| *Please note: Binance.US users are now able to initiate ETH unstaking requests (as of May 10, 2023). This comes after the successful completion of the Ethereum Shapella upgrade which took place in April. Please keep in mind that requests to unstake ETH are processed directly by the Ethereum protocol, and will be subject to a waiting period, which is determined by the Ethereum protocol. |
Binance.US makes staking Ethereum easy and accessible by dramatically lowering the barriers to entry. We offer an ultra-low minimum of just 0.001 ETH to get started, compared to the standard 32 ETH requirement for staking directly through the Ethereum network!
However, before you get started it is important to understand the potential risks and rewards that come with staking Ethereum in general. Here are answers to some of the most frequently asked questions regarding Ethereum Proof-of-Stake and how you can stake your ETH on Binance.US.
If you’re unsure, you can also learn more about what staking is here.
FAQs:
- What is Ethereum Proof-of-Stake?
- What are the risks of staking ETH?
- What are the rewards for staking ETH?
- Am I able to unstake my ETH yet?
- Is there a minimum amount required to stake ETH on Binance.US?
- How do I begin staking my ETH on Binance.US?
What is Ethereum Proof-of-Stake?
Ethereum Proof-of-Stake is a revamped version of the Ethereum blockchain that aims to help the network scale in an efficient and sustainable way by switching from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.
This new model introduces the opportunity for users to stake their ETH to help secure and facilitate network transactions while earning rewards.
Ethereum and Ethereum PoS officially 'merged' in mid-September, 2022. In addition, the successful completion of the 'Shapella upgrade' in April, 2023 began the process of ETH staking withdrawal requests being supported at the protocol level.
What are the risks of staking ETH?
While the most significant milestones in the transition have been completed, the protocol's transition to a PoS model is technically still underway. Binance.US has no influence or control over the risks associated with this ongoing transition.
As of May 10, 2023, users staking ETH on Binance.US can officially submit ETH unstaking requests. However, these requests are processed directly by the Ethereum protocol. Please note that requests for unstaking will be subject to a waiting period, which is determined by the Ethereum protocol.
What are the rewards for staking ETH?
You will receive rewards in the form of ETH, which will accumulate on top of your principal ETH. Your ETH rewards depend on many factors, including how much ETH you’ve staked, how much ETH is currently staked on the network, as well as the volume and total value of transaction fees on the network.
You can check the current rewards rate for staking ETH on our staking homepage. This rewards rate is subject to change depending on several factors, including but not limited to those outlined in the paragraph above.
Staking Rewards are not guaranteed and are subject to change at any time. For more information, please see the Staking Services section of our Terms of Use.
By staking ETH, you are also helping to secure and contribute to the growth of the Ethereum PoS network.
Am I able to unstake my ETH yet?
As of May 10, 2023, users staking ETH on Binance.US can officially submit Ethereum (ETH) unstaking requests. This is as a result of Ethereum's successful Shapella upgrade in April, 2023.
Please note, requests will be processed directly by the Ethereum protocol and subject to an unstaking period which is not under the control of Binance.US. All ETH unstaking requests are placed into a queue based on a first-come, first-served basis. The time taken to process your unstaking request may vary depending on the number of staking participants and demand for unstaking at any given time.
Is there a minimum amount of ETH required to stake on Binance.US?
On Binance.US, you can start staking with as little as 0.001 ETH. This makes staking ETH widely available to everyone without the need for the 32 ETH normally required to stake directly on the network. We’re proud to be increasing access to the benefits of staking Ethereum for our users.
How do I begin staking my ETH on Binance.US?
To stake your ETH on Binance.US, simply follow the instructions for your appropriate device below.
How to stake ETH on the web
1. Log in to your account and visit the Staking homepage.
2. If you’re staking for the first time on Binance.US Staking, carefully read and follow the on-screen prompts before clicking Next.
3. Find the Ethereum (ETH) tab and click on the arrow to the right-hand side to open a dropdown menu.
Alternatively, if you do not currently hold ETH, you can scroll further down to view cryptocurrencies available to purchase and then stake (also called 'Buy & Stake'). For more information, learn How to Buy & Sell Crypto or How to Deposit Crypto.
4. From the dropdown staking information about ETH including the estimated rewards rate, your available balance, the Processing Time, and the Bonding & Unbonding Periods will display. Processing time may take up to 3 business days. Bonding & Unbonding periods vary and are set by the network. During Bonding & Unbonding you will be unable to use your ETH and will not be eligible for rewards. For more information, please visit our Staking FAQs.
Once ready to proceed, click the yellow Start Staking button.
5. On the “Stake Crypto” pop-up, enter the amount of ETH you want to stake, or choose the percentage of your total ETH held that you’d like to stake. Then, click Preview Stake.
6. On the “Confirm Staking” pop-up, carefully review your staking request. Once you initiate a staking request, you have until 00:00 UTC on the following day to cancel your staking request. You will be unable to withdraw or trade your staking assets while it is being staked. When ready, click Confirm Stake to proceed.
*Please note: After every rewards distribution, Staking Rewards are automatically restaked by BAM (Auto-Restake) If you'd prefer rewards to be sent to your available balance, view instructions on disabling Auto-Restake here).
7. You will receive a confirmation that your order has been received.
How to stake ETH on the app
1. Download or log in to the Binance.US app. To access all staking features, please update your Binance.US app to the latest version.
2. From the home screen, tap the Staking icon.
3. If you’re staking for the first time on Binance.US Staking, carefully read and follow the on-screen prompts before tapping Next or I Understand. If you've staked on the platform before, skip to step 4 below.
4. Find the Ethereum (ETH) tab and tap on the arrow to the right-hand side to open a dropdown menu.
Alternatively, if you do not currently hold ETH, you can scroll further down to view cryptocurrencies available to purchase and then stake (also called 'Buy & Stake'). For more information, learn How to Buy & Sell Crypto or How to Deposit Crypto.
5. From the dropdown staking information about ETH including the estimated rewards rate, your available balance, the Processing Time, and the Bonding & Unbonding Periods will display. Processing time may take up to 3 business days. Bonding & Unbonding periods vary and are set by the network. During Bonding & Unbonding you will be unable to use your ETH and will not be eligible for rewards. For more information, please visit our Staking FAQs.
Once ready to proceed, tap the yellow Start Staking button.
6. Enter the amount of ETH you want to stake, or choose the percentage of your total available ETH using the percentage tabs.
Tap Preview Stake once you’re satisfied with your choices.
7. On the “Confirm Staking” pop-up, carefully review your staking request. Once you initiate a staking request, you have until 00:00 UTC on the following day to cancel your staking request. You will be unable to withdraw or trade your staking assets while it is being staked. When ready, tap Confirm Stake to proceed.
*Please note: After every rewards distribution, Staking Rewards are automatically restaked by BAM (Auto-Restake). If you'd prefer rewards to be sent to your available balance, view instructions on disabling Auto-Restake here.)
8. You will receive a confirmation that your order has been received.
Additional Resources
- Binance.US Staking (Homepage)
- What is Binance.US Staking? (FAQ)
- The Ethereum Merge: What It Is & Why It Matters (Blog)
- Crypto Staking: Definition, Benefits, and Tips (Blog)
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Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Please refer to our Terms of Use for more information.
Disclaimer: Staking Rewards are not guaranteed and are subject to change at any time. For more information, please see the Staking Services section of our Terms of Use.