For this tutorial, we’ll use the Binance exchange mobile app for all staking options. #HotTrends
Let’s get started.
Staking:
1. Open the Binance exchange app and sign in.
2. On the home screen, select "More."
3. Scroll down to the Finance icon and tap on "Staking."
You’ll see 2 options: Staking and DeFi Staking. For now, let's focus on Staking.
On the screen, you should see:
- The coin at the upper right
- The staking rewards to be expected
- Its own minimum locked amount needed
- Interest calculation
- The lock-up time, which can be 30, 60, or 90 days.
In most cases, the interest rate will vary between 30 to 90 days depending on the coin you intend to stake. In some instances, the coin subscription can be sold out. So if that’s the case you’ll have to wait for some time in the future when the coin’s staking is available. This is dependent on the number of users staking the coin at Binance per subscription period.
Now to find what coins are available generally, hit search on the locked staking page and you’ll see all cryptocurrencies listed in alphabetical order. If you want to stake a coin you’ll need to hold it in your spot account on Binance.
So to start the staking process, pick a coin from the list you’re currently holding in your spot wallet. After choosing the particular coin, the next screen you’ll see will show you the interest rate based on the lock-in period (90, 60, or 60 days). It’s important to note that some lock-in periods may be occupied by other stakers so if you aren’t able to stake for 90 days, for example, you can simply choose 60 or 30 days.
On the next screen, you can select the amount of the coin you want to stake. Each coin has its specific minimum and maximum for staking which will be listed on this screen.
1. Review Staking Parameters: After selecting the amount to stake, review staking parameters like stake date, value date, and redemption date in the summary section.
2. Consider Rollover Period: Note the rollover period, which begins the day after staking. If staking on a Tuesday, it starts the next day. Ensure coins are locked for the entire period to receive full interest.
3. Early Withdrawal: Early withdrawal is possible but forfeits any interest earned. To withdraw early, navigate to the home screen, select wallet, then earn. Scroll and select the staked coin, then tap redeem.
4. Confirmation: Confirm the redemption, acknowledging the loss of interest. Tap redeem again.
5. Check Unlocking Date: To check the unlocking date, go to wallet, then earn, and click the history icon at the upper right of the screen.
