BNB Staking Overview
Binance Coin or BNB is the cryptocurrency issued by Binance.
Staking BNB offers an APY of up to 12.99%, which is very appealing. Staking BNB is safe, easy, and speedy. The steps to stake BNB are very easy to understand and follow.
How to Stake BNB?
You can stake BNB coins on any of the supported centralized crypto exchanges such as Binance, KuCoin, and Crypto.com. Choose the desired and follow the steps as shown.
Step 1 – Open an account in an exchange
Step 2 – Buy the desired amount of BNB tokens
Step 3 – Click the STAKE option and choose BNB
Step 4 – Enter or Choose the staking duration
Step 5 – Enter the amount of BNB tokens to be staked
Step 6- Click CONFIRM
Step 1 - Open an account in an exchange
You can choose an exchange like Binance for this.
Enter all necessary credentials, including your personal and bank details. Then you have to undergo the verification process. In that process, keep your password and other secure information safe.
Step 2 - Buy the desired amount of BNB tokens
Go to the ‘Bank Deposit’ section of the platform, select your payment method, and then pay to purchase desired crypto tokens. Finally, select BNB amongst all cryptos from the shown list.
After you deposit money into your account, the paid amount is used to buy the desired crypto in possible amounts.
If you have already purchased BNB coins in another wallet, then you can receive them via another wallet by transferring them to the recently created wallet.
Step 3 - Click the STAKE option and choose BNB
Now, click the STAKE option in the exchange platform and select BNB as the currency to be staked.
Step 4 - Enter or Choose the staking duration
Now that you have a sufficient amount of BNB coins, you are ready for staking.
To proceed, enter the duration for which you want your BNB coins to be staked.
Step 5- Enter the amount of BNB tokens to be staked
Enter the amount of BNB coins to be staked. Ensure that the entered value is greater than the minimum value for the entered staking duration.
Step 6- Click CONFIRM
Finally, confirm the chosen credentials and accept the Terms and Conditions.
Your entered amount of BNB tokens have been staked for the chosen duration.
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Best Places to Stake BNB (BNB)
Binance offers rewards up to 12.99% APY. The APY varies for fixed or flexible staking. The minimum and maximum locked staking limit per user are 0.001 and 0.5 BNB respectively. In addition, it provides the best trading experience via its features such as clean charts, real-time prices, etc.
- It offers more staking rewards for BNB than other crypto platforms.
- It charges no fees on staking BNB.
- It provides a lot of advanced features for experienced traders.
- It has a less maximum requirement. It allows investors to lock up to 0.5 BNB thereby decreasing their rewards.
- It has been reviewed to have poor customer service.
- It can offer limited features in some countries.
The APY for KuCoin, which fluctuates with the market, can reach as much as >30%. For BNB, you can only lock in for a period of up to 14 days. The variety of features and low fees make it a popular choice for advanced investors.
- It offers several features that experienced users can move to, such as futures and margin trading.
- It is highly user-friendly and is popular amongst beginners.
- It receives fewer marks in overall customer satisfaction and there is no way to directly contact a person via phone or email.
Crypto.com has more than 250 coins and serves as a marketplace for non-fungible tokens (NFTs). It allows users to earn up to 5% APY on staking BNB. This platform is extremely transparent and secure. It is user-friendly and thus a good choice for beginners. Additionally, you can find a wide variety of other cryptos here, which you can work with as desired.
- It’s transparent and has competitive fees with discounts.
- It offers spot trading and futures that you can use when using it to stake BNB.
- It provides a broad range of features such as trading, swapping with its own credit card, etc.
- It receives fewer marks in overall customer satisfaction.
Benefits of Staking BNB (BNB)
- Way to earn passive income
Staking BNB is an easy step to earn passive income, it doesn’t involve much action and in the long term can prove to be a profitable option.
- Transaction transparency and predictability
In BNB’s unique Burndown policy, Binance uses a fifth part of its profits to get BNB tokens and burn them to decrease the net supply, which results in an increase in price and predictability.
- Fast transactions and security
BNB is known for its security and speedy transactions. Binance charges a fee of 0.1% for all traders, which is the lowest fee in the industry.
Most frequently asked questions on BNB Staking
Is staking BNB profitable?
Yes, staking BNB is quite profitable, regardless of the platform you choose. It offers an APY of up to 12.99%, which is considered good. Staking BNB coins for a longer run ensures higher returns, than in a shorter run.
Can I stake BNB on my own?
Yes, you can stake BNB on your own. The steps to be followed for staking BNB are very easy to do, even for a beginner. You only need to follow them in an organized way.
Which is the best crypto platform to stake BNB?
The best crypto platform to stake BNB is Binance, its parent company. But you can use other platforms such as Coinbase and KuCoin also.
Is staking BNB risky?
Staking BNB is a bit risky but you won’t risk losing BNB if your chosen validator is slashed, but the validator may face that risk. Moreover, Binance Staking takes on all slashing risks for users meaning that the same amount of tokens staked by users will be returned to them.