Crypto staking has become a viable means for users to generate passive income, and it has gotten popular over the years. This guide will explore the best crypto stacking platform you can use today and the best staking coins available. Most crypto-native exchanges are now offering their users the option to earn from staking. Compared to a dedicated staking platform, you do not need to KYC and easily trade your coins. However, here are the best crypto staking platforms. Read more…
Best Platforms for Crypto Staking
ZenGo ✔️ Crypto Supported: 70+ crypto including XTZ, ETH, BTC, etc. ✔️ Staking Type: Flexible, Locked, DeFi ✔️ KYC: Not Required ✔️ Staking Fees: Free Get Now Midas.Investments ✔️ Crypto Supported: 10+ crypto including BTC, ETH, USDT, USDC, BNB, etc. ✔️ Staking Type:Flexible, DeFi ✔️ KYC: Required ✔️ Staking Fees: Free Get Now MyCointainer ✔️ Crypto Supported: 100+ assets including USDT, DAI, EGLD, etc. ✔️ Staking Type: Flexible & Locked ✔️ KYC: Required ✔️ Staking Fees: 9.3% Get Now Crypto.com ✔️ Crypto Supported: 40+ crypto including BTC, ETH, DOT, etc. ✔️ Staking Type: Flexible & Locked ✔️ KYC: Required ✔️ Staking Fees: 2.99% Get Now Binance ✔️ Crypto Supported: 110+ crypto including BNB, DOT, SOL, MATIC, etc. ✔️ Staking Type: Flexible, Locked, DeFi ✔️ KYC: Required ✔️ Staking Fees: Free Get Now
1) ZenGo Crypto Wallet – Most Secure Web3 Wallet for Crypto Staking.
ZenGo is the first Web3 wallet with no seed phrase vulnerability, secured by encrypted biometrics. While this technology has been used by billion-dollar institutions for years, ZenGo is the 1st wallet to offer these advanced security features as a crypto wallet. ZenGo’s 3-Factor authentication process ensures that 1) no one but you can control your crypto, and 2) your wallet is backed up, so even if you lose your phone, you can recover your crypto through a simple 2-step verification process. ZenGo offers 24/7 in-app customer service with real people, and supports 70+ assets, including Bitcoin, Ethereum, and Tezos. Features: Staking fees: None Supported coins: Tezos, directly through the app, and Ethereum + any ETH token using WalletConnect
Most secure wallet in Web3 with no seed phrase vulnerability No KYC required 24/7 in-app live customer support 70+crypto assetss supported
Key Specs:
Price: Free Available: Worldwide Types of staking: Flexible, Locked, and Defi Staking fees: None Lockup Period: None Supported coins: Tezos, directly through the app, and Ethereum + any ETH token using WalletConnect APY: Variable Security: SAFU valued at $1 billion in January 2022 Interest Distribution Frequency: As often as daily, once staking locks in Higher Earnings if you stake Native Tokens? Depends, via WalletConnect
Visit ZenGo »
2) Midas.Investments
Midas.Investments is a custodial CeDeFi investment platform offering market-leading yields on an array of cryptocurrencies, including BTC, ETH, and USDC. In the four years since Midas’ launch, Midas attracted more than 10,000 active investors and over $300 million in assets under management. Midas’ yields are made possible through a diversified investment approach across a wide variety of DeFi yield strategies, all of which are deployed through our integration with Fireblocks. Each strategy is extensively vetted and hedged against impermanent loss volatility and token depreciation as Midas adheres to a strict risk management policy. Features: Staking fees: None Supported coins: 13 supported coins
Up to 13.1% APY on USDC/USDT, 7.1% on BTC, 8.4% on ETH No limits, no tiers, no lockups Secured by Fireblocks CeDeFi strategies with up to 45% ROI
Key Specs:
Price: Free Available: Worldwide Types of staking: Flexible and Defi Staking fees: None Lockup Period: None Supported coins: 13 supported coins APY: Variable Security: Fireblocks Interest Distribution Frequency: As often as daily, once staking locks in Higher Earnings if you stake Native Tokens? Higher Earnings if daily rewards are paid in MIDAS token (Midas Boost feature)
Visit Midas.Investments
3) MyCointainer – Most number of Crypto Coins supported
MyCointainer allows you to store all your coins in one wallet and earn passive income with minimum effort. It offers multiple ways of earning crypto including deposits, masternodes, airdrops, cashback etc. MyCointainer has some of the highest ARYs on the market as well as very competitive reward fees (you won’t get charged unless you earn yields). Features: Staking fees: Fees depend on the asset (up to 9.13%). Some coins have no fee. Supported coins: 100+ (including SOL, ADA, USDT, and DOT)
Beginner-friendly no-frills staking platform 100+ crypto assets available Some of the best APYs on the market A licensed platform with the opportunity to provide FIAT payment deposits Passive income by depositing or staking crypto
Key Specs:
Founded – 2018 Types of staking – Flexible and Locked Staking fees – Fees depend on the asset (up to 9.13%). Some coins have no fee. Lockup Period – No lock-in period; flexible access Supported coins: – 100+ (including SOL, ADA, USDT, and DOT) APY – Variable with 101% max APY Interest Distribution Frequency: – Daily Security: – Yes (Legal license no. FVT000255) Higher Earnings if you stake Native Tokens? – No
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4) Crypto.com – Best Crypto Staking Platform for Cashbacks
Based in Singapore, Crypto.com is one of the top crypto platforms that run a crypto staking pool. Users can easily tap into a slew of popular projects, including Bitcoin, Ethereum, Cardano, Ontology, its native token Cronos, and over 40 others Features: Staking fees: 2.99% Supported coins: 40+
A vast array of assets on offer Cashback reward for spending crypto Access crypto at the true cost Deep liquidity
Key Specs:
Founded – 2016 Types of staking – Flexible and Locked Staking fees – 2.99% Lockup period – 90 days max Supported coins – 40+ APY – 14.5% Security – Crypto.com Insurance Fund worth $750 million Interest Distribution Frequency – Weekly Higher Earnings if you stake Native Tokens? – Yes
Visit Crypto.com »
5) Binance – Overall Best for Crypto Staking
Binance stands as our overall best platform for crypto staking. Launched in 2017, the Binance platform is currently the world’s leading digital asset exchange by trading volume. The crypto exchange currently offers trades well above $65 billion daily and is the premier digital asset platform for all crypto users. Its crypto staking platform is called Binance Earn. Features: Staking fees: Nil Supported coins: Most PoS coins
Hundreds of projects to earn from Zero fees High-interest rates Multiple deposit options
Key Specs:
Founded: 2017 Types of staking: Flexible, Locked, and Defi Staking fees: Nil Lockup Period: 90 days max Supported coins: Most PoS coins APY: Variable Security: SAFU valued at $1 billion in January 2022 Interest Distribution Frequency: Daily Higher Earnings if you stake Native Tokens? No
Visit Binance »
6) Kraken – Best for Crypto Assets and Fiat Staking
US-based Kraken crypto exchange is another hotspot for crypto staking coins. Built to appeal to both new and experienced users, Kraken offers a sizable amount of digital assets for trading. Its crypto assets staking library is also impressive. Users can earn income from over 12 digital assets, including prominent proof-of-work (PoW) network Bitcoin. Kraken offers staking rewards for fiat currency like the Euro and USD.
