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The Binance Coin (BNB) has emerged as one of the most staked crypto assets. Launched in 2019 to support the Binance Smart Chain, Binance Coin is currently one of the most stable crypto assets. Investors can consider staking Binance Coin as a better alternative than trading it. In this article, we look at how investors can stake Binance Coin and the best place to stake BNB.
Bests Places To Stake Binance Coin (BNB) In 2023
The functionality and the potential of Binance Coin have led many crypto platforms and wallets to offer users earn passive income by staking BNB. Based on our research, these are the best places to stake Binance Coin.
Where To Stake Binance Coin: 2023 Reviews
1. Binance - Overall Best Platform To Stake BNB
Binance provided its customers with the ability to stake their Binance Coins in March 2021. The rewards range from 0.35% to 12.99% Annual Percentage Yield (APY) depending upon whether they have chosen fixed or flexible staking. For fixed or locked staking, Binance rewards up to 12.99% APY. Investors must lock their Binance coins for 120 days to yield the rewards.
The minimum locked staking limit is 0.001 BNB, and the maximum locked staking limit per user is 0.5 BNB. Users who are more inclined towards flexible options can choose BNB Vault. However, the rewards are based on savings APY and are much lower at just 0.35%.
Another way to stake BNB on Binance is through its high-yield dual investment platform. Through this utility, Binance invites investors to commit their Binance tokens to earn three-digit APY rewards when the BNB price reaches a certain price point. At the time of writing, the target price is $235, and the estimated APY is 129.39%.
Binance provides more than average staking rewards for Binance coins, making it one of the best staking exchanges for investors. And the flexible and fixed options provide more options to the users. Additionally, the Binance charges no fees for staking BNB. But there is a flip side to all of this. Binance is more suitable for institutional users than traditional ones. The user interface is not exactly beginner-friendly. While Binance has tried to circumvent this using tutorial videos, the platform still has far to go. Another issue is the low maximum requirement. Locked staking only allows investors to lock 0.5 BNB - reducing their rewards.
Nevertheless, Binance provides good staking rewards for Binance Coin and finally offers this utility to US users through Binance.US. However, the complex user interface is definitely a downside. Another thing to note is that the new rewards are less compared to when BNB staking was launched on the cryptocurrency exchange. Learn more in our Binance.USA review.
2. KuCoin - Best Staking Option For Beginners
KuCoin is a cryptocurrency exchange based in Hong Kong and has earned renown as a platform with one of the largest selections of crypto assets in the world. Users can trade over 600 cryptocurrencies and stake over 50 digital currencies. KuCoin's flexible and fixed staking facilities for Binance Coin have made it a preferred choice by both beginner and seasoned crypto investors. Staking Binance Coin is simple on KuCoin. Users only have to buy BNB or transfer it and hold them in their wallets.
Investors can earn up to 8.25% APY by staking Binance Coin by locking their BNB for only 14 days. The platform rewards users with 3.69% APY for locking BNB for seven days. And, for users looking for flexible options, flexible staking is available, with 1.12% APY. The relatively high returns for staking BNB over short periods of time will be appealing to many investors since their assets will become available for other purposes such as trading.
KuCoin’s BNB staking facility is part of its promotions. That is, the present APY will remain until a certain number of tokens have been staked. So far, only 1.05% of this quota has been filled for flexible Binance Coin staking. The fixed staking quota, however, is running out fast. The 7-day quota has been filled and is unavailable (users can't choose the 7-day staking option yet), and more than 85% of the 14-day staking quota has been fulfilled. Whether the new APY will remain the same or be reduced is unknown.
Overall, the simplicity of KuCoin's staking facilities is strongly suited for beginners who want a no-fuss approach to earning a passive income with their BNB. It provides higher staking rewards than Crypto.com and doesn’t ask for the staking of any native tokens. However, the staking rewards can enhance for those who mine POL – the cryptocurrency powering the KuCoin earn ecosystem.
3. Crypto.com - Best Mobile App To Stake Binance Coin
Crypto.com is a major cryptocurrency exchange that has established renown in the market with its branding efforts and simple-to-use approach. The crypto exchange provides a vast array of cryptocurrency services ranging from trading, a VISA crypto debit card, and an NFT marketplace to Crypto.com Earn.
