Fixed staking income not fixed.
Hi all. I’m new on here but on Binance more than a year. And still learning.
My issue is committing funds to fixed staking for 90 days at a high return. And then Binance changing to a lower return.
In particular. I staked BSW. The advertised return was 143.25% during the promotional period, reducing to 100.23% at end of promo period.
But now the return is dropped to 58.9% within the initial 90 day investment period.
I have contacted support, and it seems that this is not a mistake but allowed for in the terms and conditions.
It just doesn’t seem right that if I am tied to a fixed term, that the interest can be so reduced.
Looking at the market conditions, we should all be glad that Binance hasn’t ended up like the other exchanges.
Gettin a number of pm offering to help off thread. Looking for account details, is this normal, legit? Seems phishy.
You wouldn’t get far with mine. Card is maxed. I was actually scammed last week. Scammer donated 10 euro to a charity to test the card, then tried to do a 1000 euro transaction. The 10 euro maxed my credit. Poor guy got nothing except a knock at his door. Eagle eyed shop assistant got his car reg.
Did you read the terms and conditions?
Legit since the rate drop when many users do the same
Same happend to My fixed Ada stake.
30 days, started out on 6,0-6,5% in that range. When bear marked hit, they reduced it to 5,79%. Raised the Ada savings account from 1% to 5%. Besides that binance created a 15 day 23,47% staking pool to lure people in. Guess It’s normal and they need funds.
I only store it on binance since It’s such a small amount. Will withdraw when the 30 day staking ends.
Aren’t you referring to past performance? Isn’t it a annual predicted yield? I don’t think it is actually guaranteed but representation based on last performance.
That is normal and expected. Plus even when doing locked staking you can still withdraw your funds before the period committed, it takes 5 days to unlock. 50%+ is still pretty juicy notwithstanding.
If you actually read you will see that the APY is an estimate based on previous rewards. It doesn’t say anything about the future.
honestly – its a wonder to me binance is still open … their entire premis is to inspire gamble. They fall back on the small print having enabled/ encouraged dead end investments … they hope from ‘how can we take money here’ / ‘what can we create that most people will loose money from’ – then most deal with some low-end customer support guy who just repeats ‘dear’ no ‘dear’ dont care …. hahaha the entiee platform is a sham and i cant wait for the day it all comes crashing down on them … and that day will come …. they’ve positioned themselves to be the first point of call for HUGE amounts of newbies- wanting to invest in crypto … not realising its a trading platform with endless opportunity to loose, not having the necessary skills/ knowledge …
I think the interest is base on the market condition, because I’m currently staking SCRT using keplr wallet, and I can choose to unstake it anytime without my interest being reduced
I can transfer it to usdt so i can take all the 10 usdt out
Pretty much trading on gut instinct and stop limits and luck of the Irish.
That’s actually normal. When I staked CTSI on 90 days on Binance locked staking, the APY then was around 40%, now its 28.33% at the moment. I think more people staking usually reduced the returns. Also, it was written as ”Estimated APY” which means- roughly calculated/approximate.
I personally would never stake a thing. Just look what happenned to LUNA. Those people had to sit there and watch while their coins wasted away to nothing. DCA buy and sell. Buy and sell. You will make a lot more than staking if you do the right strategy