Binance offers several ways for members to not only earn from their crypto assets, but also maximize output thanks to a variety of investment opportunities available. The multiple investment options available are all grouped under the Binance Earn banner. 

Binance Earn refers to a number of features that allow Binance users to invest in Bitcoin and other crypto assets. These investment products may be in the form of lending, staking, buying, and selling. Users can select a set of products that is compatible with their coin and also maximizes yield.

Key features in Binance Earn are;

Below is a brief overview of each of these products;

Dual savings or dual investments allow users to invest one cryptocurrency and earn interest based on two assets. In this case, users lock up their funds in yield pools and earn more when the value of the committed assets goes up. It a strategy used by investors to minimize risks.

At the expiry of the products, users have a choice to select one of the products committed. The product selected offers the highest possible non-guaranteed floating earnings without exposing the user’s assets to much risk.

The Binance Liquid Swap is based on the principle of Liquidity Pools which combine the advantages of centralized and decentralized financial services and allows users to maximize yields and offer liquidity on the Binance Lending platform.  

Users can also exchange their tokens in liquidity pools and benefit from low landing fees and low slippage. This platform is very flexible and users can remove their assets at any time.

Users stake their cryptocurrencies in DeFi and offer liquidity in liquidity pools in rewards for rewards paid on top of their staked assets. Not enough, users can also participate in Yield Farming by reinvesting their earned rewards to earn even more rewards.

Binance launched the Lauchpool to enable users to farm new assets and staking cryptos like BNB and BUSD. The assets deposited in the Launchpool can be accessed by the owner at any time.

Decentralized Finance (DeFi) uses smart contracts built on a blockchain to offer decentralized services to users. Binance allows users to participate in decentralized projects through DeFi staking using an intuitive, user-friendly, and straightforward platform.

With DeFi staking, crypto holders can earn from their assets without acquiring resources, managing private keys, making trades, or performing other complicated tasks. It is a way to earn the highest returns in the simplest and safest way.

Locked Staking allows users to gain rewards by staking their crypto assets on the blockchain. The rewards earned can be redeemed after successful subscription. To redeem their rewards, users need to give a certain unlocking period which may differ depending on the asset held.

Binance Savings is a cryptocurrency interest account where users deposit their crypto assets and earn interest. Currently the platform offers four different types of accounts;

Users earn interest on assets held in Flexible Savings accounts on a daily basis. The earned interest can be withdrawn at any time without attracting penalties or fines.

Binance users can use the Flexible Saving feature to lend and earn interest from their idle crypto assets. Flexible Savings is the holder’s Crypto savings account and where loanable crypto assets are held as they earn interest.

The account is very flexible meaning users can access and withdraw their funds at any time. Users can withdraw their loaned amount plus the interest accumulated in real-time funds credit. Below are terms associated with the Binance Flexible Savings account;

To subscribe to Flexible Savings accounts, users are required to specify a deposit amount. The amount stated is deducted from the user’s Binance exchange wallet. From the wallet, the funds are locked in the Flexible Savings account for the entire period selected. Funds are usually locked up for a day and unlocked the following day plus the earned.

The Flexible Savings auto transfer feature allows Binance spot traders to earn interest on their idle crypto assets. Using this feature, Binance automatically transfers users’ available balance from the wallet Binance exchange wallet to their Flexible Savings wallet. This feature can be activated for all listed cryptos.

Flexible Savings account holders are required to choose between two categories to redeem their earned interest; ‘Standard Redemption’ and ‘Fast Redemption’. With Fast Redemption, the funds are immediately made available after requesting withdrawal. However, the user dos not earn interest on the day the money is retrieved. For ‘Standard Redemption’, the requested withdrawal is completed the following day and the money continues to earn interest until the transaction is fully executed.

All deposits on Flexible Savings are disabled every day from 23:50 to 0:10 UTC by Binance Savings are disabled. The platform disables specific crypto assets after daily subscription quotas for Flexible Savings accounts are achieved. Users who subscribe to a particular field quota are advised to subscribe the following day.  

Funds locked in a Locked Saving account earn interest for a specified fixed period of time. With Locked Saving accounts, longer periods offer higher APY. While Binance seems committed to expanding its flexible savings and subscription savings, the company seems not to be doing much with the locked savings. Below is key information on a locked savings account;

Funds in a Locked Savings account are locked for a fixed period of time with options of 7, 14, 30, or 90 days. The selected amount is transferred from the user’s Binance Spot Wallet to their Locked Savings account.

Funds locked in Locked Savings accounts are bundled in units called “lots”, which the user purchases. Currently one ‘lot’ is equivalent to 100 Binance USD (BUSD).There is a ‘lot’ subscription limit for every user.  Each individual user is allowed to hold a maximum of 5,000 BUSD ‘lots’, which amounts to a maximum deposit of 50,000,000 BUSD in a ‘Locked Savings’ account.

