After you have successfully subscribed for binance flexible savings, the next thing you may think of may be how to withdraw or redeem Binance flexible savings funds.
Redeeming the profits you made across the flexible staking period is easy and fast.
Unlike the long duration it takes for your redeemed crypto on locked staking to show in your spot wallet, it is different for flexible savings.
This is due to the fact that crypto redeeming is an instant action on flexible savings.
You must know how to redeem your crypto instantly as there are different types of redeeming on binance flexible savings..
In this guide, you will learn how to withdraw or redeem crypto from binance flexible savings.
What is Binance Early Redeem on Flexible Savings
Binance early redeem is a method of redeeming or withdrawing crypto from flexible savings.
How Binance Early Redeem on Flexible Savings Work
The way binance early redeem works is very straight forward and easy to use.
When you subscribe your crypto to binance flexible savings, you earn interest for as long as the subscription is active.
If you made use of a function like binance auto-subscribe, it keeps your flexible savings active to infinity.
This is because it keeps renewing everyday without expiring.
At some point, you will need to withdraw your crypto by early redeeming from flexible savings.
When you early redeem your crypto, it will be returned to your spot wallet.
Types of Binance Flexible Savings Redemption
In order to redeem your binance flexible savings, you have to be careful of the type of redemption that you choose.
This is because the type you choose will affect the amount you receive and also affect the time duration of time it will take for your redeemed crypto to reflect in your spot wallet.
There are basically two types of binance flexible savings redemption.
- Fast Redemption
- Standard Redemption
The redemption type you choose will largely depend on how profitable you want your proceeds to be or on how fast you want to receive your crypto coins.
Fast Redemption Method Of Binance Flexible Savings
This is one of the methods in which you can use when withdrawing your crypto funds from a flexible savings plan on binance.
Using the fast redemption method will make your crypto early redemption process instant.
This means the if you use the fast redemption method, your crypto will instsntly reflect in your spot wallet as soon as you complete the redemption process.
This makes it very convenient for users who have an immediate need of funds.
This fast speed that it has comes with a price.
The price you will have to pay when using the fast redemption method is that you will not receive the profits of that day.
Advantages of Using Fast Redemption Of Flexible Savings On Binance
There are some benefits that you enjoy when you redeem your crypto funds with the fast redemption method.
These benefits are;
- Withdrawal or Redemption Of Crypto From Flexible Savings:
With the use of the fast redemption method, you can easily withdraw crypto funds from your binance flexible plan.
When you use this method, the redeemed crypto funds will be withdrawn to your spot wallet account.
- Crypto Redemption Is Very Fast
When you make use of the fast redemption method to withdraw your crypto the process is very fast.
This is because you will instantly receive your crypto into your spot wallet account after you complete the redemption.
This level of fastness makes it a prefered method to early redeem crypto from flexible savings.
Disadvantages Of Using The Fast Redemption
Just like having benefits to enjoy by using the fast redemption, there are also some disadvantages that follow.
- No Profits For Last Day Of Flexible Savings
When you early redeem your crypto funds with the fast redemption method, you lose the profit of the last day.
This is the bad side of early redeeming with the fast redemption method.
The amount lost is very small though and this makes a lot of users disregard this as a disadvantage.
This is because the benefits are higher as compared to the the disadvantage of losing profits of the last day.
Standard Redemption Method Of Binance Flexible Savings
Using the standard redemption method to early redeem or withdraw your crypto from flexible savings is the favorite of some crypto users,
This is as a result of some of the benefits in which it has.
Unlike the fast redemption method, the standard redemption method functions in a different way.
In the fast redemption, you lose the profits of the last day.
When using the standard redemption to withdraw your crypto assets, you are paid in full.
But you also get to pay a price too.
This price is that your redemption or withdrawal duration will be longer that what you have in fast redemption method.
Advantages of Using The Standard Redemption Method
Using the standard redemption method comes with some great benefits which will be discussed below.
- Standard Redemption Is Used To Withdraw From Flexible Savings
With the use of the standard redemption method, you can easily withdraw or early redeem from your flexible savings.
- Flexible Savings Profits Are Paid In Full
This is the sweet part that endears users to use the standard redemption method to withdraw from their flexible savings.
Unlike the fast redemption method in which you lose the profits of the last day, this is not so when you use the standard redemption.
When you make use of the standard redemption, your profits are paid in full.
Disadvantages Of Early Redeeming Using Standard Redemption Method
When using the standard redemption method, there are some limitations you may come across.
Such limitations or disadvantage include;
- Slow Withdrawal Time
When you make use of the standard redemption method, your withdrawal will be slow as compared to the fast redemption.