With Crypto.com Earn, users can earn up to 5.0% APY for staking Binance Coin. Unlike Binance’s locked and vault-staking, Crypto.com offers soft staking – allowing users to simply start earning by holding a certain number of Binance coins on their Crypto.com exchange wallet. Users can stake Binance Coin on Crypto.com using:
- Flexible Staking – offering users between 0.10% to 0.25% APY
- 1-month staking – offering users between 1.00% to 4.00% APY
- 3 Month staking – offering users between 2.00% to 5.00% APY
No matter the soft-staking product, earning the higher APY comes with a price; the user must have already staked or is willing to stake CRO tokens. APY rewards are low if an investor's Crypto.com wallet doesn't hold at least 400 CRO. To earn the highest APY, staking $40,000 worth of CRO tokens is mandatory.
Related: How to stake CRO to earn rewards.
While the staking requirements of the platform are high, the technical knowledge users must have to engage with the crypto market is low. As a mobile-first platform, Crypto.com’s app is one of the best apps for BNB staking, trading, or saving. It has become one of the primary choices for many investors to stake Binance Coin.
When compared to Binance, this platform is more suitable for beginners. However, the high CRO staking requirements don't make it appealing to frugal investors who possess smaller amounts of capital. That said, users can start earning staking rewards for Binance Coin by staking as little as $1 worth of BNB, which, while higher than the minimum 23-cent requirement for Binance, is still low. In short, Crypto.com is a great place to stake BNB tokens.
4. TrustWallet - Best Software Wallet To Stake Binance Coin
Trust Wallet is a software wallet that provides a high APY for staking Binance Coin. It is a diverse non-custodial wallet that supports more than 1 million different crypto assets across multiple blockchains. The wallet can also be used to buy a range of other cryptocurrencies, send and receive tokens, and trade NFTs. Providing a highly convenient way to invest in crypto assets, Trust Wallet is versatile and supports multiple blockchains. Users will have many advantages when using this flexible tool to stake in Binance coin.
TrustWallet offers the highest APY for staking Binance coins, which is up to more than 30%. To start staking through this software wallet, users only have to download it through the iOS or the Android store, deposit or buy BNB using Trust wallet, and start staking. The next steps happen on the BNB website, where the investor must choose from the list of validators.
However, Trustwallet's security and accessibility remain questionable. There is no support for multi-factor authentication; users can only access the software using a smartphone or certain Mac computers. Trust Wallet users have also been victims of hacking attacks in the past. On the other hand, Trustwallet's decentralized nature is something users appreciate. User IDs are anonymous, and it is not mandatory to provide any personal information to get started. The only time it is required to give the details is when users buy crypto assets from partner crypto exchanges, which is the case with staking Binance coin.
Overall, Trust Wallet is a flexible and easy-to-use tool to stake BNB. While it claims to provide higher returns than Binance, the APY it has listed is vague. How much the investors can gain from Trust wallet's Binance coin staking utility would depend upon the commission and APY issued by chosen validators. Also, since the wallet is user-owned, Trustwallet takes no commission.
Read our full Trust Wallet review.
Best Methods To Stake BNB Tokens - Comparisons
The table below compares the best-rated BNB staking platforms we review in this guide.
|Platform||Staking Fee||Estimated ROI||Rating||Promotion||Website||Review|
|Binance||None||0.35% to 12.99% APY|
|Up to $100 welcome bonus||Visit Exchange||Binance Review|
|KuCoin||None||Up to 8.25% APY|
|Up to 500 USDT in bonuses||Visit Exchange||KuCoin Review|
|Crypto.com||None||Up to 5.0% APY|
|None available at this time||Visit Exchange||Crypto.com Review|
|Trust Wallet||None||Up to 30% APY|
|None available at this time||Visit Exchange||Trust Wallet Review|
What is Binance Coin?
Binance Coin is the native token of the BNB Chain, an evolved version of the Binance Smart Chain (BSC). It is a blockchain focusing on Decentralized Finance applications. The BSC is based on the Ethereum blockchain and operated by Binance – the largest cryptocurrency exchange in the world.
Binance Coin was launched in 2019, one year before the launch of Binance Smart Chain, which was conceived in 2020. Binance designed the smart chain to run parallel with and complement the functioning of the Binance Chain. Here is the breakdown:
- Binance Coin runs on two chains: the Binance Chain and the Binance Smart Chain.
- Binance Smart Chain supports the Binance Decentralized Exchange (DEX). It supports the BEP-02 token standard. However, it doesn't support smart contracts, so Binance has limited its usage.
- Binance Smart Chain: Binance Smart Chain is Binance’s smart-contract enabled sidechain designed to complement the Binance chain.
