The Binance exchange has offered investors Staking and Savings functions since almost the beginning of its existence. Nevertheless, it has now decided to combine the two products into one, called Binance Simple Earn. As the name suggests, it allows you to easily earn money on the cryptocurrencies you already own. In this article, we will explain in more detail what this feature is and how to use it. So, let’s get started!
What is Binance Simple Earn?
As we already mentioned, Binance Simple Earn is a product that was created from the combination of Binance Savings and Staking. It allows users to earn interest on their cryptocurrencies by depositing them. Investors can deposit their assets flexibly (with the ability to withdraw at any time) or with a lock-in period (withdrawal is possible, but then the user loses the earned interest).
A flexible deposit allows you to maintain liquidity when needed, but nevertheless offers a lower interest rate than a locked deposit. So, choosing the right product depends on the needs of the investor.
Prior to September 22, Binance offered similar opportunities through Flexible and Fixed Savings and staking. So why did it decide to combine these products? Because it seeks to simplify the entire process and thus improve the user experience. From now on, everything is on one page. Likewise for the distribution of rewards. They now come from a single source.
If you previously subscribed to one of the savings products, you have nothing to worry about. They will simply be automatically transferred to Binance Simple Earn and you will be able to manage them from that level.
How are rewards calculated in Binance Simple Earn?
Rewards in Binance Simple Earn are calculated according to a simple fomular, namely:
Rewards = your deposited assets*APR/365.
The result of this calculation is rounded down to 8 decimal places.
It is worth noting here that the annual return on investment is variable – for both flexible and locked products. This means that what you see initially when you subscribe does not necessarily correspond to the actual amount of rewards you will receive in your account.
It’s also worth noting that you won’t receive your first rewards from the time you subscribe until after midnight the following day. You will not earn anything on the day you start your subscription. Thereafter, rewards are calculated and transferred to your Spot wallet every day between 00:00 and 08:00 UTC.
It is also important to remember that Binance Simple Earn is loaded with limits. Why? Firstly, it is about fair distribution of rewards among all users. Secondly, Binance cares about the sustainability of its products.
Note: Simple Earn can adjust the subscription limits at its own discretion.
How to make money on Binance Simple Earn?
To make money on Binance Simple Earn, you first need an account on Binance. You can create one here. Follow the displayed instructions, and finally go through verification. If you register successfully, log in, hover your mouse over Earn and click Simple Earn. Alternatively, click here. You will be immediately taken to the right place.
Now you will see a window as in the image below:
To subscribe to a product, select the one you are interested in and the duration of the lock (or flexible option). Then click Subscribe.
Here you will see all the details of your subscription. You can also choose the automatic renewal option. Then the subscription will renew automatically after the expiration date. If you agree with everything, check the box on accepting the terms of service, and then click Confirm.
That’s it! Congratulations! You have just taken part in your first Binance Simple Earn subscription! From now on you will receive rewards to your spot account every day!