Fintech giant Binance has just launched two new products allowing users to earn interest on their holdings. The Binance Simple Earn scheme allows holders of the BICO and IDEX tokens to earn rewards of up to 15% Annual Percentage Rate (APR).
Binance users can now earn up to 15% APR on Binance Coin (BNB) and 5% APR through the IDEX locked products. BNB is Binance's native coin that is used to pay fees on the exchange, and IDEX is a decentralized exchange (DEX) built on top of the Ethereum platform.
Binance Simple Earn is only open to users in certain regions, including the United States, United Kingdom, and European Union. The BICO and IDEX locked products are available to users in all regions.
Binance Simple Earn is a great way for users to passively increase their holdings. With BNB, participants can earn up to 15% APR on deposits of up to 500 BNB, while with IDEX, users can earn up to 5% APR on deposits of up to 10,000 IDEX tokens.
The Binance Simple Earn scheme is different from traditional bank-based investments where users must meet certain criteria and be subject to higher rates of volatility. With Simple Earn, the interest rates remain fixed and users can benefit from the stability of the Binance platform and the convenience of having their funds securely stored within the exchange.
In order to participate in Binance Simple Earn, users must have an account on Binance and pass a number of security checks. They must also complete a KYC process to validate their identity. Once users have done this, they can access the Simple Earn page on Binance’s website and select one of the two locked products to invest in.
Users must select the amount of funds they want to invest and the term length for their investment in Binance Simple Earn. Once users have set these parameters, the Binance system will calculate the expected return for the given parameters. Finally, users must confirm the transaction before their funds are locked and the interest payments start.
Binance Simple Earn is an easy way for users to passively increase their holdings on Binance. It provides users with a safe, secure and convenient platform to store their funds and earn interest, while still having the flexibility to access their funds whenever they want. With its fixed interest rates, users can benefit from the stability and convenience of Binance Simple Earn.
Yana Long
- 2023-03-31
Binance Launches Two New Products for Earning Interest
Binance has just launched two new products, Binance Simple Earn and BICO-IDEX Locked Products, that allow users to earn interest of up to 15% APR and 5% APR respectively, while having the flexibility to access their funds whenever they want.
