Binance Lending Launched Customizable Fixed Deposits – How To Use?
Binance Lending has launched a new Customizable Fixed Deposits product with the following features:
- Subscribe anytime: Subscription service will be open 24/7.
- Subscriptions will close on a certain product once the maximum limit is reached.
- Supported assets: Currently supports BUSD and USDT.
- Available terms: 7 days, 14 days, 30 days, 90 days.
- Varying rates: The longer the term, the higher the interest rate.
How To Use Binance Customizable Fixed Deposits?
Step 1: Register Binance Exchange Account
– Register Binance exchange account at: https://www.binance.com
– To register Binance exchange account, please read this tutorial: Tutorial Of Binance Registration
Step 2: Use Binance Customizable Fixed Deposits
– Login Your Binance account
– Select ‘Earn’ >>> ‘Lending’ >>> ‘Fixed Deposit’ to find the customizable product of Your choice.
– Here You have the flexibility to customize Lending based on Your needs. You can adjust the following:
- select product;
- select duration time;
- view annual interest rate
– Click on ‘Subscribe’ button to check and enter Your information lending
– About subscription information lending:
- Coin: lending product you purchase;
- Duration: maturation period you choose;
- Lot size: minimum unit to purchase;
- Interest per lot (annual interest rate): estimated interest and annual interest rate based on Coin and Duration;
- Value date: interest calculation starting date;
- Redemption date: value date plus duration;
- Lot amount: decided collaboratively by available balance in spot wallet, maximum allowable lot size, and total product quota.
– Please ensure that you have sufficient assets available for Lending. (not in open orders and/or in your Margin account).
– After purchase confirmation, the system will deduct the asset from your spot wallet balance and you can review the purchase in the 【Assets】page.
– The customizable product will be redeemed automatically after maturation. Assets and interest will be paid to your spot wallet together, and you can check your asset balance in your spot wallet 【Balance】 page.