At the heart of both the chains – the BNB Chain – lies the Binance Coin, the native token responsible for keeping the blockchain secure, operational, and efficient. Moreover, Binance Coin is among the top 5 crypto assets, with a 24-hour trading volume of $1.18 billion, at the time of writing. Also, this crypto asset has continued to regale investors even during the crypto market – making it the perfect trading instrument and an asset worth staking.
Can You Stake Binance Coin (BNB)?
Investors can stake their Binance Coin using one of three different ways. The first is by becoming a validator and directly interacting with the Binance Smart Chain. The second and most popular way is to become a BNB delegator by staking tokens on a cryptocurrency exchange. The third method to stake crypto involves the use of specialist software wallets.
An Overview of the 3 Ways To Stake BNB
1. Become A Validator
Crypto enthusiasts who are more than willing to be active in the blockchain ecosystem can become a validator for the Binance Smart Chain. The process is the following:
- Installation of the full node: The investor must first install the full node. For running a full BNB node, validators must have a powerful computing system that meets the minimum requirements.
- Account creation: The user must create an account representing a key pair list.
- Testnet fund: The user must then go to the faucet page to enter their Binance Smart Chain address to get the testnet fund.
- Running the full node: The testnet must then be run on the installed full node.
- Transferring the Binance coin from Binance Smart Chain to Binance Chain: The user must transfer Binance tokens from the smart chain to the Binance chain after verifying token information.
- Becoming a candidate: Finally, the candidate must declare his candidacy as a validator.
2. Use A Cryptocurrency Exchange
The most beginner-friendly and less risky option is to choose a cryptocurrency exchange that supports staking and becomes a delegator. The process doesn't require any technical expertise. To stake BNB using a crypto exchange, follow these simple steps:
- Create an account on a crypto platform that supports BNB staking such as Binance.
- Buy or transfer BNB tokens to a Binance wallet.
- Go to Binance staking and select "Binance Coin".
- Choose between the fixed staking or the flexible staking option.
- Enter the amount of BNB tokens to stake.
- Click “Stake Now” to finalize and start staking Binance Coin.
3. Stake Using Software Wallet
Staking Binance coins using a crypto wallet such as the Trust Wallet is easier, but the process can be a bit more involved as compared to the cryptocurrency exchange. Unlike cryptocurrency exchange, a wallet offers users a way to select validators. Investors have to stake at least one Binance coin and can withdraw it after seven days.
Things to consider when selecting the validator:
- Commission of the validators: As we mentioned, the validator has the power to choose the minimum and maximum commission rates.
- The voting power of the validators: Investors must also keep an eye on the voting power of the validators.
- APR paid to delegators: The current annual percentage rate paid to delegators varies from 0 to 7.28%.
How Does Staking BNB Work?
Individuals can stake their Binance Coin to become validators or delegators at the BNB Chain and earn rewards in return for the governance and development of the network. There are two ways to stake Binance Coin; through a cryptocurrency exchange, or with a staking wallet.
The BNB Chain is a blockchain that follows the Proof-of-Stake (PoS) consensus protocol. Forty-one validators are responsible for validating the transactions and securing the network by locking their tokens in the blockchain. Validators are elected by delegators every 24 hours, another group of users who stake their tokens to select validators to secure the network.
As validators: users earn rewards by staking their tokens to power the BNB network. The process of staking as a validator is technical and requires good quality hardware from the investor's side. Those looking to become validators must:
- Meet the essential hardware requirements
- VPS running versions of Mac OS or Linux
- At least 2 Terabyte free hard disk space
- 48GB ram and 12 core CPU
- At least 10MB/sec broadband internet connection
- Stake a minimum of 10,000 Binance Coin
- Operate a full Binance Smart Chain Node
- Be chosen every 24 hours and be among the top 41 choices of the delegators
Because the process of validator staking takes so much time and resources, beginner and passive investors often choose to become delegators instead.
As delegators: investors earn rewards by staking BNB via a crypto exchange or a supported wallet. A delegator must stake enough tokens so that the validator of their choice becomes the top 41 candidates. By selecting the validator, the delegator can passively contribute to Binance Smart Chain's operation. The staking rewards (APY) first go to validators, who then distribute them among delegators. The APY generated by a delegator depends on the number of tokens they invested in their chosen validator.
How Much Can You Earn Staking Binance Coin?
Investors can potentially earn up to 12.99% APY if they choose locked staking for up to 120 days. But most investors choose flexible staking and earn up to 5.51% APY. Validators can earn 6.25% since they support the infrastructure using their top-of-the-line hardware to run one full BSC node.
The APY for staking BNB is dependent on several factors including:
- The amount of BNB invested by the validator.
