According to the Central Bank, in 2023, one in five Russians will invest in cryptocurrencies. Many buy assets on Binance. This is the largest cryptocurrency exchange with a large pool of profitable instruments. The Binance platform is focused on experienced traders and beginners. Users can invest on the spot, trade futures, buy new coins on Launchpad. Employees of the educational platform belonging to the exchange explain in detail how to earn on Binance for beginners without investment. For example, you can attract new clients and participate in airdrops.
How you can earn on Binance in 2024
After its launch in 2017, the exchange quickly became a leader in trading volumes. In 2023, the site still tops the ranking of trading platforms. It will not be possible to earn quickly on Binance from scratch. However, there are many ways to increase the deposit with minimal investment:
- Trading. You can trade on the spot, leveraged and futures market. The last 2 ways allow you to increase your deposit quickly.
- P2P arbitrage. The exchange rate of coins to fiat differs on different platforms. Traders are looking for profitable bundles. It is possible to get up to 10% profit per round.
- Staking. It is possible to block assets in the PoS protocol for a fee.
- NFT. Investors sell and buy collections of digital items on the marketplace. You can also create your own objects.
- Investing in new projects. On Launchpad you can invest in early-stage cryptocurrencies, on Launchpool you can get tokens for free for staking BNB, BUSD, TUSD.
- Cloud mining. You don’t need to buy equipment to earn money. It is enough to choose a contract. You can invest any amount.
- Contests. The exchange pays rewards for active trading. To earn more, traders join teams.
Spot trading
This is one of the ways of earning money for beginners. Unlike margin trading (on borrowed funds), a trader uses his own money. Therefore, there is no risk of forced liquidation of positions. This allows you to “sit out” any drawdown. Some cryptocurrencies can grow by 300-500% in the short term (up to 2-5 months) and 10-20 times over a long distance.
It is better not to invest all the funds in one coin, even if it seems that the project is definitely waiting for success. The asset may “fail” at launch, and then the investor will lose all the money. Portfolio investments make it possible to compensate for the loss at the expense of profits from other transactions.
Coins are divided into categories (taking into account the type and degree of risk). The top cryptocurrencies (Bitcoin, Ethereum) are considered the most reliable, and the least reliable are meme ones, behind which there is no fundamental idea. In balanced portfolios, the proportion of risky assets is small. The table contains variants of cryptocurrency proportions.
| Asset | Share (%) |
|---|---|
Futures trading
These are contracts to buy or sell an asset in the future at a fixed price in advance, regardless of the exchange rate. To buy a futures contract, it is not necessary to deposit the whole amount, a part (10-20%) is enough. The peculiarity of the contract is that the user does not own coins. Assets cannot be transferred to an external wallet or placed in staking. The investor only receives income or loss from changes in the exchange rate.
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The largest crypto exchange where you can quickly and safely start your journey in the world of cryptocurrencies. The platform offers hundreds of popular assets, low commissions and advanced tools for trading and investing. Easy registration, high speed of transactions and reliable protection of funds make Binance a great choice for traders of any level!
Due to the use of leverage, it is possible to quickly accelerate the deposit even on intraday fluctuations. For example, a trader uses a lot volume of 5% of the account and takes a leverage of 20. So, if the price moves by 3%, he will earn 60% of the position and 3% of the deposit. You can make up to 10 such trades per day.
It should be remembered that if the price goes against the position, the deposit will also quickly decrease. If it falls below the critical mark, the broker will liquidate the deal. Therefore, it is worth putting a stop loss and choosing a suitable way to calculate the security. On the Binance platform, such options are available:
- Cross-margin. Positions on all assets are taken into account. With the correct selection of volume and direction, negative trades are compensated by profit from the rest. However, in case of force majeure on one coin, all orders will be liquidated.
- Isolated margin. Positions for each coin are calculated separately. To avoid margin call, the trader can add money from the main account.
