How to make your cryptocurrencies work for you for @fendit by@chiomy

Cryptocurrency is the next big thing out there, the quickest way to get rich as people say. To trade crypto, we must take risks no matter how minute it is especially as it is a market that is very volatile and always fluctuating.

Source

While some people can either be conservative or high-risk takers, I consider myself to be a moderate risk-taker. I definitely do not get into the deep sea but I still don’t stay at the seashore, I just walk a few meters into the waters. I do not invest a lot in futures but more in short duration and I make a tangible amount of profit.

One of the investment products I find fascinating is Launchpool. This helps you to stake your tokens for a period of time and then earn a new token, totally free. Here is how it works, there is a fixed percentage of APY based on the number of tokens staked. So, the amount of tokens that are earned daily depends on how much was staked.

The new token is usually farmed monthly although the token earned increases and is calculated per hour and the rewards can be invested. It is a safe way of investing and has little or no risks involved and the most interesting part of it is that your tokens aren’t in lock and keys and can be redeemed anytime.

Flexible savings

This involves staking your coin which can be redeemed at any time. Flexible savings generates interest although it is not very great. A much easier way to think of flexible savings is the money in your bank account, you can just go to the ATM and withdrawal it. It also accrues little interest in the period of time it sits in your account.

Screenshot taken from Binance

Screenshot taken from Binance

Screenshot taken from Binance

Fixed savings

This has to do with keeping your tokens under lock and keys for a certain period of time which definitely accrues profits. It is one of the best investments for moderate risk-takers. Look at it as having the money in your bank account put in a fixed account, you cannot withdraw it at will until the fixed time has elapsed. It has a higher APY than flexible savings and lower than the high-risk. The duration is usually 7, 14, 30, and 90 days.

Screenshot taken from Binance

Screenshot taken from Binance

High-risk products

This is a product for people who have tolerance for the high volatility of the market. There is DeFi staking, liquid swap, and dual investment but I’ll talk briefly on dual investment. What does it do? Here you can deposit your coins/tokens and in return earn in two cryptocurrencies. It is a typical high-risk product and although the APY is fixed, your returns will be based on the value of the coin you staked at expiration and also the strike price.

Screenshot taken from Binance

How to set fixed savings investment

On the binance app, click on binance earn

choose the coin you want to deposit and fix

select the activity duration and enter lots amount

You'll be shown the value date, redemption date and expected interest.

thank you for reading.
cc @fendit
@sapwood