Peculiar to proof-of-stake (PoS) networks, crypto staking has become a popular means for holders to put their idle digital assets to use and earn passive income. Since there’s good money to be made, this article explains what to consider when choosing a platform to earn staking rewards besides proposing a few select ones.
Understanding crypto staking
Crypto staking imitates a regular savings account where users lock up their cryptocurrency for a specific time to secure the network. The platforms use the staked funds to process transactions and strengthen itself from attack. For their effort, they earn staking rewards, a portion of the transaction fees made by the platform. Through staking, users of a particular blockchain unite to ensure the blockchain’s integrity and security.
How to stake crypto
The process of staking crypto is usually similar to most PoS cryptocurrencies:
Step1: Buy a proof-of-stake cryptocurrency
Step2: Choose a digital wallet that supports staking (MetaMask and Atomic are good examples) for the coin you want to stake.
Step3: Transfer your cryptocurrency to your digital wallet. (It’s safer using your wallet instead of the ones offered by exchanges).
Step 4: Stake directly to a validator or join a staking pool
Step 5: Start earning rewards. The system automatically adds your rewards to your staked amount, enabling you to earn more the in the next earning round.
What to consider when choosing the best crypto staking platform
It would help to consider the following factors before deciding on the best staking service provider.
The number of stakeable coins: The greater the number of stakeable coins, the more avenues for generating passive income, meaning you can spread your risk across many tokens.
APR on Offer: The Annual percentage return (APR), also known as annual percentage yield (APY), should be a key consideration. The higher the APR, the more income you generate.
Fees: Research the fees charged when looking for the best crypto staking platform and weigh your options carefully since some offer zero fees for staking.
Security: The security of your cryptocurrency is paramount. Before signing the dotted line, determine if the platform is regulated by any global body and its security measures.
Best Crypto Platforms for Staking
Since most native exchanges offer users a chance to earn passive income from staking, we will introduce five leading platforms so you can choose the best crypto staking platform of your choice. Let’s dive in!
1.Crypto Heap
CryptoHeap offers a secure and reliable platform with advanced security measures and a robust infrastructure to protect investments. The platform guarantees returns, ensures rapid withdrawal processing, and provides a seamless, professional staking experience.
Key Features:
Registration Bonus: Receive $100 upon registration to get started with the platform’s features.
Secure & Reliable: Utilizes advanced security measures and robust infrastructure to ensure the safety and stability of investments.
Fast Withdrawals: Allows users to access their funds within minutes, providing a seamless and efficient experience.
Guaranteed Returns: Offers consistent and reliable profits through a variety of staking plans tailored to different investment goals.
Diverse Staking Plans: Provides multiple options to help users earn crypto rewards, allowing them to choose the best plan for their needs.
Referral Commissions: Enables users to earn commissions by recommending the platform to others, with partners having earned tens of millions in commissions. Referrals can generate income even without personal investment.
2.Binance Earn
Launched in 2017 and considered the largest cryptocurrency exchange worldwide, Binance trades over $65 billion daily and is loved by crypto users worldwide. It runs a crypto staking platform called Binance Earn that offers DeFi, locked and flexible staking, and doesn’t charge staking fees. Some features include:
- Supports most PoS coinsÂ
- High-interest rates
- Different deposit options
- Lockup period up to 90 days maximum
- Supported coins: Most PoS coins
- APR is variableÂ
- Interest distributed dailyÂ
- High-level securityÂ
3.Kraken
The U.S.-based Kraken cryptocurrency exchange is popular as it’s built to attract newbies and expert cryptocurrency investors, offering many tradable digital assets. Kraken provides a sizeable crypto staking library allowing users to earn from at least 12 coins. The platform offers an option to pay staking rewards in fiat currencies like the USD and Euro. Key features:
- Offers cryptocurrency and fiat stakingÂ
- Off-chain staking availableÂ
- Efficient staking experience
- Flexible and locked staking
- Interest is paid twice weeklyÂ
- Variable staking fees
- Supports 12 PoS coinsÂ
- APR – Variable
4.eToro
Staking is free for members of various eToro clubs, but the earnings vary based on the particular membership plan. The staking rewards are split according to membership category: Bronze-75% of the yield, Silver, Gold, and Platinum – 85%, while Diamond and platinum+ – 90% of the yield. APR is between 5 and 6.25%. The eToro platform currently supports three cryptocurrencies for staking, namely Ethereum (ETH), Cardano (ADA), and Tron (TRX). Features include:
- High yield ratio
- High-level securityÂ
- Social trading capabilities
- Locked stakingÂ
- Variable staking fees
- Interest paid monthlyÂ
5.Gemini
Gemini exchange is a state-of-the-art crypto staking platform offering staking rewards of up to 8.5% APR besides allowing staking for stablecoins. The platform provides zero transfer and withdrawal fees, with no minimum staking amount or hidden costs. Some notable features include:
- Supports over 40 coins
- Offers cold storageÂ
- Regulated by NYSDFS (New York State Department of Financial Services)
- No staking feesÂ
- Variable APRÂ
- Interest paid monthly
6.Crypto.com
The Singapore-based Crypto.com runs a crypto staking pool and allows users to stake on several leading coins, including Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), its native token Cronos (CRO) and at least 40 others. The platform offers flexible and locked staking and charges 2.99% staking fees. The most notable features include the following:
- Deep liquidityÂ
- A wide variety of assetsÂ
- Higher earnings if you stake Cronos
- Access crypto at the actual cost
- Lock up period of up to 90 daysÂ
- APR – 14.5%
Conclusion
This guide has discussed crypto staking, choosing the best platform, and a rundown of the leading platforms and the coins they allow staking on. If you’re going to put your hand into the trade, do more research and only stake what you can afford to lose comfortably.
