A few days back I came to know from @bhattg's comment that Binance was offering 29% APR for saving our USDT there. I did not get a chance to explore that and invest but today I got some time to do that. When I saw it for the very first time, I found out that this was awesome and even better than all other platforms. I initially thought that this could be a specific offer or a short period thing but only after exploring I came to know that it is a general thing that anyone can avail.
As of today, I was thinking that HBD on Hive was the one that was providing the highest APR through a decentralized platform. Today even though Binance is not offering it in a decentralized manner, 29 percent is an insane amount of APR. In just 2 years, we would have already received a lot more than 50 percent of the invested value. In 4 years recovering the full invested value would be possible. Another big advantage we have here is that it is all flexible.
Deposit option is available in Earn
The process is very simple. All we have to do is log in to Binance go to the wallet section and choose Earn and make the deposit. Someone who has been using Binance will know this very well. There are also other earn features available where other coins are also available for earning. I don't think any other coin or investment is offering 29 percent. Out of the 29 percent, 26 comes from the investment and 3% is an additional boost we get for investing from 0 to 500 USDT. I don't know why they have kept it this way but it is good.
I admire this option and even if it is for a short period, I think this is best to avail right now because many people might be booking their profits already and converting their crypto to USDT until the next bear market. Earning a good return from USDT through Binance can be a great thing. For people in countries that attract tax, we have to be a little careful because Binance might submit the data to the government or tax authorities and it is safe to do a self-claim by ourselves.
Unfortunately, Binance Earn is available only in a few countries. For example, if I try to use Binance from my office network, it doesn't allow me to do that. I have to change my network to access Binance. I don't know when it might get fully banned in India. So it is better to consider all these things before investing.
Good or bad
Through this article I only wanted to share that this option is available right now and the APR is very attractive. But if you ask me if it is good or bad, I would say that we have to be very careful while dealing with exchanges. If we keep the money in wallets, we are the owner of the keys and we will have full access to our coins. But if we have our money on exchanges, there is a high risk. Recently there were also some things about the government sending notice to Binance. We cannot be sure how the government would handle these exchanges. If we are planning to invest in a country that already has some regulations in place, it is better to pay our taxes or other necessary charges to keep doing it.
Some people might say that it is good to just enjoy the 20% APR that HBD offers and not be very greedy about the 29 percent Binance has to offer. I would agree with them because at any point trusting an exchange is not a good idea and we might get into trouble if the regulatory bodies say that they are not regulated properly. For people who would like to keep their crypto investment hidden from the government, a wallet may be best because Binance might share the date with the government if asked. It depends on the country in which you are in.
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Posted Using InLeo Alpha