Ways to Earn Crypto on Binance in 2024Although launched in 2017, long after some of its top competitors, Binance has become a goliath in the crypto exchange business. The Binance exchange is now the largest in the world by trading
Binance has earned its position as the largest crypto exchange through low trading fees and a wide range of trading options. The platform offers easy-to-use Instant Buys as well as a suite of advanced trading tools, including futures and options. Binance now supports more than 350 cryptocurrencies. Let’s explore several ways to grow your crypto stack through trading on Binance.
1) Spot Trading
You have two options for spot trading on Binance. The exchange’s newbie-friendly Instant Buys offers a simple point-and-click interface to buy, sell, and swap cryptocurrencies. While other platforms offer a similar option, Binance makes simple trades more affordable with lower fees and smaller spreads by comparison.
Alternatively, you can also access advanced trading on Binance. Advanced Trade brings some of the lowest trading fees you’ll find anywhere. Advanced trading lets you set limit orders and automatic stop-loss or take-profit orders in addition to market orders that execute immediately.
Fees for Binance Advanced Trade are just 0.1% for both maker (limit) orders and taker (market) orders. Binance also offers an additional discount for USDC pairs and fees paid with BNB.
2) Futures Trading
Futures trades give you the ability to bet on the future price direction of crypto assets. Binance provides two primary ways to trade futures: expiry futures and perpetual futures.
Expiry futures center on a settlement date. Depending on the type of futures contract you purchase, the trade settles in cryptocurrency or USDT.
However, Binance also offers perpetual futures contracts that settle in USDT, USDC, or cryptocurrency. Unlike expiry futures contracts, perpetual futures don’t expire, and you can keep the trade open indefinitely. In short, there’s no cap on your earning potential like with expiry futures. Futures trades support leverage of up to 50x for some trading pairs. More on leverage trading in just a bit.
3) Options Trading
As the name suggests, options trading gives you the option to buy or sell at a certain price. Binance offers options trading for five key cryptocurrencies, including BTC, ETH, and XRP.
Options trading is best suited for advanced traders. However, Binance now offers beginner-friendly Easy Options. Choose the direction and price with just a few clicks to buy call or put options.
binance easy options
3) Trading Bots
What if you could automate your trading? Binance provides tools to put your trades on autopilot with trading bots. For example, if you want to dollar-cost average when buying BTC, you can use a bot to build your position over time and tame the market’s ups and downs.
However, Binance offers much more advanced trading bots, allowing you to trade within a range or according to technical buy/sell indicators. Choose from bullish or bearish bots or grid bots that trade within a specified range. Binance even offers an arbitrage bot that automatically makes trades based on funding fee divergences for futures trades.
binance trading bots
5) Copy Trading
You don’t need to be a trading guru to make profitable trades on Binance. The platform offers Copy Trading, which lets you follow the moves of successful traders. This option comes with a cost. You’ll share 10% of your profits with Lead Traders. However, you keep the other 90% and benefit from following seasoned traders.
Copy trading lets you learn the ropes while minimizing the mistakes often made by newer traders. Study each move to build strategies you can use on your own later.
6) Leverage Trading
Trading with leverage refers to borrowing against your assets to take larger market positions. For example, you can use $100 in margin (collateral) to make a $500 trade using 5x leverage. Binance offers leverage in many of its trading options, including spot trades and futures trades, allowing you to maximize your earning potential for each trade. The choice of cross-margin (all assets) and isolated margin gives you the freedom to choose which assets to use to leverage your trades.
7) Binance Convert
Instantly convert supported cryptocurrencies from crypto A to crypto B. Binance Convert supports limit and market orders to make swaps a snap. Watch for promotions like the recently concluded $12,000 USDC giveaway. Binance Convert provides a guaranteed market price for your trade with no additional fees. This powerful tool also supports all cryptocurrencies on the platform, simplifying trades between assets that don’t share a trading pair.
8) Peer-to-Peer (P2P) Trading
Peer-to-peer trading lets crypto traders transact with each other directly rather than using Binance as an intermediary. This decentralized exchange option offers more privacy and may allow you to use additional payment methods not supported by Binance itself. Over 800 payment options are available.
Many traders use P2P to fund their trading account with USDT, although you’ll also find options to buy BTC, ETH, and even SHIB. A user rating system and completed transaction stats help keep P2P trades safer.
Start Earning With Binance
How to Earn with Savings and Staking on Binance
binance eth staking
Binance has simplified its yield products, grouping most of what you’ll need under the Binance Earn tab. Enjoy higher yields with longer commitments or the freedom to exit the product as needed.
9) Staking
You’ll find the option to stake ETH tucked away under the Earn tab. The best way to find staking options is to drill down by asset type. Binance makes staking a simple and affordable way to earn a yield on ETH, and you can stake any amount, giving investors of all sizes an easy way to grow their holdings.
10) Savings
Binance also offers savings products that pay a yield. In the background, the process works much like a bank. People deposit money into savings products, and Binance uses these funds to make loans to leverage traders. Tight management of leverage amounts and margins helps ensure the safety of deposits.
11) Dual Investment
Binance’s dual investment strategy provides a simple way to profit from the divergence in price for paired assets. Toggle on the beginner guide for a simplified view. Dual investment offers an easy way to bet on future prices without the complexity and risks of futures trading.
