Where to keep your money in Binance
If you are thinking about where to put your money within the Binance platform, there are several types of wallets, each with different uses depending on your goal for saving the money. The best wallet for you depends on whether you are looking for security, achieving stable profits, or trying to take risks for quick profit.
The first wallet is the 'Spot Wallet.' This wallet acts like an electronic safe, where you keep the currencies you buy or transfer from other wallets, but it does not give you any profits. In other words, the currencies remain as they are, and you will only profit from them if the price of the currency itself increases in the market and you sell it. The spot wallet is excellent if you just want to hold your currencies or trade manually (meaning you buy and sell by yourself).
If you want to keep your money and earn daily or weekly profits without any effort or trading, then the right wallet for you is the 'Simple Earn' wallet. This wallet is similar to a savings account in a bank; you deposit your currencies and earn profits in return. It has two types: flexible and locked. The flexible means you can withdraw your money at any time, while the locked gives you higher profits but you cannot withdraw it until after a certain period, such as 30 or 60 days.
If you do not need your money right now and you can wait for a while, the locked option is a good choice as it provides a higher return. However, if you prefer flexibility and want to withdraw at any time, the flexible wallet option is very suitable for you. The profits in this wallet typically range from 2% to 6% annually, depending on the type of currency.
There is also the finance wallet, like Staking or Launchpool, which means you lock your currencies for a certain period and help support a network or new project in exchange for profits. This method gives good profits, but it also requires locking the currency and not using it for a period, and the risk is low to medium.
Finally, there is the Futures wallet, which is designed for those with extensive trading experience. In it, you can achieve huge profits in a short time, but at the same time, you could lose everything quickly. For this reason, it is never recommended if you are a beginner or do not want to take high risks.
In general, if you are looking for a place to safely keep your money and earn a small profit without worrying about losses, I recommend the flexible Simple Earn wallet. If you have an amount you do not need right now and want better profit, try the locked type. The instant wallet is good for storage and manual trading, but it does not provide profits, and other wallets like futures are designated for professionals.
In short: The best wallet for you is the one that aligns with your goal and the level of risk you can accept. If you like, I can help you step by step to choose the best wallet and currency.
For your investment.