Have you ever experienced an unsuccessful crypto stake on binance?
There are a whole lot of reasons why people find it a little bit rough when they want to stake their Crypto coins on binance.
This is due to some of the situations and activities that cause unsuccessful crypto stake on exchanges like binance.
When encountering some of these situations, it makes the successful completion of your crypto stake impossible.
Some of the reasons are caused by the crypto exchange user such as having poor internet connection or not placing stake quantity between the minimum or maximum limit in the staking pool.
Some are caused by the crypto exchange such as binance exchange system upgrade.
When you encounter some of these obstacles that cause unsuccessful cryptocurrency stake, do not panic as the solutions are here to help you overcome them easily.
In this guide, you will learn of the reasons why you encounter unsuccessful crypto stake on binance and also learn of the solutions to solve them.
- Causes Of Unsuccessful Crypto Stake On Binance And Solutions
Causes Of Unsuccessful Crypto Stake On Binance And Solutions
Most of the main reasons why you cannot stake crypto on binance are;
1) Poor Internet Connection
Having a poor internet signal while trying to stake crypto will really make your efforts unsuccessful.
This is due to the fact that the process will be very slow and at some point, it will be showing you no internet connection on your account.
This will not allow you the chance to successfully stake on an exchange
- Solution: solving this problem is not hard as if you have a poor internet signal from a particular network provider, you just need to switch your internet connection to a network provider with a better signal.
This will help you to successfully complete your stake on Binance.
2) Space on Staking Pool is Sold out
This is another common issue that is associated with staking any crypto coin on Binance.
When you try to stake on binance particularly for long duration, you will find out that you cannot and you get hit with the sold out caution.
This is because the long duration staking has more return on interest for the stake rewards and this makes the competition for long duration stake durations high.
Due to this high competition, binance users easily fill up the staking pool slots for the long duration thereby making it impossible for others who come late to join that stake duration.
While trying to stake ADA for this tutorial, we also encountered this problem as shown in the picture below
- Solution: to solve this problem and be able to successfully stake your Cardano crypto on binance, there are two easy ways of solving this which are;
method 1: Return after some Hours to Recheck Availability
One of the methods to still successfully stake your ADA on binance after being hit with the sold out caution is to come back after some hours to check if the stake duration is available for you to join.
This is because on an hourly basis, the stake duration of users who staked early keeps expiring thereby leaving space for others to join the staking pool.
method 2: Choose The Available Staking Duration That Is Available
Sometimes choosing method 1 and waiting for the long duration to be available may lead to waste of time and loss of stake rewards.
To avoid this and prevent loss of stake rewards, you can go ahead and select the next available stake duration and stake your crypto.
This will at least keep you active in the staking pool thereby turning in profits from staking rewards.
3) Not Meeting Staking Pool Minimum Stake Requirement
Not having the minimum stake amount in your spot wallet is another reason why you encounter unsuccessful crypto stake on binance.
Every staking pool on binance has a specified minimum stake amount which a user must have,
For the case of the ADA staking pool on binance, the minimum staking requirement is 1 ADA.
Always check that your crypto wallet balance is not below the minimum stake requirement.
- Solution: to solve this issue of not having the minimum stake in your wallet, you have to deposit the crypto which is equal or above the minimum quantity required to join the staking pool.
4) Update is Ongoing On Binance Exchange
Activities are suspended on a crypto exchange whenever there is an update going on at the exchange.
When this occurs, your account cannot successfully perform the staking of a cryptocurrency on an exchange.
This leads to suspension of trading, withdrawal as well as leading to unsuccessful crypto stake on binance.
- Solution: to solve this issue, you have to wait for the crypto exchange to finish the update.
It is only when the update on the exchange is completed that the crypto stake function can be reactivated for all accounts.
5) Not Having A Verified Account On Binance
When your account on an exchange is not verified, it will make your success in crypto staking on an exchange hard.
