What is Binance? : how to make money with Cryptocurrency?
Making money online is one of the best ways to make money whiles you are sleeping, but choosing the right method of making those free cash could be very difficult.
For the past decades, cryptocurrency investment has been one of the greatest ways to make money online. Though there are numerous ways to make money online with cryptocurrency the public isn’t aware of them yet.
Cryptocurrency has produced a lot of billionaires and millionaires out there. The popularly known Alon Musk has generated fortunes from the crypto industry.
In this blog post, I’m going to share with you what cryptocurrency is, what Binance is, and how you can earn a fortune from Binance.
Before you step into the crypto ambient, make sure you understand the first 3 letters Which are; C.R.Y. Crypto is not for everyone and not a make money fast scheme. By: Godday Mayor.
What is Cryptocurrency?
Cryptocurrency is a decentralized asset that’s based on blockchain technology. Some of the most popular coins are Bitcoin, Ethereum, Litecoin and Dogecoin. Transactions with cryptocurrency are Peer-Peer (P2P) transaction that doesn’t involve any bank verification process. Meaning there’s no limitation to it.
To make money with cryptocurrency, you will need to trade with a well-trusted and verified exchange, where you can trade and store your coins without any fear of losing them.
In this tutorial, we are going to make use of Binance because it’s one of my favourite exchanges that’s globally known for its security and ease of use. One major reason I choose to use Binance is that, with Binance, you don’t need to have a bank account before trading with them, and they made buying crypto very easy, fast and secure.
What is Crypto Exchange?
A crypto exchange is a marketplace where you can buy, sell and store your assets. Some crypto exchanges do have lots of requirements whiles others don’t and from my Observation, Binance is the best.
As I already mentioned in the beginning that we are going to make use of Binance in his tutorial, is important you know more about Binance before we move on with how to make money with it.
What is Binance?
Binance is the world’s largest cryptocurrency marketplace in terms of the daily trading volume of coins. Binance was founded by Changpeng Zhao in July 2017 and registered on the Islands of Cayman.
How to Signup for Binance?
The Binance registration process varies depending on the device you are using. If you are on a mobile phone either android or IOS, you can find the Binance app on your Play Store or App Store. However, if you wish to install the desktop app as I use it often, then click here to Download it from the Binance Web, but if you want to signup on the web, kindly click here
To register on Binance, you are requested to present some information about yourself which are; An email, Phone Number and a valid Government-issued ID card, with all this ready, you can skip to the next else simply bookmark this page.
- Now head to Binance’s official website and click on the register button, the same process applies to mobile devices.
Or you can simply click here which will take you to the registration page directly.
- On the register page, you have two registering options which are through Email or Mobile number. Kindly choose your preferred option and continue.
Now enter your email address/phone number, create a strong password “make sure is what you can recall any time” enter a referral ID, you can use my ID to signup (307177791), however, is optional. Make sure to agree to the Terms of services and click on “CREATE ACCOUNT”
- After entering your details correctly as required, Binance will send you an email that consists of a link that will help you to activate your account within 30 minutes else you will have to request another. In some cases, the email may not arrive in your inbox so kindly check your spam folder.
- Congratulation, your finance account has been successfully created
- When money is involved, external security is also needed for the safety of your funds, and Binance has already set up for that. So when you hit on Go to Dashboard, Binance will then show a pop-up for you to add extra security to your account.
Due to security reasons, Binance wants everyone on their platform to verify their nationality and also confirm that they are real. Though you may be able to use Binance without the ID verification, recommend you verify your ID in other to bypass all Binance restrictions. Follow the linked video below in other to verify your ID easily.
Since you’ve created and verified your account, now we are done with the first title which was What is Binance?, and now, let’s move to the second section which is How to Make money with it?.
How to Make Money with Cryptocurrency ( Binance)
This is another great reason why I always recommend Binance to every crypto trader not because they are the best but because they meet up with most of your needs. So, Binance offers 10 ways in which you can make money with your crypto.
5 Ways to Make Money with Binance
- Flexible Saving – The flexible savings options helps you to accumulate interest and get rewards by staking in the world’s most popular coins which include Bitcoin, Ethereum, USDT and the official Binance chain network which is the BNB.
With this savings plan, you are allowed to redeem your returns on investment( Rewards) at any time.
Minimum Investment: No minimum
Fees: Zero fees.
ROI Distribution: Daily
Risk Level: 100% risk-free, your capital is guaranteed.
- Fixed Savings – This is just the opposite of that of Flexible Savings, but in this case, the savings period is from 7 – 90 days.
Your coins will be locked depending on the time you wish, your tokens will be increasing during that period and can’t be redeemed till the lock-up period is over.
Minimum Investment: $100
Fees: 0% Fees
Anual Percentage Yield ( APY ): Dynamic APY (5-15%)
Distribution: Daily Risk Level: 100% risk-free.
- BNB Vault– This is my favourite investing option because it helps me to multiply my unused BNB coin that is in my Binance wallet.
The BNB vault aggregator combines the best Defi staking, savings and Launchpool staking to give you the best Return On Investment ( ROI ). Watch my step-by-step guide on how to invest with the BNB vault below.
- Launchpool – This earning feature enables you to stake your BTC, BUSD, BNB and other assets in other to receive newly tokens that are listed on Binance.
Minimum investment: Depends on the individual pool offers. Fees: 0% fees.
APY: Dynamic APY.
Distribution: Manual redemption.
Risk Level: Capital earning is guaranteed.
- Arbitrage – This is the act of trading assets on different markets and profiting from the little price difference between the two exchanges or simply within a single exchange such as Binance. To start an arbitrage trade, here are a few steps you should follow;
Find cryptocurrency available on the Binance spot and also on the P2P market.
Go through each token till you get a profitable price difference, once you’ve got a profitable price range, the next step is to buy low and sell high.
However, this can also be done between 2 exchanges, some exchanges have a very high selling price and low buying price. When you are able to identify this slight difference, all you do is buy from a lower exchange and sell on the exchange with the highest rate.
For a better understanding of your trading profit, I have arranged an arbitrage calculator that will help you know what you stand to profit for each trade. Click here to download it.
For more ways to make money on Binance, you can follow this link.
Here are a few more articles that will show you how to make money online.
There are still other method of making money with Binance, which is the binance affiliate program where you earn 50% commssion from the people your reffered to binance.
You can check this post here: How To Become Binance Affiliate Partner and Make Money
Before any further statements, I would want you to know that I’m not a financial adviser and everything I stated in this article are honest and experienced review from me. I make sure to test anything before recommending it to my audience in other to make sure their funds are safe.
There are really more ways to make money with finance either through crypto or fiat.
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This post contains affiliate links.