Sunday, February 5, 2023
DLTEMPIRE
  • Home
  • News
  • Blockchain
  • Ethereum
  • BNB
  • Binance
  • Luna Crash
  • Crypto Mining
  • DeFi
  • ICO
  • Regulation
  • Top 10 coins
No Result
View All Result
  • Home
  • News
  • Blockchain
  • Ethereum
  • BNB
  • Binance
  • Luna Crash
  • Crypto Mining
  • DeFi
  • ICO
  • Regulation
  • Top 10 coins
No Result
View All Result
DLTEMPIRE
No Result
View All Result
Home Binance

Binance Simple Earn—A Straightforward Platform for Earning Crypto Yield

Lucinda Keatinge by Lucinda Keatinge
October 27, 2022
in Binance
0
Binance Simple Earn—A Straightforward Platform for Earning Crypto Yield
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Many crypto investors are taking a long-term approach with their holdings and aren’t interested in making short term trades. Such a stance is easy to understand, since the cryptocurrency markets are very volatile and it’s easy to be caught off-guard if you don’t put a lot of effort and attention into your cryptocurrency trading.

The long-term “HODL” strategy preferred by many investors can be supplemented with passive income opportunities. For example, you could get yield on your crypto by lending it out to margin traders. If the coin you’re holding is used on a Proof-of-Stake blockchain, you can earn rewards by staking it.

As long as you stay away from dubious crypto investment platforms that promise unrealistically high returns, you can earn some extra yield on your crypto holdings without taking on big risks.

While any opportunity to earn carries its own set of risks, you can minimize them by using an established platform like Binance. Under its “Earn” banner, Binance provides a suite of products that help users get the most out of their crypto holdings. This includes products like lending, staking, liquidity farming and mining.

In this article, we’ll be taking a closer look at Binance’s Simple Earn product and what it offers  to crypto holders that want to earn yield on their coins.

Earn Interest on Your Crypto

What is Binance Simple Earn?

Binance Simple Earn is a new platform that Binance created by combining Binance Savings and Binance Staking. The reason why Binance introduced Simple Earn was to simplify the user experience and integrate its various Earn options into a single product that’s intuitive to understand.

Binance Simple Earn

Each product on Binance Simple Earn has an APR (annual percentage rate), which tells you how much in rewards you would earn with the product over the span of one year. However, you have to keep in mind that the APR fluctuates over time, depending on market conditions. In other words, the APR at the time you subscribe to a Simple Earn product will not stay the same throughout the course of your subscription. So, consider any profit calculations made using the initial APR only as an estimate.

After you subscribe to a Simple Earn product, you will start earning rewards at 00:00 UTC. The rewards accrued will be sent to your Binance spot wallet the following day.

Binance Simple Earn offers a wide range of products that allow users to deposit crypto and earn yield on it. As one would expect from Binance, Simple Earn supports a massive selection of different cryptocurrencies, ranging from top crypto assets like Bitcoin and Ethereum to coins with lower market caps. Here’s just a few examples of the cryptocurrencies supported by Simple Earn:

The products you can find on Binance Simple Earn fall into two basic categories.

Flexible products

Flexible products provide yields on cryptocurrency deposits. The reason why they’re called “flexible” is because users can redeem their deposits at any time—the deposits are not locked. Rewards on deposits in flexible products are accumulated on a daily basis, and you will receive them once you redeem your deposited funds. If you have funds in a flexible product and want to redeem them, you have two options:

  • Fast redemption: Your crypto will become available immediately in your Binance spot wallet. However, you will not earn the daily reward for the day of redemption.
  • Standard redemption: Your crypto will become available in your Binance spot wallet the next day, usually between 00:00 and 08:00 UTC. If you choose this option, you will receive the daily reward for the you submitted the redemption.

Locked products

Locked products also provide yields on your crypto deposits. However, they require you to lock up your crypto in the product for a specified period of time. While this is a disadvantage, locked products do come with the benefit of higher rewards in comparison to their flexible counterparts.

For many of the coins that Binance offers locked products for, you will have the option of choosing between different lock-up periods. Typically, the shortest lock-up period offered will be 30 days and the longest lock-up period offered will be 120 days. The longer the lock-up period you choose, the higher rewards you will receive.

Once the lock-up period ends, your funds will be redeemed automatically and the deposited crypto assets will be returned to your Binance spot wallet.

Locked products can be a great choice if you’re certain that you won’t need your coins in the short term. If you’re not sure, it’s better to go with flexible products, as the peace of mind that comes from knowing you can redeem your funds at any time will likely outweigh the smaller rewards.

Compound your rewards with Auto-Subscribe

If you want to earn compound interest, you can use the Auto-Subscribe option to automatically use funds from your spot wallet. 

For example, let’s say that you deposited Bitcoin into a flexible product. You will accrue BTC rewards into your spot wallet on a daily basis. If you use Auto-Subscribe, any BTC in your spot wallet will be automatically re-invested into the product, allowing you to compound your rewards and achieve better results overall. However, keep in mind that the Auto-Subscribe option will transfer all BTC in your spot wallet to the corresponding savings product, not just the BTC you earn from rewards.

Binance compound interest

Tiered APR

Some products offered by Simple Earn have a tiered APR. This means that the APR you will be earning will depend on the amount of crypto assets you deposit. 

Binance APR

In practice, this means that products with a tiered APR will provide smaller APR if you deposit larger amounts of crypto. Let’s look at an example of a flexible product for BTC, which has a tiered APR. Please note that we’re using the APRs that are being advertised at the time of writing—by the time you’re reading this article, the displayed APRs will likely be different.

  • Deposits of up to 0.01 BTC: 5% APR
  • Deposits between 0.01 BTC and 0.05 BTC: 0.8% APR
  • Deposits greater than 0.05 BTC: 0.1% APR

As you can see, the rewards can drop quite substantially for products with tiered APR. So, make sure to check the APRs for different tiers before depositing funds to avoid any unpleasant surprises.

The bottom line—Binance’s Simple Earn is one of the best destinations for earning yield on your crypto

Binance Simple Earn is a compelling product for any cryptocurrency holder that doesn’t mind keeping their funds on an exchange, and has coins that they don’t intend to use for trading in the short term. The platform provides a number of advantages:

  • Earn yield on coins that would otherwise be idle
  • Supports a huge variety of cryptocurrencies
  • Users have a choice between flexible and locked products
  • Rewards are accrued daily
  • Auto-Subscribe feature makes it possible to compound rewards

Keep in mind that you will be earning rewards in the same cryptocurrency that you deposited. This means that if the market value of the cryptocurrency in question falls substantially, you could still be at a loss in dollar terms despite growing your coin holdings through Simple Earn. Cryptocurrencies are a high risk investment—before deciding whether to invest or not, you should do your own research and carefully consider your financial situation. Never invest more than you are willing to lose.



Source link

Tags: BinanceCryptoEarnAEarningPlatformSimpleStraightforwardYield
Previous Post

Telegram announces username auctions on TON blockchain • TechCrunch

Next Post

Halloween Costumes for Broke Crypto Traders

Lucinda Keatinge

Lucinda Keatinge

Next Post
Halloween Costumes for Broke Crypto Traders

Halloween Costumes for Broke Crypto Traders

  • Trending
  • Comments
  • Latest
Veteran pilot killed in vintage airplane crash in Kern County

Veteran pilot killed in vintage airplane crash in Kern County

September 3, 2022
Wells Fargo Mentioned Ripple (XRP) As A Digital Currency In August Report

Wells Fargo Mentioned Ripple (XRP) As A Digital Currency In August Report

August 16, 2022
Sold Out Presale Creating Huge Interest In Gnox (GNOX) From Binance Coin (BNB) And PancakeSwap (CAKE) Holders

Sold Out Presale Creating Huge Interest In Gnox (GNOX) From Binance Coin (BNB) And PancakeSwap (CAKE) Holders

August 16, 2022
Best Coins To Buy On PancakeSwap App In August 2022

Best Coins To Buy On PancakeSwap App In August 2022

August 12, 2022
How the Stance of World’s Top Crypto Exchange Could Impact Possibility of Future Ethereum Forks

How the Stance of World’s Top Crypto Exchange Could Impact Possibility of Future Ethereum Forks

0
Binance, Mastercard launch prepaid card in Argentina to bridge cryptocurrencies, everyday purchases

Binance, Mastercard launch prepaid card in Argentina to bridge cryptocurrencies, everyday purchases

0
What is Alpaca Finance? – Asia Crypto Today

What is Alpaca Finance? – Asia Crypto Today

0
Blockchain ETF’s Top Holding Has Been a Strong Outperformer

Blockchain ETF’s Top Holding Has Been a Strong Outperformer

0
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Why is blockchain so appealing in the oil industry? – GISuser.com

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Texas BTC Miners Face More Problems After Another Storm Hit the State: Report – CryptoPotato

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Bitcoin and Ethereum Whales Move $743,000,000 in Crypto in Three Massive Transfers – The Daily Hodl

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Can Binance Coin’s [BNB] increased adoption help it beat the bears? – AMBCrypto News

February 5, 2023

Recent News

ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Why is blockchain so appealing in the oil industry? – GISuser.com

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Texas BTC Miners Face More Problems After Another Storm Hit the State: Report – CryptoPotato

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Bitcoin and Ethereum Whales Move $743,000,000 in Crypto in Three Massive Transfers – The Daily Hodl

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Can Binance Coin’s [BNB] increased adoption help it beat the bears? – AMBCrypto News

February 5, 2023

Recent News

ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Why is blockchain so appealing in the oil industry? – GISuser.com

February 5, 2023
ValidEntry Unveils Breakthrough Identity Platform for DeFi: Achieving KYC Compliance while Protecting User – EIN News

Texas BTC Miners Face More Problems After Another Storm Hit the State: Report – CryptoPotato

February 5, 2023

Categories

  • Altcoin
  • Artificial Intelligence
  • Binance
  • Blockchain
  • BNB
  • Business
  • Crypto Mining
  • DeFi
  • Education
  • Ethereum
  • Featured
  • ICO
  • Luna Crash
  • Metaverse
  • News
  • Regulation
  • Top 10 coins
  • Uncategorized

Follow Us

Follow Us

Find Via Tags

Big Binance Bitcoin Blockchain BNB BTC Buy Cardano CEO Chain Coin CoinDesk Coins crash Crypto Cryptocurrency DeFi Digital Dogecoin ETH Ethereum Exchange eyes Finance FTX Heres Investors latest LUNA Market Million mining Network News NFT Prediction Price Protocol Regulation Report Solana Token Top Tweet Week

© 2021 Dltempire

No Result
View All Result
  • Home
  • News
  • Blockchain
  • Ethereum
  • BNB
  • Binance
  • Luna Crash
  • Crypto Mining
  • DeFi
  • ICO
  • Regulation
  • Top 10 coins

© 2021 Dltempire