Betting Crypto in India on Binance: A Step-by-Step Guide


Binance is a well-known crypto exchange that also offers various other crypto-related services. One of those services is the ability to bet cryptocurrency. It is one of the few platforms in India that allows you to bet different cryptocurrencies. In this article we will take you step by step on how to bet crypto in India on Binance.

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Meaning Cryptocurrency

Before we move on to the staking guide, let’s take a look at what staking is and the benefits it offers.

Staking is a low-risk method of earning interest on your crypto. Think of it as a fixed cryptocurrency deposit. Your crypto will be locked for a certain period of time, interest will be earned during that period. When the period is over, your crypto will be released back into your wallet along with the interest they have earned. It is a great option for long-term crypto holders.

Also read | 3 Best Ways To Make Passive Income With Cryptocurrency

How To Bet Crypto In India

We will be using Binance for staking as it is a reliable platform and one of the few exchanges to 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 earns interest only when that period is completed.

DeFi Staking has a flexible period, so you can withdraw your crypto at a later date without losing interest. It allows you to participate in DeFi projects and Dapps. So instead of the hassle of creating and understanding private wallet and DeFi platforms, you can bet directly through Binance.

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Requirements

  • Verified Binance Account
  • Funds of the crypto you want to bet
Betting on Binance

Step 1: On the Binance homepage, go to the Earning section at the top and then select Bets from the list.

You can now choose between Locked and DeFi Staking. We’ll look at Locked Staking, but the process is similar for both.

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