Due to the fact that majority of crypto exchanges are very serious about their KYC policies now, it becomes a very important requirement for you to submit informations about yourself.
When these informations being submitted are correct, your account gets verified.
Without your account being verified, you cannot perform any transaction in most of the top rated crypto exchanges.
This limit on your account will also result in unsuccessful crypto stake on binance.
Unverified accounts also attract a lot of wallet limits from any crypto exchange.
- Solution: if you are facing this challenge from any crypto exchange, the solution is for you to submit the documents the exchange requires for the verification process.
To verify on an exchange like coinbase, learn how to verify account on Coinbase.
6) Funds not In the Spot Wallet
This is a very common issue a lot of beginners in cryptocurrency face when they want to stake their crypto coins.
Some crypto exchange users may be unable to stake their crypto assets even when they have a lot of crypto assets they can use for staking.
When this happens, a lot of people normally think that the problem is from the crypto exchange.
The problem has to do with which crypto wallet the crypto assets is stored in.
In a crypto exchange, there are a lot of wallets that perform different functions.
These wallets include spot wallet, futures wallet, margin wallet and many more other wallets depending on the exchange.
When you want to stake a crypto asset, it is the funds that are in the spot wallet that will be used for the crypto staking.
Without having the funds in your spot wallet ,unsuccessful crypto stake will occur.
This means that if you have the funds in other wallets like futures wallet or margin wallet without having the funds for staking in your spot wallet, the staking will not be successful.
- Solution: to solve this issue, there are two ways you can go about it which are;
Method 1: Transfer crypto asset From Other Binance Wallets to Binance spot wallet
The first method of solving the issue of unsuccessful staking due to insufficient funds in your spot wallet is by transferring funds within the wallets in your exchange account to your spot wallet.
This means that if you discover that your funds are in your futures or margin wallet, you have to transfer it to your spot wallet.
When this is done with an amount equal to or more than the staking pool minimum stake amount, your crypto staking will be successful.
Method 2: Send funds to Binance spot wallet from an external wallet
To avoidunsuccessful crypto stake on binance, you can fund your spot wallet by sending in funds from an external wallet.
In using this method to make crypto funds available in your spot wallet, you will be transferring crypto assets from an external wallet.
This includes wallets like trust wallet or any other external wallets you store your cryptocurrency.
When you make the transfer, the funds will reflect in your spot wallet.
When the funds appear in your spot wallet, you will now be able to use it for staking.
There are various external wallets that you can use to transfer money to your wallet.
You can use other external crypto wallets that you have funds in or buy from exchangers by giving them your spot wallet address for them to send the funds into.
Method 3: Sell Your Crypto In Binance To Buy Your Stake Crypto
In this method, you are going to sell any other crypto that you have so as to have funds to buy the crypto you want to stake.
Doing this is not really hard when you follow the steps correctly.
To achieve this, the following steps must be applied;
- step 1; select the crypto you want to sell
The first step in selling your crypto is in selecting the cryptocurrency that you want to sell .
This will help in selecting the crypto pair you will use for the selling or buying process of your crypto.
- Step 2: Choose the order type that you want to use
After you have successfully selected the crypto pair that you want to use, the next step is in selecting the order type you want to use in the purchase.
There are a lot of order types that are available and the type you choose determines how fast your transaction will be.
Basically, the two most used order types are the market order and the limit order.
The limit order gives you the opportunity to buy or sell at a price that you choose.
The bad side of it is that it may not fill your full quantity and may take some time to fill if price does not reach the price you selected.
The most frequently used order type is the market order.
In this order type, your transaction is filled at the speed of light as you are purchasing at the asking price of the market.
So depending on how fast you want your purchase to be, you can select any of them.
After the transaction has been completed, the crypto will show in your spot wallet.
Method 4: Convert Your Crypto In Binance To Your Stake Crypto
A lot of people that start using cryptocurrency newly always have some challenges when it comes to buying and selling crypto on the trade market.