Those with funds in Locked Saving accounts have the option of transferring part of it to a Flexible Savings account if there is a need to access the funds before the end of the fixed term.

The fixed term of a Locked Savings account expires on the ‘Redemption Date’ upon which they are made available to redeem. Binance automatically unlocks the funds and sends the total amount consisting of the principal and the accrued interest from their Locked Savings accounts to their Binance ‘Spot Wallet’.

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The Average Annual Return (AAR)  is the daily interest that a user is entitled to every day . This figure does not necessarily need to equal the exact interest you get and it is mainly used to project future earnings using past trading data. The AAR is calculated by multiplying the average daily interest rates from the last 7 days by 365.

The daily interest per thousand tokens of a certain cryptocurrency is determined by the daily interest rate.

Flexible Savings account holders can access and redeem their funds at any time and the funds are credited in real-time. In addition, the funds are made available immediately after redemption. Interest is calculated from the day of subscriptions and the interest earned is distributed two days after subscribing. The subscription day is not included when calculating interest earned.

Binance is able to pay its users interest from the income of Margin. The income is calculated and distributed according to rules put in place by the platform. The software is able to calculate and distribute interest on Flexible Saving products to users within the set time period. The principle and the accrued rewards are paid into the user’s exchange wallet.

The interest earned is distributed to members’ wallets every day and the total amount earned is dependent upon the number of redeemable tokens. The amount of interest earned is rounded off to 8 decimal places.

The interest is calculated between 0:00 and 8:00 (UTC + 0) on the second day after the day of subscription. Sometimes system calculations, network delays, and other issues may cause delays in distributing the interest.

The cryptocurrency has been growing and evolving and savings accounts have emerged as one of the easiest, safest, and most convenient ways to earn from their crypto assets. Below are top alternatives to Binance Savings account;

BlockFi offers some of the highest interest rates in the cryptocurrency industry for crypto assets held in its savings accounts. Users earn interest of upto 8.6% on assets held in their BlockFi Flexible Savings accounts. This rate is average and the exact rate is reliant on each cryptocurrency selected by the user.

Coinbase is one of the leading players in the cryptocurrency industry with a main mission of streamlining the buying and selling of cryptocurrencies. The company recently entered into the crypto savings industry where account holders can earn up to 1.25% interest.

Voyager is also a key player in cryptocurrency investment where users can invest in more than 50 coins and tokens through buying, selling, and swapping. The company has a mobiles app which is available for Android and iOS users.

Compared to its counterparts in the crypto savings industry, Crypto.com offers access to a larger number of crypto assets to invest in including Bitcoin, Ethereum, Chianlink, and stablecoins like TrueUSD and Tether.

Nexo users earn daily interest from their coins. The platform is very flexible and holds users’ funds for only 24 hours after which they become available for redemption. Users can have an interest of up to 12% APY and the platform protects members investments with more than $100 million in insurance.

In addition to savings accounts, Binance Savings also offers two additional products;

Activities have a limit on the number of crypto assets eligible for interest earning. Users subscribe to this product on a rolling basis. This means they are not guaranteed of renewing their subscriptions for a certain asset.

Depending on the type of asset held, some users earn higher APR through Activities compared to putting their funds in Binance Savings interest accounts. However, the product offers a much shorter term option of between 7 to 30 days.

With Locked Staking, users earn additional staking rewards on top of regular rewards earned supported Proof of Stake assets. The term of lock up and the interest rates vary depending on the type of asset. Generally terms range between 7 and 90 days.

All Binance accounts support whitelisted withdrawal addresses, two-factor authentication (2FA), and anti-phishing codes. Users must authorize all devices that try to access the accounts.

Crypto assets stored in Binance Savings are not insured by traditional insurance policies. Instead the company takes 10% of the fees charged on Binance.com and use it offer insurance.

Binance Flexible Savings and Locked Savings account holders do not undergo KYC verification.  Users can deposit any amount undergoing KYC. However, the platform limits withdrawals to2 Bitcoins (BTC) in every 24 hours. Additional withdrawals above 2 Bitcoins main require the users to complete KYC verification.

Binance Savings supports Bitcoin (BTC) deposits and interest payments

This is the date on which the term of a Locked Savings account ends. Users can choose from various terms including EOS (7 days), or DASH (7 days), USDC (7, 14, 30, or 90 days), USDT (7, 14, 30, or 90 days), and BUSD (7, 14, 30, or 90 days).

Binance has stamped its position as a global leading cryptocurrency exchange with the introduction of Binance Savings and other financial products. With the industry still picking up steam, this product is expected to be developed further to improve usability, include additional features, and increase its efficiency.

Here are top benefits you stand to get by using the Binance Savings accounts;

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