P2P arbitrage
Cryptocurrency is exchanged for fiat on hundreds of platforms. Coins can be withdrawn to cards, EPS in national money. The difference between the rates on the platforms can be up to 10%. This is used by arbitrageurs. Profitable bundles are searched manually or with the help of screener programs.
In the first case, you can make up to 15 transactions per day. With the growth of volumes, traders connect bots. With the help of programs, you can earn 10-15% per day. Binance P2P is one of the most liquid platforms. Therefore, arbitrageurs use it in bundles. The scheme of earning on Binance on cryptocurrency conversion:
- Add several exchanges (CEX and DEX) to the screener.
- Buy a coin at a rate cheaper than on the Binance platform.
- Transfer the asset to Binance and convert to rubles.
- Repeat the operation until the efficiency disappears.
Investing
Holding is holding cryptoassets for a long period of time with the expectation of multiple growth. Investors can apply the strategy along with staking or depositing coins on Binance. However, it is considered safer to hold assets that are not expected to sell in the near future in non-custodial wallets (Trust Wallet, Binance Wallet).
On the Binance exchange, you can use the “Autoinvestment” function. When setting it up, the client specifies the coin, amount and frequency of purchase. Transactions will be performed at the expense of funds on the balance until the plan is canceled.
Earnings from listing new tokens
The Binance platform has serious requirements for projects that wish to be placed on it. One has to provide a roadmap, development plan and technical document, and have a strong community. Users trust coins that have been listed more. Such assets can grow hundreds of percent after launch. For example, in February 2021, the SFP token went up 1800% in a minute.
Some traders buy assets on other platforms, wait for placement on the Binance exchange and sell them with a good profit.
Simple Earn
Investors can additionally earn on coins that they plan to hold for a long time. The Binance exchange pays from 1 to 50% per annum for blockchain. The deposit starts working immediately after placement. Current plans:
- Fixed term. It is offered to choose the period – from 7 to 90 days. In case of early storage, the listed interest is deducted. The user receives only the original amount.
- Flexible terms. Rates on such products do not exceed 2-10%. The offer is suitable for traders who are looking for a point to fix profits. You can withdraw money at any time – the client will receive the deposit and the listed interest. Income for an incomplete period will be withheld.
DeFi-stacking
Clients of the Binance exchange can blockchain cryptocurrency for a fee in decentralized projects. According to DefiLlama, there are more than 2.7 thousand applications on the market in 2023. Most dApps are powered by Ethereum, BSC, Polygon, Near, Solana. It is difficult for novice users to figure out which project to invest in and how to do it. Binance acts as an aggregator of the most profitable and reliable applications.
In August 2023, 9 projects are available in the DeFi-staking section. Income is transferred to the exchange account. Network commissions are paid by the Binance platform.
BNB Vault
The exchange rewards users for storing a native token. With the help of the BNB Vault tool, Binance Coin holders receive income in several sections at once – Launchpool, Simple Earn. At the same time, a subscription to all available tools is automatically issued in accordance with the terms of the offer. Income begins to arrive the next day after registration. You can withdraw money at any time – accrued rewards are not deducted.
Steaking
Classic cryptocurrency mining (mining) requires a lot of electricity. Therefore, more and more projects are switching to the Proof-of-Stake (PoS) algorithm, which allows holders to steak coins. Validators process transactions and create blocks in exchange for rewards. To get involved, you need to buy a powerful server and block a large volume of coins. For example, for Ethereum, this is 32 ETH. Investors with small deposits delegate assets to large validators.
Such a service is offered by the Binance exchange. Staking is an easy way to earn money for dummies. You can place any amount and receive daily income to the account. There are no network commissions to pay.
However, it will not be possible to withdraw coins from the PoS protocol quickly – the deposit will return to the balance in 5 days or later after the creation of the application. The term depends on the blockchain.
For example, according to the rules of the Cosmos network, coins are returned after 21 days. During this time, the client does not receive income.
Farming
Liquid Swap tool works similarly to liquidity pools in dApps. To receive increased income, you need to block 2 coins in equal proportions. You can also add one to the pool, in which case the algorithm will automatically perform the swap. A commission is charged for the operation, large slippages are possible. Therefore, it is better to change assets independently through the Swap service. Fees in it are lower than in the trading terminal of the exchange. Cashback is also paid – 35% in BNB tokens.
Income in farming is accrued every hour, no network fees are paid. The user can add liquidity or close a position fully/partially at any time.
Launchpad
This is a platform for launching tokens through IEO (initial exchange offerings). After placement on the largest crypto exchange, new projects can grow by hundreds of percent. To participate, you need to read the announcement and submit a purchase request in advance. Settlements take place in BNB.
The available allocation is determined for each participant. It depends on the ratio of the current balance of BNB to the total (the sum of accounts of all users). A participant can specify the number of coins to buy within the limit. After allocation BNB will be debited from the account, and new ones will appear on the spot wallet.
Launchpool
On the platform, BNB, BUSD, TUSD stakers receive additional incentives. In addition to the usual rewards, you can actually make money on the Binance exchange in the form of tokens of new projects. Not all of the assets become successful. However, you can get them for free for holding BNB, BUSD or TUSD. Instructions:
- Buy BNB, TUSD or BUSD on the spot.
- Go to the Launchpool platform.
- Select a pool. Click on the “Add Assets” button.
- Enter the amount of cryptocurrency.
- Click on “Staking”.
- Confirm the transaction.
Cloud Mining
Mining Pool Binance has been operating since 2020. The service is among the top 5 sites with the maximum bitcoin hashrate. To connect to the pool, you will have to buy, place equipment and maintain it. BTC is mined only on ASICs. LTC, ETC, ETHW are mined on video cards. To start earning on Binance every day, you will have to invest at least 500 thousand rubles.
In 2022, the Binance exchange launched an alternative to classic mining – a cloud service. Users can buy any amount of computing power and receive income. Accruals are received daily on the spot wallet, network commission does not need to pay. Earnings can be tracked in the “Income History” section. Instructions for starting mining:
- Log in to your account, then go to the Mining Pool section.
- Select Cloud Mining.
- Familiarize yourself with the available contracts. In the calculator you can calculate the potential profit.
- Select a contract. The purchase is available from Tuesday through Thursday.
- Click on the “Confirm” button.
Slot Auctions
The exchange offers customers to participate in the selection of Polkadot parachains. Each vote consists of several stages and lasts for a month. Participants receive bonuses.
The Polkadot blockchain is the base on which other projects run chains. These second-level networks run in parallel and are called parachains. The number of available spots (slots) is limited, so candidates (developers) participate in an auction. Winners can rent cells for 3 months (maximum 96 weeks). This is done to weed out unpromising platforms. To support an interesting idea, exchange customers vote. The instructions are as follows:
- Open the “Slot Auctions” section.
- Select a pool.
- Place DOT tokens in the steaking.
If the project received a slot, the bid in Polkadot is blocked for 96 weeks. The Binance platform will distribute rewards to participants according to the schedule. Users will receive payments and bonuses from the developers of the parachain.
Not all tokens can be withdrawn from the exchange. New projects do not yet work in the main chain, the function will be available after the launch. Instead of the blocked DOT, the BDOT token will appear on the balance. The derivative asset can be used in dApps and exchanged for DOT after the end of staking.
If the project does not gain the required number of votes, Polkadot tokens will return to the balance within 3 days. Participants will only receive rewards from the Binance platform.
NFT
The marketplace on the exchange appeared in 2021. Since then, customers can create digital items and trade them. Access to NFT minting (issuing) is granted to users with 10 or more subscribers on Binance NFT. The following options are open to everyone:
- Participation in the initial INO offer. This is a chance to get an exclusive piece of work for a relatively small price. It can then be sold at a higher price.
- Placing objects in NFT-Fi. Non-mutualizable tokens act as collateral for loans. They can also be locked in staking.
