April 10, 2021
This week is full of bull and many coins even altcoins reached their new ATH and many people, traders, and holders got more profit from the bull run. In my case, I also got a little profit from holding and selling my Bitcoin Cash so I will also get a profit and buy again once the bears are coming. Well, I got a total of $98 as a profit and currently holding it while waiting for the dip.
Since bitcoin.com swapping feature wasn’t working that time, I sent my BCH (the profit) to my Binance account then sold it there into USDT. As of now, I can’t buy again since BCH is still flying so we need to be more patient. We all know that USDT is moving (the price) slowly to the point that it is consider as a stable coin, we can gain a profit by holding it even in a long time so I had an idea on how can I have a passive income while holding my USDT in my Binance account, I put it to my earnings and earn 6.00% APY interest by holding it.
This content is for beginners who wants to earn a passive income while waiting for the dip and afraid in trading so you can avoid much risky, before I start, let me remind you that this is not a financial advice. Always DO YOUR OWN RESEARCH so you are not going to blame anyone once you had a loss.
HOW TO HAVE A PASSIVE INCOME IN BINANCE?
I will use a photo so you will visualize what I am saying and to make this tutorial easier.
This tutorial is easy as what you think, firstly, you need to go on your Binance account and click Earn tab. After that, you will see a Buy products button (yellow) then click it.
Once you clicked the Buy products, you will be redirected on a new page, you need to choose Flexible Terms and Flexible savings. We will use flexible savings so we can withdraw it anytime. Now, you need to click on USDT.
Then obviously, click Transfer.
Now, you need to fill in the investment form so you can invest depends on what you afford. Simply click the Max button if you want to invest all of your USDT, Click the Checkbox if you are agree on their Terms and Conditions, then click Transfer Confirmed.
Once the transaction is done, you can go back to your Earn tab and find your savings. Now, when you clicked it, they will ask you if you want to turn on the auto-subscribe feature where all the balance of your spot account will directly send to your flexible savings.
Auto-subscribe – Every day at 02:00 (UTC+0), we will use the available balance of all Spot Accounts to purchase flexible Deposits.
Then that’s it! You will have a passive income while you are waiting for the bears. However, this technique has only few interest (6.00% APY), well, we should be contented since it is the “Safest-risk” to invest, riskier means high return. On the other hand, lower risk means low return, it depends on you on what will you choose.
Read the FAQs:
Interest calculation rule – The interest amount is calculated and distributed daily based on your available flexible savings assets. The interest amount is rounded down to 8 decimal places.
Flexible Savings Timeline – Flexible savings product subscriptions are closed during 23:50-00:10 (UTC) daily. No interest is accumulated on products purchased on the day of subscription. Interest is accumulated the next day.
If you are afraid in trading your crypto, the best way to do is to take advantage on every opportunity that you have and grab them all but always remember that investing needs more time to wait and risky that is why Doing Your Own Research is better than depending on someone’s investment.
You can also use better platform to save your asset that has higher APY compared to Binance so you will earn more interest by holding your assets.
Read the article written by @Eybyoung so you will understand some terminologies when it comes to this topic. CLICK THIS TO READ HER ARTICLE.
ALWAYS DO YOUR OWN RESEARCH AND INVEST AT YOUR OWN RISK.