Last Updated on 1 year by Komolafe Bamidele
Trading or making long-term investments in different tokens are the most popular ways of making money in the cryptocurrency sector.
It is important to note, however, that there are different other methods through which you can earn some profits and all you need to do is devote the right amount of time carrying out research and other things.
Even the best investors don’t make money all the time from their investments or trade so you should definitely start taking your mind to other sources so you don’t put your eggs in one basket.
If you do that, you would have a diverse portfolio and all your different streams of income would amount to a very high figure.
The Binance platform is not only open to professionals, even you as a newbie can tap into the different benefits available on Binance.
What is Binance?
Binance is a cryptocurrency exchange platform that was ranked as the number one largest exchange platform in the world in terms of day trading volume for 2021.
The Binance app was created in 2017 and has been at optimum functionality ever since.
Binance was created by an intelligent developer called Changpeng Zhao who was situated in China.
However, Binance had to move its headquarters from China as the Chinese government tried to Centralize the cryptocurrency market.
Binance has donated a lot of money to communities in need and continues to help the world, as in 2022 it donated over $12 million to the people of Ukraine for the ongoing invasion they’re suffering.
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Pros and Cons of Binance:
Binance offers one of the lowest trading fees in the market, a good variety of digital assets to trade, and varying trading options for beginners and experts but before using the platform check its pro and cons
Binance Pros
- Binance charges way fewer fees compared to its counterparts who charge extremely high fees.
- You get a special 25% discount on your trading fees if you make payments using Binance coin (BNB)
- You can get various educational tools on this platform.
- They have a very good identification process so you are safe.
Binance Cons
- You cannot get access to Binance in all countries.
- You cannot use less than $10 to trade on Binance.
How To Sign Up & Get Verified For Binance (Quick And Easy Guide):
The Binance app is quite easy to sign up on. If it is your first time making use of the Binance app, you would be automatically directed to a page where you can create your account.
You can then select whatever country you’re from ( some countries are not accepted on Binance. Proceed to enter your personal information and click continue below.
Ensure that the names and details you used also match the ones on your identification documents as your account wouldn’t be accepted if there are any conflicts.
After doing all these, you would have to take on another step which is verifying your identity.
After that, you are to submit your proof of address in order to complete the identity verification.
After that, you need to answer a few mandatory questions which Binance asks. These questions are just to help them get more acquainted with you.
You can then submit your application to undergo reviews, your application would be reviewed and if it is acceptable you would receive an email to be able to use the platform as you deem fit.
Exchange Crypto No-Brainer Ways of How to Make Money With Cryptocurrency:
#1 Buy and HODL:
This is the most popular way of making money from the cryptocurrency community and almost everyone is on it now.
Most investors buy coins at cheap prices and then sell them when there is an increase in price to make profits.
Some of the tokens you can buy include bitcoin, Ethereum, BNB and Solana.
This strategy requires focus and you need a lot of discipline and patience to be successful in buying and holding cryptocurrency tokens.
The best coins to buy are Bitcoin and Ethereum as they are very stable and do not have random price shifts.
They are very safe investments where you also stand to gain a lot.
This isn’t to say that you can’t trade other assets as there are a lot of different tokens you can buy and then sell for more profits later on.
#2 Earn Cryptocurrency Dividends:
This is not a popular way to make money from cryptocurrency but it is just as effective.
You can actually make money by buying cryptocurrency and holding them for dividends.
There are some certain coins that will yield you extra profits just for buying and holding their tokens.
You don’t actually have to stake the coins and you can withdraw them anytime. You just get paid for buying them.
# 3 Run Cryptocurrency Master Nodes
What is a crypto master node? Crypto master nodes are notes that make sure all other nodes carry out their roles in operating a particular blockchain.
The master node idea is quite technical and isn’t really ideal for newcomers.
However, one of the best ways to earn an income in the cryptocurrency community is by making use of master nodes.
A lot of cryptocurrency projects pay node operators to help them keep track of the activities going on on their various blockchains.
The process is quite complex and most crypto platforms would rather pay someone else than do it themselves.
#4 Stake Cryptos:
Staking cryptocurrency is another effective method of earning extra money from cryptocurrencies.
You can earn double your profits when prices appreciate from Staking a particular coin.
Staking involves storing coins in a wallet and allowing it to earn additional coins as time goes on. It is basically like saving in a bank while earning interests.
#5 Day Trading:
This is basically the second most popular means of earning profits in the crypto space.
However, it is the most widely used. Over 75% of all crypto investors make use of this strategy.
Day trading requires some really important analytical skills and you need to possess all these before you can be a quality day trader.
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#1. Build a Good and Well Balanced Crypto Portfolio
You can buy the best cryptocurrencies and build a strong and profitable portfolio, some of the best coins to buy include;
Bitcoin (BTC) :
Bitcoin was founded in 2009 by someone under the alias Satoshi Nakamoto. Bitcoin was the first cryptocurrency ever recorded.
