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If you’re already putting your money to work on Binance, it might be a great idea to find new ways, tools, and products that can help you get the most out of your money on the platform. While there are no traditional ‘cheat codes’ in trading in Binance, there are a few tips and tricks that can help you along your journey.
Six Tips to Maximize Your Profits and Earnings on Binance
1. Using a Crypto Bot
A crypto trading bot is a system that can automate your crypto trades. A trading bot is developed by a team of coders and traders that allows the bot to automatically trade with open and closed positions based on a chosen strategy.
The most notable benefit of using trading bots for Binance is that it allows you to trade and earn a bit of profit from crypto without the time, energy, and, particularly, emotions that make trading risky.
While Binance bots aren’t going to be fully reliable in executing trades in the significant volatility of the crypto world, they can help save you time and allow you to earn money more often than not.
2. Use the Binance Referral Program
If you’re new to Binance and haven’t created an account yet, then it’s worth your time to look for a referral link that can provide you with a discount on your trading fees.
In general, there are two different types of referral links that you should look out for:
- Futures
Signing up for or activating your Futures account with a referral link can provide you with up to a 10% discount on trading fees for the first 30 days.
- Spot
There are varying discounts on spot referral links, depending on the referrer. In general, though, you can save up to 20% on fees just by creating a Binance account through the link.
3. Hold BNB In Your Portfolio
Created in 2017, BNB is a utility token that powers the entire Binance ecosystem. As one of the most popular and reliable utility tokens, not only can you sell or buy BNB like any other crypt, but BNB also offers a wide range of benefits and applications to maximize your profit on Binance.
If you hold BNB on your account, you will receive a significant discount for using it to pay for trading fees. You can use this crypto to pay for transaction and trading fees on the Binance DEX, Binance exchange, Binance Smart Chain, and Binance Chain.
For instance, you can save 5% on payable borrowing interest on Margin, 10% on Future trading fees, and 25% on Spot trading fees when you hold BNB. If you’re a VIP user, you can even receive a higher discount.
4. Use Binance P2P Exchange
Binance peer-to-peer exchange is a marketplace where users can trade crypto with each other on their terms in any country. Using P2P exchange, you can benefit from the low-cost transaction fees.
Since the P2P exchange is a straightforward platform, buyers and sellers alike find the overhead costs negligible. Takers can skip trading fees entirely on Binance P2P, while makers are charged small transaction fees for every order completed.
5. Consider Fixed Savings
Do you want to earn interest on your crypto assets? Fixed Savings is one of Binance’s financial products that can help you maximize your crypto holdings. You can subscribe to it at any time and earn passive income with your assets.
With Fixed Savings, you can earn high interest and rewards on your crypto assets in exchange for having a lock-up period of 7-, 14-, 30-, or 90-day. If you don’t need immediate access to your funds, you can give Fixed Savings a try.
6. Try Flexible Savings
Like Fixed Savings, Binance Flexible Savings is a financial product that allows you to put your money to work instead of just sitting in your portfolio.
Unlike Fixed Savings, Flexible Savings allows you to withdraw your deposited funds at any time. However, the interest rate changes over time and is lower than Fixed Savings.
With support for over 24 tokens like BNB, Bitcoin, USDT, and Ether, Binance Flexible Savings is a great way to get the most out of your money and earn passive income, both for experienced and new crypto users.
That’s it! These are just some of the best actionable tips to maximize your earnings and profits on the Binance platform. As Binance continues to evolve, we hope to see more products and ways that can push your money to work harder!