How to use the Binance Savings feature?
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Binance is a cross-functional platform. Savings is a pretty simple crypto saving function to make a profit. How does Binance Savings work? Moreover, how to make money from Savings.
What is Binance Savings?
Binance Savings is a crypto savings feature offered. Binance allows users to deposit crypto savings into their Savings wallets. Binance will lock the cryptocurrency and pay interest to savers.
How does Binance Savings work?
There are two types of Savings: Flexible Savings and Locked Savings and Activities.
Flexible Savings is a feature that allows investors to deposit cryptocurrency, receive daily interest, and can deposit or withdraw at any time. Flexible savings often have lower interest rates.
Meanwhile, the Locked Savings feature allows investors to deposit crypto-currency savings, and the sender receives a fixed interest rate after the end of the savings period. After this time, investors can withdraw their savings. If the investor deposits the fixed savings into a flexible savings account during the locked deposit period, the previously accrued interest will not be paid. However, if the investor completes the fixed savings period, the return received is usually higher.
How to use the Savings feature?
Step 1: Log in to the Binance account. If you do not have a Binance account, register using the link below:
* See more: The complete guide Binance from a to z
Step 2: Select Finance, then select Binance Earn
Step 3: Scroll down, select Go to Savings
Flexible Savings on Binance
In the Flexible Savings section, select [Expand all…] to view all the flexible savings products available on Binance.
Select the currency you want to save, then click Subscribe.
Fill in the information about the amount of cryptocurrency you want to save, click the checkbox to agree in the box I have read, and I agree to Binance Savings Service Agreement and click Confirm.
After completing the above step, Binance automatically transfers the crypto you registered from Spot wallet to Savings wallet. To review the amount you are saving, click on Wallet, select Earn and look in the Savings tab.
Similar to flexible savings, scroll down to Locked Savings, click to see all the fixed-savings list, and select [Expand all…]
Select the currency you want to send fixed savings, click Subscribe
Fill in the information about the saving time, the amount of e-money you want to save, click accept the terms, and click Confirm.
After completing the above step, the fixed amount of your savings will be deposited into the Savings wallet. To check the status of your fixed savings, select Wallet, then click Earn and select the Savings tab. Next, select the Locked tab.
The above article learned about how to save on Binance savings. Depending on the needs and expectations, investors can choose the correct savings rate for themselves. This is a way for investors to make money still when there is no opportunity to trade cryptocurrencies. Savings is a risk-free way of making money, so it is chosen by many investors, especially investors who do not like day-to-day transactions.
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