One of the biggest platforms for the cryptocurrency ecosystem is Binance. It is a crypto exchange platform with a wallet feature for you to send and receive crypto to and from other wallets. With the Binance platform, you can do different things with your cryptocurrency. You can even use it to fund a sports betting account to place bets on the point spreads market.
Other than that, there are other things you can do with Binance. If you’re a newbie, there is a whole Binance Academy platform to help you learn how you can get started with cryptocurrency. In addition, you can also learn how to make more money with your crypto on the Binance ecosystem. In that case, these are the different ways to earn extra with bitcoin on the Binance system.
One of the best ways to earn money on the platform is through the Binance Earn feature. In this case, there are different options you can pick from, depending on your risk level. If you’re new to the crypto world and want to buy and hold for some time simply, you might want to go for the low-risk options like the Binance Vault.
There are the Guaranteed options like the BNB Vault, Locked Staking, Launchpool, Savings, and the newly added, Auto-Invest feature, which is perfect for beginners. Although these are low-yield return options, your coin would not be at any risk. If you want a more high yield option, there are the Dual Investment, Liquidity Farming, and the DeFi Staking options.
Each of these options comes with some risks. However, you can get an APY return of up to 125% with the Dual Investment option. With Liquidity Farming, you can enjoy up to 40% return on your investment, depending on your level of risk. Meanwhile, the DeFi Staking feature offers the least risky option, and with this option, you can earn up to 13% APY.
If you have the heart for high risk, high return investment, futures trading is the way to go. But if you are new to the crypto world, we would advise that you don’t jump into this just yet. Futures trading is similar to when to trade currency pairs on the forex market. And if you’ve ever had an encounter with that kind of investment, you should know the risks involved.
Before you decide to trade futures, you should know what it entails, develop a strategy, and ensure that you are trading more money than you can afford to lose. Unlike the forex market, crypto is very unstable. Therefore, predicting the movement might be tough, especially for new coins and those that don’t have a specific backing or ecosystem.
Futures trading, when done right, can help you grow your $100 to thousands of dollars. However, you can lose it all in a blink of an eye. Therefore, you should understand the high-level risk involved before jumping into this earning feature.
It is much less risky than futures trading, and it does not promise a massive return on investment. Spot trading is also not easy to start for newbies because of the technicalities involved. Therefore, you should take the time to learn about the different areas and how you can get started. Fortunately, Binance has a special training guide to help you understand Spot Trading.
You should know that you need to have crypto in your spot wallet before you can start spot trading. Once you buy the crypto you want, you can move the money from Funding to Spot from the Transfer page. Make sure you use the Flip tag to set the “To” field to Spot and the “From” field to Funding before initiating the transaction.
Recently, Binance launched its proprietary NFT marketplace for creators and collectors to start creating, buying, and selling non-fungible tokens for digital currency. So, if you want to enter the NFT game, the marketplace is a perfect spot for you to begin. They give a detailed description of the available NFTs, and you can also learn how to create an NFT to list on the marketplace.
Once you do that, you can earn extra bucks creating and flipping NFTs. The good thing is that buyers outside the Binance ecosystem can also get in on the action, although transactions are validated with BUSD instead of SOL or ETH, which are the popular options for most NFT listings.
Binance has the crypto space on lockdown, and it is a perfect spot for newbies who want the full crypto experience, and thanks to the Binance Academy, it is not hard to get started. If this sounds interesting to you, make the trip to the platform to check it out.