in this video we'll look at how to use binance Simple earn which is like an earnings and savings product within binance so if you do use binance and you have some cryptos in your account you can actually flip them over into simple earn to earn some yield on them I'm going to go through how to use the platform itself and then some of the things that you should be thinking about and aware of as well I'll leave the timestamps for each of the sections down in the description if you come to your binance account then you can come up to earn and simple earn if you don't have a binance account yet I'll leave a link in description to a deposit bonus so if you're new you can get a deposit bonus I think up to six hundred dollars so you want to come to binance earn once you have an account and what you can see here is lots of different options so you have flexible options lock up options as well so they make money a few different ways either through staking or through lending or potentially using some of these assets on their Futures Trading platform to lend out to Traders which obviously pay an interest as well so they do things on their back end and they just give you the APR or the interest rate right here um so yes it is on the binance platform you have to trust binance I do and have some Assets in here but other than that you just see the apis right here and then you can choose which one you actually want to go for and how long you want to get locked up for why not have a calculator to tell you how much interest you may make and then you can go ahead and choose the product that you want within simple earns so if you come to binance and come down here to calculate your crypto earnings so you can choose all of these supported coins right here whichever one you have for example US dollar tether you can put in the amount that you want to save and then how long you want to save for either one two three five years you can see so over that time it takes the interest that it's currently paying and then multiplies it and gives you that interest over the time frame obviously it's an AP wire so it's a yearly rate and then it works it out but the apis do change so we'll go through that now if you come to simple earn there's a few things you need to know firstly search for the crypto up here so whatever one you want if it's there uniswap usdt you know you can just search for if it's supported and then you can see a few different options so you have an APR and then you have duration in days the APR is a yearly rate so this one right here if it says it's paying 27.99 what that means is if you hold it for uh 12 months you'll get a 20 28 yield now obviously that's not per day or per month right so you have to divide it by 12 to get the monthly or divide it by 365 to get the daily other than that what you want to do is check the duration now flexible duration usually has a lower rate because you have the optionality there if you lock it up for longer it usually has a higher rate but it obviously changes as well so as you can see some support flexible and some don't so Bitcoin is only flexible that means you can't look it up to get a higher rate or any anything and it has a tier rate as well so even though they even though they say five percent here check the tier rate and then you can see how much they pay five percent on so they only paid five percent on 0.01 BTC and then if you have more they start dropping the rate so just be aware of that and then as you can see flexible here so you can't change that for something like BNB coin which is obviously their exchange token and it's the base layer coin for BNB chain and they have lockups and no flexible so the 30 day only gets a three percent yield now that is the yearly yield so that's three percent per year but you only have it there for 30 days or you can lock it up for 90 days or 120 days and you get a higher yearly rate so you can press subscribe here um and then obviously that's only 120 days so after 120 days you can re-subscribe and if you do that for a year then you get that 7.09 so if you want to subscribe to anything just press subscribe and read the tnc's in there and I'll show you how to do that there's an auto subscribe as well if you click Auto subscribe on then anything that's in your spot account at the time uh gets transferred once a day over to the earn account I click Auto subscriber on pretty much for everything at least for the cryptos that I buy through binance because you know sometimes I want a dollar cost average and I don't want to take a small amount off the platform so I put everything into the earn and the auto subscribe even if the rate is low because it's better than nothing and then I'll obviously take the cryptos out at some point in a bigger transaction so if we go into something like Ave right here um and we press subscribe you can see it's only flexible the current amount that I have and then I can subscribe here down is the minimum amount that you can subscribe and the available quota so depending on the coin in there may be a maximum amount that you can subscribe to per you know per account and then click Auto subscribe here so at the end of each day everything in my spot account that's earning nothing will go over into the flexible savings essentially you can see the APR they're estimating interest it can't work out because it's a flexible product if we go to something that has a fixed lockup for example BMB for 120 days we can click subscribe right here you can change this around to how long you want to be locked up for choose the Max and the available quota you can even Auto subscribe for this as well so what that will do is after the 120 or 90 days it will re-subscribe you back into that 90-day period you can see the estimated interest as well depending on how much that you have and just look at the tnc's now you can withdraw early so if you have some BNB coin locked up for 90 days and let's say 30 days in you're like I really need this out you can actually redeem it early no problem but you'll give up all of the accrued interest from what you've earned so far you can redeem early and withdraw you just have to go to the earn part of the application or the platform you can do this on your phone as well but if you go to the earn section and then simple earn you can see everything that you've Auto subscribed to it might have a balance or not but everything that does will be here and then you can see all of the amount of interest that you've actually accrued over all of that time just come to the right hand side you can see above my head and just press redeem you'll lose like one day's interest maximum if you're Auto subscribing so not too bad and then if you want to unlock something that's locked I think I locked something up here to show you if you look scroll to the right above my head you can see redeem earlier what that is going to do is going to redeem that because it's locked up you're going to lose all of the interest that you've accrued so far but that is how you would unlock to get those out they go back into your spot account and you can obviously trade it from there if you're new to binance check out that deposit bonus link in the description down there for you I'm James with money zg cheers for watching and I'll see you in the next one