Bitcoin functions on a blockchain, which is basically a ledger of transactions that run on a network built by a thousand different people and systems.
Bitcoin is very safe and secure. The price of bitcoin has increased astronomically in recent times. In 2016 a bitcoin was worth less than $500, right now a bitcoin is worth about $45,000.
That is over a 9,000% increase in that period of time.
Ethereum (ETH)
Ethereum is another widely used cryptocurrency and is also a blockchain platform.
Ethereum is classified as the second parent cryptocurrency and is a claimed favourite by different program developers because it offers and executes smart contracts.
Ethereum is another coin that has grown astronomically as it has experienced over 31,000% of growth since 2016.
Tether (USDT)
Tether is a very unique and stable coin. It is backed by fiat currencies like the US dollar and also the Euro.
Tether actually keeps its prices equal to the prices of the aforementioned fiat currencies.
You can make use of Tether in place of fiat currencies and this method is very good for investors as it is safe and saves them stress.
Binance Coin (BNB)
This is the official Binance coin which was created by Binance and can be used to pay fees on Binance as well as for trade purposes.
The Binance coin was first launched in 2017 and has grown tremendously since then.
It has different uses now as you can use it for trading or exchange purposes or even flight booking and arrangements.
The Binance coin was launched in 2017 at 0.10$ and has now risen over 445,000% to attain a price of $445 today.
U.S. Dollar Coin (USDC)
This coin is similar to the tether and is also a stable coin backed by the US dollar. However, USDC is powered by Ethereum and can be used in a number of transactions.
Solana (SOL)
Solana was basically developed to help kick start decentralized finance, other decentralized apps and smart contracts.
The crypto coin SOL is used to finance all these platforms. SOL was launched at $0.77 in 2020 and has seen an increase of 17,500% to attain a price of $135 in the year 2022.
#2. Earning Staking Rewards or Saving (Lock your Cryptocurrency to Make Money on Autopilot):
You can stake your crypto assets and earn profits even without selling as staking offers you a chance to do that.
This is a low-risk investment option and you get paid quite well for taking up this investment plan.
#3 Earn a Commission On Binance (Binance Affiliate Program):
You can sign up for the Binance affiliate program which is a way to make money that many people don’t know about.
There is a lot of money to be made by using this affiliate program. You are given a Binance referral link to share with your friends and networks.
You receive commissions and bonuses for every trade made using your referral links.
You can start earning commissions as fast as you can regardless of whichever methods you use.
You can choose to be a spot affiliate, a futures affiliate or you can be both. You can also promote your Binance affiliate link on any social media platform.
#4 Mining and Saving On Binance:
This is another low-risk method where you can earn some extra cryptocurrencies.
In fact, you don’t need any capital to mine cryptocurrency.
All you need to do is complete some tasks and you are going to be given cryptocurrency tokens as your reward.
#5 Crypto Arbitrage On Binance (P2P Trading):
Crypto arbitrage trading is a trading strategy which does not really carry any risks and just takes advantage of the difference in prices across various markets.
Arbitrage trading involves selling a crypto token across various exchange platforms.
This is genius as you do not risk losing any money if you calculate right.
Big companies use this as they have adequate capital to make substantial profits.
#6 Crypto Bot Trading:
A crypto trading Bot is basically a crypto program which automatically helps you with all your crypto activities.
Crypto trading bots can create and execute an order for you automatically based on what instructions you give them.
This cancels out risks and saves you time and energy.
Cryptocurrency trading has become a lot more sophisticated today and you can trade all types of coins like Ethereum, Litecoin, and BNB on Binance using these trading bots.
Most of the activities in crypto trading nowadays happen with the help of bots, there are a lot of advantages to using these bots.
#7. Make Money With NFTs On Binance:
You can earn an income while doing what you love if you are a fan of gaming on Binance.
With the play-to-earn feature, you can now monetize your gaming experience by buying and selling various NFT pairs in exchange for crypto rewards.
Binance NFT is the main leader of the play-to-earn and if you are interested in making profits on the NFT gaming platforms you can check for the available categories and begin to play for fun and also earn some rewards.
Is Earning Stable Passive Income With Crypto Possible With Low Risk?
It is possible to earn passive income with crypto, but returns will depend on the method chosen and the amount of crypto you have to start.
Disclaimer:- we are not financial experts all our recommendations and advice are based on educational purposes.
Conclusion:
The various ways through which you can generate income and profits in the cryptocurrency community are infinite and we were only able to talk about a few.
There is no shortage of ways to make money on crypto exchanges.
There are different tokens you can purchase now and it is best for you to do your research and opt for the most secure of all your choices.