Introduction to Staking coins
Crypto enthusiasts are always seeking to search out new ideas and innovative ways to earn profits in the crypto space. Traditional trading is no longer the only way to earn profits from crypto.
Binance Earn is one of such remarkable innovations, so many ‘crypto hodlers’ with accounts on the exchange are currently leveraging and earning from. The package offers different investment options to earn passive income daily and staking coins is one of them.
What is Staking Coins?
Staking is a term that simply means that you save your coins or token into a pool where others also have the same crypto saved. By staking your coins there, you become a stakeholder in the crypto project becoming a liquidity provider for the exchange benefiting both the token project and the exchange.
When you stake crypto on Binance; Binance acts like the intermediary between you- the stake holder and the project owners for easy access and to support the proof of stake networks (Project owners).
As a stake holder in the project, you are qualified to earn returns on investing the crypto staked daily and can redeem the interest accrued from staking at any time. Binance also offers staking on various ‘DeFi projects’.
How to Stake coins on Binance
You could probably be thinking that the process may be complicated but the irony is that; it is so simple to stake coins on the Binance exchange- no wonder many crypto investors prefer to stake tokens and coins on the popular Crypto Exchange.
To stake coins and tokens on Binance Exchange, follow these simple procedures:
§ First, Register a free trading account via https://accounts.binance.com/en/register?ref=65177765
§ Next, Compete KYC identity verification by uploading an acceptable identity document to confirm your identity.
§ Provide a proof of address- a Utility bill, or a bank statement of account.
§ After successfully completing your KYC, convert your capital to BNB or any other crypto you want to stake by buying using P2P via link: https://p2p.binance.com/en?ref=65177765
§ From the Home window, click on Binance Earn and select Staking
§ In the staking window; select the option of crypto you want to stake and follow the interactive window and complete the process by agreeing to the terms and conditions.
§ Your staked token or coins will be moved to the staking pool and you can track your staked crypto, redemptions and accrued interests from your wallet under the Binance Earn dashboard.
§ Redeem your interests and staked crypto by using the redeem option or increase your staking by using the stake option to add to your staked positions in order to increase your profits.
Disclaimer: Staking is not risk free; conduct a due diligence for any project you want to stake or invest in and do well to make your findings before staking. Binance strives to offer its users only the best projects; however, Binance acts only as an intermediary platform to showcase projects and provide users with related staking services, such as accessing funds on behalf of users and distributing earnings to user’s wallets promptly and automatically, etc.
Binance does not assume liability for any losses incurred due to project on-chain contract security issues.
That being noted, Staking on Binance Earn can earn you interests as high as 100% APY and can be a very tempting and fruitful investment if all the metrics work out perfectly.