SMART Staking explained

WhiteBIT
Published 31 October 2021
2074
SMART Staking explained

Content

Staking is a simple and effective way to make money on cryptocurrency without resorting to technical analysis and delving into the intricacies of trading. In short, it is used to receive passive income from holding cryptocurrency.

What is SMART Staking?

SMART Staking is a tool that allows you to make a profit for holding funds on one of the available plans. The plans have different interest rates, staking times, and the min. and max. holding amounts. It is safe, convenient, and profitable.

How to start a plan?

  • First, make a deposit of the chosen asset to your Main balance. You can find it here.

1. Balances

  • Open a page with all available Staking plans. You can also set the filters that will show specific assets.

2. Plans

3. Filters

  • Enter the amount and click “Deposit”. Please note that each plan has a minimum and a maximum deposit amount. Also, after opening the plan, it will not be possible to deposit additional funds.
  • At the end of the specified period, the plan will close automatically, and your funds + the interest will be returned to the Main balance. You can close the plan beforehand, but in this case, you will not be credited with the interest.

How much will I get?

After entering the amount you want to deposit, you will be able to see how much profit you will receive after the end of the plan period. If you close the plan beforehand, you will not receive the interest.

Example:

​​Suppose that on the 1st of January 2021, you deposited 1 BTC at a price of $30,000. The plan will close on the 1st of January 2022, and you will receive 1 BTC + the interest, amounting to 1.3 BTC in general. The asset price during this time may rise and amount to, say, $50,000. Accordingly, in the end, your balance may equal $65,000.

How are the payments secured, and where are the guarantees that I will receive something?

The interest rates are backed by the funds from margin trading. Our work is based on compliance with all rules. We store 96% of the digital assets on cold wallets and use WAF to detect and block hacker attacks, so your funds are safe on our exchange. Moreover, we created a complex system of security control, monitoring, and incident prevention. Also, we have successfully passed a range of the cybersecurity and penetration testing cases provided by third parties. Our Cybersecurity score, according to cer.live rating, is one of the highest in the market.

How to make a deposit?

First, you need to make a deposit to your Main balance. You can use both fiat and cryptocurrency. Please note that when replenishing the Balance with fiat funds, you must pass KYC. Deposit methods: transferring funds from another wallet (cryptocurrency), using a credit card, using payment systems, and Mercuryo (fiat).

Note that you can only deposit money from your Main balance. If your funds are on the Trade or Margin balance, you can simply transfer them to the Main one.

What kinds of plan periods are there?

Currently, there are periods for 10, 20, 30, 90, 180, and 360 days. The interest rates are different for each period. That is, two 180-day periods do not equal one 360-day period. Thus, it will be more profitable to use the period for a longer period.

Can I prolong a plan?

No. After the end of the plan period, you will receive your funds + the interest, and then. After that, you can open the plan again if you wish.

Can I start more than one plan on the same asset simultaneously?

You can, but the plan periods must differ. For example, you won’t be able to open two 180-day USDT plans. It is possible only if one plan is for 180 and the other, let’s say, is for 360 days.

Can I replenish the active plan?

Unfortunately no. But you can easily open another one for the same coin, but for a different period.

How to close a plan?

The plan closes automatically at the end of the period, but you can do it manually ahead of schedule. But beware that only the invested amount will return to the Balance and not the interest.

To close the plan beforehand, you need to

  • open “Active plans” on the SMART Staking page;

5. Plans

  • select the necessary plan and click “Close deposit”. After that, the funds will return to the Main balance.