The era of crypto is in full swing.
Every day, more and more people are turning to the wonders of cryptocurrency to help build up their portfolios. What’s more, cryptocurrency is even opening up avenues for passive income via staking, which is an upgrade from traditional passive investing.
In this post, I’ve drawn on my experience as a cryptocurrency coach to bring you the best crypto staking platforms to try your hand at. (HODLers, this one’s especially for you!).
What is Crypto Staking?
Crypto staking is a different way of investing in cryptocurrency for those just getting started. Instead of simply buying and holding your particular choice in crypto, if your chosen currency allows staking, you can put it to work for you.
When you choose to stake your currency, you are essentially delegating or locking it for use by developers working on the blockchain powering your coins. When locked, your coins will be used to help further the production and use of that currency. The benefit of this is that the owners of the coins in this “staking pool” will receive a staking reward – a small percentage of the new crypto being mined against it.
In short, this means that by staking your coins, you will earn passive income on it. This can be as much as 20% to 30% annually in some lucky cases. Crypto staking is a fantastic way to put your currency to work and earn a little on the side.
Crypto Staking Platforms
With all this in mind, let’s take a look at crypto staking platforms. These are specific sites that help you stake your chosen coins and keep track of their progress through online wallets. Most of them essentially create a simpler environment where you can manage and chart your crypto progress.Without further ado, I present you with my top picks.
Aqru is widely regarded as a great place for beginners to crypto staking. Its simple, no-nonsense approach to investment means that users will not find themselves buried under mountains of jargon. It also boasts a mobile app that is equally accessible, giving you 24/7 access to its services no matter where you are.
This option allows you to invest in both fiat currencies and digital tokens, so whether you are going in with USD, GBP, or EUR, or a wallet full of bitcoin, Aqru has you covered. The site promises a return of up to 12% on your investments, but this will vary from currency to currency, so make sure you research your currency of choice thoroughly before diving in.
Aqru requires a minimum investment (about 100 euro), but it does not require you to remain locked in on your currency for any specific period. Furthermore, fiat currency investments can be withdrawn again for free, but crypto withdrawals will have a withdrawal charge of $20.
Those looking for high-stake, high-reward opportunities should look no further than Binance. This site works from the concept of “locked staking,” where you commit your crypto stake for a set period, after which it is released back to you. You can then reapply to stake your crypto again, as many times as you like. Note that this is facilitated by the fact that there are over 100 different currencies currently available, including Bitcoin, Luna, Ethereum, and their own Binance Coin (BNB).
Binance offers four different staking periods – 10, 30, 60, and 90 days, for which you can earn interest of between 3% and 35%. The percentage varies depending on the cryptocurrency you choose and the length of time you commit it for. You can also withdraw your currency early, but you won’t receive any interest from it if you do. Flexible staking pays less but allows you to unstake coins without losing profits at any time.
Coinbase is also often lauded for its simplistic approach to staking. While it only supports six different currencies, it does so with a high level of regulation and support. It also doesn’t limit you to buying coins solely from Coinbase’s site – you can transfer tokens from external wallets you already own and stake them without hassle.
The currencies currently supported by Coinbase are:
All this can be accessed quickly and easily by opening a verified account requiring only basic information and an identity check. After that, it’s simply a matter of getting yourself invested.
Launched in 2014, crypto.com has become one of the biggest cryptocurrency exchange sites out there. Millions of users have enjoyed its simple, low-cost services over the years, building itself up to a strong and reliable platform for investors new and experienced.
Not only does crypto.com offer services for more than 250 different types of tokens, but it also provides other staking options and finance services. From debit cards and NFTs to digital asset loans, crypto.com gives you access to various ways to put your money and your crypto to work for you.
Lock-in options are available for one or three months but have no redemption clauses. They offer rates based on the stability of the currency you are looking to stake and the length of time you wish to stake them. They also offer a higher APY return if you stake their native CRO tokens.
Arguably one of the more well-known crypto-staking options, eToro is a popular choice due to the automation of their platform, as well as their low fees. With eToro, you can automatically stake currency bought in Ethereum, Cardano, and Tron tokens, which are immediately put to work for you upon purchase.
eToro’s membership offers four different echelons – Cadet, Champion, Elite, and Elite Pro, each of which brings different benefits. It does not require any lock-in periods for investment and can be accessed with a stake of as little as $1 per month. In short, this means that you will continue to earn from your stake for as long as you leave it in.
And last on our list is Kraken. While only offering staking options for ten different cryptocurrencies, they are a great option for regular ROI payments. Unlike most staking services, Kraken sometimes rewards users as much as weekly, based on their currency. These returns are also known to be as high as 12%, or possibly even 20%, making them a great long-term option.
That’s it for today. Enjoy HODLing, staking and ultimately earning more coin on your cryptocurrency investment.