Today Binance is the most valuable and important Coin in the Cryptocurrency stock market. Binance users and investors can also earn interest in various leading services, can use it for real purchase, and other various opportunities.
All the Binance users might know that just a few months back Binance recently launched its first “High Yield Staking Offer”. Which gave Crypto inverters the chance to earn up to 37.49% APY by staking ADA, DOT, TRX, and CAKE.
What is Binance Coin Staking?
Staking basically helps in the security and operations of your network. Funds deposited for Binance staking are used to ensure proper transactions and provide security to the network.
Staking Cryptocurrency ensures extra tokens for the locking of people’s assets. You can earn rewards by staking Binance coins on Binance Smart Chain Blockchain.
By staking Binance you can win rewards in two ways which are: As a Validator or as a Delegator.
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As A Validator: You can earn a reward on the Binance Smart Chain network by processing the transactions. However, this seems very simple but becoming a Validator is not an easy task.
To become a Validator you need both capital and technical expertise. To earn a reward as a Validator following things are needed:
- Should be in the top 21 candidates in Voting power so they should be elected every 24 hours.
- Full BSC node to be operated.
- Minimum stake of 10,000 BNB.
As mentioned above now you all must have understood that becoming a Validator to earn a reward is not that easy. That is why for cryptocurrency investors who want to stake Binance becoming a Delegator is much easier.
As A Delegator: They help their Validators to become elected in the top 21 candidates by offering them BNB tokens.
In this way, the Binance staking reward earned is first distributed among the Validators and then equally or proportionally distributed among the delegators. Depending on how many tokens they have invested in the Validators.
How To Stake Binance Coins?
With The Binance Exchange, you can Stake your funds for free but there are many other Binance exchanges where you can stake Binance coins by paying a few changes such as Pancake Swap.
Mentioned below are the steps for Staking Binance Coins:
- First of all of course you need to have a Binance account. If you do not have it create one.
- Now you need to deposit BNB tokens in your account or you can purchase the tokens through Fiat or Crypto exchange.
- On the top of the page, you will find a “Finance” option click on it and a drop-down menu will appear.
- From the drop-down list select the “Binance Earn” Option.
- Now look for the “Search Box” at the very top of the list and type BNB.
- After the search results appear look for the “Staking” option from the list and click on it.
- Scroll down to the bottom of the list and click on “stake”
- There you have to choose your locking periods like 30, 40, or 90 days. Select the looking period and mention the amount you are willing to Stake.
The minimum amount is 0.0001 BNB and the maximum staking amount offered is 50,000 BNB.
- Read the staking agreement carefully and then click on “Accept”. After that, you need to confirm your transaction and then you are done. Now you will start earning rewards daily through Binance staking. The estimated annual percentage yield APY for BNB is 7.72% which gradually keeps on changing on a daily basis.
Withdrawal Of Staked Binance Coins?
Withdrawal of Binance reward is a very simple process. You can easily withdraw the BNB at any time from anywhere. To withdraw the amounts follow the mentioned below steps:
- From the options available on the top of the page click on “Wallet”.
- A drop-down list will appear in front of you click on “Earn” from the list.
- Now look for the “Redeem Earlier” option and click on it. And your money will be redeemed easily.
Binance Staking Through Cryptocurrency Wallet?
Staking BNB through a Cryptocurrency wallet offers much more security and options of Validator selection to the users. The staking thought Crypto wallet is much easier than compared to staking through exchange.
It is also supported by many platforms like Trust Wallet or Binance Chain Wallet and is safer to opt for.
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However, it is a more complex, time-consuming, and expensive procedure than that one but it provides more flexibility to the users which is why they offer Staking through the wallet.
One more thing that should be considered while choosing the process is that it will take at least 7 days to withdraw your BNB from a wallet while on the other hand through exchanges you can withdraw immediately.
How to Stake Binance Coins Through Wallet?
Mentioned below are the steps to stake Binance coins with Trust wallet:
- Download the Trust Wallet on your mobile phone and create an account.
- Now create a backup of your wallet on the app and store the 12 words recovery phrase successfully.
- Now create an exchange account on any platform like Binance or Coinbase.
- The next step is to purchase the BNB and transfer it to your Trust wallet address. Minimum you should have 1BNB if you want to start staking BNB.
- Click on the “coin” option now from the options available click on “More”.
- Now you can access your BNB staking menu. Click on “Stake”.
- Type the number of the tokens you are willing to lock and the duration for which you want to lock them.
- Now you have to select a Validator from the list.
- Now click on “Confirm” and you are done now you can earn the reward by staking.