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Want to know how to earn passive income without engaging in complex operations? Can you earn passive income from your cryptocurrency? Binance Simple Earn is a simple and secure platform that can help you achieve this goal, allowing you to earn rewards daily from your held crypto assets. With the continuous development of the cryptocurrency market, effectively and safely increasing your crypto assets has become crucial.
What is Binance Simple Earn?
Binance Simple Earn is a new concept for Binance’s savings and yield products. It combines all functionalities into a more straightforward and user-friendly experience. Whether you want to earn actively or through fixed-term investments, it allows you to automatically increase your crypto assets while receiving daily rewards.
Binance Simple Earn aggregates various main types of passive income models available in the market, allowing users to allocate their funds into active or fixed income. It also allows for dual investment to achieve higher returns, with yield rewards based on the selected currency. Users can also utilize Auto-Invest to implement DCA (Dollar-Cost Averaging) strategies for long-term investment growth, as Binance Simple Earn offers both active and fixed income options.
Active Products
For active products, you can deposit and withdraw your cryptocurrency at any time, while earning a real-time annual percentage rate (APR) every minute. This method is very suitable for those who wish to frequently check their funds while still being able to earn passive rewards. The rewards are calculated based on the real-time APR and accumulate directly into your active assets.
Fixed Income Products
For fixed income products, you need to lock your cryptocurrency for a specific period, such as 15 days, 30 days, or 90 days, to earn higher APR. If you withdraw early, you will not receive the rewards that are currently available. Fixed income products and active products have different applicable currencies.
Therefore, choosing one of these two types of products is crucial based on the currency you want to use. If you do not mind locking your cryptocurrency for a specific period to achieve higher returns, then choose fixed income products. If you want to frequently check your funds, then choose active products. It’s similar to traditional savings or finance, but currently, it’s just trading cryptocurrency.
Advantages of Using Binance Simple Earn
- User-Friendly: The interface of Binance Simple Earn is straightforward, making it easy to use, even for new users.
- Multiple Options: It offers various active and fixed income products to meet different user preferences and investment goals.
- Automated Income: Supports automatic subscriptions and automated investment functions, maximizing income.
- High Security: Binance is a leading global cryptocurrency exchange, providing high-level security measures to protect user assets.
- Transparency: All products’ APR and reward mechanisms are publicly disclosed, allowing users to check at any time.
How to Access Binance Simple Earn?
- Open the Binance App and log into your account.
- Access Binance Simple Earn through the professional mode.
- On the homepage, click on the “Assets” in the bottom right corner.
- Click on “Earn”. This will take you directly to the Earn control panel, where you can view active and fixed income products.
- If you want to access it more quickly, you can add Earn to your homepage for easy access. Just log into your account, click on the quick access section “Edit”, and it will simplify the access to Earn on your homepage.
You will now see your current earnings, your total holdings, and various available Earn products. To start earning, click on the “View All Asset Types” at the bottom of the page to see all available asset types, or search for specific asset types you want to subscribe to. Each listing will display the estimated APR, product type (active or fixed), and term (if it is a fixed term).
Once prepared, just click to enter the listing, enter the amount you want, and you will see the detailed information of the subscription, the reward rate, and whether you want to automatically subscribe to future income.
Where is My Cryptocurrency Stored After Subscription?
After subscribing, your cryptocurrency will be transferred from your spot account or asset account to your Earn account, where it will start generating income immediately, without the need for manual claim rewards. You can always switch to “Assets”, then switch to “Earn” to check or redeem your assets. If you are using active products, you can immediately redeem your funds.
How to Automatically Earn Passive Income?
If you want to take a step towards automating your passive income, you can try to activate automatic subscriptions for active products. For automatic subscriptions, any cryptocurrency you hold in your spot account will be automatically transferred to Simple Earn’s active products every day. You can also activate fixed products, which helps in maintaining subscriptions during the fixed term. If you generally hope that your unused cryptocurrency will work for you, this is a perfect choice.
How Does Binance Simple Earn Calculate Income?
Binance Simple Earn uses two types of reward models for active products:
- Real-Time APR: This applies to your entire available balance, and updates every minute. You can see this in your Earn account in real-time.
- Reward Tier APR: This is based on the applicable tier and the amount of assets you hold, providing specific rewards for different currencies. It calculates daily and pays into your spot account on the second day after the calculation period ends, meaning it will be credited to your account on the third day after your subscription.
Therefore, even if you do nothing, your balance will still increase every minute. Regarding the reward tier APR, you will see how much you earn daily, which will ultimately be credited to your spot account.
How to Redeem Your Income?
- To redeem your income, please switch to “Assets”, then switch to “Earn”.
- You will see your effective subscription list.
- First, click on the currency you want to redeem.
- Then, click on “Redeem”.
- Enter the amount and confirm.
- Your funds will be returned to your spot account. Passive income will stop during the redemption period. Alternatively, you can click the “Redeem” button on the Earn account to redeem multiple currencies at once.
Through Binance Simple Earn, you can earn rewards without any hassle, and you can use the account’s profit calculator to estimate your actual income, selecting the right products and strategies to effectively increase your cryptocurrency holdings.