One of the biggest challenges they always encounter is always how to successfully place orders using the market or limit order.
Some who want to have a fast transaction mistakenly use the limit order instead of using the market order.
When they make this mistake, their transaction gets a little longer to be filled and sometimes never filled as the price never gets to their target price.
To solve this, innovative crypto exchanges like binance have introduced the convert option in which you can easily convert one crypto to another without using the trade option.
To convert your crypto to the crypto you want to use for staking, you can do that easily by choosing the convert option in the trade section of binance.
7) Being Blacklisted By Your Exchange
Your exchange will blacklist your account when they figure out that there is a suspicious activity that is going on in your account.
Some times when an exchange blocks your account, it does not mean that you are the cause of the black listing.
Most times it is due to a fraudulent sign in attempt made by hackers on your account.
When this happens, your exchange will send you a mail of the occurrence and temporarily suspend your account from transactions until you verify and strengthen your account security.
When you act on what your exchange has told you to do, your account will be reactivated for use again.
After your account has been reactivated, you can successfully stake your cryptocurrency.
8) Trying To Stake More Than The Staking Pool Limit
Before you stake any crypto coin, make sure that you carefully check the requirements of the staking pool.
If you default on the requirements of the staking pool, you will face an unsuccessful crypto staking
Every staking pool has its own requirements and one of these is the limit to how many crypto coins you can stake at a time.
This limit is of two types which include;
- Minimum Staking Limit: the minimum limit of a staking pool is the lowest amount or quantity of crypto assets you can stake on that mining pool.
- Maximum Stake Limit: this is the maximum amount or quantity of crypto assets you can stake at once on that mining pool.
This is clearly shown on the image below.
The staking limits of the crypto staking pool above shows that the lowest we can stake is 1 ADA and the highest amount of ADA we can stake is 500,000 ADA.
Summary of what we have learnt from Causes Of Unsuccessful Crypto Stake On Binance And Solutions
Cryptocurrency Staking Failure In Binance Is Caused By;
1) Poor Internet Connection
Solution: Change internet connection to a network provider that is fast
2) Space on Staking Pool is Sold out
Solution: 1) Choose the stake duration that is still open for stake
2) Wait for the duration to be available when the stake duration of other validators in the staking pool expires`
3) Not Meeting Staking Pool Minimum Stake Requirement
Solution: Make sure that the crypto you want to stake is up to the minimum requirement of the staking pool.
4) Update is Ongoing On Binance Exchange
Solution: Wait for the exchange update to be over.
5) Not Having A Verified Account On Binance
Solution: Verify your accountby sending the required documents to Binance support.
6) Funds not In the Spot Wallet
Solution: Transfer funds from other binance wallets like futures wallet to your binance spot wallet.
7) Being Blacklisted By Your Exchange
Solution: Communicate with binance support and send the required documents to get your account reactivated.
After your account has been reactivated, avoid the activities that led to your account suspension and also raise the security level of your account with tools like 2FA for better security.
8) Trying To Stake More Than The Staking Pool Limit
Solution: To avoid unsuccessful crypto stake on binance, do not fill stake amount that is above the maximum limit that the staking pool permits.
How To Add Funds To Binance Spot Wallet
Method 1: Transfer crypto asset from other Binance Wallets to Binance spot wallet
Method 2: Send funds to Binance spot wallet from an external wallet
Method 3: Sell Your Crypto In Binance To Buy Your Stake Crypto
Method 4: Convert Your Crypto In Binance To Your Stake Crypto
To keep earning passive income from crypto staking, make sure that you try and avoid the Causes Of Unsuccessful Crypto Stake On Binance that has been discussed in the course of this guide.
Also increase your chances of making more passive income by learning How To Stake ADA
Read Also: How To Stake Cardano or ADA On Binance For Passive Income
Read Also: How To Verify Coinbase Account
Read Also: How To Open a Coinbase Account
Now I see why my staking was not successfully on binance. Great info