Earning Extra Income Tops Binance Users’ Crypto Uses, Survey Shows

In a recent survey conducted by Binance, the world’s largest crypto exchange by trading volume, it was found that nearly half of its users turn to cryptocurrency to earn additional income. This survey, part of Binance’s “Crypto is better with Binance” campaign, aimed to understand the real-life applications and motivations behind users’ engagement with digital assets.

Out of the 1,172 respondents from various regions including Asia & Pacific, the Middle East, Europe, Africa, and Latin America, 45% reported using crypto primarily for extra income, while 19% used it for saving money, and 9% to counteract inflation. A significant 36% indicated that their main reason for using crypto was to achieve financial independence and security.

A user from Asia highlighted in the survey, shared his personal story of using crypto to preserve the value of his university savings against rising inflation. He said, “I started using Binance Earn products which helped me to accrue interest on my assets, with far better rates than my bank account. It gave me the opportunity to make my own decisions – to stabilize my finances. I can’t think of anything more empowering.”

I can’t think of anything more empowering.

The survey also found that 19% of respondents viewed high fees and 14% cited slow transaction times as major challenges with traditional financial systems. Another Binance user travelling the world as what is popularly called ‘a digital nomad’, shared her positive experience with Binance Pay, noting, “I had to plan days ahead if I wanted to send money home, and it was expensive. I can transfer crypto through Binance Pay and it’s there in like two minutes with barely any fees.”

Key findings from the survey include:

• Financial Equality: A large majority, 76%, believe crypto can reduce income inequality and financial disparities. They see crypto as less reliant on traditional financial institutions (19%), transparent and secure (18%), and providing financial access to the underbanked (17%).
• Crypto for Earning: 23% of respondents use crypto to supplement their primary income, another 23% save for a home, and 21% invest in other digital assets.
• Crypto for Purchases: 36% use crypto weekly for purchases, with 58% for online shopping, 12% for international transactions, and 12% for in-store purchases.
• Crypto Natives: 59% have been using crypto for 1-5 years, 14% for over five years, and 12% are new users.
• Crypto for Savings: 36% save in crypto for financial security, 16% for better interest rates, and 14% for retirement.
• Impact of Crypto: 20% saw an increase in investment portfolio value, 18% earned additional income through trading or staking, and 15% accessed better financial services.