Binance, the world's largest cryptocurrency exchange, is well-known for offering a variety of services beyond basic trading. Although it is the most popular way to make money on Binance, buying and selling cryptocurrency assets is far from the only option. If aggressive trading isn't your style, or if you just want to diversify your revenue streams, Binance provides a variety of passive and alternative ways to earn money. Here's a full guide that explains how to do it.
1. Binance Earn: A Route to Passive Income
Binance Earn, which functions as both a savings and investment tool, allows users to earn rewards on their idle cryptocurrency holdings. It works similarly to a traditional bank savings account, with both fixed and adjustable returns.
a. Versatile Savings
Flexible Savings allows you to deposit cryptocurrencies and earn interest every day. The advantage is that your money is not restricted, allowing you to withdraw it whenever you wish. This is an excellent option for beginners; nevertheless, interest rates vary depending on the assets.
b. Locked-in savings
Locked savings provides higher interest rates than flexible saves; however, your money is locked for a set period of time, such as seven, thirty, or ninety days. If you do not need immediate access to your assets, this is a fantastic technique for increasing returns.
c. Launch pool.
Staking supported assets in exchange for newly created tokens is allowed via the Binance Launchpad. Staking BNB or other coins, for example, allows you to harvest tokens from upcoming projects before they are issued to the public. Early adopters usually gain considerably from these coins' increased value.
d. DeFi Staking.
Binance's "DeFi Staking" options simplify the difficult realm of decentralized finance (DeFi). You can stake certain currencies and participate in DeFi protocols without the need for wallets or private keys. It offers tempting returns with lower technical risk and complexity.
2. Stake.
Staking is yet another popular way to generate money on Binance. Simply said, staking is the process of encrypting your coin in exchange for benefits that enable a blockchain network run.
a. Stakes that are locked
You lock your tokens for a set period of time to help secure the blockchain network. In exchange, you will receive Staking Rewards. Binance offers locked staking for many proof-of-stake (PoS) coins, including Ethereum (ETH 2.0), Cardano (ADA), and Polkadot (DOT).
b. ETH 2.0 Staking
Ethereum's transition to a PoS consensus architecture opened up new opportunities. Binance allows you to stake Ethereum and collect ETH 2.0 bonuses. Only that until Ethereum fully transforms and withdrawals are permitted, the staked Ethereum is frozen.
3. Farming for Liquidity
3. Farming for Liquidity
Ethereum's shift to a PoS consensus model opened up new possibilities. To obtain ETH 2.0 incentives, you must invest ETH on Binance. The only catch is that stacked Ethereum is locked until Ethereum totally changes, after which withdrawals are available.
a. How Does It Work
In a trading pair (for example, USDT/BUSD), you offer two assets in exchange for a percentage of the trading costs and interest. This is a low-maintenance way to generate revenue, but there is a risk of temporary loss if token prices vary significantly.
b. Stablecoin Liquidity Pool
For risk-averse investors, stablecoin pools like USDT/BUSD or USDC/BUSD offer earnings with little volatility. You can still produce returns while avoiding the price fluctuations associated with traditional bitcoin investments.
4. Duplicate Investment
A single cryptocurrency asset can be invested into a dual investment, a structured financial product that allows consumers to receive rewards based on two possible outcomes—essentially, wagering on whether the asset's value will rise or decline.
Even if you don't actively trade, you should understand market dynamics. Although the returns are larger than those of savings products, there is a risk that the asset price would decline.
5. Binance NFT Marketplace
There are ways to profit from developing, selling, and trading NFTs (Non-Fungible Tokens) on the Binance NFT Marketplace. Although creating NFTs may involve some technological know-how or imagination, trading cryptocurrencies directly is not required.
a. Create and Sell NFTs The platform enables makers and artists to mint and sell NFTs. If your artwork becomes well-known, additional sales could result in royalties. \
b. Buy and Hold Limited NFTs Purchase unusual NFTs at a bargain and hold them as their value increases. Although speculation is included, it varies from traditional bitcoin trading.
6. Referrals Program
b. Buy and Hold Limited NFTs Purchase unusual NFTs at a bargain and hold them as their value increases. Although speculation is included, it varies from traditional bitcoin trading.
6. Referrals Program
Rare NFTs are also available for a lower price and can be kept as their value rises. Even while there is some guesswork, this is not the same as ordinary cryptocurrency trading.
a. The affiliate program
Binance's affiliate network is a lucrative cash stream for anyone with personal blogs, YouTube channels, or social media followings. Depending on the volume of signups and purchases generated by your links, you could earn up to 50% in commission.
b. Community-generated passive income
If you manage a channel or group with a cryptocurrency focus, the referral program could produce consistent cash as your audience grows and becomes more active on Binance.
7. Learning and Earning
Binance's "Learn and Earn" initiative allows users to earn free cryptocurrency by taking quizzes and watching short educational videos. Its goal is to teach consumers about blockchain, specific projects, and the cryptocurrency sector as a whole.
This is one of the simplest ways for new Binance users to start making money; all you need is some time and focus.
8. Cashback for Binance Card
The Binance Visa Card allows you to spend cryptocurrency wherever Visa is accepted. When you use the card, you can earn up to 8% cashback in BNB, depending on your balance and usage.
With the Binance Card, you can effortlessly earn rewards while using your money for everyday expenses, turning your regular spending habits into a source of cash.
9. Auto-invest Plan
The Auto-Invest tool can be used to automate bitcoin purchases and generate compound interest over time. Rather than a trading strategy, it is a long-term savings plan.
Although you technically purchase cryptocurrencies, you are not trading or timing the market. This method is effective for folks who prefer a hands-off, dollar-cost averaging approach.
Final thoughts:
To make money on Binance, you do not have to be an active trader. Binance offers a diverse range of low-effort or passive earning opportunities, including staking and savings programs, as well as NFT marketplaces and referral schemes. Knowing the risks is critical, especially when investing in structured products such as Dual Investment or securing funds. Diversifying across a variety of these strategies can help to increase earning potential while lowering risk.
Binance provides a full environment for you to develop your wealth without trading, regardless of your level of experience. This comprises both novices looking for low-risk alternatives and experienced users looking into DeFi or structured products.
Binance provides a full environment for you to develop your wealth without trading, regardless of your level of experience. This comprises both novices looking for low-risk alternatives and experienced users looking into DeFi or structured products.