This post will show you how to trade on Binance and make money.
Binance is the largest cryptocurrency exchange in the world currently with its daily trading volume of cryptocurrencies. Since it was founded in 2017, it has grown from just a trading platform to a crypto ecosystem.
Binance offers users a great experience when trading, allowing them to make money and grow their assets. You get to trade only cryptocurrencies and tokens including Bitcoin, Ethereum, Dogecoin, and even Binance Coin (BNB), a native token of Binance.
The cryptocurrency market is fast-growing and investing in crypto is beyond buying and holding. Binance has over time created different products that can help you increase that idle money you have sitting in the bank somewhere.
- Go to the official Binance website
The following are ways to trade and make money on Binance;
- Spot Trading: This allows you to buy different cryptocurrencies from the vast option available on Binance. When you trade your crypto assets, you get to look forward to gains.
- P2P Trading: P2P is an acronym for ‘Peer-to-peer’. It is an exchange tool on which trading takes place between a buyer and a seller with no third party. This means that a user buys cryptocurrencies directly from another user that is ready to sell. The buyer can buy in a certain currency and the seller can receive another currency in exchange. There’s no reason to bother about being a victim of fraud as users are protected and transactions only take place when both parties have confirmed that all Binance terms of transaction have been met.
- Binance Earn: This is an alternative to trading. You can increase your crypto holdings and passive income through Binance Earn. It allows both new and experienced users to save crypto, grow the value of their existing crypto assets, and earn from their crypto assets. Users can transfer their crypto assets from Binance Earn to Binance P2P and sell them in exchange for their preferred local currency.
This can be done by taking advantage of the following:
- Flexible Saving: This is the process of keeping funds in a wallet and receiving interest from doing so. If you have a little cash that you won’t be using anytime soon you can do this and still withdraw your money whenever you need it.
- Lock Saving: Unlike flexible saving, lock saving has a higher interest rate but you can’t withdraw your money at any time. You will have to wait for a period of 7 to 90 days before you can access your funds.
- Lock Staking: This is similar to lock saving but users’ funds are released after 48 to 72 hours. Users get rewarded when they stake crypto. When you stake some coin, you can flexibly manage those coins.
- Launchpool: This is a platform where you send funds and use them to mine new tokens that are launched on the exchange. This helps to finance the launch of these new tokens. The funds invested get blocked but can still be withdrawn at any time and users control their funds.
- Liquid Swap: This is a tool based on a pool of liquidity. It allows users to deposit tokens and provide liquidity, making them an Automated Market Marker (AMM). Users receive interest on the exchange of the tokens. For larger transactions the prices are stable and the fee lower.
- Defi Staking: Users who choose to participate in Defi (Decentralized finance) staking earn from opportunities available to their tokens. They don’t need any technical knowledge and have to pass through the stress of transferring funds into complicated channels or having to manage private wallets. Once you stake a coin you can get as much as 17% in annual yields.
Go to the official Binance website
