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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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.
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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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- Verified Binance Account
- Funds of the crypto you want to bet
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.
Step 2: Go to Locked Staking and choose the crypto you want to bet. You can choose from more than 80 options.
Step 3: Once you find the right one, choose the duration for the staking. Some cryptos have a minimum maturity of 30 days. Then click on bet now.
Step 4: You need to enter the amount you want to bet. At the bottom right you should see the interest based on the duration and summary of your bet.
Step 5: Once you’ve completed everything, agree to the terms and services and click Confirm.
Awesome! You have successfully deployed your crypto. You can check the status on your Wallet overview page.
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Staking is a low-risk, beneficial method for long-term holders or those who simply want to earn passive income from their crypto. In the future, there may be more platforms that stake crypto and offer more benefits. This was our guide on how to bet crypto in India with Binance. We hope the process was simple and easy to follow.
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