Copy link
Increase text size
Decrease text size
Link copied

Binance releases ultimate guide to earn crypto with Binance Lending

Image by Binance from Twitter

Wed, 18 Mar 2020, 00:48 am UTC

Crypto exchange Binance released a guide to help users earn crypto with Binance Lending.

Crypto HODLer or traders can earn passive income through lending. The good thing with lending is that it offers gains regardless of how the market is performing.

Binance Lending allows its users to increase their wealth by accruing interest on their funds. When users lend their assets to margin traders on the platform, they will be paid interest in return for borrowing their funds. The platform offers a wide variety of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance USD (BUSD), Tether (USDT), and more.

Binance Lending offers two types of lending projects Fixed Deposits and Flexible Deposits. The former locks the funds for a predetermined amount of time and interest. The second one allows users to withdraw funds any time and the interest rates change over time. Since users have the flexibility to withdraw their funds, the interest rates for Flexible Deposits are lower.

Fixed Deposits

Fixed Deposit lending is better suited for long-term investors who are committed to holding their crypto. With this approach, one can easily earn interests. However, when one subscribes his crypto to this type of lending it will not be accessible for a certain duration.

If one has subscribed to this type of lending and badly needs to access his funds, a portion of it can be transferred to Flexible Deposits. The lending period is either 14 or 30 days.

Here’s the information for Fixed Deposits.

Flexible Deposits

Flexible Deposits are like crypto savings account. One can subscribe his fund to earn interest and redeem it anytime. However, the interest rates is smaller compared to Fixed Deposits because of the flexibility it offers.

When one subscribes his funds to a Flexible Deposit, they will be locked for that day, which means it won’t accrue interest and won’t be available for withdrawal until the following day.

To redeem it, one can choose standard or fast redemption. The latter will make the funds available instantly, but the user won’t enjoy that day’s interest paid out. For standard redemption, the funds will be unlocked the following day and the user will enjoy the interest from the day the redemption is initiated.

“The interest for Flexible Deposit products is distributed daily. Please note that Flexible Deposit products are closed for subscription from 23:50-00:10 UTC. The subscription quotas are also reset during this time. As such, if the daily quota for a lending product is full, your best bet is trying to get in early on the next day,” Binance wrote.

Meanwhile, Binance announced recently that it just doubled the fees for Ether (ETH) withdrawals. Crypto traders were not happy with the changes.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.27 05:02:19
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all ................................................................................................................
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,881.60 (+1.45%)
  • Ethereum (ETH) $395.90 (+1.11%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $302.59 (+0.51%)
  • Chainlink (LINK) $13.44 (-3.24%)
  • Bitcoin (BTC) $11,881.60 (+1.45%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft