How to Subscribe and Redeem Staked Crypto from the Binance Earn Flexible Savings
If you are interested in investing on Binance Earn and thinking about how to subscribe to Binance Earn and the possibility of how to redeem your staked crypto back to your wallet without hitches, then read this article to the end.
Investing on Binance Earn is a great investment option for you if you have decided to earn passive income from holding your crypto in your wallet. The accrued interest is calculated based on annual yield per year (APY).
What is Binance Earn Savings?
Binance Earn Savings is one of the four ways to earn passive income from holding and saving your crypto and earning interests daily. It offers two options:
Fixed Savings: This option gives you higher profits as high as 7.79% APY for coins like ADA and 7.72% APY for BUSD, but restricts you to only redeem your saved crypto after a fixed period ranging from as short as 7days to as long as 90 days for some crypto.
Flexible Savings: This option allows you earn daily profits from holding crypto currency. It guarantees you daily interests of up to 2.19% APY for BUSD and 2.01% APY for USDT from holding your crypto currency and gives you the flexibility to redeem it at anytime and be able to use it almost immediately or before 24hrs.
How to Subscribe BUSD on Binance Earn Savings
For the purpose of describing the process involved in subscribing crypto, we will use BUSD as case study but the process to subscribe is basically the same with any other crypto. The process is very simple considering the interactive feature that the Binance Exchange provides to make the process seamless for its users to subscribe to the flexible savings.
To Subscribe BUSD to the Flexible Savings, follow these simple procedures:
§ First, Register a free trading account via https://accounts.binance.com/en/register?ref=65177765
§ Next, Compete KYC identity verification by uploading an acceptable identity document to confirm your identity.
§ Provide a proof of address- a Utility bill, or a bank statement of account.
§ After successfully completing your KYC, buy BUSD or any other crypto you want to save by buying using P2P via link: https://p2p.binance.com/en?ref=65177765
§ After buying BUSD, transfer your BUSD from P2P to your spot wallet by using the transfer option in the P2P window.
§ Next, from the Home window, click on Binance Earn and select Savings.
§ In the savings window; select Flexible savings and choose BUSD or any other crypto you wish to stake.
§ In the following window, click stake and complete the process by selecting the amount of BUSD you want to save that will yield the 2.19% APY daily.
§ Finally agreeing to the terms and conditions after reading it.
§ The staked amount will then be automatically removed from your spot wallet where you have access to and sent to you Earn wallet where you can track your redeemed and cumulative interest of the subscribed BUSD
§ You can increase your staking by using the stake option from your Earn wallet dashboard to add to your staked positions in order to increase your profits.
How to redeem the staked BUSD from Binance Earn Flexible Savings
The process of redeeming your saved BUSD or any other staked crypto from the Binance Earn package is as simple as four clicks from your Binance Earn wallet.
To redeem BUSD from the Flexible Savings, follow these simple four steps:
§ First, click on the Earn wallet option to navigate to the Binance Earn dashboard.
§ Next, choose BUSD, and select the amount of BUSD you want to redeem back to your spot wallet where you will have access to it either to trade, hold or sell.
§ The next step is pick any of the two redemption option- Fast redemption sends the selected amount of BUSD immediately into your spot wallet without earning interest for that day while Standard redemption sends the selected amount of BUSD along with that day’s interest within 24hrs.
§ The final step is to agree to the terms and conditions by ticking the box and then click on Redeem.
§ Your BUSD will now be in your spot wallet and you can now have access to your funds for use.
The process to subscribe and redeem your funds or crypto is quite very easy and automatic; without any hitches for everyone with a Binance account, even if the person is not a pro with “technological knowhow”, thanks to the interactive feature the Binance Exchange platform offers to users for seamless transactions.
For more details on how to use the Binance Earn package to earn passive income from saving or investing in crypto on the Binance Exchange- the best crypto currency platform where you can buy and sell Bitcoin; read more from the Binance academy via link: https://academy.binance.com/en/articles/a-beginners-guide-to-earning