While cryptocurrency investors conventionally made money from their assets by holding on to them until their price rises so that they can later sell them at a profit, there are other ways you could earn from these assets. One of the ways to make money from your Binance coin is to deposit it with reliable platforms and let your BNB earn interest at the rate you agreed with the platform.
How to benefit from Binance interest rate
The Binance Exchange, the originator of the Binance coin, has many innovative products. One of them is the interest-earning service, where Binance pays interest on the currencies that investors deposit with them. This means you can get paid at an impressive BNB saving interest rate on the crypto assets deposited on the platform in the same way you earn interest on your fiat savings in a conventional saving account with a bank. Other exchanges like YouHodler also offer interest-earning products and have different features.
How Binance interest rate works
To enjoy BNB coin interest payouts at the rate you agreed, or was fixed by a crypto exchange, there are two options you can pursue. You may choose to get a Binance interest rate on a flexible basis, or you lock the coins in a savings account for a fixed duration.
Flexible savings account
When you choose a flexible saving account as a way to earn interest from BNB, you deposit your digital assets into a savings account with a platform like Binance exchange or YouHodler, and you will be paid interest provided you keep your coins there. The most significant advantage of this plan is that you can access or withdraw your digital assets any time you wish. This means that your investment is 100% convertible to cash.
The option is a good choice for those investors who like to earn interest on their cryptocurrency holdings but also want quick access to the assets as and when an opportunity arises. However, the access may not work for you if you want to react quickly to an unexpected or brief market event, say a significant dip lasting a few hours. It works for planned trades because you can access the funds the next day after your request to withdraw them.
Locked savings account
Unlike the flexible savings account, the locked savings option needs you to lock your digital assets for a fixed duration. Typically, the available durations to lock digital assets are 7 days, 14 days,30 days, and 90 days. You need to choose your duration carefully because after selecting the period over which you want to lock your assets, you have to wait for the period to end to receive them back.
Besides, locking Binance coin, another popular coin that investors deposit in the fixed duration accounts is the Tether (USDT) and earn interest from the USDT locked savings.
Reasons to choose YouHodler to earn Binance interest
Among the various platforms where you can make Binance interest work for you to get returns on your Binance coin saving, YouHodler is the best because they value customer satisfaction and convenience. Here are some impressive features of the Binance interest-earning savings account with YouHodler:
· Low deposit and withdrawal fees – the platform does not penalize you for accessing your assets, and lets you deposit and withdraw them at nearly zero fees
· Low minimum deposit- you can earn interest with as low as 50 Binance.
· 24/7 funds access – you have round the clock access to your Binance coins in the YouHodler account.
You do not have to keep your Binance idle without giving you any returns because you can deposit them in a savings account with a reliable exchange like YouHodler and enjoy an impressive Binance interest rate. However, you need to do your homework well before depositing your funds on any platform to be sure you are dealing with a legit exchange, or else you could lose your investment.
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