Get Started with Binance Simple Earn Locked Products
2022-09-22 06:30
Overview
Binance Website
Binance App
Binance Simple Earn Locked Products offer higher rewards in exchange for your assets being committed for fixed terms with predetermined redemption dates. You can redeem your full balance at any time before the redemption date, but you will forfeit any rewards you have earned or accrued up to that point.
1. Subscriptions and redemptions
Subscriptions and redemptions for Simple Earn products are available daily from 00:10 to 23:50 (UTC). When you subscribe, your assets are immediately transferred from your Spot Wallet to the chosen product upon confirmation.
Each Locked Product has its own specific subscription limits. Once the limits are reached, no further subscriptions, including Auto-Subscribe requests, will be processed. These limits are subject to change at any time.
Locked Products will be automatically redeemed in full on the redemption date. You can choose to redeem your assets to your Spot Wallet.
If you choose early redemption, you will receive the full balance of your locked assets, minus any rewards you have received during the term. This amount will be transferred to your Spot Wallet within the next 72 hours.
Note: In the event of extreme market volatility, network delays, or a high volume of redemption requests, your redemptions may be delayed.
2. What is Auto-Subscribe and how does it work?
The Auto-Subscribe feature automatically renews your existing Locked Product position into a new locked term of the same duration upon its expiry. This renewal only consists of the original amount of your initial subscription, while rewards earned will be sent to your Spot Wallet.
If the available quota for any particular Locked Product is filled, your position may not be renewed even if Auto-Subscribe is enabled. In such cases, once your position expires, your assets will automatically transfer to Spot wallet. Please note that Auto-Subscribe is only available for selected Locked Products and is subject to change any time.
You can enable Auto-Subscribe for Locked Products on the subscription pop-up or from your Earn Wallet. Simply check the [Auto-Subscribe] box next to the product.
Rewards for the new term will start accruing on the renewal day, and distributed to your Spot Wallet from the following day onwards.
You can disable Auto-Subscribe in your Earn Wallet to stop any subsequent subscriptions at any time before the end of the locked period. If disabled, your assets will be automatically transferred to Spot Wallet upon expiry.
3. How is APR calculated and distributed for Locked Products?
Rewards = Deposited Assets * APR / 365 (to certain decimal places, depending on the cryptocurrency)
Please note that the APR for your subscribed Locked Simple Earn is not fixed and is subject to change on a daily basis, unless otherwise stated. The estimated rewards displayed at the beginning of your subscription may differ from the actual rewards generated.
Rewards will start accruing at 00:00 (UTC) the day after you subscribe. After the first full day of accruing rewards, your first distribution will arrive at your Spot Wallet on the following day. You won’t receive rewards on the day of the subscription.
Rewards are calculated and distributed to your Spot Wallet daily between 00:00 and 08:00 (UTC). However, due to network delays, system calculations, and other unforeseeable reasons, reward distributions might be delayed.
For certain Locked Products, the rewards distributed may be in different cryptocurrencies from the subscribed assets. In such cases, rewards will only be distributed with your subscribed assets upon the expiry of the fixed-term product.
Frequently Asked Questions
1. Why are some products not available or visible to me?
Binance occasionally offers specific products to users in certain regions or to those who meet certain criteria. As a result, some products may only be visible to eligible users.
2. What happens if I choose to redeem early?
You have the option to redeem certain Locked Products (including Fixed Rate Locked Products) before the expiry date, and the redemption process is irreversible once confirmed. The assets will be returned to your Spot Wallet within 72 hours. However, any accrued rewards will be forfeited, and any rewards already distributed will be deducted from the principal.
3. Why can’t certain Locked Products be redeemed early?
Some Locked Products, such as free Locked Products distributed as rewards for certain marketing campaigns, cannot be redeemed early. This is stated in the campaign rules specified in the corresponding announcement.
4. Why does the APR change?
The APR for Locked Products is set based on various factors to ensure sustainable and competitive rewards. The APR provided to Simple Earn users is discretionary and doesn't reflect any indication of profitability within Binance's various operations. Please note that the APR of Locked Products is not fixed and is subject to change on a daily basis, unless otherwise stated. This means it may be updated during a locked period.
