Would You Recommend Investing Binance Pays 9.70% Interest on USDC

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

For me, I prefer investing and trading instead of staking, which offers some profits that are not worth the hassle. If you were scammed, this is due to your personal negligence in securing your wallet, and this is due to your explanations ^[here] that you put your seed phrases in one of the suspicious wallets. Perhaps you received official phishing messages from Atomic support. I am an Atomic Wallet user and have not faced any problems so far.

As for Locked staking on Binance, it actually offers a higher APY than Flixable, but your assets must be locked until a fixed date and time, so if you need to redeem funds early due to an emergency before the specified redemption date, you will lose all earned or accrued rewards. Also, the redemption process of your assets may be delayed for more than 72 hours in some unexpected cases. Also, the APY rate can change, as it is an estimated and variable rate. If you are satisfied with what I mentioned, you can move forward. Like the rest of the members here, my opinions are neither the best CEX platforms nor the best for depositing large amounts of money into them, but the decision is up to you in the end.

Check out these sources: [1] - [2]

michellee

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Whether this is a smart move or not, only you will know. But if I were you, I wouldn't transfer all that money to Binance for USDC staking. I would use the money to buy Bitcoin and store it in a separate wallet. It would be safer for me because later, I can make big profits from Bitcoin.

You must research before doing anything so you don't make a mistake. Not everything can go well, and you have to understand that you should only use money that you can afford if it is an investment. But Binance does provide staking interest on the coins we store on Binance.

But again, only use the money you can afford because we don't know what will happen later. If you have done your research and found that it is a smart move, you can wait for the time to get the interest.

Rikafip

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

You are sketpical about investing (and you should be) yet you have $10k on Coinbase? Weird

My advice would be to withdraw that money from Coinbase and hold it in your private wallet, but if you are really insisting on depositing on on CEX, I would rather keep it on Coinbase as imho they are less likely to go down, or to selectively scam you.

Coyster

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

Atomic wallet is a closed source wallet, there are good wallets which are open source and you can use it to hodl your coins. What you are doing is a very bad idea, staking your coins in a centralized exchange, first, you risk your money hodling it in a stablecoin and secondly, you risk your money hodling it in an exchange, because no keys, no coins. If i were you i would use that money to buy Bitcoin and move it into a hardware wallet, but i am not you, so do as you please.

Findingnemo

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

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You recieved enough recommendations of what you can do and what you should do. Binance definitely can handle 10K so I wouldn't mind trusting them with 10K but the 9.7APY isn't attractive at all, when the profits will be lost on capital gains and inflation so at the end you are taking risk with 10K literally to make pennies.

On the other hand you can just buy Bitcoin for that 10K, move to a comd storage in the next few years it will be atleast doubled this making 100% returns surpassing 40% APY of staking excluding taxes and inflation.

Text

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I would recommend thoroughly researching Binance's offerings, security measures, and reputation before proceeding, but of course, the decision is yours to make. Binance is a reputable exchange, but due to the ongoing issue, its current status may be affected or changed. You may only be doing it because of the higher rate, but you should know there's always a risk, and because you've experienced being scammed, security should be your top priority.

Regarding your situation with Atomic Wallet, it sounds like you were the victim of a social engineering scam impersonating Atomic Wallet support. You should never share your seed phrase with anyone, not even wallet support.

Husires

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Quote from: Porfirii on April 17, 2024, 08:36:25 AM

Chances are that nothing happens and he gets his 5/7/10% yield, but it isn't worth the risk to me, because 10-20 years are needed to double his money, but just a minute to lose it all. And in so many years many things could happen...

What you say is completely correct, but if there was a choice between Coinbase and Binance, the security provided by Coinbase would make 5.1% better than 9.70%.

There is a note that I would like to add, which is that these percentages changes, so by the end of the year the percentage of profits may be much less than 9.70%, and therefore it is a risk that is not worth it, especially if your investment is about 10k USDT.
Buy bitcoin and withdrawal it to air gapped wallet is better

pakhitheboss

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

I would not recommend anyone to store money on any exchange wallet and that to 10K. The reason being exchange have been vulnerable to attacks in the past and some exchange themselves have scammed users. The latest was FTX exchange where a lot of users lost their investment. If you still want to earn 9.70% interest then beware it is risky but it is your money and your decision.

Porfirii

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Quote from: Husires on April 17, 2024, 07:22:11 AM

Why not invest in Bitcoin, I am sure that the return on investment will be higher than 10% annual APY, and this is 100% for this year, but in bear market years when annual investment in Bitcoin is not postive, then you can invest 60% of USDT in Coinbase to get 5.1% interest and 40% on Binance to get 9.70% which will give you an average closer to 7% which is good.

That solutions seems reasonable because you are not putting all your eggs in the same basket, but not so good since the fact that he will be keeping all the money in centralized exchanges doesn't change.

Chances are that nothing happens and he gets his 5/7/10% yield, but it isn't worth the risk to me, because 10-20 years are needed to double his money, but just a minute to lose it all. And in so many years many things could happen...

Husires

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Why not invest in Bitcoin, I am sure that the return on investment will be higher than 10% annual APY, and this is 100% for this year, but in bear market years when annual investment in Bitcoin is not postive, then you can invest 60% of USDT in Coinbase to get 5.1% interest and 40% on Binance to get 9.70% which will give you an average closer to 7% which is good.