Using the standard redemption will take hours before funds reflect in your spot wallet account.
This is one of the disadvantages you encounter.
This makes users who need instant withdrawal of funds from flexible savings hate using standard redemption.
How To Withdraw or Redeem Funds From Binance Flexible Savings
To be able to withdraw or redeem from binance flexible savings, you have to use the redeem option.
This can be done in a few easy steps.
The steps to redeem funds from binance flexible savings are;
Step 1: Have an Active Flexible Savings
Before you can be able to withdraw or early redeem from your flexible savings, you should have an active plan.
It is from this active plan that you will be able to early redeem.
Step 2: Enter The Wallet Earn Section
If you have an active flexible savings plan, it will show on the earn wallet.
Select your account wallet and then enter the earn wallet.
When you enter your earn wallet, it will show all the staking and flexible subscriptions that are active.
Step 3: Select Crypto To Withdraw or Redeem From Binance Flexible Savings
After you have reached your earn wallet, select the crypto coin that you want to withdraw or redeem from binance flexible savings.
In our case, we will be redeeming our doge crypto coin
Step 4: Click On Redeem
On getting to this step, you will see two options.
One of the options will be to stake.
The other option will be to redeem.
Since we want to redeem our dogecoin, click on the redeem button.
After you have selected the redeem, you will have access to input the amount you want to redeem.
You can redeem a particular amount of your crypto.
You can also choose to redeem everything by selecting on max and it will redeem all the crypto on that active subscription.
Step 5: Select Amount You Want to Withdraw or Redeem
In this step, you will input the amount of 1inch that you want to withdraw.
If you want to withdraw the whole amount of 1inch in the binance flexible savings, select max.
Selecting max will automatically put all the 1inch in the binance flexible savings up for you to redeem or withdrawal.
This will make the whole amount that you used in the flexible savings to be redeemed or withdrawn to your spot wallet.
Step 6: Select Fast or Standard Redemption
Selecting the early redeem method that you want to use is very important.
This is because it will determine when your early redeemed crypto will reflect in your spot wallet.
It also determines the total profits that will be paid out to you.
After you have made a conclusion of the method that you want to use, click on either of the methods you prefer to use.
How Long Does Crypto Take To Show In Wallet After Early Redeem
After you have activated the early redeem on binance flexible savings, the time it takes for the redeemed crypto to show in your spot wallet depends on the method used.
When you want to early redeem, you have a choice of choosing between the fast redemption or you choose the standard redemption.
What you choose is what will determine how fast the early redeem process will be.
If you use the fast redemption, your crypto will instantly reflect on your spot wallet after you complete the early redemption of the flexible savings crypto.
If you make use of the standard redemption, it may take some hours before the crypto show in your spot wallet.
This will is because when you use the standard redemption, it will have to wait till the day is over so that you will receive the profit of that day.
When you use the fast redemption, your accrued profit for that day will not be paid out because you early redeemed by using the fast redemption.
The fast redemption is an instant payout but with a loss of the last day profit.
Why Does Binance Flexible Savings Early Redeem Fail
Sometimes you will face a little difficulty in receiving your crypto to your spot wallet.
Most of the times, it is due to the mistakes a user makes during the early redeem process.
When these mistakes are made, it makes your binance early redeem unsuccessful.
Some of the reasons are;
1) Trying to Redeem or Withdraw More than your Flexible Savings Amount
This is one of the reasons why your flexible savings early redeem will not be successful.
Before you input the amount to withdraw, make sure that you have inputed an amount that is not above the amount in your active flexible savings.
If not, the early redemption will not be successful.
2) Choosing The Wrong Redemption Method
What will influence how fast you receive your redeemed crypto in your spot wallet depends on the early redemption method you use.
In redeeming your crypto, there are basically two methods that are available.
One is fast and instant, the other takes some hours before you see the funds in your spot wallet.
The first is the fast redemption which is fast.
The second is the standard redemption which takes some hours before the funds reflect in your spot wallet.
So if you face a delay in receiving your funds in your spot wallet, it is because of the early redemption method that you used.
Conclusion on Binance Flexible Savings Early Redeem
This guide has taken time to show you how to redeem your crypto funds from flexible savings.
You can choose any of the redemption methods that has been taught in this guide for early redeeming your crypto.
Before you choose any of the methods, make sure you read the advantages as we have clearly explained them in this guide.
Also read on the disadvantages too so as to have a clearer reason on why you should choose any of the methods.
Read Also: How To Use Binance Auto Subscribe