Crypto currencies have introduced a rather interesting opportunity for people to settle payments without having to deal with fiat. The digital currencies are gaining traction and more people are getting exposed to their existence. Crypto exchanges have come up to bridge an important gap by facilitating trading and exchanging of various digital assets.
Besides facilitating funds transfers and swapping between various cryptos, exchanges also allow their customers to make money on their platforms through various ways. Interestingly, you can actually make money while you’re asleep. There are 4 easy ways of making some money on the side with crypto exchanges.
Lending Out To The Exchange
A few months ago, Binance introduced a new feature whereby customers can subscribe to a lending scheme and lock in their cyptos to earn interest. It’s simple: You visit the Binance crypto lending page, choose your preferred mode (can be either flexible or fixed) and chose how much you want to lend and in which form of cryptos – this you can chose from the given varieties. That’s it.
From then on, Binance will be crediting the interest gained on your cryptos to your account. The total interest is annualized, although it’s calculated on a daily basis.
Perhaps the oldest and easiest means to make some cash on an exchange is through their referral program. In fact, it’s not just crypto exchanges that employ that useful trick to expand their customer base. Many other types of businesses across various sectors do the exact same thing. With referral programs, you don’t have to place trades or risk anything.
Here’s how it works: You sign up to a crypto exchange, and then opt in to its referral program. You get a unique referral code or link which you can then give your friends. If they sign up on the exchange through your referral code or link, you get a commission. Many industry influencers have made good money through referral programs. Just a few weeks back, one of the influencers made over $100,000 within a week through referrals.
Basically, crypto exchanges facilitate margin trading besides supporting exchange operations. That means that if you have some cryptos in your exchange account, you can open a position and set it to close when the crypto in question goes up or drops to a given point. This way, you can make profits while shielding yourself from excessive losses in case the markets drop suddenly by big margins. In fact, a lot of investors have been making good cash this way.
Get Paid To Learn
Imagine getting paid to learn something. It’s actually happening in the crypto world.
Some crypto exchanges like Coinbase will pay you to learn about the many coins on their trading list. All you have to is opt in to the program, watch some videos about specific cryptos, and answer a few questions based on the videos. The questions are meant to gauge your understanding of the cryptos introduced in the videos. If you get it right, you get paid!
As you already know by now, making money on crypto exchanges is as easy as it sounds, and it’s pretty certain that as the market expands and competition increases, exchanges will devise more ways to entice customers – and what better way to do that than to show them more ways to make money?