HOW TO: Binance Locked staking

HOW TO: Binance Locked staking

By DimitarM | Welcome to my life | 17 Apr 2021


Thanks to an article written by dhenriquesf here on Publish0x I decided to lock my ADA, XTZ and Tron on Binanance's locked staking for 15 daysJust now I transferred my coins to Binance and selected both plans to start staking. Those are the steps I did to start it over and what it cost me in a matter of transfer fees to Binance.

I had my coins located in 3 places:

1) some Tezos in Atomic wallet - about 53.75 XTZ

2) some Cardano in Coinbase - about 64 ADA

3) 114.5 Cardano in Crypto.com

4) 530 TRX in my TronLink wallet

I had to make 3 transfers to Binance and pay fees 4 times. The Atomic wallet to Binance XTZ transfer cost about 0.0055 XTZ, which is about only 4 cents. Which is a great value. However, for some reason, it did not let me transfer the last remaining coins. I had 0.21 Tezos left in my wallet and it seems that it's not moveable:

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It is not a big deal, but I am just curious why it happens like this. When I try to transfer it doesn't let me. The transaction time for Tezos was about 20-25 minutes, which is kinda slow. In order to deposit in Binance, you need to log in first and in the upper right corner to select wallet and from the drop-down menu to press "Fiat and Spot":

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Once you do that you will be able to see all the assets in your account and all the supported currencies. In which currencies you have a deposit will be on top:

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In my case, I have some BNB, ANKR, HNT.

To deposit a certain asset you need to use the "search coin" option: 

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When you find the asset you have in mind you can click on the "deposit"(under Actions) button on the right:

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From there you will be taken to a page where you can see the deposit address for the currency you selected. In our case, it should be ADA or XTZ.

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On the right, you need to make sure the correct address is selected - Tezos or Cardano(depending on what you are transferring).

The next step heavily depends on where you have your coins. You send them to the address in the grey box.

For the ADA transfer from Coinbase to Binance it took about 5 minutes to complete and a fee of 0.2 ADA. Which is about 30 cents. Pretty decent. From the Crypto.com app to Binance I had to pay 2 ADA and took 5 minutes. This means that Crypto.com taxed me an additional fee to withdraw from their app, which is not great but I understand they have to make money from something.

The Tron transfer was almost instant. Under 1 minute and cost 0.1 TRX, which is under 2 cents. 

Depending on the network it takes a different number of confirmations to complete the transactions and the funds to become available in your Binance account. Once that's done you can go again in your Spot wallet and decide what to do with your funds.

In the right panel, under "Action" there is the "Earn" option and you press on it there is a drop-down menu that will give you few options - they may differ for the separate coins. We are now interested in the "Locked Staking":

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Once you get to the locked staking page you will see a list with the supported coins and their rates, the options for the lock duration, and the minimum amounts to select from. It is important to know that those contracts are LIMITED. This means, once enough people join the locked options they will become unavailable. And also there is also a maximum amount of every coin that you can stake.

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The example here is the TRX. Once you have your coins in the spot wallet and you select locked staking you will be taken to this page, from here you need to choose the duration - however, this differs greatly in the APY. For example, if you choose a 30-day lock-up for TRX the APY will be only 11%:

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It's also different for 60 days. If you try the 90 days option it seems to be unavailable. It's been sold out.

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In my case, I am interested in the biggest APY - the 15-day option. Once you click the Stake now button you will be able to see a Window that will let you see the full details for the stake:

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And as you can see, the maximum you can stake from TRX is 3000. Which is not that much if you try to convert it to FIAT($518 as of now).

The last thing you need to do is select the checkbox that you have agreed with the Binance Staking Service agreement and click the big yellow button to Confirm. Once done you will see a pop-up in the upper right corner:

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You should keep in mind that the coins that you have locked for staking will be NOT visible in your SPOT wallet. I'm just saying you so you would not worry. To find them you need to navigate:

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In the Overview menu on the right to select "Earn".  Then "Locked staking" and then again "Locked":

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I am not sure yet if I would be receiving any notification once the stake is over in 15 days, but I will be setting up a reminder on my phone in order to come back here and decide what to do next with the coins that will be unstacked then. Should I continue doing the same or move them to another service, sell them, etc.

Here's the list of the supported assets for locked staking. Please keep in mind not all of them are available all the time:\

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I am not sure if you guys are interested in articles like that, but if anyone wants to use any of the platforms I mentioned here he's welcome to join under my links:

Binance https://accounts.binance.com/en/register?ref=AL2QOXZH - 20% of all trading fees you pay will be split between us both as a cashback.

Coinbase coinbase.com/join/madole_7?src=android-link - $10 in BTC for each of us if you spend $100 buying crypto.

Crypto.COM https://crypto.com/app/zz43jdptzv  If you use my link, we will receive both $25 worths of CRO when you stake CRO to order a VISA card.

Happy staking.

 

 

 

 

 

 

 

 

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DimitarM
DimitarM

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