Making your money work for you. It is a well-known saying in the financial world. It is a shame to leave your money in your bank account and do nothing with it. The same goes for your crypto coins. If you do not plan to day trade with your crypto coins, you may want to use them to generate passive income.
KuCoin is one of the five largest crypto exchanges in the world. The platform has more than 18 million users worldwide. The platform is known as the number 1 altcoin exchange and for good reason. There are more than 1200 trading pairs available. KuCoin has also been named the best crypto exchange and 2022 crypto App by The Ascent.
However, KuCoin is more than just a place to buy and sell cryptocurrencies. You can do a lot more. Think, for example, of trading NFTs and generating passive income. In this article we explain what passive income is and how crypto exchange KuCoin makes it possible to earn passive income on your crypto coins.
What is a passive income?
Passive income is a form of income where you only have to do something once or only a few times, but after which you generate a permanent income. It is possible to generate passive income in many different ways. Investing and investing are perhaps the best known. The term ‘getting rich sleeping’ certainly applies when generating passive income.
It helps investors to earn a stable income in such an uncertain period of the crypto market and is not necessarily difficult. In fact, it is one of the easiest ways for crypto novices to start their crypto journey.
How do you earn passive income with KuCoin?
It is possible to generate passive income in various ways via KuCoin.
The first way is their KuCoin Lending feature. With this function, you lend out a crypto of your choice and amount, as it were, on which you then earn an interest rate.
The KCS Bonus is a rewards program for all owners of KuCoin’s native token: KCS† Anyone who has at least 6 KCS in their KuCoin account will get daily bonuses. However, the amount of rewards users can get depends on the amount of KCS they own and the trading volume on the KuCoin exchange. Based on historical data from 2021, the estimated reward of the KCS bonus is between 3 and 30%.
KuCoin also enables the staking of crypto coins through their platform. Crypto staking is an activity where a crypto user locks up their coins to participate in the validation process of new transactions. Any coins that are locked in cannot be used for a certain period of time. This is called the ‘lock-up period’. As a reward for this, they get a percentage of their pinned crypto coins. KuCoin also makes this possible. By turning this on once, users will receive rewards for it on a daily basis discontinue cryptos†
A trading bot is a computer program that automatically buys and sells cryptocurrencies at the right time, with the aim of generating a profit. It is basically an automated version of a human trader, but one that can be on 24/7.
It is possible to set up such a trading bot on KuCoin. Although there are various strategies that can be used here and the market can of course be volatile, it is certainly possible to earn passive income through a well-established trading bot.
KuCoin Affiliate Program
Also affiliate program‘s offer a form of passive income. By forwarding users to a platform via your code, you build an affiliate file. If they then start trading, you will earn a percentage of the trading fees paid by them. In general, the more people you sign up, the more you earn. This of course depends on a few factors, such as the trading volume generated by the users you have signed up. This is certainly a way to earn passive income.
Why you should use KuCoin to earn passive income
If you got interested in earning passive income after this article, then KuCoin is the place to be. KuCoin makes it extremely easy to earn passive income and you can do that in five different ways. In addition, it is a very reliable platform.