Features:
Top choice for crypto-assets and fiat staking Offers off-chain staking Streamlined staking experience
Key Specs:
Founded – 2011 Types of staking – Flexible and Locked Staking fees – Variable Supported coins – 12 PoS coins APY – Variable Interest Distribution Frequency – Twice a week Higher Earnings if you stake Native Tokens? – No
Visit Kraken »
7) eToro – Best Crypto Staking Platform with Copy Trading Tools
eToro staking is free to members of the eToro membership clubs. Select members of the eToro membership club can earn interest on their digital funds. The earnings vary as it depends on the membership plan. eToro supports only three digital assets for crypto staking. They are Ethereum (ETH), Cardano (ADA), and Tron (TRX). Token rewards are split based on the membership category the investor falls into. Bronze members earn 75% of all yield for the month, while Silver, Gold, Platinum members walk away with 85% of the yield. Diamond, Platinum+ gets 90% of the overall earned reward. However, Ethereum staking generates a variable APY between 5 to 6.25%. Fee-wise, eToro charges a small fee for maintenance.
Features:
High yield ratio Trusted staking platform Highly secure platform It offers social trading capabilities
Key Specs:
Founded – 2020 Types of staking – Locked Staking fees – Variable Supported coins – 3 PoS coins APY – Variable Security – Yes Interest Distribution Frequency – Monthly Staking Yield Higher Earnings if you stake Native Tokens? – No
Visit eToro » (Disclaimer: Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.)
8) Gemini – Best Staking Platform that offers Zero Trading Fees
The Gemini exchange is another hotbed for crypto staking activities. The cryptocurrency exchange offers state-of-the-art crypto staking work and services. This platform does not state the lockup period or its staking fees. However, crypto staking rewards are maxed out at 8.05% APY. Gemini also offers staking capabilities for stablecoins. Gemini is remarkable for its zero transfer and withdrawal fees and comes with no minimum balance staked. There are also no hidden fees when you stake crypto on Gemini.
Features:
Zero fee structure Cold storage capability It is regulated by the New York State Department of Financial Services (NYSDFS) Easy access to locked tokens
Key Specs:
Founded – 2014 Staking fees – Nil Supported coins – 40+ PoS coins APY – Variable Interest Distribution Frequency – Monthly Higher Earnings if you stake Native Tokens? – No
Visit Gemini »
9) Lido – Best Staking Platform for Multiple Yield Generation.
Lido is a crypto-staking-focused financial services provider. Launched initially to cater to Ethereum staking, Lido Finance has become a hotbed for several layer-1 smart contract staking and one of the popular crypto platforms in the sector. The staking provider offers services for only four PoS protocols. They are ETH, Terra, Solana, and the Kusama network. Lido Finance doesn’t have a minimum balance. The platform allows investors to stake any number of tokens. Here, investors can easily use their earned tokens to provide liquidity or as collateral to borrow from a lending protocol.
Features:
Multiple yield generation platform Reasonable APYs Zero minimum balances Access to 29 dApp platforms
Key Specs:
Founded – 2020 Types of staking – Liquidity Staking fees – 10% Supported coins – 4 PoS coins APY – Variable Security – $200 million insurance for slashed Ether Interest Distribution Frequency – Daily Higher Earnings if you stake Native Tokens? – Yes
Link: https://lido.fi/
What is Crypto Staking?
Crypto staking generally involves pledging a user’s funds towards the security of a blockchain network. In return, you are rewarded with newly minted coins of the network’s tokens. PoS or Proof-of-Stake networks differ significantly from PoW consensus protocols. For one, they offer higher transaction speed, low transaction cost, and less energy use. Crypto staking enables token owners to lock their funds to secure the network from malicious attacks. This significantly boosts the efficiency of the stipulated network. Crypto staking party is becoming an ideal solution. Many of its current users are investors who are disillusioned by the present rates earned from their savings accounts. Crypto staking often comes with higher yields and guaranteed returns than traditional savings accounts.
How Does Crypto Staking Really Work?
Crypto staking occurs when a user pledges their digital assets to secure a blockchain network. The lockup period is actually dependent on the length of time chosen by a user. To begin cryptocurrency staking, you would need one of the eligible tokens. Some of the most popular PoS coins you can stake include Ethereum, Solana, and Cardano. If you don’t have any of the PoS assets, you can purchase them from popular cryptocurrency exchanges. You can learn the key differences between the PoW and PoS mechanisms here. Crypto staking is evolving by the day. Today, there are several ways of staking cryptocurrency.