NFTs are bought and sold for BNB, ETH, and MATIC. Transaction Guide:
- Go to marketplace.
- Apply filters to search for a token.
- Click on Buy Now.
The last button is placed near the offer to buy.
Earnings from contests
The exchange regularly holds interactive events for customers. You can find out about the current promotions on the official website. To participate, you just need to select an offer and click on the start button. The terms of contests can be as follows:
- Perform the largest volume of transactions on a certain pair.
- Participate in a team competition of traders in terms of profitability.
- Show the best profit/loss ratio. Team leaders receive additional bonuses.
Airdrops
In August 2023, there are more than 1,500 cryptocurrencies listed on the exchange. Periodically, for marketing purposes, projects hold free coin giveaways. These can be new assets or hardforks of existing ones.
To get airdrops, you usually need to keep a certain amount of native tokens of top networks (ETH, TRX and others) on the spot wallet.
How to earn on Binance without investments
Clients of the exchange receive rewards for attracting users to the platform. You can create a link in the Refferal section. Remuneration is received by both parties:
- Referrals are credited with cashback on trading commissions.
- Partners receive 20-40% of the company’s profit from newcomers’ trades.
When creating a link, the client chooses a discount on the commission for referrals – it is deducted from the profit. For example, if the rate is 20%, you can take all the accruals for yourself or offer your invitees to share the income (10/10, 15/5). The percentage of remuneration depends on the user’s BNB position. To receive 40% of affiliate deductions, you need to have 500 native coins on your balance.
The referral code must be entered when registering on the platform or when logging into the futures terminal for the first time. Accruals from spot and futures markets are received separately. If the invitee has not activated futures trading, there will be no payouts in this section. When a new client deposits $50 or more into the account for the first time, both parties will receive a coupon to offset the trading commission by $100. The bonus is one-time.
How to start earning on Binance exchange
Binance is the largest international CEX with licenses in different countries. The platform offers equal working conditions for all customers. To get started, you will need to:
- Create a personal account. You can use your mobile number, e-mail, Google and Apple accounts.
- Pass KYC. For the minimum status you need a passport photo and selfies.
- Refill the account. Users from Russia can not deposit money from cards. Available ways are transferring coins from other wallets and buying cryptocurrency on P2P.
- Make transactions according to the chosen strategy. You can combine several methods.
Registration
You can create an account on the website of the exchange, in the mobile and desktop applications. The instructions are as follows:
- Click on the “Registration” button on the home page.
- Choose a method – email, cell phone, Google/Apple account.
- Enter your login and think of a password.
- Add a second method of login confirmation.
Security parameters can be changed in the settings. It is worth adding the confirmation of operations using Google Authenticator (SMS delivery may cause malfunctions). In the mobile application it is better to connect the login by biometrics.
Account verification
It is impossible to trade anonymously on the Binance platform. There are 3 levels of access for transactions:
- “Basic”. A photo of a state-issued document (passport, driver’s license, ID-card) and selfies are required. After changing the status, you will have access to all sections of the site. You can withdraw up to $50 in fiat and $8 million in cryptocurrency per day.
- “The Plus. Additionally, you need to upload a snapshot of a certificate to confirm the place of residence – a rental agreement or a housing and utilities receipt. After passing the verification, the daily withdrawal limit in fiat will be increased to $2 million.
- “Extended”. It is necessary to specify the source of income and provide scanned copies of supporting documents. Limits will be increased based on the results of verification.
Making a deposit
In 2022, the exchange suspended the replenishment of accounts in rubles. Russians can make a deposit in these ways:
- Direct transfer from EPS (Payeer, Advcash). To do this, you need to click on “Deposit EUR” on the main screen. Then it is worth changing the fiat currency to rubles, select a wallet and complete the operation on the EPS site.
