Binance is a cross-functional platform. Saving is a pretty simple crypto saving feature to make a profit. How does Binance Savings work? Also, how to make money from saving.
Table of Contents:
What Is Binance Savings?
Binance Savings is a crypto saving feature offered. Binance allows users to deposit crypto savings into their savings wallets. Binance will block the cryptocurrency and pay interest to savers.
How does Binance Savings work?
There are two types of savings: flexible saving and saving and blocked assets.
Flexible saving is a feature that allows investors to deposit cryptocurrency, receive daily interest, and be able to deposit or withdraw at any time. Flexible savings often have lower interest rates.
Meanwhile, the Blocked Savings feature allows investors to deposit savings in cryptocurrency, and the sender receives a fixed interest rate after the end of the savings period. After this time, investors can withdraw their savings. If the investor deposits the fixed savings in a flexible savings account during the blocked deposit period, the previously accrued interest will not be paid. However, if the investor completes the fixed savings period, the return received is usually higher.
How to use the Save feature?
Step 1: Log in to your Binance account. If you do not have a Binance account, register using the link below:
Step 2: Select Finance, then select Binance Earn
Step 3: Scroll down, select Go to Save
Flexible savings on Binance
In the Flexible Savings section, select [Expand All…] to view all the flexible savings products available on Binance.
Select the currency you want to save, then click Subscribe.
Enter the information about the amount of cryptocurrency you want to save, click the checkbox to accept in the box I read and accept the binance Savings SLA and click Confirm.
After completing the previous step, Binance automatically transfers the cryptocurrency you have registered from the Spot wallet to the savings wallet. To review the amount you’re saving, click Wallet, select Earn, and look in the Save tab.
Similar to flexible saving, scroll down to Blocked Savings, click to see the entire list of fixed savings, and select [Expand All…]
Select the currency in which you want to send fixed savings, click Subscribe
Enter information about the time saved, the amount of e-money you want to save, click Accept terms and click Confirm.
After completing the previous step, the fixed amount of your savings will be deposited in your savings wallet. To check the status of your fixed savings, select Wallet, then click Earn and select the Save tab. Then, select the Locked tab.
The article above learned how to save on Binance savings. Depending on their needs and expectations, investors can choose the correct savings rate for themselves. This is a way for investors to make money again when there is no opportunity to trade cryptocurrencies. Saving is a risk-free way to make money, so it is chosen by many investors, especially investors who do not like daily transactions.