Binance is a great platform and as such brings to users many opportunities to make extra money.
Chances are that you've heard of Trading and Hodling which are the two most common ways
crypto enthusiast use in making money. What many people don't know are other ways of putting
your coins to work while doing little or no work yourself.
Here in this article, we will look at 5 ways to make money on Binance including Trading (for
those that are not sure of what it is).
Before we dive in, let’s make this clear: these methods come with their respective risk but as
they say "No risk no gain" on the other hand you won't find so many better-managed risk
in life trying to make money as the ones available to crypto investors.
With that said, it’s advised to use money set aside for such investments as the returns may not
come when expected and sometimes things may go south.
Ok now, let’s explore different ways of making money on Binance:
1) Trading. It's simple like conventional businesses one buys crypto at a certain price and sells
when the price appreciates. We have Day trading and Future trading. The former seems to turn
better profit since it spans within hours while the latter takes longer and may not be as profitable
as the former.
2) Growing stable coins. Through the Binance Liquid Swap, one can earn dividends when assets
are been exchanged and slippage occurs. The dividend is a result of the interest generated from
joining the liquidity pool which minimizes slippage.
3. Token Farming. Another Binance product is the Binance Launch Pool. By depositing BNB
into a liquidity pool one is rewarded crypto token from newly launched projects and it’s called
4. Binance Staking. Binance runs the proof-of-stake system to reward users who store their
crypto on Binance.
5. Binance Card Cashback. Binance rewards you for using their card to make purchases. Though
the card is not available for all, a large part of Europe can access it and it’s worth using given the
benefits. You can read a review of the Binance card here to know about it.
The above features are simple concepts and won’t take long to understand. If you know how to
buy coins on Binance then you can pick a feature and invest in it.
Remember, most times the rewards are not fixed. Invest carefully.