The world's biggest cryptocurrency exchange, Binance, is renowned for providing a wide range of services that go beyond basic trading. Although it is the most popular method of earning money on Binance, buying and selling cryptocurrency assets is by no means the only choice. If aggressive trading isn't your thing, or if you just want to diversify your sources of income, Binance offers a number of passive and alternative ways to make money. Here is a comprehensive guide that explains how to achieve that.
1. Binance Earn: A Gateway to Passive Income
Users can earn rewards on their idle cryptocurrency holdings using Binance Earn, which is effectively a savings and investing tool within Binance. It functions similarly to a conventional bank savings account, providing both fixed and flexible rewards.
a. Flexible Savings
You can deposit cryptocurrency with Flexible Savings and get interest every day. The benefit is that your money is not restricted, allowing you to take it out whenever you want. This is a great choice for novices; however, interest rates vary based on the asset.
b. Locked Savings
Compared to flexible savings, locked savings offers greater interest rates; however, your money is locked for a predetermined amount of time, such as seven, thirty, or ninety days. This is an excellent strategy to increase returns if you don't want instant access to your assets.
c. Launchpool
Staking supported assets in exchange for recently minted tokens is possible through the Binance Launchpool. Staking BNB or other coins, for instance, allows you to farm tokens from future projects before they are released into the market. Early backers frequently benefit greatly from these coins' rising value.
d. DeFi Staking
With its "DeFi Staking" options, Binance makes the complicated world of decentralised finance (DeFi) easier to understand. Without having to handle wallets or private keys, you can stake specific currencies and take part in DeFi protocols. It provides appealing payouts with less technical risk and complexity.
2. Staking
Another well-liked strategy to make money on Binance is staking. Simply said, staking is the process of locking up your cryptocurrency in exchange for benefits that help a blockchain network function.
a. Locked Staking
In order to assist in safeguarding the blockchain network, you lock your tokens for a specific amount of time. Staking rewards are given to you in exchange. Locked staking is available on Binance for several proof-of-stake (PoS) coins, including Ethereum (ETH 2.0), Cardano (ADA), and Polkadot (DOT).
b. ETH 2.0 Staking
Ethereum created a new opportunity by switching to a PoS consensus model. You can stake Ethereum on Binance to receive ETH 2.0 incentives. Only that, until Ethereum completely transforms and withdrawals are made possible, the staked Ethereum is frozen.
3. Liquidity Farming
A fresh opportunity was made possible by Ethereum's switch to a PoS consensus architecture. To receive ETH 2.0 rewards, you can stake ETH on Binance. Staked Ethereum is locked until Ethereum completely transforms, and withdrawals are permitted, which is the single catch.
a. How It Works
In a trading pair (such as USDT/BUSD), you offer two assets and receive a percentage of the trading fees plus interest. This is a low-maintenance method of producing income, but there is a chance of temporary loss if token prices fluctuate a lot.
b. Stablecoin Liquidity Pools
Stablecoin pools such as USDT/BUSD or USDC/BUSD provide profits with low volatility for cautious investors. You can still generate returns while avoiding the price fluctuations that come with conventional cryptocurrency investments.
4. Dual Investment
A single cryptocurrency asset can be deposited into a dual investment, a structured financial product that lets customers receive yields depending on two possible outcomes—basically, wagering on whether the asset will rise or fall in value.
It's crucial to comprehend market dynamics even if you don't actively trade. Although the returns are higher than those of savings products, there is a chance that the asset price will change negatively.
It's crucial to comprehend market dynamics even if you don't actively trade. Although the returns are higher than those of savings products, there is a chance that the asset price will change negatively.
5. Binance NFT Marketplace
There are ways to make money by creating, selling, and trading NFTs (Non-Fungible Tokens) on the Binance NFT Marketplace. Although it could take some technical know-how or ingenuity to create NFTs, you are not required to trade cryptocurrencies directly.
a. Mint and Sell NFTs
The platform allows creators and artists to mint NFTs and sell them. If your artwork becomes well-known, subsequent sales may bring you royalties.\
b. Buy and Hold Limited NFTs
Additionally, you can purchase uncommon NFTs at a discount and keep them as they increase in value. Although speculation is a part of this, it differs from regular cryptocurrency trading.
6. Referral Program
Rare NFTs are also available for less money, which you can keep as they increase in value. Even while there is some guesswork involved, this is not the same as regular cryptocurrency trading.
a. Affiliate Program
Binance's affiliate network is a potent source of revenue for anyone who has personal blogs, YouTube channels, or social media followings. Depending on the volume of signups and sales generated by your links, you could receive a commission of up to 50%.
b. Passive Income from Community
The referral program might generate steady revenue if you oversee a channel or group with a cryptocurrency focus as your community expands and becomes more active on Binance.
7. Learn and Earn
By taking quizzes and viewing brief instructional films, users can earn free cryptocurrency through Binance's "Learn and Earn" program. Its purpose is to educate consumers about blockchain, particular projects, and the cryptocurrency industry as a whole.
This is one of the simplest ways for new users to begin making money on Binance; all you need is your time and focus.
This is one of the simplest ways for new users to begin making money on Binance; all you need is your time and focus.
8. Binance Card Cashbacks
You may spend your cryptocurrency anywhere Visa is accepted with the Binance Visa Card. Depending on your BNB balance and usage, you can receive up to 8% cashback in BNB when you use the card.
With the Binance Card, you can easily earn rewards while using your money for regular expenses, converting your regular spending patterns into a source of revenue.
With the Binance Card, you can easily earn rewards while using your money for regular expenses, converting your regular spending patterns into a source of revenue.
9. Auto-Invest Plan
Compound interest can be earned over time by automating cryptocurrency purchases using the Auto-Invest feature. Rather than being a trading method, it is more of a long-term savings plan.
Although you are theoretically purchasing cryptocurrency, you are not trading or timing the market. This method works well for those who prefer a hands-off, dollar-cost averaging approach.
Although you are theoretically purchasing cryptocurrency, you are not trading or timing the market. This method works well for those who prefer a hands-off, dollar-cost averaging approach.
Final Thoughts
Being an active trader is not necessary to make money on Binance. Binance provides a wide range of options for low-effort or passive revenue, from staking and savings products to NFT marketplaces and referral schemes. Knowing the dangers is crucial, particularly when investing in structured products like Dual Investment or locking up money. Increasing earning potential while reducing risk can be achieved by diversifying among a number of these tactics.
Binance offers a complete environment to increase your wealth without the need for trading, regardless of your level of experience. This includes both novices searching for low-risk alternatives and more seasoned users investigating DeFi or structured products.
Binance offers a complete environment to increase your wealth without the need for trading, regardless of your level of experience. This includes both novices searching for low-risk alternatives and more seasoned users investigating DeFi or structured products.