Did you know that there is a more efficient, safer, and easier way to generate income from cryptocurrencies? In this article, learn how you can earn money with crypto using Binance Earn and cash out with Binance P2P.
There are many ways to earn money with crypto, but one of the simplest ways involves using the Binance P2P product in tandem with Binance Earn.
Binance P2P lets users buy and sell cryptocurrencies directly with other users, while Binance Earn allows new and experienced crypto users to easily earn money on their existing crypto assets.
There are many ways to generate passive income with Binance Earn, from savings products with flexible and locked terms to more advanced products including DeFi staking, automated market makers (AMMs) and more.
Binance users can transfer crypto assets from Binance Earn to Binance P2P and sell their crypto assets easily in exchange for their preferred local currency.
Many venture into the much-hyped and tempting world of cryptocurrencies in hopes of making some money. Users just starting their crypto journey are faced with a barrage of offers from companies promoting easy income generating opportunities that seem highly effective—at first glance.
There are many ways to earn small amounts of cryptocurrencies, including airdrops, contests, sales rounds, bug hunts, sign up promotions, and more. However, most of the more profitable practices like trading, interest earning products, or mining often have a higher barrier of entry and may seem complicated and inaccessible for crypto novices.
Though many of the financial mechanisms within DeFi space are risky and often bear minimal returns, there is a more efficient, safer, and easier way of generating income from cryptocurrencies. The Binance P2P exchange provides crypto users with the opportunity to earn crypto rewards from Binance Earn.
This article will help explain the interface and how the products provided by Binance work. But first, let’s take a closer look at what Binance P2P is and what it has to offer.
What Is Binance P2P?
Binance P2P is a cryptocurrency exchange that has won the trust of millions of users. P2P stands for “peer-to-peer”, meaning that the trading process takes place directly between the buying and selling parties. There is no need to engage any third-parties for mediation since their role is assumed by the exchange itself, which ensures the safe conduct of every transaction. Users are protected from fraud by the platform’s mechanisms, which will not conduct any transaction until both parties confirm that its underlying terms have been met.
The process is similar to that of an exchange, where users give away a certain currency and receive another in exchange. But how does this work in practice?
It’s actually very simple and reminiscent of any real-world over-the-counter transaction. You post your offer and set the main parameters, including the amount, price, and method of payment. The buyer accepts your offer and the funds in your wallet are temporarily frozen. The transaction is registered by the platform, and the buyer must complete the payment within a certain period of time. The platform then confirms the payment, which releases the frozen assets from custody and deposits them into the buyer’s account.
During this process, the Binance P2P platform takes on a minimum role, which results in a significant reduction of commission fees (down to zero!), but at the same time providing users with a high degree of protection from dishonest buyers and sellers.
Binance P2P is available in more than 180 countries, allowing users from all over the world to trade cryptocurrencies safely and quickly with minimal fees involved. In addition, Binance P2P supports a huge number of currencies and digital assets to meet users’ needs.
What Is Binance Earn?
Binance Earn allows users to save and grow the value of their crypto assets without requiring much time, effort, and in-depth knowledge. This method of passive income opportunity allows users to profit from not only HODLing but also growing it.
There are several ways to generate income using Binance Earn. Let’s take a look at each of them separately.
Flexible Savings. This method involves receiving interest rewards just for keeping funds in a wallet. If the user suddenly changes their mind, they can withdraw the deposit at any time. Not a bad option if one has a temporarily idle amount of money.
Locked Savings. This method is similar to Flexible Savings but differs by offering a higher interest rate and limited access to the frozen assets. In this case, the funds are blocked for a specific period of time, usually from 7 to 90 days, during which the funds will not be made available for use.
Activities. These are events and offers that are valid for a limited period of time. They are often more profitable than holding locked savings, but require users to keep an eye out for them so as not to miss the opportunity.
Locked Staking. This method is similar to Locked Savings, but offers rewards in exchange for staking crypto. Staking some coins gives more flexibility in managing staked crypto, as Locked Staking releases user funds after 48-72 hours. Read more on How to Use Locked Staking.
Launchpool. This is a platform for mining new tokens that are launched on the exchange. Users can send their funds to the pool to mine a new token, thus financing their launch. The invested assets are blocked, but users do not lose control of them and can withdraw them at any time.
Dual investment. This method allows users to be exposed to two currencies, in exchange for a significantly higher yield in a short amount of time. Users have the flexibility to choose desired strike price, APY, and deposit duration. The return will be in one currency or another, depending on the conditions.
Binance Liquid Swap. This tool gives users the opportunity to become an Automated Market Maker (AMM) by depositing tokens, thus providing liquidity, and receiving interest on the exchange of the tokens.
