What is staking?
We will teach you how to stake on Binance Exchange to earn up to 25% compounded annual interest risk-free. Before we begin, since there are many people who do not know about staking, I will briefly explain it. To simply summarize, the principle is the same as a deposit. It’s just that the currency has changed. From won to cryptocurrency.
You deposit a certain amount of coins you own and receive interest in return. Therefore, if you own Bitcoin and it is a long-term investment, you can kill two birds with one stone by staking it rather than just holding it. You can earn interest and even make a profit if the coin price rises. Even if the coin price falls, if the annual interest rate based on one-year deposit is lower, it is a good hedging tool that can offset the loss.
Coins available for staking and interest rate (APR)
Coins that can be staked include not only coins such as Bitcoin and Ethereum, but also stable coins. Among them, the representative stablecoin is Tether (USDT). To briefly explain a stable coin, it is a stable coin linked to the value of $1. In other words, you can think of it as a dollar on a coin scale. You can think of it as depositing dollars and earning annual interest with no risk. There are some changes, but as of October 24, the APR is only 3.9%, but 6 months ago, the APR was 25%.
Pros, cons and precautions of staking
The downside of staking is that, although there are differences between coins, some coins have lockups. The Tether staking I am explaining today has no lockup, so it can be canceled at any time. From a long-term investor perspective, not only is Tether staking, but also staking the coins you own the best way to earn interest and market profits.
In fact, since staking is an act of depositing money on an exchange, the stability of the exchange is probably the most important factor. Even when we entrust our money to commercial banks, we usually prefer first-tier financial institutions because they are more stable. To briefly explain the Binance exchange, it is the world’s number one cryptocurrency exchange and has the unrivaled number one trading volume in both spot and futures. Therefore, for staking, we recommend the Binance exchange.
How to use staking
To stake on Binance, first, if you trade on a domestic exchange, you must transfer the money from Upbit to the Binance exchange. There is a detailed explanation of this method in the link below. (If you click the link and scroll down a little, it explains in detail how to transfer money from Upbit to Binance.)
Now, we will tell you how to stake on the Binance exchange. Since you see it a lot on mobile devices these days, I will explain it on a mobile basis. First of all, if you are not registered on the Binance exchange, please use the link below, which explains in detail how to register as shown in the picture. Please refer to it.
If you transferred coins from Upbit to Binance, you can sell the coins for Tether (USDT). When you enter the wallet, the coin you sold will remain as Tether. Here, if you have a Spot wallet or funding wallet, you can leave it as is. If it is in a futures wallet, you can move it to Futures -> Spot.
- In the Binance app, click Wallet->Earn->Earn.
- Low Risk is literally safer, and among these, Flexible can be canceled freely at any time. Locked is staking with a lockup, and although it has a high interest rate, it has the disadvantage of not being able to withdraw money when you want to, so it is not recommended unless it is a long-term investment. High Yield is staking with slightly more risk at the expense of higher interest rates. Personally, I recommend choosing a flexible option at low risk.
- The current APR (interest rate) is 3.9%. Enter the desired USDT amount or click Max to stake all. Click the checkbox and then click Cornfirm.
- Click Go to Earn Wallet to complete staking.
There are various types of staking coins, such as Ethereum and BNB, where you can stake your own coins or use Tether staking, which is the safest and has the highest interest rate. We support your successful investment.
If you are interested in Bitcoin, I recommend trading on Binance. This link offers a 20% discount in kind and a 10% gift discount.
https://accounts.binance.com/en/register?ref=RJKYHK2D
- Spot referral code: RJKYHK2D
- Futures referral code: angel
