long period staking in Binance exchange

Sled

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

Binance has a good review and is one of the recommended exchanges in the crypto market which I believe staking is safe and our funds are also secured. Perhaps, I do staking in there but not for a long-term or fixed-term, I'd chooses flexible instead. If you don't have the plan to do trading but just purely for holding, I recommend for you to choose long-term.

Well, the reward APY for the long-term is great compared to flexible (short-term) which could add more profit while just holding.
https://cryptolek.com/staking/binance-staking-calculator/

BioFrog

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In general it is true it is better to use decentralized exchanges dex but binance is the best centralized exchange at the moment, absolutely trustworthy so you can stake the altcoins if you find good api with confidence now they have also added the auto reinvest option

kojektea

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

It must have gone through a lot of calculations before making a definite decision.
I think staking on the Binance market is enough to see how much capital we invest.
sometimes trading requires a capital that is not too large in trading this one coin because it does not make a big impact on the market.
Well, if the capital we put in the market is too large and you plan for the long term, it's really good to put your coins in the staking feature.
Apart from large capital, usually the price also affects why people want to use this staking feature.

Erumo

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Quote from: KaliLinux on March 16, 2022, 03:53:33 AM

I don't really do staking and wouldn't recommend for a longer period I however have some of my Alts in Binance staked in the flexible stake because I want to be able to move them or Sell anytime I want but since the market is down now and I want to have those in the exchange but won't do a lock-up for a long period of time.

You can close your 30-60-90 investment on Binance in any minute. So I dont count "more or sell anytime" a real problem that make you resist joining their earn program.

As you have mentioned, since the market is down and going lower, getting these "few %" from earn program might save you from decrease of value of your portolio.

KaliLinux

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

I don't really do staking and wouldn't recommend for a longer period I however have some of my Alts in Binance staked in the flexible stake because I want to be able to move them or Sell anytime I want but since the market is down now and I want to have those in the exchange but won't do a lock-up for a long period of time.

Eternad

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Quote from: goaldigger on March 15, 2022, 06:39:29 PM

Staking on Binance is good but still depends on the coins/tokens that you are going to stake since not all can survive the long term trend. I have my 30 days staking experience and I didn’t make much money on this because the market goes on a different trend and staking is affected by that as well. Understand staking, once you stake at peak price it can affect your money same thing if you stake at a lower price.

The profitability is not the main concern here but rather the integrity of Binance to hold your coins/tokens in such a long period without any access on it since Binance is a custodial exchange. This is the common concern of crypto users especially to those long time crypto users that experience a lot scam exchange in the past like Mt. Gox which the biggest CEX at that time. For me the integrity of Binance is already proven trusted since they are operating in a huge volume for a long time which no scam exchange did in the past. And also Regulators is already watching closely on all CEX which make them hard to pull a exit scam.

adzino

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Well not your keys, not your coins. If you are comfortable storing your coins in an exchange and staking it, then go ahead, do it. There are risks involved. Chances of losing your funds are low, but there is still always the chance of it to happen. If it some coins that you can stake easily using your wallet, then I would suggest you do that. Or else use binance and stake over there. But remember, if you really want to support the network, then stake on small pools to make the network truly decentralized. The more people will stake using an exchange, the more power they will give to the exchange. And sometimes you might earn more when staking from your own wallets.

Kelvinid

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

Staking will help to grow our money, this becomes a practice nowadays. However, we have to choose which kind of staking we used either flexible or fixed (long-term). https://www.stakingrewards.com/journal/how-to-stake-your-cryptocurrency-on-binance/

The flexible term I usually choose upon staking and this is I think the best option to take knowing the risk if we just let the exchanges manage our funds. Even though we know that Binance can be trusted and one of the reputed exchanges but much better if we can withdraw our funds anytime. Of course, if we are in trading, this gonna be the best thing to do.

goaldigger

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Staking on Binance is good but still depends on the coins/tokens that you are going to stake since not all can survive the long term trend. I have my 30 days staking experience and I didn’t make much money on this because the market goes on a different trend and staking is affected by that as well. Understand staking, once you stake at peak price it can affect your money same thing if you stake at a lower price.

CaVO32

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Quote from: GreatArkansas on March 14, 2022, 09:17:37 PM

I already tried staking on Binance because there are some altcoins that I hold on that exchange, so instead of just holding it to your account balance, using their staking is good.
For me, the longest stake period I tried was 60 days, and yeah, much better than doing nothing on your balance if you just intended to hold it.

I also staked in binance before, with several alts like TRX and ROSE, aside from BTC. Because if you have coins just sitting there, why not let it stake and earn interest, right? You can also choose the flexible savings, so if you need it, you can easily cash out. Though I haven't compared the earning rates of flexible vs fixed savings. What I am confident with binance is that they have insurance with their users. For me, it is a security that even with hacking or any other issues encountered by the exchange, you can still get your money back. Unlike with other platforms, you have no assurance of getting your funds back in case of hacking issues.

