When starting out in crypto, it's easy to be overwhelmed by the options for buying and storing your crypto. If you want to grow your crypto, you are faced with even more options, of varying risk. Binance and Coinbase are two great places to start your crypto journey. Both offer mobile and web-based access that is easy to use, convenient, and low risk for beginners. Where you live in the world will determine what features will be available to you. As I am based in Europe, Binance has become my favourite of the two as it provides me access to many coins and no-fee earning opportunities.
My one-year crypto anniversary is fast approaching in April, and what a year it has been. Starting out, I never expected just how much is involved with crypto - the learning curve is steep. There is always something going on in the crypto sphere, it's up to you how much time you want (or have) to put in. Be warned, it can be hard to not constantly check to see what's happening now, especially if you use the mobile apps. Now that I don't feel like I'm bumbling around in the dark, I'm getting excited for what the next year will bring. I am looking to grow my crypto more, and Binance is a great place for a small-time investor like myself to do just that.
Recently, Binance started Earn Wednesday activities. Every Wednesday, a set of high yield activities are being presented on a first-come, first-serve basis. As there are no fees to use their savings and staking products, these are great opportunities to grow your sats - especially if you don't have that many to start with. As you can see below, there are some great opportunities available.
The BNB Vault is the equivalent of flexible savings for your BNB, with the added benefit of earning new tokens through the Launchpool feature. I have been using the BNB vault since I first discovered Binance, and as a result, I have earned 10 new tokens thanks to their Launchpool feature. I love farming new tokens, but out in the crypto wilds, it is risky. On Binance, farming is relatively safe - you know the coins are not 'shitcoins', and you also don't have to watch them like a hawk in case of scams and rug-pulls. If you're not into farming these coins, then it is easy and cheap to swap them for ones you do want. If you only have a small amount of BNB in your vault, you will earn quantities that are too small to trade normally, which is where the 'convert small balances to BNB' feature comes in to clear the dust.
It is also highly likely, but not guaranteed, that Binance will offer further earning opportunities to grow these coins after the Launchpool finishes. Klay was my first Launchpool coin, I earned a grand total of 0.00196442. I know right - Whale Alert! When the Klay Launchpool finished, a flexible savings product was offered and my horde has been growing ever since, at 1% APY. Not much I know, but more is more, and in my world, every bit counts. Seeing as we're talking about dust quantities of coins, I don't want to lose even a tiny bit to a conversion fee unless I have to. I'd rather grow that amount, however slowly, until I need it, or it becomes more than just dust. Flexible savings helps me do this.
There is a minimum amount you need to deposit, but I have found that if you are below the threshold, you can just turn on the auto-subscribe feature and, lo-and-behold, the following day your small amount will transfer over, and usually still be enough to earn some interest daily. If you have any coins sitting idle in your Binance spot wallet, there is no reason to not take advantage of Flexible savings. There is no fee, and you can redeem your coins at any time, and while the offered interest rate can change without warning, so far, the rate has usually gone up for me. In the last week, Binance adjusted the APY's on their BUSD and USDT flexible savings up to 10%. And it was only about a month ago that they introduced new savings tier rates that mean small fish like myself are earning that little bit more.
Recently, Binance has begun offering new opportunities to put these farmed coins to work, including some high-yield 'Earn Wednesday' activities. Of my 10 Launchpool earned coins, 5 are now earning. The last few weeks have been great for me and my previously idle Launchpool coins, if you haven't been keeping an eye on what's new you could be missing out. MBOX was a coin I farmed last September that is now offering flexible savings at 0.5% APY. However, the Locked Staking products are where the juicier rates are.
If you farmed any DAR, ANC, MC, or HIGH tokens in the Launchpool, check out the new Locked staking activities that are still available at the time of writing. The longer you lock the token in, the higher the rate. I locked in my MC (MeritCircle) for 120 days and now am enjoying an 80.19% APY, that's more like it. My ANC (Anchor Protocol) is earning 32.69% for the next 90 days and today a new DAR (Mines of Dalarnia) locked staking activity started offering 10.09% when locked for 120 days. My farmed HIGH (Highstreet) could be earning up to 40.19%, but unfortunately, the 0.01 minimum means my dust will have to stay in my spot wallet, for now. On top of this, there are currently some great rates available on many other coins in Locked Staking including AXS (104.62%, 90 days), DOT (20.18%, 120 days), AVAX (21.2%, 90 days), CAKE (70.56%, 90 days) and many more.
One thing to keep in mind is that the APY's on Locked Staking products are estimated and can change. It is only your coins that are 'locked' in, not the APY. So far for me, this has only happened once - it went down and without warning. Crypto is not a stable beast, but with Binance staking, it is less volatile than staking out in the wilds. Many of the coins you can stake on Binance also have Flexible Savings products available so, you can daisy chain your investments and have your daily staking profits roll over into your flexible savings to maximise your earnings. It's a win-win situation. It's also a small safety net in case you ever need to redeem your locked assets early. When redeeming early, Binance will return your coins, minus what you have earned. If your earnings have been rolling into Flexible savings, you will at least have the interest you earned there.
There are also Liquid Swap opportunities presented; however, these are not low risk and as such, I do not recommend them for the beginner crypto investor. If you are more seasoned and understand impermanent loss, fees, and how the pool size and trading volume will affect your profit, then there are great offers still available.
Binance Flexible Savings and Locked Staking are two great ways to grow your sats, and if you have auto-subscribe turned on, you don't have to do anything, it's all automatic. It's quick and easy and only takes a few clicks to start. The risk is negligible, fees are nonexistent, and your assets can be redeemed instantly if required. If you haven't tried them out yet, now is a good time to jump in.
