There are a lot of people who use the Binance exchange for the main purpose of trading coins to make profits, but not everyone knows how to take advantage of all the functions of Binance to make money. With this money-making tip of ours, you will not need to have knowledge of technical analysis. But still be able to make money, even a lot of money from the Binance exchange. Let’s get to know how to earn money from Binance exchange?
Alt: Binance exchange
What is Binance?
Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao in China. Binance is the leading cryptocurrency exchange by trading volume with up to 1379 trading pairs. Changpeng Zhao or CZ is the CEO of Binance. He is the former Head of Development at Blockchain.com and former CTO at the once-famous exchange – OKCoin.
Advantages of Binance
- Firstly, a large number of trading pairs
You can find nearly all coins/ tokens on the Binance exchange.
- Secondly, support multiple languages
Binance supports more than 30 languages, offering the most convenient experience for users from different countries when using its services.
- Thirdly, Binance has accessible services
With a non-KYC account, users can already withdraw up to 0.06 BTC per day and have access to the most basic services of this exchange.
- Finally, a wide range of services
If compared to other exchanges such as Coinbase, Binance offers users more various and advanced products: limit order, stop-limit-order, OCO order,… Recently, Binance has added more unique features of Defi (Decentralized Finance) to its platform: staking, liquidity farming,… to provide users a seamless experience when using Binance.
How to earn money from Binance exchange?
There are some ways to earn money from Binance exchange.
Join IEO (Binance Launchpad) of Binance
An Initial Exchange Offering (IEO) involves the use of a cryptocurrency exchange to raise funds for a new project. It is common to trade assets on these platforms, but that typically only happens after the developers raised money to kickstart their projects. One of the pioneering exchanges in this IEO field is Binance.
If IEO wants funding to grow, they need to raise capital as well. And their way of raising capital is that they will open offerings for their coin on the exchange (in this case, Binance). Because it’s a new project, their coin offering price is cheap, so if you buy these coins, you can later sell them for many times more and make a profit for yourself.
Steps to Join IEO:
- Login to your Binance account
- If you haven’t verified your Binance account, then verify (KYC verification, refer to this tutorial to KYC your account)
- Buy Binance Coin (BNB)
- Go to https://launchpad.binance.com/
- Select the IEO project you want to participate in and follow the steps to buy the coin listed IEO
- In the blog kiemtienne.co
Alt: Join IEO
Earn money on Binance exchange by participating in Binance LaunchPool
Binance Launchpool is a platform that lets users stake BUSD, BNB, or other tokens to earn new tokens for free. The number of tokens you earn is relative to the number of tokens you stake into the pool.
Pools are available for a determined period, usually 30 days. However, the tokens you earn are calculated every 1 hour, which can be harvested any time at will. Additionally, after 7 days of farming, that token will be directly on Binance for trading, which is extremely beneficial for Launchpool farmers as Binance is currently one of the highest-ranked Centralized Exchanges.
Step to use Binance LaunchPool:
- Go to Binance Launchpool: https://launchpad.binance.com/
- Select the pool that you want to stake tokens in. I’ll take DAR as an example, and I’ll use the BNB Pool. Click “Stake now”.
- Enter the amount that you want to stake, then click “Stake”.
Alt: Binance LaunchPoool
Using Binance Spot to buy and sell Crypto on Binance Exchange
One of the strengths of Binance is that it offers users a wide range of products. Therefore you have many options to do spot trading on Binance: Convert, Classic, Advanced,…But, I will introduce the most basic and convenient method to start on Binance – Classic Trade.
Firstly, on the homepage, click Trade and choose Classic.
On the Classic Trade interface, you will see the following information:
- Candlestick chart and Market Depth.
- Sell order book.
- Buy order book.
- Market and Trading pairs.
- Your latest completed transaction.
- Type of order: Limit/Market/Stop-limit/OCO (One-Cancels-the-Other).
To start trading, you just need to follow these simple steps.
Step 1: Enter the pair of coins/ tokens you want to trade.
Step 2: Choose your desired type of orders (Limit/Market/Stop-limit/OCO).
The default mode will be Limit order, so I will take it as an example.
Step 3: Enter the price and amount you want to buy/ sell, then click Buy/ Sell that coin/ token.
Now, you know how to buy/ sell coins/ tokens on Binance by the most basic steps.
