Boost on Binance.US is an easy way to receive additional crypto rewards. Participate by temporarily reserving your crypto for limited-time events without lending or trading your current holdings. At the end of an event, your crypto balance will automatically be restored to reflect your available balance.
This article will answer some frequently asked questions you may have about Boost, including how Boost events work, what the rules and rewards are, and what eligibility requirements apply.
You can also find step-by-step instructions on adding and removing from Boost events by visiting our guide here.
What's in this article?
- What is Boost?
- How does Boost work?
- Are there risks when using Boost?
- What are the rewards for participating in Boost?
- Are there any fees for using Boost?
- Who can use Boost?
- When do I receive my boost rewards?
- Can I remove my assets from Boost at any time?
- Can I use assets for other purposes while they are in Boost?
- What assets can I use with Boost?
- How do I join a Boost event?
- How long do Boost events last? Can I join one after it starts or leave early?
- Will I receive rewards if I leave a Boost event early?
- Are there minimum or maximum amounts to participate?
- Are there tax implications for receiving Boost rewards?
What is Boost?
Boost by Binance.US is a series of limited-time events where you can receive additional crypto rewards by temporarily adding eligible assets you already own to an active event. This helps you to expand the total number of cryptocurrencies you hold without trading any of your current holdings. Boost is currently only available on the Binance.US app.
Binance.US never lends or uses assets added to Boost events for trading activity in any way. You can freely remove your crypto from a Boost event at any time, and if you stay in the event you’ll have your crypto returned to your available balance automatically once the event has ended.
How does Boost work?
Boost rewards are our way of thanking you for your customer loyalty. Simply enroll for the Boost rewards, meet eligibility requirements like maintaining your crypto balance for specified durations, and have your crypto holding expanded at the end of the reward cycle.
Are there risks when using Boost?
There is no additional custodial or slashing risk for Boost compared to just holding crypto. Your crypto is never lent to a third party or used for trading activity in any way. Your assets can also be removed from Boost by you at any time without a lock-up period.
Due to market conditions, the value of your crypto rewards and assets may fluctuate in USD terms during the event. However, this is to be expected whenever dealing with market-priced assets.
What are the rewards for participating in Boost?
The rewards rate will vary for each event and is an estimate based on the event’s projected yearly rate, while also accounting for price fluctuations. The projected yearly rate of an event is also subject to fluctuation based on the total amount added to the event by all users, your share of the total amount added, and the total rewards available throughout the event.
You can visit the Boost event page to view an active event's projected rewards, which are updated hourly. Please note that an event's reward rate will only become available after the second hour of the event as this rate depends on the amount added in the previous hour.
All rewards are paid in a specified cryptocurrency, which will often differ from the one you’ve added to join the event. This allows you to expand your portfolio holdings with new opportunities while keeping your current crypto assets.
Are there any fees for using Boost?
No, there are no user fees associated with using Boost. It is free to join, participate, earn rewards, and exit a Boost event.
Consider it an excellent opportunity to earn new cryptocurrencies for free while holding assets you already own.
Who can use Boost?
Any Binance.US user who has passed basic identity verification (and is based in a supported state or territory) can participate as long as they add one or more eligible cryptocurrencies to the event. If you don’t already hold an asset eligible for participating in an event, you can easily purchase or trade some and then join. See the Terms & Conditions for eligibility restrictions.
When do I receive my Boost rewards?
Boost rewards are distributed every week on Friday evenings. You’ll also receive a notification to let you know when you receive new rewards, so be sure to ensure notifications are turned on.
Can I remove my assets from Boost at any time?
Yes. Boost participants can remove their assets at any time, subject to specific event restrictions, if any. When you leave an event, your assets return to your available balance.
Removing your assets is quick and easy. For instructions, visit our detailed 'how to' guide.
Please note that you will accrue awards after you join and until you leave a Boost event, after which you will cease to accumulate further rewards for that event. Accrued rewards that have yet to be received will be paid according to their regular weekly schedule.
If you remain until the end of a Boost event (which is recommended to maximize your rewards), your assets balance will automatically be restored to reflect your available balance once the event ends.
Can I use assets for other purposes while they are in Boost?
You cannot use assets for other purposes (such as Staking, Trading, etc.) while they are currently in Boost. However, should you choose to, you can remove all or a portion of your balance from Boost at any time and make those assets available for whatever use case you choose.
What assets can I use with Boost?
Each Boost event will list the assets eligible for joining. Generally, there will be three eligible assets per event. In addition to this, your assets must be part of your available balance prior to adding them to a Boost event, meaning they cannot currently be used for other purposes such as staking or Limit Orders.
How do I join a Boost event?
Joining a Boost event is easy and only takes a few seconds. For easy step-by-step instructions on how to do so, please see our Boost 'how-to' guide.
How long do Boost events last? Can I join one after it starts or leave early?
Boost events generally last 30 days, although specific events may differ. The time remaining in the event will be listed on the in-app event page, and you are free to join or leave an event at any point while it is running.
Will I receive rewards if I leave a Boost event early?
Yes, you will receive all rewards for the relevant period between when you join and when you leave (or the event has finished). However, you will stop accumulating additional awards for the remainder of the event if you leave early. You’ll receive your previously accumulated awards on their regular weekly schedule.
Are there minimum or maximum amounts to participate?
Yes, your limits will vary with each event and asset. Minimum amount requirements are generally low enough to be easily met by most users who want to participate.
Are there tax implications for receiving Boost rewards?
You may have tax obligations for rewards received from Boost. Earning rewards in crypto is generally considered a taxable event. In this case, the crypto rewards will be valued at fair market value on the day of receipt and will be usually taxed as ordinary income.
We recommend speaking to a licensed tax professional to determine whether or not this applies to you.
Luckily, Binance.US helps make the crypto tax process easy for you and will include all of your Boost rewards in any of our free tax reporting tools, so that the reward calculations will require minimal additional work on your part.
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