long period staking in Binance exchange

[Chipard]

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?

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[GreatArkansas]

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.

[bittraffic]

Experienced users dont recommend storing coins on the exchanges that include staking using the exchange too. I would be worried if my coins are there while the exchanges are constantly the target of hackers and governments. Binance though is reputable but as long as the tokens are on hold with them long a long time, there will be reason for you not to be able to sell it at the right time.

We seem to have a very short-term memory when it comes to altcoin tragedies like what happened to steemit as more tokens were staked on exchanges.

[YellowSwap]

Experienced users dont recommend storing coins on the exchanges that include staking using the exchange too. I would be worried if my coins are there while the exchanges are constantly the target of hackers and governments. Binance though is reputable but as long as the tokens are on hold with them long a long time, there will be reason for you not to be able to sell it at the right time.

We seem to have a very short-term memory when it comes to altcoin tragedies like what happened to steemit as more tokens were staked on exchanges.

As if there is a wallet out there where you can stake your assets in the wallet without moving them into staking address, the risk still stands and the only way to avoid is don't stake at all, staking reward is managed in a Centralised way.

[Tony116]

Currently, I am staking 2 tokens on Binance including ICP and ATOM, I usually stake 30 days. Perhaps many will say that it is risky to store our coins on centralized exchanges since we don't actually keep our own keys, Investing is always risky and Binance is the largest and most reputable exchange today. I believe quite trust them.
If you intend to hold any coins for a long time then staking is also an idea so you can increase your coins instead of holding them. But keep in mind that you won't be able to sell them immediately when the price goes up if you put them to staking, so think twice before making your final decision.

[Fundamentals Of]

Strictly speaking we should not be keeping funds in exchanges. That's the number one rule when it comes to centralized exchanges. It is never advised to hodl our crypto there. Not your keys, not your coins. That's always repeated. But if you want to take risk then staking for a number of months could be good. And the amount should be moderate. But staking a significant amount for a long period of time is never a good decision. That's my personal opinion though. Others may not agree with me of course.

[bluebit25]

[...]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 is not always profitable. The biggest risk people can take is the price of the coin going down. I want you to be clear with what you are after, accepting the risk and reward in the process. Whatever you stake always needs to be carefully considered if you do not want to lose. Some things you should pay attention to, such as: inflation rate, time lock/unlock, ROI staking, minimum amount to participate in staking, weight...
And of course, Binance exchange is a very good place for this, but I am new to Matrixport with some beneficial promotions, and you can check it out here: https://www.matrixport.com

[cryptoaddictchie]

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?

Its fine as lomg as your fund that youll stake is not that much. Of course its always good to hold on non custodial wallet but if you want to make your holdings works for you while holding then staking is the best one. Binance have staking period of different terms the longer the higher reward. If your not conservative then go it worth staking long.

[asriloni]

Did you stake your altcoins for long period in Binance?

I didn't and I will not take a big risk by staking my money into the centralized exchange site. You must also read some old articles when binance has got a problem with its exchange site.

I know its good to stake your coins to earn more but is it okay to stake it for long period in exchanges?

You must also think about the risk when something will happen with binance and you will have a chance to lose your money. I know that this is the largest exchange site and its reputation can become a guarantee for your money but again this is a centralized entity.

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?

You can try to use the staking feature that available in some decentralized platforms. I think I have no problem when you wanna choose binance to staking for long term period but it will be a wise decision if you will able to use dapps

[jrrsparkles]

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?

Yes, it's risky and you may even lose all of your capital if exchange got hacked apart from that you also have the risk of losing your capital value if the asset prices falls while you're staking. So better don't take that risk because holding itself is good enough to bring more profit if you still want to increase your value then start trading.

[traderethereum]

I've been using Binance staking some of my altcoins and so far, the results have been pretty good for me.
Besides waiting for an increase for the coins, I can get additional rewards which can later increase my profit if the price of the coins goes up.
But besides Binance, you can also stake your coins in other wallets to keep track of your coins and maybe sell some of them later.
You better look for other information and don't just follow what we have done because it may not work for you.

[raidarksword]

Yes, I am currently staking some of my tokens on Binance while waiting for the price to rise up. Instead of holding our tokens, it's best to stake it and earn more tokens. When you stake, whether you are using non-custodial wallets, still you have to send your tokens to the staking address that you cannot control over you assets. As long as you trust the company or project, you assets will be safe.

[Kunnu]

I do stake altcoins on Binance exchange whenever I find a suitable plan and my staking experience on Binance exchange is quite good so far but I prefer to stake upto 60 days not so long because the 60 days period looks balanced to me and the most important thing, the tight security of Binance exchange doesn't let me hesitate to store my fund there.

[VRExpress]

There is nothing to worry about when using binance exchange because they care more about their reputation than any other exchange, even if something goes wrong binance will take full responsibility for the loss.

[GEMIN_M4]

I staked a few USDT on binance exchange in May 2021, so far it was a good experience, binance exchange is reliable if that's what you want to know, also you can use trust wallet for staking but binance have good APY some times than trust wallet.

[fvb]

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.

[Sarah Azhari]

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.

[makishart]

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.

[ardydyon]

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

[Erumo]

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.