Binance, the largest cryptocurrency exchange in the world, is well known for offering a variety of services that extend beyond simple trading. Purchasing and selling cryptocurrency assets is the most common way to make money on Binance, but it's not the only option. Binance offers a variety of passive and alternative ways to earn money if you're not into aggressive trading or simply want to diversify your sources of income. Here's a detailed instruction explaining how to do that.
1. Binance Earn: A Passive Income Portal
Binance Earn, essentially a savings and investing mechanism within Binance, allows users to earn rewards on their idle cryptocurrency holdings. It offers both fixed and adjustable rewards, operating similarly to a traditional bank savings account.
a. Adjustable Savings
Flexible Savings allows you to deposit cryptocurrencies and earn daily interest. The advantage is that you can withdraw your money whenever you desire because it is unrestricted. Although interest rates vary depending on the asset, this is an excellent option for beginners.
b. Secured Savings
Locked savings have higher interest rates than flexible savings, but your funds are locked for a set period of time, such as seven, thirty, or ninety days. If you do not want immediate access to your assets, this is a great way to boost returns.
c. The Launchpool
The Binance Launchpool allows for the staking of supported assets in return for newly created tokens. For example, staking BNB or other currencies enables you to harvest tokens from upcoming projects prior to their market release. The increasing value of these coins sometimes provides significant benefits to early backers.
c. Staking in DeFi
Binance simplifies the complex realm of decentralised finance (DeFi) via its "DeFi Staking" possibilities. You can participate in DeFi protocols and stake specific currencies without managing wallets or private keys. It offers attractive returns with reduced technical complexity and risk.
2. Investing
Staking is another popular way to earn money on Binance. Staking, to put it simply, is the process of locking up your bitcoin in return for advantages that support the operation of a blockchain network.
a. Staking Locked
You lock your tokens for a predetermined period of time to help secure the blockchain network. In return, you receive staking incentives. Several proof-of-stake (PoS) coins, such as Ethereum (ETH 2.0), Cardano (ADA), and Polkadot (DOT), offer locked staking on Binance.
c. Staking in ETH 2.0
By using a PoS consensus methodology, Ethereum opened up new possibilities. ETH 2.0 rewards can be obtained by staking Ethereum on Binance. Only that the staked Ethereum is frozen until Ethereum fully changes, and withdrawals are allowed.
a. The Mechanism
When you offer two assets in a trading pair (like USDT/BUSD), you get a portion of the trading costs plus interest. This is a low-maintenance way to earn money, but if token prices change significantly, there may be a brief loss.
b. Liquidity Pools for Stablecoins
For cautious investors, stablecoin pools like USDT/BUSD or USDC/BUSD offer earnings with minimal volatility. You can still make money without having to deal with the price swings associated with traditional bitcoin investing.
Even if you don't trade, it's important to understand market dynamics. There is a possibility that the asset price will fluctuate unfavourably, even though the returns are greater than those of savings products.
a. Sell and Mint NFTs
Minting and selling NFTs is made possible via the platform. You might receive royalties from later sales if your artwork gains popularity.
b. Purchase and Keep Limited NFTs
You can also buy rare NFTs at a discount and hold onto them until their value rises. This is different from traditional bitcoin trading, even though speculation is an element of it.
a. Program for Affiliates
Anyone with a personal blog, YouTube channel, or social media following can profit greatly from Binance's affiliate network. You may earn a commission of up to 50% based on the number of signups and sales that your links bring in.
b. Community Passive Income
If you manage a cryptocurrency-focused channel or group, the referral program may produce consistent income as your community grows and becomes more engaged on Binance.
All you need is your time and concentration to start earning money on Binance, making it one of the easiest methods for novice users.
With the Binance Card, you can turn your ordinary shopping habits into a source of income while still earning incentives.
In theory, you are buying cryptocurrencies, but you are not timing the market or trading. For individuals who would rather take a detached, dollar-cost averaging approach, this method works effectively.
Regardless of your level of competence, Binance provides a comprehensive environment to boost your wealth without the necessity for trading. This covers both inexperienced consumers looking for low-risk substitutes and more experienced users researching DeFi or structured products.