Different Types of Staking
There are different kinds of staking on offer.
Flexible This comes with a shorter timeframe than the other types of staking services. The maximum lockup period is seven days. Fixed (Locked) The fixed or locked staking option comes with some sort of stringent rules. The minimum staking period is usually 30 days, with the maximum period pegged at 90 days. The user won’t have access to their funds until the lockup duration is complete during this period. DeFi DeFi staking is a form of staking targeted towards DeFi protocols. This allows crypto users to invest in DeFi-facing services and earn rewards easily. DeFi staking comes with higher yields and risks, given the uncertain nature of these protocols. On-chain and Off-chain Staking On-chain staking is the regular crypto staking that allows crypto investors to earn passive income from PoS protocols. On the other hand, Off-chain staking is usually used for non-PoS protocols like BTC. They are usually staking rewards earned from performing transactions outside of the network. Self Staking and Liquid Staking Self-staking is when a user runs a validator node for a PoS protocol. Most PoS protocols enable individuals with the requisite equipment to run nodes to secure the network. However, you need to lock up or stake a stipulated number of the network’s tokens. Liquidity staking is a new form and frees staked funds from lockup periods. This allows users to lend to a protocol to generate additional yields on their tokens. Soft Staking Soft staking enables users to receive rewards without needing to lock up their funds.
Factors To Consider When Choosing A Crypto Staking Platform
Here are a few factors you should consider before settling for a staking service provider.
Fixed (Locked)
The fixed or locked staking option comes with some sort of stringent rules. The minimum staking period is usually 30 days, with the maximum period pegged at 90 days. The user won’t have access to their funds until the lockup duration is complete during this period.
DeFi
DeFi staking is a form of staking targeted towards DeFi protocols. This allows crypto users to invest in DeFi-facing services and earn rewards easily. DeFi staking comes with higher yields and risks, given the uncertain nature of these protocols.
On-chain and Off-chain Staking
On-chain staking is the regular crypto staking that allows crypto investors to earn passive income from PoS protocols. On the other hand, Off-chain staking is usually used for non-PoS protocols like BTC. They are usually staking rewards earned from performing transactions outside of the network.
Self Staking and Liquid Staking
Self-staking is when a user runs a validator node for a PoS protocol. Most PoS protocols enable individuals with the requisite equipment to run nodes to secure the network. However, you need to lock up or stake a stipulated number of the network’s tokens. Liquidity staking is a new form and frees staked funds from lockup periods. This allows users to lend to a protocol to generate additional yields on their tokens.
Soft Staking
Soft staking enables users to receive rewards without needing to lock up their funds.
Amount of Stakeable coins: A large library of stackable PoS coins creates avenues to generate passive income. This way, you can easily earn more while spreading your risk level across more assets. APY on Offer: TheAnnual percentage yield, otherwise known as APY, is a key factor to consider when making a choice. Some crypto staking platforms have a stipulated APY rate for users. The higher the APY a platform offers, the more income you can generate. Fees: Fees are also crucial in selecting a crypto staking platform. Research the fees the platform charges for staking to weigh your options. Several staking platforms offer zero fees for staking. Security: The security of your funds is non-negotiable, and you should pay close attention to this. The first port of call-in security matters is if any global body regulates the platform. Added to this, you should also research the security measures on offer before signing up.