BNB Vault. A safe and hassle-free tool for users who do not want to get into any of the complexities of figuring out crypto asset strategies. This aggregator combines all the methods described above to generate income.
All you need to start earning is to buy the tokens you need using Binance P2P, and then send them to Binance Earn. And that’s that.
How To Buy Tokens Using Local Currencies On Binance P2P
There are several ways to buy cryptocurrencies on Binance. Follow these instructions if you want to buy tokens with USD.
Visit the Binance homepage. If you are already registered on the exchange, just log into your account and go directly to step 4. If you don’t have an account, click on the “Register” button.
Enter your email address and create a secure password. Then read the license agreement and click on “Register”.
Now you need to verify your identity and set up a convenient payment method.
Click on “Buy Crypto” and then on the “P2P Trading” button.
Click on the “Buy” button, then select the coin you are interested in. Set the values you need in the “Price” and “Payment” filters. After the list of offers appears on the screen, select the desired offer and click on “Buy”.
Enter the amount in the original currency or the desired amount of crypto and click on “Buy”.
The details of the operation will appear on the screen. Confirm the amount and method of payment.
The seller completes his end of the deal and the transaction is completed.
Watch the following video tutorials for more information:
As you can see, Binance P2P is very simple to use. In case of any unforeseen circumstances or questions about the transaction, you can use the chat window to communicate directly with the buyer. If you want to buy cryptocurrencies using a credit card, you need to go back to step 4 and select “Credit / Debit Card”.
Next, enter the amount of fiat you want to spend on the purchase, and the system will automatically calculate the number of tokens you can buy. Then click on “Add New Card”.
Next, enter your card details and billing address, then confirm the information. You will be redirected to your bank page to complete the payment. Just follow the instructions there.
How To Transfer Assets From a P2P Wallet To a Spot Wallet
In some circumstances, you may want to trade on a traditional cryptocurrency exchange. To transfer your funds from Binance P2P to Binance’s cryptocurrency exchange, you’ll need to move your funds from your P2P wallet to your Spot wallet.
The term “Spot” comes from “Spot Markets”, which are markets where financial assets can be traded for immediate delivery—or “on the spot”. Most mainstream exchanges connect buyers and sellers to Spot markets by default. Your aptly named Spot wallet stores the funds you can use to trade on Binance’s spot markets.
The first way to transfer your tokens from a P2P wallet to a Spot wallet is the easiest. When you purchase some tokens, a corresponding button will appear on your screen. However, if you don’t take advantage of this opportunity, you will need to perform several actions to transfer your money at a later time.
1. On the top navigation bar, tap the “P2P” button.
2. Select the coin you want to transfer from the list of assets that appears on screen and tap “Transfer”.
3. Select “Spot Wallet” in the upper right field and enter the transfer amount. Tap “Confirm Transfer”.
4. Verify the amount transferred to your spot wallet by going to the “Fiat And Spot” tab.
Navigating The Binance Earn Wallet
To open your wallet, visit the Binance home page and click on the “Wallet” button on the top navigation bar.
On the next page, you’ll see the various account types on the left panel. Open the “Spot Account” tab to see your total Spot wallet balance. If you want to see all the ways you can buy and sell tokens with fiat currency, select the “P2P Account”. There is also a “Pool Account” and “Savings Account” tab. You can also view your transaction history and futures and margins statistics there.
Visit the “Savings Account” tab to see your Earn wallet. Here, you can view the statistics of your rewards for a certain time in dollars and tokens and monitor all active assets. The “Flexibles” button allows you to see all token assets that are available for use. The “Locked” tab displays your funds that are locked in pools or on deposits, while the “Activities” tab allows you to check current offers and potential yields.
How To Earn Interest On Your Crypto Assets And Cash Out With Binance P2P
To redeem and withdraw funds from your wallet, click on the “Wallet” and then on the “Earn”. Select the desired coin from the list of available assets and click on the “Redeem” button on the right side of the page. The operation will be launched instantly and the funds will be transferred shortly to your “Spot” wallet. To cash out the crypto, transfer it to the “P2P” wallet to sell it to other crypto users.
To learn more:
(Video Support) How to Sell Cryptocurrency on Binance P2P (App)?
(Video Support) How to sell crypto on Binance P2P using Lite Mode
(Video Support) How to use P2P Express Zone to sell crypto?
Binance Earn provides many flexible tools for generating passive income. Beginners will find it easy to get accustomed to the platform’s intuitive interface in no time. If you are looking for ways of generating some returns on your cryptocurrency holdings, you now know where to find them.