- Current supply and demand of the BNB tokens staked on the network. Lower the supply, higher the rewards.
- Length of the locking period.
- The number of tokens staked by the delegator.
- The commission fee is charged by the validator.
Note: Binance Smart Chain has empowered validators to set their own commission percentage.
Is Binance Coin Good To Stake?
Binance Coin is one of the biggest cryptocurrencies in the world, currently ranked at #5 by CoinMarketCap’s report. Also, crypto exchanges such as Binance and KuCoin offer high APY for staking Binance. When all these factors are combined, Binance Coin appears to be a good staking coin. The benefits of staking are as follows:
- Binance Smart Chain has evolved into a BNB chain, providing more facilities to the Binance ecosystem.
- Previously, there used to be 21 validators. The count has increased to 41, giving users staking through wallets a wider selection of validators to choose from.
- Large-scale applications such as GameFi and SocialFi are about to arrive on the BNB chain, signaling high potential in the future.
Advantages Of Staking BNB
Binance Coin is one of the best coins to stake with most crypto exchanges offering high staking rewards. According to CoinMarketCap, Binance Coin ranks #5 as the most staked tokens in the crypto market, with a staking market cap of approximately $4.2 billion. Some of the advantages of staking BNB are:
- It is an emerging ecosystem: With the BNB chain, the facilities to enable and support staking have increased.
- More validators: The number of validators has increased for the BNB chain to 41.
- High-Value Crypto Asset: BNB is a high-value token currently trading between $220 and $230 at the time of writing.
- More ecosystems are integrating with the BNB blockchain: SocialFi and GameFi are examples of networks that are planned to integrate with the BNB chain. Their arrival is an indicator of the strength and robustness of the BNB network with the potential for staking rewards to increase as a result.
Downsides of Staking BNB
The downsides of staking Binance Coin include:
- The APY rates are prone to change: The volatile crypto market dictates the average rewards for BNB staking.
- Locked Staking removes asset control: With locked staking, users lose access to their BNB tokens for the locked period.
- No Inflation for BNB chain: BNB chain has no inflation, leading to low BNB staking rewards compared to other PoS blockchains.
- Vulnerable to attacks: Crypto wallets and crypto exchanges are susceptive to malicious attacks.
Is Staking Binance Coin Safe?
It is important to remember that Binance Coin is a crypto asset and thus, carries similar risks when staking other cryptocurrencies:
- The risk of slashing: Market conditions dictate the APY. In Binance Coin's case, the crypto exchange Binance has reduced the rewards. While the potential remains for the rewards to increase soon, it is currently too soon to predict anything in the bear market.
- Locked Staking: With locked staking, the crypto assets are locked for a certain period. It stops investors from interacting with the rapidly changing crypto market. This means they will not be able to sell BNB to USD or another fiat currency in the event of a market decline.
- Malicious Attacks: Attacks on crypto wallets and scams have become too common in decentralized finance. Every time a user stakes their tokens on their own, they carry the risk of being hacked by external entities.
- Exchanges don’t provide the choice of validators: While staking Binance coin through cryptocurrency exchange is convenient, it comes at the cost of not selecting the validators. Choosing the validators allows users to enhance their APYs.
- Illiquidity: While Binance Coin is locked during staking, its value still follows the trends of the crypto market. A bear run can cause investors to lose money when staking, especially during long bear markets.
Frequently Asked Questions
Investors wanting to earn passive income through their Binance Coin assets can stake them at crypto trading platforms such as Binance, KuCoin, Crypto.com, or BlockFi where rewards of up to 12.99% APY are available. Trust Wallet, a specialist software wallet, also offers BNB staking where the rewards are higher at 30%.
Users can stake a minimum of 0.001 BNB on Binance's Locked Staking module. For fixed or locked staking, BNB must be staked for 120 days to obtain rewards up to 12.99% APY.
Staking Binance Coin on Trust Wallet can net investors up to 30% Annual Percentage Yields (APY) which is higher than the passive rewards offered by popular crypto exchanges such as Binance, KuCoin, and Crypto.com.
Yes, individuals that reside in the US can stake BNB on the Binance.US platform. The estimated staking reward for BNB is 3.49% APY at the time of writing.
With the ongoing evolution of the Binance Smart Chain, and more recently, the BNB Chain, the number of validators on the network has increased and so have the staking rewards. As such, Binance Coin remains one of the best staking tokens in the current market where investors are rewarded for interacting with the blockchain in a relatively safe way. For most investors and blockchain enthusiasts, choosing the right option to stake BNB will come down to the level of complexity they are comfortable with and the APY returns.