Binance is a well-known crypto exchange that provides various other crypto-related services as well. One of those services is the ability to stake cryptocurrency. It is one of the only platforms in India that lets you stake different crypto. In this article, we will take you through a step-by-step guide on how to stake crypto in India on Binance.
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Stake Crypto Meaning
Before we move forward with the staking guide, let us take a quick look at what staking is and what benefits it provides.
Staking is a low-risk method to earn interest on your crypto. Think of it as a fixed deposit for cryptocurrency. Your crypto is locked for a period and earns interest during that period. When the period is over, your crypto is released back to your wallet along with the interest it earned. It is a great option for long-term crypto holders.
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How to Stake Crypto in India
We will use Binance for staking because it is a reliable platform and one of the few exchanges that allow staking in India as of now. You can choose between Locked and DeFi Staking. Locked staking is when your crypto is locked for a period and only earns interest when that period is completed.
DeFi Staking has a Flexible period so you can withdraw your crypto at any later date without losing interest. It lets you stake in DeFi projects and Dapps. So, instead of going through the hassle of creating and understanding private wallet and DeFi platforms, you can directly stake via Binance.
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Prerequisites
- Verified Binance Account
- Funds of the crypto you want to Stake
Staking on Binance
Step 1: On the Binance homepage, go to the Earn section at the top and then select Staking from the list.
Now you can choose between Locked and DeFi Staking. We will look at Locked Staking, but both processes are similar.
Step 2: Go to Locked Staking, And choose the crypto you want to Stake. You have over 80 options to choose from.
Step 3: Once you have found the right one, choose the duration for staking. Some cryptos have a minimum duration of 30 days. Then click on Stake Now.
Step 4: You need to enter the amount you want to stake. On the bottom right, you should see the interest based on the duration and summary of your staking.
Step 5: Once you have finalized everything, agree to terms and services and click on Confirm.
Great! You have successfully staked your crypto. You can look at its status on your Wallet overview page.
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Wrapping Up
Staking is a beneficial low-risk method for long-term holders or those who just want to earn a passive income from their crypto. In the future, there might be more platforms that allow staking crypto and provide more benefits. This was our guide on how you can stake crypto in India using Binance. We hope the process was simple and easy to follow.
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