Binance Earn, using Binance to stake
A lot of people use Binance, but I don't feel like enough people know about Binance Earn. It is good to keep your funds safe, but if you have an amount on Binance, why not use it to earn rewards. I do it myself for some small funds I leave on Binance. If you leave your funds on Binance, you can use this. You can see more on Binance academy and I posted a guide at the end of the post.
Flexible Savings lets you earn interest on your funds. It’s really easy to use, and not surprisingly, it gives you great flexibility! You can deposit your funds, earn interest, and redeem them at any time. So, if you’re holdings some money in your Spot Wallet, why not deposit it into the Flexible Savings account Since you can access it any time, it’s easy to make those funds work for you while they’re not being used elsewhere.
Binance Earn is a complete suite of financial products that you can use to increase your crypto holdings. You can think of it as your crypto savings account.
These are the main categories of Binance Earn.
Lending activities are special events that pop up from time to time under the Activities tab. These generally have a capped supply, meaning you’ll need to be quick to subscribe. These can offer even higher returns than Fixed Savings usually does.
Note that the interest will not be calculated on the day you subscribe to a Flexible Savings product. Instead, the first interest payment is calculated from the next day after your subscription.
Otherwise, we could say that these lending products are quite similar to Fixed Savings. But, since they’re only available from time to time, you can get higher rewards if you keep up with what’s happening. Make sure to keep an eye on the announcements to secure your slot!
By simply holding Proof of Stake coins in your Spot Wallet, you can earn staking rewards on your holdings – great, simple. However, there’s also a way to earn higher rewards on staking.
If you commit your PoS coins to be locked for periods ranging from 7 to 90 days, you can earn a higher reward. This is essentially the same deal as Flexible vs. Fixed Savings, only with staking.
In addition, some coins will also allow you to do a Flexible Lock, where you commit your funds for staking, but you still maintain the ability to withdraw if you want to.
Fixed Savings offer you better returns but less flexibility to access your funds. The difference here is that you’ll set a predetermined duration for your funds to accrue interest. This will give you generally higher interest rates than Flexible Savings products since the term and interest rate are both fixed.
Fixed Savings products can range from 7 to 90 days. So, if you know you won’t need some funds elsewhere for a certain period of time, you can lock them to earn a higher APY.