Binance

What is Binance Savings? Basic Guide About How To Start Saving Crypto Using Binance

Learn how to save cryptocurrencies using Binance

Cryptocurrencies have been expanding as a means of payment, as investment tools and as speculative assets. However, there are many users that are holding large amounts of digital assets and would have the possibility to increase their savings by receiving daily rewards. 

This is a very easy thing to do with Binance, one of the leading cryptocurrency companies in the world. This virtual currency exchange is currently working in order to offer users not only exchange services and futures trading but also a savings account where users can deposit their funds and earn daily rewards. 

In this guide, we will share with you how to start using Binance and how it is possible to get the most out of this platform. Moreover, you will learn how to start saving digital assets directly from the Binance platform. 

What is Binance?

Binance is one of the most popular cryptocurrency exchanges in the world. It has attracted millions of users from many regions and it is offering users with the possibility to trade digital assets. 

Now that the platform is expanding, they are also offering users a reward program for the funds they hold on their platform. The savings page of Binance is going to allow traders to hold digital assets and receive daily and monthly rewards according to what they select. This would help holders to keep their digital assets moving and generating income.

Binance Savings

In order to start saving using the Binance Savings platform, you will have to open an account on Binance. This is a very straightforward process that shouldn’t take a long time for you and you do not need to deposit funds if you don’t want to. 

Once you open the account, you will be able to deposit funds to your account and start earning daily rewards on them. This is a very simple thing to do. You will have to go to the Finance section on the top of the screen and select Savings. This would open the main page of the savings section of the Binance platform. 

There you can have a wide range of solutions and products that would certainly be able to fit your needs. The main two services include flexible deposits and fixed deposits. 

Flexible deposits make reference to those that allow users to deposit funds, earn rewards on the money they have deposited and start generating income directly from it. The great thing about this is the fact that the user can cancel the subscription at any time. If you are afraid of leaving your money for a longer period of time and frozen, the flexible deposits will allow you to have your funds immediately when you request them. 

You can see, for example, that Tether (USDT) flexible savings are offering users an annual interest rate of 1.52% at the time of writing this article. This rate changes on a daily basis and would also be reflected in the funds you receive. 

Some of the virtual currencies supported include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX), NEO, Cardano (ADA), Binance USD (BUSD), Tether (USDT), XRP and many others. The exchange is usually adding more and new digital assets to the savings platform, which has been attracting a large number of users. 

In order to deposit the funds, you have to click on the “Transfer” button that is on the right side of the screen. Once you do that, your funds will be deposited and you will start earning rewards from them. 

The locked savings option is going to be very similar to the one mentioned before but with some slight differences. Users can deposit the funds on this savings account and start receiving interest for the funds they have. 

Users will have the possibility to redeem their money once the deposit period expires, which can be 30, 60 or 90 days. In the future, new time periods could be added by Binance, increasing options for users. 

The main advantage of this locked savings account is related to the higher interest that the exchange will be paying to users on the platform. The larger the time frame selected by the user, the larger the rewards will be at the end of the investment period. 

For example, for Tether (USDT) deposits on the platform, users can get as much as 7.17% or even more than 8% during some periods of time. 

Conclusion

Binance has been growing over the last years all over the world and it has allowed users to handle digital currencies ina  wide range of ways. With the new savings services, Binance users can start earning rewards on the funds they are holding. 

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