Staking with Binance

With extensive experience as an electrical/software/coding engineer along with having a diverse financial background, Thomas Wettermann’s areas of interest include Machine Learning (ML), artificial intelligence (AI), and Financial Technology (FinTech). For the past few years, Thomas Wettermann has focused on the underlying technologies that support and promote all phases of cryptocurrency, Web 3.0, and metaverse ecosystems.

Binance Logo (Source: Binance Twitter)

Founded in 2017, Binance is now the world’s largest cryptocurrency exchange when one considers trading volume. Indeed, Binance’s trading volume is more than three times larger than its nearest crypto exchange competitor Coinbase Exchange.

In 2019, Binance stated that it was “unable to provide services to any U.S. person" and that it would partner with a U.S. company called Binance.US.

US-based investors trying to access the Binance.com website are now provided the following warning: “Binance is unable to provide services to U.S. users. Binance.US (BAM Trading Services) is a US-regulated cryptocurrency trading platform.”

Binance.US Logo (source: Binance.US)

Binance.US is an online service that offers US-based investors the opportunity to buy, sell, and store cryptocurrencies. In just three years, Binance.US has already become the tenth largest cryptocurrency exchange when one considers trading volume.

How do you Stake on Binance.US?

Staking is a way of earning rewards while you allow Binance.US to utilize certain of your digital assets. Binance.US allows staking for certain cryptocurrencies including VET, XTZ, ATOM, EOS, ONE, and ALGO.

To stake your coins on Binance.US, follow the following steps.

Step 1: Go to Staking Page

Sign in to your account and then select the New tab. From the drop-down menu, select the Binance Earn option.

Binance Earn (source: Binance.com)

Step 2: Go to Locked Staking

Next, select Locked Staking option by clicking on the Go to Staking link.

Locked Staking Option (source: Binance.com)

Step 3: Identify Coin to be Staked

In the Locked Staking window reproduced below, click the Display available only. This will display a list of currently available cryptocurrency staking options.

Currently Available Staking Options (source: Binance.com)

Now, identify the coin that you want to stake and then click the Stake Now button. In this example, we selected the coin LUNA to stake. You will now be presented with the following Locked Staking screen.

Locked Staking Screen (source: Binance.com)

Under the Locked Staking heading, you can see that the selected staking coin is “LUNA.”

Under the heading Duration, select the stake duration that you are seeking: 15, 30, 60, or 90 days.

In addition, you can select a Lock Amount to lock. A Locked Amount Limitation minimum and maximum may also be provided.

On the right-hand side of this screen, you will find a summary of staking information including Stake Date, Value Date, Interest Period, Redemption Date, Estimated APY, and Estimated Interests.

If you agree to this summary information, tick the box that you agree to the Binance Staking Service Agreement and then finally click the Confirm button.

You have now successfully staked the LUNA coin.

Conclusion

Several investment activities offered through either Binance or Binance.US have been summarized. Keep in mind, if you are an investor that resides outside of the US, you need to utilize the features offered by Binance. Otherwise, use Binance.US.

As the crypto investment market is constantly changing and evolving, visit the website for these respective currency exchanges to make sure that you have the most updated information regarding your investment trading strategies.

All opinions expressed on this site are owned by Thomas Wettermann and should never be considered as advice in any form. Thomas Wettermann is not an independent financial advisor. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as a general market commentary of Thomas Wettermann and does not constitute investment advice.

Thomas Wettermann will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.

Trading digital financial assets such as cryptocurrencies can carry a high level of risk, and may not be suitable for all investors. Before deciding to invest, purchase, and/or trade cryptocurrency you should carefully consider your investment objectives, level of experience, adversity to risk, and volatilities. You may possibly sustain a loss of some or all of your initial investment; therefore, you should not invest money you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from a qualified and independent financial advisor.

All the views expressed on this site are those of Thomas Wettermann and do not represent the opinions of any entity with which Thomas Wettermann has been, is currently, or will be affiliated.