Growing up as a teenager in Lagos Nigeria came with mixed energy; one minute you are all goal-oriented, ready to build Rome in one day. the next minute you are all about town letting youthful exuberance take its toll.
In one of my goal-oriented moments, I came across a book by Robert Kiyosaki, titled: Rich Dad, Poor Dad. [a worthy read for anyone trying to find his/her foot on money] The illustration on Passive income will give you a better feel of having an extra income, and more importantly having money work for you.
Binance, an exchange platform, and one of the digital messiahs that oversee the exchange of crypto trades virtually has gone about spreading good tidings to all that seek passive income across the globe.
This platform has been made possible by The Watchtower - Web Design Agency Dubai; a leader in Digital Marketing and IT solutions.
One of the countries it has set camp is the UAE [United Arab Emirates], a country driven by innovation and technology to empower every common Emirati for their liberation.
Today’s topic will shed light on how to make passive income with Binance in the UAE [United Arab Emirates].
What is Passive Income?
Passive Income Earnings from a rental property, limited partnership, or any other business in which an individual is not actively involved are referred to as passive income. Passive income, in all cases, requires very little effort to earn and maintain.
Passive income comes in at regular intervals without requiring a significant amount of effort to generate it.
How much Passive income can I earn?
To tell you the truth, there are no limits to how far you can go.
You have the option of earning as much or as little passive income as you desire. Perhaps it all comes down to your knowledge bank and risk tolerance.
To create the kind of passive income you want, you'll have to put in some effort and money at first.
What is Binance?
Binance is a cryptocurrency exchange that has grown to become the largest in the world in terms of daily cryptocurrency trading volume. It was founded in 2017 and is headquartered in the Cayman Islands.
Changpeng Zhao, a developer who had previously designed high-frequency trading software, launched Binance.
Is Binance available in the UAE?
Binance, the global cryptocurrency exchange platform is available in the UAE.
It has been said that Binance is one of the most well-known and dependable cryptocurrency trading platforms in the UAE and around the world. Binance has enjoyed a warm reception and use with perks from the large volume of coins and tokens available on the platform.
How can one make Passive income with Binance in the UAE?
Making money using Binance just got easier as a Passive income route for many.
There are 3 major modes to making money using the Binance UAE platform; please don’t just read but try your hands on them.
1. Flexible Savings
With Flexible Savings, you can take your money out whenever you want, with no penalties or lock-up periods.
You could lend your coins that aren't in use to traders in exchange for a guaranteed return. You have control over how long your coins are lent out.
There's also no need to be concerned about your funds being lost, as all borrowers are required to cover their losses. By using a product like Flexible Savings, you can begin earning up to 5% per year, depending on the coin you provide.
2. Fixed Funds
When you agree to a fixed-duration lockup period, you can earn staking rewards and high-interest rates.
Getting involved is similar to saving money; however, by staking certain coins for a set period, you can contribute to network security while also earning up to 152 per cent annual interest.
Locked Staking is an excellent option for users who want to become more involved in the blockchain community while also increasing their crypto balance.
3. Locked Savings
If you have some funds but don't need immediate access to them, I recommend Locked Savings.
With locked Savings, you lend your cryptocurrency for a set period and can earn up to a whopping 45 per cent annual interest.
Although the principles of Locked Savings and Flexible Savings are similar, the benefits to lenders are greater.
It's been dubbed the "ultimate set-and-forget" tool for fighting inflation and even profiting in the end.
It is a great feeling to have a passive income, and the Binance exchange platform is one of the new modes to your financial freedom if done correctly. You may seek an expert view for a better grip before disbursing funds or venturing into trading.
For more information on earning passive income in the UAE, passive income using Binance, or Web design company, Website Development, Digital Marketing, and SEO, you can always trust The Watchtower, the best and award-winning Dubai and London based Web Development Company.