in the liquidity pool and enjoy low slippage and handling fees. Assets can be removed at any time with a small withdrawal fee.


Dual Saving

This allows users to subscribe to one product with a particular asset, and when the effect expires, the user can settle for another asset. On the end date, the final settlement currency is determined by the comparison made between the settlement price and the strike price, ensuring one of the two assets can obtain a benefit. Orders cannot be redeemed in advance once the subscription is successful because it is locked for the selected time limit.


BNB Vault

Binance BNB vault is a capital-guaranteed investment product with an easy interface. It allows users to maximize income on your BNB using centralized and decentralized finance in a single step by integrating various binance products into the binance ecosystem. The BNB vault allows users to maximize yields and get all benefits from every available opportunity.

Fixed savings gives higher interest than flexible terms and the time duration is from 7 to 90 days.


Lending Activities

Lending activities are similar to fixed-term savings. It has a capped supply, meaning you’ll need to be swift to subscribe to the plan, plus it yields a higher APY. So it’s a replica of fixed savings, but it’s not regular like fixed savings.


Locked Staking

By holding proof of stake coins in your spot wallet, you can earn staking rewards on staking. It can be locked for 7 to 90 days, but locked staking can be both flexible and fixed, but it varies per coin. Not all permit you to withdraw.


Launchpool

The launch pool is the famous Binance launchpad, it’s a token launch system where Binance users fund tokens through initial exchange offerings (IEO). This consists of yield farming or liquidity mining, where users lock funds in liquidity pools to receive new tokens. The combination of IEO and yield farming gives us the Binance launchpool. Here users can stake your BNB or any coin listed on the launch pool listing to get a share of the new token listed on Binance.

For those who wish to learn more about the Binance Earn services check out the following article:

Cryptonomics: Binance Earn Explained


Steps in Using the Various Options in Binance Earn:

Go to the Binance page https://www.binance.com/en. Select the finance option at the top section of the homepage and select the binance earn option.

The earn options are grouped into three; flexible terms, fixed terms, and high-risk savings.


Flexible Terms

Flexible Savings:

Select your available crypto token and transfer to get yields


Launchpool:

Click on the stake now button

Click on the stake button and deposit your BNB


BNB Vault

Select the stake button

Put in the amount of BNB you wish to stake and confirm the transaction through selecting the stake button


Fixed-Term Savings

Fixed Savings:

Click on transfer for the token you want to provide

Then select the number of days you subscribe to for your tokens to be locked

After that, confirm the transaction once you have read the Binance Savings Service Agreement


Locked Staking:

Select your preferred coin and click on stake

Chose the number of days and tokens you wish to provide and confirm the transaction.


Activities:

Select your preferred token to provide from the available products and click on the transfer

Select amount of token and supply


High-Risk Staking

DeFi staking:

Choose your desired token and select if you want it locked or flexible. Input the amount of token you want to stake. Note there are limits to the maximum and minimum token deposit. Then confirm your purchase



Dual Investment:

Select your token to deposit

Input the amount, then confirm the transaction



Liquid Swap:

NOTE: if you want to use Binance earn and you don’t have enough of the crypto token you wish to use, you can swap between other here:https://www.binance.com/en/swap


Conclusion to Binance Earn

Binance is the world-leading exchange, and it is very reliable compared to other exchanges or yield farms. Though their APY may be lower than most yield farms, Binance offers users the safety of better security and customer support services through their centralized exchange. This security is something many DeFi protocols lack, making users wary of giving up custody of their assets.


Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

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