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Since it was founded in 2017, Binance has become one of the most prominent platforms in the cryptocurrency trading industry. The initial success of the exchange was so impressive that it had to suspend its registrations in January 2018. Since then, Binance has become one of the most established platforms in the industry. Besides being able to trade various types of cryptocurrencies, such as Bitcoin, Binance also provides other services such as cards, deposits and staking offers.
Binance Card Offers
| Issuing company/ card type | Cost | Transaction fee | Cash advance fee | Cashback |
| Binance visa card | No monthly fee | No monthly fee. Up to 0.9% transaction fee. 25 EUR card re-issuance fee. | No advance fees | Earn cashback of 0.1% to 8% in BNB while spending with the card |
| Binance Refugee card | No monthly fee | Up to 0.9% transaction fee. 25 EUR card re-issuance fee. | No advance fees | 75 BUSD monthly for three months after purchase |
| Visa credit card | No monthly fee on Binance side but may apply according to issuing bank’s rules | 2% | No advance fees | Differs seasonally |
| Mastercard credit card | No monthly fee on Binance side but may apply according to issuing bank’s rules | 2% | No advance fees | Differs seasonally |
Binance Visa Card Cashback
The Binance Visa Card can give you a cashback on every purchase made with it. The amount of BNB that you have in your account will be used to determine the percentage of the credit card’s cashback.
The more BNB you have, the higher your rewards will be, and the more you’ll receive in the form of BNB as shown below;
| Card Level | Average BNB held within 30 days | BNB rewards on your purchase |
| 1 | 0 | 1% |
| 2 | 10 | 2% |
| 3 | 50 | 3% |
| 4 | 200 | 4% |
| 5 | 500 | 5% |
| 6 | 2,000 | 6% |
| 7 | 6,000 | 8% |
Binance Card Cashback Program
Binance card recently announced a new cashback program for its users. The first 10,000 eligible new and existing Binance Card users who meet the various eligibility criteria and confirm participation by 2022-06-30 23:59(UTC) will be automatically enrolled into the new cashback program. They will receive 5% cashback on their monthly transaction amount. Existing card users who meet the same criteria but fail to confirm their participation by June 30, 2022 will also receive 5% cashback on their BNB holding.
| Card level | Monthly average BNB holding | Monthly Binance Card Transaction Amount(EUR) | Cashback Ratio | Monthly cashback cap per user(EUR) |
| 1 | Amount < 1 | 0 < Amount ≤ 799 | 1% | 8 |
| 2 | 1 ≤ Amount < 9 | 799 < Amount ≤ 1,499 | 2% | 30 |
| 3 | 9 ≤ Amount < 39 | Amount > 1,499 | 3% | 60 |
| 4 | 39 ≤ Amount < 99 | N/A | 4% | 200 |
| 5 | 99 ≤ Amount < 249 | N/A | 5% | 275 |
| 6 | 249 ≤ Amount < 599 | N/A | 6% | 350 |
| 7 | Amount ≥ 599 | N/A | 8% | 500 |
Eligibility Criteria for New Binance Card Users (10,000 users)
- From 2022-06-10 at 00:00 until 2022-06-30 at 23:59 (UTC), non-Binance Card users must sign up for a Binance Card.
- A minimum of four months of Binance trading history from 2021-06-01 00:00 to 2022-05-31 23:59 (UTC).
- At the time of registration, should not hold more than one BNB of the monthly average BNB.
Eligibility Criteria for Existing Binance Card Users (10,000 users):
- The duration of card usage from 2021-06-01 00:00 until 2022-05-31 23:59 (UTC) must be less than eight months.
- A minimum of four months of Binance trading history, from 2021-06-01 00:00 till 2022-05-31 23:59 (UTC).
- At the time of registration, you hold less than one BNB of the monthly average.
Binance Deposit Bonus
Binance deposit bonuses are as follows;
| Deposit amount | Time-frame of deposit | Reward |
| $50 | First time | Up to $5 |
| $50 | Anytime with crypto | $50 cashback voucher |
| $1000 | Within first 7 days of registration | $20 spot cashback voucher |
| $20,000 | Within first 7 days of registration | $25 spot cashback voucher |
| First time deposits | Specified first-time deposits | Up to $100 in vouchers |
Deposit rewards are earned by opening an account, verifying the account, completing tasks, and following guidelines.
Staking Rewards
Binance has a yield staking center for APYs of up to 104.62%, which is a high yield. Users can stake VET, SOL, AXS, NEAR, LUNA, ADA, CAKE and MATIC. The locked staking format is that of first come, first served. Notably, the interest calculation period is from 00:00 AM(UTC) after locked staking confirmation noted by the end of the corresponding product period. Users also receive the interest payout time daily.
| Digital Assets | Max. locked staking limit per user | Duration | Standard annualized interest rate | Min. locked staking limit |
| SHIB | 10 days | 7,000,000 SHIB | 10.12% | 200 SHIB |
| AXS | 90 days | 3 AXS | 104.62% | 0.0001 AXS |
| VET | 90 days | 3,000 VET | 7.32% | 1 VET |
| SOL | 90 days | 3 SOL | 12.12% | 0.0001 SOL |
| AVAX | 90 days | 5AVAX | 20.19% | 0.0001 AVAX |
| NEAR | 90 days | 25 NEAR | 20.27% | 0.001 NEAR |
| LUNA | 90 days | 5 LUNA | 16.67% | 0.0001 LUNA |
| ADA | 90 days | 200 ADA | 10.43% | 0.001 ADA |
| MATIC | 90 days | 150 MATIC | 20.09% | 0.001 MATIC |
| CAKE | 90 days | 10 CAKE | 70.56% | 0.001 CAKE |
There are some rules that should be followed when staking on Binance. Some of these are such as;
- After the product ends, the interest on VET will be transferred to the users’ spot wallets. This happens between 00:00 AM and 04:00 AM (UTC).
- The maximum number of users that can take part in a given cryptocurrency’s offerings is limited. This limit can be adjusted so that the offerings are open to all users.
- The on-chain reward rate is adjusted daily based on the changes in the page display. The specific reward rate is subject to the day’s changes.
- To view their Locked Staking assets, users can go to Wallets > Earn > Locked Staking > Locked.
- The unlock period for Locked Staking products is one day.
- Early redemption is a convenient way for users to receive their VET. It allows them to get their principal back and receive the interest. Due to the different time zones in the world, it can take up to 48 to 72 hours to receive their tokens.
Final Thoughts
Binance is an online crypto marketplace that supports more than 600 cryptocurrencies. It also offers crypto trading pairs, staking, and deposit rewards. In addition, Binance fees are quite low making it an attractive exchange to users. The exchange also has its own currency, BNB, that is used for trading fees, listing fees, withdrawal fees, and cashback payments.
However, remember that your choice of a crypto exchange comes down to personal preference which should follow after in-depth research across different platforms You can look into a platform’s cryptocurrency offers, staking features, fees, and transaction limits, among others. When you analyze this, you can come up with a conclusive crypto exchange that best suits your needs.
Meanwhile, note that the crypto space is just like any other investment. It is still quite risky and informed decisions come in handy to avoid making huge losses. Also, note that cryptocurrencies are volatile and the surges and plunges are quite sudden over a short period.
It definitely is not new for crypto to lose hundreds overnight. Therefore, it is advisable to be very cautious when exploring how to invest in the crypto space.