As CriptoNoticias has recently reported, Binance launched BFUSD, a new investment product.
Although the exchange clarifies that it is not a stablecoin (as it is not a token that can be withdrawn from the exchange), for practical purposes it works in a similar way. This is so because BFUSD maintains price parity with 1 US dollar.
The advantage of BFUSD over stablecoins is that pays variable interest to its holders. These interests are around 14% annually at the time of this publication and come, according to BinanceEthereum staking and delta hedging.
To invest in BFUSD you must follow the steps below:
1) Create an account on Binance
Investment in BFUSD is available only for those individuals who have a registered and verified account on Binancewhich is the largest Bitcoin (BTC) and Cryptocurrency exchange in the world.
To register you need to go to the website Binanceclick “SIGN UP” at the top right and then follow the steps that will be indicated on the exchange (which will include providing an email and going through an identity verification process).
In order to invest in BFUSD you need to register on Binance. Source: Binance – Screenshot by CriptoNoticias.
2) Fund the account with USDT
Before you can invest in BFUSD it is necessary to own USDTthe stablecoin (digital dollar) issued by the Tether company.
For this, you can transfer USDT from a wallet or another exchange, or you can also buy it directly on Binance.
Because the USDT purchase or transfer process exceeds the objectives of this tutorial (focused on investing in BFUSD) we make available to the reader other CriptoNoticias tutorials that can guide you in those particular tasks:
3) Go to the BFUSD section
Something that characterizes Binance It is the immensity of its platform and the multiple options it offers. This can cause certain investment options to go unnoticed. This is the case of BFUSD, which is not something that can be found with the naked eye or very easily.
To get to the investment section in BFUSD, you must first click on “FUTURES” at the top of the Binance main screen.
You must enter the area intended for Futures trading. Source: Binance – Screenshot by CriptoNoticias.com
By clicking on “FUTURES” you access the corresponding section. Once there, again at the top of the screen you will see the BFUSD access button. You need to click there:
Within “Futures”, there is the investment option in BFUSD. Source: Binance – Screenshot by CriptoNoticias.
4) Invest in BFUSD
Now, the final step: make the investment in BFUSD.
After clicking on “BFUSD”, as seen in step number three, you will be taken to the following screen. There, to make the investment, it is necessary click “BUY” (which means “Buy”).
Access to investment in BFUSD. Source: Binance – Screenshot by CriptoNoticias.
Once this procedure is carried out, the following box will open in which you must indicate the amount of USDT that you want to exchange for BFUSD.
Indicate how much USDT you want to exchange for BFUSD. Source: Binance – Screenshot by CriptoNoticias.
Then, the «CONFIRM» button is pressed (confirm) and that’s it! The user of Binance You will already be earning returns with your investment in BFUSD.
5) How to stop investing in BFUSD?
To do the reverse process and withdraw the investment, the process must be repeated, but in the previous box it is necessary click on “REDEEM” (redeem). There you enter the amount of BFUSD that you want to exchange for USDT.
Indicate how much BFUSD you want to exchange for USDT. Source: Binance – Screenshot by CriptoNoticias.
Clarification: This article is written for informational purposes. It does not constitute an investment recommendation or financial advice. Each investor is responsible for conducting his or her own research.
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