Apocollapse

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Not sure why you need to stake USDC to earn 9.7% per year when you can earn 1%-3% per every launch pool project, usually they ask to stake for 2-10 days and 1-2 project every month. So you might earn 12%-24% per year.

But you need to swap your tokens since they only accept BNB, FDUSD and TUSD.

Gladitorcomeback

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If you ask about the safety of the platform, I have never heard any complaints about Binance and its staking programs, however, I'm not a very big fan of staking itself and I believe one should rather make investments or maybe start trading after learning the process because it provides better profits. Understandably, trading doesn't work the same way for everyone, but I believe if someone puts in enough effort, they can become a trader eventually.

Trading requires time though, if someone doesn't have enough time, they can go for investments but I wouldn't recommend staking because one thing is you can't believe any platform for such a long term, and second is that you might not be able to withdraw your funds when you need them.

mk4

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Totally up to you — is 10% annual APY totally worth the exchange risk(exploits, insolvencies)? If it's yes, then go ahead. If not, then obviously don't.

https://chainsec.io/exchange-hacks

Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

If you're getting scammed, time to bump up your crypto knowledge.

https://chainsec.io/scams

pooya87

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It depends on you and your financial situation. For example is $10k a big amount of money or is it all the money you have in cryptocurrencies or is it a small percentage of your stash?

You see that makes a huge difference. If it is all your money, then it is a terrible move and you should avoid it because of the risks involved. You could lose it all to a hack or just them deciding to shut your account down or the entire exchange may be shutting down and/or running away!

But if it is a small percentage of your entire stash, it is not as bad because that reduces the risk. Basically you should do this with an amount of money that you can afford to lose. So you should reduce it if you can't, like investing $1k instead of $10k and be satisfied with the smaller interest that you'd make at a lower risk.

As for Coinbase vs. Binance, they are pretty much similar although Coinbase is slightly safer but both are CEX and very risky and anything can happen to either one of them.

The Cryptovator

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I will advise you to stop investigating and storing funds on centralised exchanges. I have bad experience with Binance; they take time to resolve, hence I am not writing details. I will wait for their answers before writing in detail. They can suspend your account or freeze funds at any time. So you will lose your funds. When your funds are on centralised exchanges, you don't have control over your funds. Keep this in mind before making any decisions.

sokani

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

Not a great idea if you ask me. You shouldn't be enticed by the peanut you stand to get by having your funds in a staking pool on either Coinbase or Binance. Remember, not your keys, not your coins. If anything goes south with either of them, you could lose your funds. Instead, why not buy Bitcoin and hodl in your personal wallet? I'm sure if you buy now, you'll double your investment which should be like of 10x what you'll ever get from staking your USDC.

Anderson0077

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Quote from: dkbit98 on April 16, 2024, 04:11:10 PM

Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

No this is not a smart move at all.
You are sending your coins to centralized exchange so you don't have control over keys, coins are probably going to be locked, and CZ is currently held hostage in US so anything can happen with Binance.
I don't understand why anyone would hold stablecoins, except for temporary trading instead of using fiat currency, but it's your coins so you can do whatever you want.

Do you mind sharing more information on this?

Atomic Wallet is experiencing issues with its staking and rewards, so I would like to transfer my ATOMs to another crypto wallet.
I followed the instructions given by Atomic Wallet Support to switch to Cosmostation Wallet, which required me to enter my seed phrase.
My ATOMs transferred to Cosmostation Wallet but were immediately transferred out. I never made that transaction.
I contacted Cosmostation Wallet Support and asked them what happened.
They informed me that I must have been talking to a scammer posing as support from Atomic Wallet.
I contacted Atomic Wallet and they said I wasn't talking to a scammer and those links are legit. I lost my funds because my PC must be infected.

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dkbit98

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

No this is not a smart move at all.
You are sending your coins to centralized exchange so you don't have control over keys, coins are probably going to be locked, and CZ is currently held hostage in US so anything can happen with Binance.
I don't understand why anyone would hold stablecoins, except for temporary trading instead of using fiat currency, but it's your coins so you can do whatever you want.

SatoPrincess

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Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I wouldn’t recommend you keep such a huge amount in an exchange. I only stake BNB on Binance because it’s their coin so there is no point in moving it to my wallet. In case you are wondering why everyone is against storing your coins on Binance or Coinbase, read this:
Topic: Recent events should make everyone withdraw all their coins to their own wallets
Recent events should make everyone withdraw all their coins to their own wallets: Part 2
Recent events should make everyone withdraw all their coins to their own wallets: Part 3

Quote from: Anderson0077 on April 16, 2024, 01:20:00 PM

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

Do you mind sharing more information on this?

tabas

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I know that it is attractive to just park your funds on their savings or earn or whatever they call that feature that allows you to interest but, yes there's a but on it. But you don't have the full custody of your $10k once you have deposited it there and I am sure that it is not new to you since you've been doing it with Coinbase Earn. If it's about the interest rate, I'd say that it's fair and fine but the question is, are you willing to do that with the risk that if something unexpected happens to Binance and your funds are there, are you willing to lose it?

Topic: Would You Recommend Investing Binance Pays 9.70% Interest on USDC (Read 203 times)