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

Your call! Its your money then it is really be depending on your risk management or taking whether you do park your coins for staking on a platform for too long even if you do know that you arent
possibly able to get those funds or coins whenever there would be some problems like exchange hack or something and its true that non-custodial would be always the key
but of course it would be depending on risk tolerance of a certain individual since not all would really be willing to take or wait for long.

kaya11

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

I tried staking my bnb on binance and it gives good small profits. Better than just leaving it there without anything. If you are worried about the coins being hacked then don't do it. It is only for the people who have guts, it is free for any users of the exchange, the decision is yours. I guess it is different if is millions that we are talking about, but it is just hundreds of dollars, then it is fine.

bitkanu

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binance is good for staking you should just stake if you are interested, they are offering good security for investment at least you should be less concerned in regard of your investment security because they are the ones thats gonna be taking care of your investment.
your real concern should be in selecting the right investment for you because staking isn’t just all about APY , just think of the volatility that could literally eats away all your profits, if you truly have a solid planning and great analyzation of the thing thats gonna be occuring in the future schedule then go ahead, because staking are quite literally the safest way of investing if you are skilled in analyzation. I think that you must also consider about the security first even if that's on the reputable exchange site

lombok

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Quote from: X-ray on March 15, 2022, 11:22:52 AM

Staking long term period in binance means you are trusting this exchange site to hodl your money for long term. If you are feeling good with it and then just do it but if you are feeling if that's a risky decision and then don't do it. That's your own choice. Im only staking my reward in the centralized exchange site for a short term period. I have ever faced a problem when kucoin was getting hacked and i will do that again to repeat the same mistake that can make my money being frozen.
This time i prefer to use dapps aggregator or decentralized finance to stake my money. This is a better choice rather than centralized exchange site like binance.
Binance has a good reputation but the choice is yours.

It is better to do staking using a dapp aggregator or decentralized finance like you said, with a large amount of funds then it is safe to staking there. Given the many cases of exchange hacking, placing large amounts of funds and staking for a long period of time is very risky.

Decide which one is the best for you, but if you are placing large amounts of funds over a long period of time, a certralized exchange is the wrong choice.

X-ray

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Staking long term period in binance means you are trusting this exchange site to hodl your money for long term. If you are feeling good with it and then just do it but if you are feeling if that's a risky decision and then don't do it. That's your own choice. Im only staking my reward in the centralized exchange site for a short term period. I have ever faced a problem when kucoin was getting hacked and i will do that again to repeat the same mistake that can make my money being frozen.
This time i prefer to use dapps aggregator or decentralized finance to stake my money. This is a better choice rather than centralized exchange site like binance.
Binance has a good reputation but the choice is yours.

Erumo

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Chipard, what has forced you to generate such question? Your trust in Binance has shaken? Or you dont believe in next day? I see no reason why somebody should not trust Binance, or think that they would get hacked (they have SaFu for that case), or Binance decides to disappear. I think your funds are not so huge, that will make Binance want to scam you by freezing funds and asking infinite times to prove your identity. I am ok with staking crypto for as long as possible on Binance. Money must always work.

ardydyon

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I also use the stake facility on binance
I stake some coins, why do I dare to do it because I believe the coins I stake will have a good future.
you can stake in the long term but pay attention to coins that have good potential in the future. but if the coin doesn't have a good project, don't stake it long term.
you should stake on coins that have good projects, or you should stake coins that you still hold but experience losses, rather than storing them in a spot wallet, you better stake

makishart

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Im staking on binance but only a few percents from my portfolios. I have been learning from so many cases that happened with the centralized exchange site like kucoin, etc if keeping your money in the centralized exchange site will become a very bad choice. So far i never face any problem like that. Binance is good but again it's still centralized. Anything happened with binance will be affecting its users.
Your money that gets locked in binance will be also get affected as well. Do you wanna keep your amounts in your binance account for years?
Im sure that if you are not even wanna do that. Think again.

Sarah Azhari

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

I read all about losing your fund here. If I were you I will stake in the non-custodial wallet. but for sure when only short time, 3 - 6 month, I will stay on Binance. because we don't need to pay a high fee to transfer from non-custodial wallet to Binance, and maybe there is we need a much time for confirmation when the price is mostly high.

fvb

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Quote from: Chipard on March 14, 2022, 09:00:06 PM

Did you stake your altcoins for long period in Binance? I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges? Mostly it is highly recommended to store your coins in non- custodial or hardware wallets, but how about stake it for long period, is it recommended too?

If you received tokens from a bounty, then you can sell half and stake the other. For example, I did this and put tokens in a non-custodial wallet of such a project. It could be profitable in the future. There was an experience of staking on Binance, but I always staked for a short period. This is a strategy that everyone chooses for himself.

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