Binance & first steps to earn $

4 min readJan 12, 2022

Do you already have a Binance account?

No:
Maybe you wont to get one, especially if you plan to interact with toekns on the Binance Smart Chain (BSC / BEP20).

Yes:
You may have crypto assets in your wallet there.
You are ready and set to read on.

So you have a Binance account — already some crypto on there?

No:
Well, why the hell do you have a Binance account ;)

Yes:
Ok fun aside if you have the account ready and some crypto tokens in it then I recommend to check out the “Savings” possibilities and start in particular with looking at the “Flexible Savings”.

The reason for this is simple: you may get a daily interest without losing any flexibility to use your tokens. Why not spend the time to make a few clicks to earn some money based on the tokens you keep in your Binance wallet?!

As always:
First Do Your Own Research (DYOR) and make sure you understand what you are doing not offering financial advice here, just education and peronal opinion…
Finally put your knowledge to action and how that looks like I share in the last section. You will be surprised as it is done with less than 10 clicks!

Phase 1 — DYOR

What are Flexible Savings products?

Flexible Savings is a Binance financial product that allows users to lend and earn interest. Each user can lend their idle crypto assets to Binance Margin and begin making returns.

Flexible Savings acts as your Crypto savings account. Simply designate your held crypto as loanable to begin earning interest. The scheme is flexible and allows you to redeem your funds at any time. After withdrawing your loaned funds, you will receive a total amount that includes daily interest in real-time funds credit.

What are the terms of Flexible Savings products?

Average annual return: The average annual return (AAR) uses the average daily interest rate from the past 7 days, multiplied by 365. It is a reference to the daily interest you are entitled to, but does not necessarily equal the exact interest rate you will receive. It uses past performance to predict future earnings, so there is always a margin of error involved.

Interest per thousand: The daily interest per thousand coins/tokens of a particular asset based on the latest daily interest rate.

Subscription and redemption

Flexible Savings can be subscribed to and redeemed at any time. Your funds are then credited in real-time. There’s no waiting period to deal with.
The time frame for subscription and redemption is open from 00:10–23:50(UTC) every day.
Interest is calculated from the day after you subscribe. Your day of subscription is not calculated. Your interest earned can only be distributed two days after subscribing.
On the day of subscription, you can choose between fast redemption or standard redemption to redeem your assets.
For standard redemptions, the full amount will be returned on the second day after redeeming at 00:00 AM (UTC). This also includes your earned interest. Any delay in funds credited may be due to the interest calculation process, as the day of redemption is included in the interest calculation period.
For fast redemptions, you will receive the full amount of your digital assets back on the day of redemption without interest.

Automatic Subscription

The automatic subscription function can be enabled on the Flexible Savings page.
If the function is turned on, the system will transfer all total available assets from the user’s spot wallet to their savings wallet automatically from 02:00 AM (UTC).
When automatic subscription is enabled, the system will estimate whether the total flexible product quota has exceeded the individual cap. The subscription of any exceeding parts will be canceled automatically.

This and some more details and a video can be found here: