Binance is a cryptocurrency exchange where you can buy, sell, and earn passive interest. These are the basic steps to get started:
Registration and verification: Create your account on Binance with your email or phone. Then, complete identity verification (KYC) in Profile > Identification binance.com. Without verification, your account will have restrictions ("withdraw-only mode") binance.com. Completing KYC enables you to deposit, trade, and withdraw funds.
Deposit funds: Once verified, add crypto or fiat money. On the Binance website/app, click on Deposit. For example, to deposit cryptocurrencies, choose "Deposit crypto", select the currency and network, copy the address provided by Binance, and send the funds from your external wallet binance.com. For local currency deposits, you can use bank transfer or card (option Bank deposit) binance.com. Binance also offers Binance P2P (trading between users) and direct purchase with a card.
Wallet and trading: In Spot Wallet, you will see your total crypto balance. In Markets or Spot Trading, you can exchange one currency for another at market price. Binance also has advanced trading (futures, margin) and other sections (P2P, NFT, etc.), but to start, you only need the Spot functions.
As you explore Binance, you will see the Earn tab (or Finance) where you will find passive products. Below, we explain step by step each option to generate passive income, with its definition, operation, use on the platform, risks, and advantages.