While many investment opportunities are on a downward trend these days, a few are still generating good returns for investors. One of those opportunities is earning interest on cryptocurrency deposits. However, there are many crypto coins out there that you need to choose one that will earn reasonable interest rates. One of these coins is the Binance Coin. You can use it to leverage the BNB coin interest rate on some exchanges that offer crypto-savings accounts.
How does Binance earn interest?
If you want to get good returns check the BNB interest rate. To do this, you need to follow a few simple steps:
- Open an interest-bearing BNB savings account
To start getting the benefit of the best BNB interest rates, you need to sign up for an interest-earning account with one of the reputable exchanges such as YouHodler. Typically, the sign-up process is more straightforward than when using most platforms because you only need to provide your email address and legal name on the sign-up page.
- Verify your account
Once you complete the account sign-up process, you will get an email from the interest-bearing account provider containing a verification link. When you click on the link, your account creation is finished. You also have to undergo a standard Know Your Customer (KYC) process to start earning Binance interest.
- Fund your interest account
After your KYC approval, you need to deposit BNB coins into your interest account, so you can enjoy the BNB interest. You may transfer BNB coins into your interest-bearing account or fund it through other means like converting other cryptocurrencies to BNB if the interest account provider allows that.
- Start making BNB interest
Interest accrual on your BNB coin deposit starts accruing immediately after the interest-earning account receives your BNB deposit. Depending on the platform with which you open the interest-bearing account, you can enjoy BNB interest rates of up to 8%.
Why Should You Choose to Earn BNB Interest on YouHodler?
Although there are many exchanges on which you can open a savings account to earn BNB interest, you should consider signing up at YouHodler due to the following:
- The platform accepts a low minimum BNB deposit to start earning interest. You need at least a 50 BNB minimum deposit.
- You have 24/7 access to your funds, unlike with traditional banks and other platforms.
- Almost zero withdrawal fees — you enjoy withdrawing your BNB without any penalty and almost nil transaction charges.
- Your BNB coin could get up to 3% APR. On top of that, you get Binance compound interest; hence you can grow your BNB coin holding very fast, and when prices go up, you cash them in and realize huge gains.
How to Enjoy the best BNB Interest Rates
If you want to get the best returns on your BNB coins, you need to do your homework and compare various platforms’ rates to pick the one with the best Binance interest rate. However, you should not look only at the interest rate, but also consider the exchange’s security, customer service, and other factors.
You can earn passive income from your BNB coins by taking advantage of the best BNB interest rates from reliable platforms, as you also consider other factors about the platform and its terms and conditions. However, earning BNB interest is not risk-free. This is because if the platform with which you have an interest-paying account is not careful on BNB loans over-collateralization, you could lose your coins and interest payable if the borrowers default their BNB loans.