If you would ever ask me "Hey Cryptonator, are there easy ways to start a passive income stream?" Then I would answer "Yes, there are some ways and one of the easiest ways to start a profitable income stream in Binance Savings.
Let me explain the benefits of Binance Flexible and Locked Savings and how it works.
What Is Binance Locked And Flexible Savings?
Currently, there are 174 different coins and tokens in Binance Flexible Savings and 14 different cryptocurrencies in Binance Locked Savings. The APY interest rate is different from coin to coin. The interest is paid daily directly to your Binance Spot Wallet. The interest is calculated from the day after you initially subscribed for the savings product. Your day of the subscription itself is not calculated. This means that the first daily interest earned can only be distributed two days after subscribing.
By turning on "Auto Transfer", you can also start compounding your daily interest. Because the interest is paid out daily, the compound effect is quite big.
With flexible savings, your saved crypto can be redeemed anytime and your funds are credited in real-time. With locked savings, on the other hand, your saved crypto is locked for a certain period of time.
For some cryptocurrencies, Binance currently runs a tiered saving rate system. Such a tiered saving rate system works by offering different levels of APY, the annual percentage yield, according to the amount being deposited in the Flexible Savings product.
For example, if you have deposited 100 $AXS tokens in Flexible Savings, then for the first 50 $AXS you will accumulate 12.00% APY and for the next 50 $AXS you will accumulate 2.00% APY.
By the way, if you are holding Binance Coin $BNB on Binance then you can also use a special flexible Savings product called BNB Vault. The BNB Vault is a special $BNB yield aggregator that will combine Flexible Savings, $BNB DeFi Staking, and Launchpool to give you the best APY returns.
Benefits of Binance Savings
Earning passive income from Binance Savings has some benefits. First of all, it is easy to use and also a risk-free product as you do not have to face things like Impermanent Loss. I would even state that this is the easiest way to start a passive income stream.
You can choose from more than 170 different coins and tokens and you can redeem your crypto immediately from Flexible Savings.
When you compare Binance Savings to services from traditional banks, the paid interest on Binance Savings is much higher than at traditional banks. Another big benefit of Binance Savings is that the interest is paid out daily and when you choose "Auto Transfer" the compound effect is much higher. With Daily interest payments and Auto Transfer turned on, your earnings from Binance Savings are growing exponentially faster compared to a saving product from traditional banks.
How Exactly Does Binance Savings work?
With Binance Savings, you can easily put your cryptocurrencies to work and start a lucrative passive income stream.
Of course, what you need to have is a Binance account. If you are for some crazy reason not registered on Binance yet, you can use my referral link with the invitation code E3PGAJCE for signing up. When you use it, it will save you trading fees each time you perform a trade on Binance. Don't forget about this possibility when you introduce a friend to cryptocurrency as it will save both of you some money.
Log into your Binance account and navigate to the Binance Savings page under the Earn tab. Check if your desired cryptocurrency is available for Binance Savings and the yellow subscribe button. Such a pop-up window will appear.
Simply enter the subscription amount, agree to the Binance Savings Service Agreement and click "Confirm". That's it! That is basically all you have to do to set up a profitable passive income stream with Binance Savings.
If you want to end a Binance Flexible Savings product, you can choose between a fast or a standard redemption. For a standard redemption, the full amount will be returned on the second day after redeeming which includes your earned interest. For a fast redemption, on the other hand, you will receive the full amount of your digital assets back immediately but without interest for this day.
Special High-Yield Offers And Limited Bonuses
When you use Binance Savings then you should also watch out for special high-yield offers and limited bonuses. For example, from time to time, you can get a limited welcome bonus for first-time savings users like Binance announced here.
These promotional offers from Binance are always profitable. That's why I recommend following Binance on their social media like Twitter or Telegram Announcement Channel to keep yourself up to date with these special promo offers.
My Final Words
I hope that I could provide you with some useful and interesting information about Binance Flexible and Locked Savings. In my opinion, Binance Savings is one of the easiest and most effective ways to start a profitable passive income stream. Binance Savings is a must for everyone who likes to earn crypto even during sleep.
In the current bear market, the best you can do is NOT to panic sell, and to put your crypto savings to work instead. If you do not have crypto savings then now is probably a great time to start as you can get coins and tokens at a high discount.
Of course, I am also interested if you are using Binance Savings or what method do you use to start a passive income stream? It would be awesome if you would leave a comment.
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