5. Where can I check my Locked Rewards?
You can view your rewards from Earn History > Simple Earn > Locked. For more information about Simple Earn, please refer to the following guides:
I. How to subscribe to Simple Earn Locked Products?
1. Log in to your Binance account and go to [Earn] - [Simple Earn].
2. Find the token you want to subscribe to by using the search bar or scrolling through the available coins.
3. Select a locked term next to the coin and click [Subscribe].
4. A subscription window will pop-up. Select the locked term and enter the subscription amount. Choose to utilize the funds in your Spot Wallet, Funding Wallet, or both.
You can also enable the [Auto-Subscribe] function. Please review the subscription summary below and click [Confirm].
Subscribe page:
Duration (days): Choose from various locked terms (subscription days).
Subscription amount: The amount of tokens you want to subscribe with.
Amount limits:
Minimum: The minimum amount of tokens required for subscription.
Personal remaining quota: The maximum amount of tokens you can subscribe to, considering your existing subscriptions.
Summary:
Subscription date: The date and time of your subscription.
First distribution date: The date when the first interest rewards are distributed, usually 2 days after subscription.
Interest end date: The date and time when the locked term ends.
Next subscription date: The date and time your assets will be resubscribed to the same Locked Product, if Auto-Subscribe is enabled.
5. A confirmation message will appear with the details of your subscription. Your assets will be transferred from your selected wallet(s) into the Simple Earn Locked Product. Click [View Holding] to manage your subscriptions in the Earn Wallet.
II. How to redeem my Locked Products?
1. Log in to the Binance and navigate to [Earn]. Click the [View My Earnings] button to be taken to the [Earn Wallet]. Alternatively, you can check by clicking the [Redeem] button.
2. Click [Redeem earlier] next to the asset you wish to redeem, or click [Manage Redemption] to handle multiple assets at once.
3. A redemption pop-up window will appear, informing you that you are performing Early Redemption. Click [Confirm] if you wish to redeem early. A second confirmation window will pop up, showing the early redemption amount you’ll receive and the expected redemption date and time. Click [Confirm] to continue.
4. A confirmation message will appear with your redemption details, including the estimated arrival time for your assets to be returned to your Spot Wallet.
III. How to view my Locked Product history?
1. Hover over the [Wallet] icon and select [Transaction History].
2. Select the [Earn History] tab.
3. Filter your transaction history by token type, transaction type (such as subscription, redemption, and interest), or dates. Click [Search].
I. How to subscribe to Simple Earn Locked Products?
1. Log in to your Binance app and go to [More]. Scroll down to [Earn].
2. Under [Low Risk] - [Locked]. Here you can view all available tokens or use the search bar to find the token you’d like to subscribe to. Tap the token to subscribe.
3. Enter the amount you want to subscribe. You can also enable or disable the [Auto-Subscribe] function if desired. Review the subscription summary and tap [Confirm].
4. A confirmation message will appear with details of your subscription.
Your assets will be now transferred from your Spot Wallet into the Simple Earn Locked Product you selected. Tap [Go To Wallet] to manage your subscriptions in the Earn Wallet.
II. How to redeem my Locked Products?
1. Log in to your Binance app and go to [Wallets] - [Earn].
2. Select the [By Asset] or [By Product] tabs to go to your Locked Product holdings.
3. Details of your Locked Product will be shown, along with the option to enable or disable [Auto-Subscribe]. Tap [Redeem Early].
4. Tap [OK]. A second confirmation page will appear, displaying the redemption amount and estimated return time. Tap [Confirm] to complete the process.
5. A confirmation message will appear with details of your redemption, including the estimated time for when your assets will be returned to your Spot Wallet.
III. How to view my Locked Product history?
1. Log in to your Binance account and tap [Wallets] - [Earn].
2. Tap the [History] icon in the top right corner of your screen.
3. You can filter your transaction history by token type, activity type (such as subscription, redemption, and rewards), and dates.
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