A Closer Look into Binance’s Cards, Deposits, and Staking Offers

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Blockchain
A Closer Look into Binance’s Cards, Deposits, and Staking Offers

Since it was founded in 2017, Binance has become one of the most prominent platforms in the cryptocurrency trading industry. The initial success of the exchange was so impressive that it had to suspend its registrations in January 2018. Since then, Binance has become one of the most established platforms in the industry. Besides being able to trade various types of cryptocurrencies, such as Bitcoin, Binance also provides other services such as cards, deposits and staking offers. 

Binance Card Offers

Issuing company/ card typeCostTransaction feeCash advance feeCashback
Binance visa cardNo monthly feeNo monthly fee. Up to 0.9% transaction fee. 25 EUR card re-issuance fee.No advance feesEarn cashback of 0.1% to 8% in BNB while spending with the card
Binance Refugee cardNo monthly feeUp to 0.9% transaction fee. 25 EUR card re-issuance fee.No advance fees75 BUSD monthly for three months after purchase
Visa credit cardNo monthly fee on Binance side but may apply according to issuing bank’s rules2%No advance feesDiffers seasonally
Mastercard credit cardNo monthly fee on Binance side but may apply according to issuing bank’s rules2%No advance feesDiffers seasonally

Binance Visa Card Cashback 

The Binance Visa Card can give you a cashback on every purchase made with it. The amount of BNB that you have in your account will be used to determine the percentage of the credit card’s cashback.

The more BNB you have, the higher your rewards will be, and the more you’ll receive in the form of BNB as shown below;

Card LevelAverage BNB held within 30 daysBNB rewards on your purchase
101%
2102%
3503%
42004%
55005%
62,0006%
76,0008%

Binance Card Cashback Program

Binance card recently announced a new cashback program for its users. The first 10,000 eligible new and existing Binance Card users who meet the various eligibility criteria and confirm participation by 2022-06-30 23:59(UTC) will be automatically enrolled into the new cashback program. They will receive 5% cashback on their monthly transaction amount. Existing card users who meet the same criteria but fail to confirm their participation by June 30, 2022 will also receive 5% cashback on their BNB holding.

Card levelMonthly average BNB holdingMonthly Binance Card Transaction Amount(EUR)Cashback RatioMonthly cashback cap per user(EUR)
1Amount < 10 < Amount ≤ 7991%8
21 ≤ Amount < 9799 < Amount ≤ 1,4992%30
39 ≤ Amount < 39Amount > 1,4993%60
439 ≤ Amount < 99N/A4%200
599 ≤ Amount < 249N/A5%275
6249 ≤ Amount < 599N/A6%350
7Amount ≥ 599N/A8%500

Eligibility Criteria for New Binance Card Users (10,000 users)

  • From 2022-06-10 at 00:00 until 2022-06-30 at 23:59 (UTC), non-Binance Card users must sign up for a Binance Card.
  • A minimum of four months of Binance trading history from 2021-06-01 00:00 to 2022-05-31 23:59 (UTC).
  • At the time of registration, should not hold more than one BNB of the monthly average BNB.

Eligibility Criteria for Existing Binance Card Users (10,000 users):

  • The duration of card usage from 2021-06-01 00:00 until 2022-05-31 23:59 (UTC) must be less than eight months.
  • A minimum of four months of Binance trading history, from 2021-06-01 00:00 till 2022-05-31 23:59 (UTC).
  • At the time of registration, you hold less than one BNB of the monthly average.

Binance Deposit Bonus 

Binance deposit bonuses are as follows;

Deposit amountTime-frame of depositReward
$50First time Up to $5
$50Anytime with crypto$50 cashback voucher
$1000Within first 7 days of registration$20 spot cashback voucher
$20,000Within first 7 days of registration$25 spot cashback voucher 
First time depositsSpecified first-time depositsUp to $100 in vouchers

Deposit rewards are earned by opening an account, verifying the account, completing tasks, and following guidelines.

Staking Rewards

Binance has a yield staking center for APYs of up to 104.62%, which is a high yield. Users can stake VET, SOL, AXS, NEAR, LUNA, ADA, CAKE and MATIC. The locked staking format is that of first come, first served. Notably, the interest calculation period is from 00:00 AM(UTC) after locked staking confirmation noted by the end of the corresponding product period. Users also receive the interest payout time daily.

Digital AssetsMax. locked staking limit per userDurationStandard annualized interest rateMin. locked staking limit
SHIB10 days7,000,000 SHIB10.12%200 SHIB
AXS90 days3 AXS104.62%0.0001 AXS
VET90 days3,000 VET7.32%1 VET
SOL90 days3 SOL12.12%0.0001 SOL
AVAX90 days5AVAX20.19%0.0001 AVAX
NEAR90 days25 NEAR20.27%0.001 NEAR
LUNA90 days5 LUNA16.67%0.0001 LUNA
ADA90 days200 ADA10.43%0.001 ADA
MATIC90 days150 MATIC20.09%0.001 MATIC
CAKE90 days10 CAKE70.56%0.001 CAKE

There are some rules that should be followed when staking on Binance. Some of these are such as;

  • After the product ends, the interest on VET will be transferred to the users’ spot wallets. This happens between 00:00 AM and 04:00 AM (UTC).
  • The maximum number of users that can take part in a given cryptocurrency’s offerings is limited. This limit can be adjusted so that the offerings are open to all users.
  • The on-chain reward rate is adjusted daily based on the changes in the page display. The specific reward rate is subject to the day’s changes.
  • To view their Locked Staking assets, users can go to Wallets > Earn > Locked Staking > Locked.
  • The unlock period for Locked Staking products is one day.
  • Early redemption is a convenient way for users to receive their VET. It allows them to get their principal back and receive the interest. Due to the different time zones in the world, it can take up to 48 to 72 hours to receive their tokens.

Final Thoughts

Binance is an online crypto marketplace that supports more than 600 cryptocurrencies. It also offers crypto trading pairs, staking, and deposit rewards. In addition, Binance fees are quite low making it an attractive exchange to users. The exchange also has its own currency, BNB, that is used for trading fees, listing fees, withdrawal fees, and cashback payments. 

However, remember that your choice of a crypto exchange comes down to personal preference which should follow after in-depth research across different platforms You can look into a platform’s cryptocurrency offers, staking features, fees, and transaction limits, among others. When you analyze this, you can come up with a conclusive crypto exchange that best suits your needs. 

Meanwhile, note that the crypto space is just like any other investment. It is still quite risky and informed decisions come in handy to avoid making huge losses. Also, note that cryptocurrencies are volatile and the surges and plunges are quite sudden over a short period.

It definitely is not new for crypto to lose hundreds overnight. Therefore, it is advisable to be very cautious when exploring how to invest in the crypto space.

Samuel Mbaki Wanjiku

Samuel is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.