- P2P service. On the peer-to-peer platform, transactions take place between users, so commissions do not exceed 1%. The Binance platform acts as a guarantor of the honesty of counterparties. For the duration of the transaction, the cryptocurrency is blocked on the escrow account. The buyer transfers rubles to the card or EPS of the seller and after confirmation receives USDT, BTC, BUSD on the balance.
- Crypto transfer. The address for replenishment can be obtained in the “Wallets” menu. To do this, you need to click on the “Deposit” button, select the coin and the network. The commission for depositing is not charged, only the fees to miners (validators) are paid.
Determining how to earn money
When choosing profitable instruments, you need to take into account experience, the amount of free time and risk tolerance. Beginners should start by investing on spot and at the same time learn to understand new projects. Some cryptocurrencies can be obtained for free for performing simple tasks and holding top coins. It is not worth chasing big profits and buying illiquid assets. It is better to start with cryptocurrencies that will definitely be traded in a year. After that, you can add a small share of promising assets to the portfolio. At the same time, it is worth using tools for passive earnings:
- Deposits
- Steaking
- Farming
- Bi-currency investments.
It is necessary to earn experience before moving to high-risk methods of work – trading, options, buying new coins on Launchpad. Trading on the NFT-marketplace and buying cloud mining contracts is worthwhile only after gaining skills in analyzing projects and knowledge of the basics of blockchain.
Pros and cons of earning on the Binance exchange
In August 2023, the daily turnover of transactions on the site is $6.7 billion. The exchange provides the best liquidity for most cryptocurrencies (BTC, ETH, USDC and others). The administration constantly monitors trends in the digital market and adds new instruments. Other pros and cons of earning on the Binance platform can be compared in the table.
| Advantages | Disadvantages |
|---|---|
Security
The platform has a serious system of client protection. Credentials are stored in hashed form on a separate server. Up to 15% of assets are on cold wallets without internet access. The exchange publishes quarterly reports on reserves. For additional security, users can connect the following options:
- Two-factor authentication – via SMS, e-mail and Google Authenticator.
- White list of wallets – withdrawals to other addresses are automatically blocked.
- Anti-phishing code – a combination of letters and numbers will be attached to the message from the support service.
Minimum commissions
The exchange offers competitive trading conditions. Regular users pay up to 0.1% on the spot market and up to 0.04% on futures. There is a discount (25% and 10% respectively) when fees are paid with BNB tokens. You can also reduce fees by registering via a referral link and participating in contests. The exchange provides newbies with coupons that can be used to pay commissions.
Convenient trading
Users can earn through the site, download a client for a PC or an application on a smartphone. On the site of Binance – intuitive interface, Russian language is supported. Beginners are better to switch to Lite mode – without additional functions. To analyze the market, you can use historical charts of cryptocurrencies. The exchange offers to view them through the internal service and Tradeview.
Frequently Asked Questions
📌 How much deposit can I start earning?
For beginners, it is better to deposit no more than $100. This amount will allow you to use risk management. In case of loss, it will not be critical. With experience, you can increase the capital. To get a substantial income with moderate risk, you need a deposit of $10 thousand.
🤑 Can I earn on Binance in 2024 with the help of trading robots?
Yes. You will have to get an API key for this. The bot can be run on the futures market, spot market and for P2P arbitrage. The main advantages are accuracy of strategy following, opening and closing of trades without physical presence of the trader, speed of reaction.
⚡ Can the Exchange refuse verification?
In case of registration of the basic status and “Plus” verification may not be confirmed due to poor quality photos. You need to take new photos and try again. When confirming the extended status, verification may be refused due to an incomplete set of photo documents. Need to find out the reason and correct the error.
💳 Which chain to choose for transferring to external wallets?
The main rule – the chain must be supported on a third-party platform. In case of an error, you will not be able to get your money back. If there are several options, you can choose a blockchain with lower fees.
🔔 Can I delete my personal account?
Yes. To do this, you need to submit a request to the support service. The account will be frozen. If necessary, you can restore access. To do this, you will need to confirm your identity.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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