Binance Staking is a staking platform from the leading cryptocurrency exchange Binance. With its help, any user will be able to receive passive income simply by holding certain types of coins that support PoS mining on the account. The site is characterized by maximum simplicity for the user of any skill level and low entry barriers. The minimum number of coins, like the yield, is different for each cryptocurrency, you need to pay attention to this. The editorial staff of Btcnewsweb.com offers an overview of all the features and conditions of use of Binance Staking.
|Year of foundation||2019|
|Kind of activity||PoS cryptocurrency staking pool|
|Company||Binance Holdings Ltd.|
|Supported currencies||TOMO, ARK, EOS, ARPA, LOOM, ATOM, TRON, KAVA, LSK, ALGO, XTZ, THETA, ERD, ONT, QTUM, ONE, XLM, NEO, KMD, FET, TROY, VET, STRAT|
|Average annual return||From 1 to 16% depending on the coin|
|Minimum deposit||Individually for each coin|
|Additionally||Incentive rewards such as the Initial Staking Bonus airdrop|
Staking conditions on Binance
Staking is the process of storing funds in a crypto wallet to support blockchain network operations. This is a kind of passive mining. The consensus mechanism allows confirming transactions and rewards the stakers with a certain amount of cryptocurrency.
On the Binance exchange, traders can fully use the site’s functionality, perform transactions, and at the same time participate in daily balance snapshots for each blockchain that supports staking technology. Monthly remuneration is calculated based on the proportional share of the client’s balance among all balances of users participating in the generation of remuneration during the month.
PoS mining on the Binance exchange makes it possible, in addition to simply receiving rewards, not to lose the liquidity of your assets, to fully use them in trading. Plus, it’s easy to get started, with no need to configure network nodes, retention times, or other conditions. Binance also supports incentive rewards to incentivize customers to stake.
Binance Staking Rules and Features:
✅ There are no staking fees, so profits are maximized whenever possible.
✅ To start participating, you just need to deposit or buy supported coins in the Spot Wallet.
✅ Currently, 23 cryptocurrencies are supported, including Stratis (STRAT), Algorand (ALGO), Stellar (XLM), Ontology (ONT / ONG), Troy (TROY), etc.
✅ Staking coins can be traded. In this case, the calculation of profit takes into account the coins that are in the order until it is filled. The amount is recalculated immediately after filling it out.
✅ There is a waiting period of 24 hours before the balance begins to be taken into account in daily calculations.
Since the reward is accrued from the simple storage of coins on the account, in order to stop the process, it is enough to withdraw or sell the cryptocurrency. There are no blocking periods or penalties.
How to Choose a Cryptocurrency to Stake on Binance
Start by choosing the coin that interests you as a passive profit tool. To view all available cryptocurrencies for staking, go to Finance – Binance Staking – Products or https://www.binance.com/ru/staking.
By going to the cryptocurrency page, you can find out detailed information about its profitability: average annual income, bonuses, minimum amount, detailed description, profitability history. There are also buttons “Top up” and “Buy”.
For example, EOS staking conditions:
- Average annual return: 1-3%.
- Minimum amount: 0.25 EOS.
- Start of the program: 03/13/2020.
- Distribution of remuneration: monthly until the 20th.
If you click My Rewards, then all past distributions for staking of all cryptocurrencies and tokens that are on the balance of the spot wallet will be displayed:
Here are the staking rewards:
How to deposit for staking
You can fund your account through the staking page or in the usual way, there is no difference:
✅ Log in to your Binance account.
✅ Go to the “Wallet” menu, the “Spot Wallet” section.
✅ Select the cryptocurrency of interest for staking, for example, EOS, and click “Enter” in the table.
✅ Click on the “Copy address” button under the QR code and place it in the designated field on the platform from which you want to withdraw funds. Or use the mobile app to scan the QR code to fund your Binance account. To deposit EOS and some other tokens, you will also need to fill in the Memo field (this code is also on the deposit page).
✅ Confirm the payment.
How to buy cryptocurrency for staking on Binance
If you already have other coins on your Binance exchange account, you can quickly purchase the cryptocurrency you need for staking through the trading terminal.
✅ Log in to the site.
✅ Go to the “Trade” menu, the “Classic” section.
✅ Find the required currency pair in the list of pairs in the upper right.
✅ If you want to buy an asset at the current market price, select the Market order type at the bottom of the screen.
✅ Enter the number of tokens and click “Buy”. If you have enough funds in your account, the transaction will be completed instantly.
✅ You can also use a limit order and buy cryptocurrency for staking a little later, but at a convenient cost.
24 hours after the supported asset is in the account, it will begin to count towards staking calculations on the Binance exchange.
Advantages and disadvantages
✅ Simplicity and convenience – you just need to make a deposit or buy an asset.
✅ Very low entry threshold.
✅ Staking without losing the liquidity of your savings.
✅ Quite a wide range of supported currencies.
✅ No commissions.
✅ No blocking period and no early withdrawal penalties.
❌ You have to keep assets on the exchange, that is, on a hot wallet, which is considered unsafe.
Questions and answers
What is Binance staking?
The process of passive mining, making a profit for keeping certain cryptocurrencies on the account on the wallet balance.
How often is income accrued?
Once a month, based on daily snapshots of all users’ balances.
How to participate in staking?
Just buy the desired coin or make a deposit, and then wait 24 hours until its balance begins to participate in the calculations.
What is the commission charged by the exchange?
There are no staking commissions.
What are the supported cryptocurrencies for staking?
Yes. To do this, there is Watcher Link – a read-only link that can be created for any worker.
Do I have to store coins for a whole month to receive a reward?
No, and this is the main advantage. If the funds have been in the account for at least 24 hours, then the profit is already guaranteed. It’s just that the longer you hold it, the higher the reward will be.
How do I stop staking?
Withdraw or sell cryptocurrency, which is earning income.
Is there a danger of such a method of earning money?
Any expert will tell you that it is not safe to store large amounts on an exchange. Although Binance is a reliable platform, there are always risks of hacking.
Staking is one of the most popular ways to generate passive income in the blockchain industry. The fact that this opportunity is provided by such a well-known and popular platform as Binance opens up a lot of opportunities for users. And thanks to a fairly large selection of coins, everyone can diversify their investments at their own discretion.