How to Earn Money on Binance Without Trading Cryptocurrencies
Binance, one of the biggest cryptocurrency exchanges in the world, is renowned for providing a wide range of services that go beyond simple trading. Although the most popular method of earning money on Binance is buying and selling cryptocurrency assets, there are many other options as well. You can make money on Binance in a number of passive and alternative ways if active trading isn't your thing or if you just want to diversify your sources of income. Here is a thorough instruction that explains how to accomplish that.
1. Binance Earn: A Gateway to Passive Income
Users can earn rewards on their idle cryptocurrency holdings using Binance Earn, which is effectively a savings and investing tool within Binance. It functions similarly to a conventional bank savings account, providing both fixed and flexible rewards.
a. Flexible Savings
You can deposit cryptocurrency and receive interest every day with Flexible Savings. The benefit is that you can take your money out whenever you want because it is not locked in. Interest rates vary depending on the asset, but this is an excellent option for beginners.
b. Locked Savings
Higher interest rates are available with locked savings than with flexible saves, but your money is locked for a predetermined amount of time (such as seven, thirty, or ninety days). Higher returns can be obtained in this approach if you do not require instant access to your assets.
c. Launchpool
You can stake approved assets in exchange for recently released tokens using the Binance Launchpool. For example, you can farm tokens from future projects before they go on sale by staking BNB or other coins. These tokens frequently increase in value, providing early backers with large rewards.
d. DeFi Staking
By providing "DeFi Staking" alternatives, Binance streamlines the intricate realm of decentralized finance (DeFi). Participating in DeFi protocols and staking specific coins are possible without requiring you to handle wallets or private keys. With less technical risk and complexity, it provides appealing yields.
2. Staking
Another well-liked method of earning on Binance is staking. Staking, to put it simply, is locking up your cryptocurrency in exchange for rewards that help a blockchain network function.
a. Locked Staking
The blockchain network is made more safe by locking your tokens for a predetermined amount of time. You receive prizes for staking in exchange. Many proof-of-stake (PoS) coins, including Cardano (ADA), Polkadot (DOT), and Ethereum (ETH 2.0), are eligible for locked staking on Binance.
b. ETH 2.0 Staking
A fresh opportunity was made possible by Ethereum's switch to a PoS consensus architecture. To receive ETH 2.0 rewards, you can stake ETH on Binance. Staked Ethereum is locked until Ethereum completely transforms and withdrawals are permitted, which is the single catch.
3. Liquidity Farming
DeFi-inspired products Binance Liquidity Swap and Liquid Swap enable users to provide liquidity to pools while earning interest.
a. How It Works
A percentage of the trading fees plus interest are paid to you when you supply two assets in a trading pair, such as USDT/BUSD. Although there is a chance of temporary loss in the event that token prices fluctuate considerably, it is a low-maintenance method of producing yield.
b. Stablecoin Liquidity Pools
Stablecoin pools with low volatility, such as USDT/BUSD or USDC/BUSD, are ideal for cautious investors. While earning returns, you may avoid the price fluctuations that come with traditional cryptocurrency investing.
4. Dual Investment
In essence, Dual Investment is a structured financial instrument that lets customers deposit a single cryptocurrency asset and earn dividends based on two possible outcomes: whether the asset will rise or fall in value.
Understanding market dynamics is crucial, but actual trading is not required. Compared to savings products, it delivers larger returns, but there is a chance that the asset price will move negatively.
5. Binance NFT Marketplace
There are ways to make money by creating, selling, and trading NFTs (Non-Fungible Tokens) on the Binance NFT Marketplace. Although it could take some technical know-how or ingenuity to create NFTs, you are not required to trade cryptocurrencies directly.
a. Mint and Sell NFTs
The platform allows creators and artists to mint NFTs and sell them. Royalties from secondary sales could be yours if your artwork becomes well-known.
b. Buy and Hold Limited NFTs
Additionally, uncommon NFTs can be purchased at a discount and held as they increase in value. This is not the same as regular crypto trading, even though it involves speculation.
6. Referral Program
Binance has a very profitable referral program. Using your referral link, you can get paid when friends or followers sign up for Binance and use your link to trade.
a. Affiliate Program
An effective source of revenue for people with blogs, YouTube channels, or social media followings is Binance's affiliate program. A commission of up to 50% may be earned, contingent on the volume and number of signups generated by your links.
b. Passive Income from Community
As your community expands and becomes more active on Binance, the referral program may generate steady revenue if you oversee a channel or group with a cryptocurrency focus.
7. Learn and Earn
Users can earn free cryptocurrency through Binance's "Learn and Earn" program by taking quizzes and viewing brief instructional films. Its purpose is to educate consumers about blockchain, particular projects, and the cryptocurrency industry as a whole.
This is one of the simplest ways for new users to begin making money on Binance; all you need is your time and focus.
This is one of the simplest ways for new users to begin making money on Binance; all you need is your time and focus.
8. Binance Card Cashbacks
Anywhere Visa is accepted, you may spend your cryptocurrency with the Binance Visa Card. You can receive up to 8% cashback in BNB when you use the card, based on your usage and BNB balance.
If you currently spend money on regular expenses, utilizing the Binance Card allows you to easily earn rewards, converting your regular spending patterns into a source of revenue.
If you currently spend money on regular expenses, utilizing the Binance Card allows you to easily earn rewards, converting your regular spending patterns into a source of revenue.
9. Auto-Invest Plan
You may automate cryptocurrency purchases and accumulate compound interest over time with the Auto-Invest tool. It's less of a trading technique and more of a long-term savings plan.
Although purchasing cryptocurrency is technically what you're doing, you're not actively trading or market timing. For those who want a hands-off, dollar-cost averaging technique, this method works well.
Although purchasing cryptocurrency is technically what you're doing, you're not actively trading or market timing. For those who want a hands-off, dollar-cost averaging technique, this method works well.
Final Thoughts
You don't need to be an active trader to make money on Binance. From NFT marketplaces and referral schemes to savings products and staking, Binance provides a wide range of options for low-effort or passive income. The important thing is to be aware of the hazards, particularly when investing in structured products like Dual Investment or locking up money. While optimizing earning potential, diversifying across multiple of these tactics can help reduce risk.
Whether you're a novice searching for low-risk alternatives or an experienced user investigating DeFi or structured products, Binance offers a full ecosystem to increase your wealth without the need for trading.
Whether you're a novice searching for low-risk alternatives or an experienced user investigating DeFi or structured products, Binance offers a full ecosystem to increase your wealth without the need for trading.