There’re several ways to generate side income in the crypto industry. However, staking is a straightforward and easy way for token holders to generate passive income. Generally, there are two ways a token holder can stake their holdings, either in a decentralized protocol or a centralized protocol.
They both have their corresponding pros and cons. But centralized staking has proven to be a more popular option for new crypto-users as it eliminates the need for them to interact with unfamiliar applications when staking their tokens. Binance is the world’s leading centralized exchange by trading volume. So, the platform offers a wide range of services, one of which is staking Ethereum ($ETH).
While staking is a profitable venture, there are several risks associated, such as slashing and malicious attacks. But staking on Binance comes with some layers of protection. We’ve published several articles about staking on Binance. So, we’ll go straight into how to stake Ethereum on Binance.
How to Stake Your Ethereum on Binance
So, staking Ethereum on the popular trading platform is a straightforward task. Here’s how it works:
1: Get a Binance account: If you don’t have an account, use this link to sign up. Verify your account once you complete your registration.
2: Download the Binance App on your device.
3: Open your Binance App
4: Click the Earn tab
5: Use the “Search Box” and search for Ethereum by typing ETH. Once your search is complete, click on “ETH”
6: There are several Ethereum staking options within Binance: The options are shown in the image below; select anyone that meets your requirements. (In this example, we will select ETH 2.0)
7: Once the new page opens, click on the “Stake Now” button
8: Specify the amount of ETH you want to stake by inputting it in the “Stake Amount” box.
9: Scroll down and click on the “Confirm” button. The image below is graded out because we didn’t specify any amount of ETH to be staked.
Here’s how to stake Ethereum on Binance. If you want to read about other ways of staking on Binance, click on this page.
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