How to stake crypto using the Binance app
With this, you can start staking and let your crypto work for you.
Bitcoin keeps making new all-time highs, with the current price trading around $104K (as of Monday, December 16, 2024), sparking a surge in interest in cryptocurrencies as both an investment opportunity and a way to generate passive income.
Among the various strategies to earn with crypto on Binance, staking has emerged as one of the most popular options. With it, you can earn rewards by participating in the blockchain's transaction validation process, offering a relatively simple and rewarding way to grow your holdings.
However, before staking your cryptocurrency, it's essential to fund your crypto wallet. If you’re unsure how to do this, check out this Techloy's guide. Once your wallet is ready, you can follow the steps outlined below to start staking crypto using the Binance app.
Steps to Stake Your Crypto Using Binance
Step 1. Open your Binance app to access the homepage, where you can easily access all the platform’s features.
Step 2. On the homepage, tap the "More" button to reveal additional features. Under the options, select the "Earn" tab. This will bring up a variety of crypto-earning options that are available to you. After that tap "Earn"
Step 3. In the "Earn" section, use the search column at the top to find the coin you wish to stake. Enter the name or symbol of the coin, and you'll be presented with a list of staking options.
Some cryptocurrencies offer two types of staking plans: Flexible and Locked, while others might provide only one option. Flexible staking allows you to redeem your funds anytime, whereas Locked staking requires you to commit your funds for a specific duration.
Step 4. After selecting the cryptocurrency, check the details of the staking plan, such as the lock-up period, annual percentage yield (APY), and other relevant conditions. Ensure the plan aligns with your investment goals.
Step 5. Input the amount of cryptocurrency you want to stake. Double-check the amount to ensure accuracy.
Step 6. Finally, tap the "Confirm" button. If you selected a flexible staking plan, your crypto will start accruing returns immediately and can be redeemed at any time. For locked staking, your funds will be locked for the specified period, and early redemption will result in penalties.
Conclusion
Staking crypto using the Binance app is straightforward and allows you to contribute to the security of blockchain networks. Depending on your investment goals you can choose to withdraw your stake tokens anytime or lock it up for a higher reward on your investment.
Image credit: David Adubiina/Techloy.com