DeFi vs. Crypto Staking
DeFi is short for decentralized finance. It talks about the decentralization of financial systems. It allows parties to lend, borrow or send funds without the involvement of intermediaries. One popular DeFi use case is Yield Farming. Yield farming is similar to crypto staking. However, the current rating by crypto staking platforms has led to a growing difference. Yield farming involves lending your cryptocurrencies to DeFi platforms that use them to facilitate their operations in exchange for interest. Meanwhile, crypto staking involves locking up your crypto funds to strengthen a blockchain’s ability to process transactions and its resistance to attacks. DeFi:
Comes with higher yields and higher risks Most projects staked on are usually low-cap More complex to organize
Crypto staking:
Risk is more contained while yields are reasonable Usually attached with vested projects Easier to set up
Advantages of Crypto Staking
Crypto staking is now a billion-dollar industry as more crypto enthusiasts explore this space. Here are some benefits/advantages of Crypto stacking platforms: Put your Crypto to Work: Instead of keeping your crypto tokens idle in an exchange, you can easily earn passive income using staking. Staking allows you to earn more of a project’s token with the potential to grow more valuable with time. Zero Technical Expertise: While a PoW protocol like Bitcoin requires technical expertise before mining, crypto staking is more hands-off. A crypto exchange staking with a team of experts handles all the technicalities while you keep the yields after paying commissions. Zero Equipment: Another major benefit is that you don’t have to worry about setting up any equipment. PoW protocols require mining rigs which take up space and energy. However, crypto staking eliminates all these requirements as you can easily buy a PoS coin and stake them from the convenience of your smartphone. Securing the Network: PoS protocols do not have the same security infrastructure as a traditional PoW protocol. Staking goes a long way in beefing up the protective mechanisms of a PoS protocol, making them fool-proof from malicious attacks. Climate Friendly: Crypto staking is more environmentally friendly since they consume less energy in verifying and adding transactions to the network.
Risks of Crypto Staking
These are the likely risks of crypto staking: Value Depreciation: Staked coins may drop in value while locked up, making it highly difficult for users to sell them in a tough bear market. Penalty for Early Withdrawal: Some crypto staking platforms may penalize users for redeeming their crypto tokens before the stipulated time. If you intend to use your coins often, the best option is a flexible plan. Hacks: A crypto staking platform may suffer a cyberattack and see users’ funds drained. We recommend using a platform that hasn’t been exploited in the past and an insurance policy to cover when it happens. Lockup Periods: Crypto staking requires users to lock up their tokens for a certain period. During this timeframe, the user does not have control of their tokens. Using liquidity staking can easily offset this challenge by reinvesting your yields to generate more profits.
Tips to Getting Most Out of Staking
Here are a few useful tips you can use to maximize your staked coins:
The first thing to note is that crypto staking is largely an investment of numbers. The more tokens you stake, the higher your potential for rewards. You should also be wary of the APYs, otherwise known as the annual percentage yield. The APYs change regularly. A few staking platforms alternate what they pay stakers. This may see the APY rise or drop depending on the token staked. A low APY is largely due to a growing number of stakers. On the other hand, a high APY could denote that only a few people are staking that PoS asset.
Best Coins to Stake for Passive Income
Passive income is earnings from investments that you’re not directly involved in. Similar to stocks and other high-yield commodities, cryptocurrencies can be used to generate passive income. One of the fastest ways of earning passive income with your crypto funds is by staking them. This section will explore the best cryptocurrencies for staking to generate passive revenue.
- Ethereum
Ethereum is one of the best staking coins for passive income. This is due to efforts to reduce the network’s high gas fee and energy consumption using the PoS model. Ethereum still controls a large chunk of the DeFi space, with over 58% of protocols running on its network. Staking rewards currently start from 5% to 10%. 2. Solana
Solana is one of the fastest layer-1 protocols with a reputed 50,000 throughput. The PoS protocol has seen significant growth in the past year and over $6.78 billion in total value locked (TVL). According to Staking Rewards, the staking reward for SOL currently stands at 5.92%. With a flourishing DeFi ecosystem, Solana has been tapped as a top contender for the decentralized economy. 3. Cardano
Cardano is another top PoS protocol and a popular Ethere um competitor. The peer-reviewed blockchain is currently one of the top coins to stake for passive income. ADA staking rewards are pegged at 5.29% to 10%. 4. Avalanche
The Avalanche blockchain is another DeFi hotbed and one of the best coins to stake for additional income. Avalanche records a staking reward of 9.17% to 20% in some staking pools. This is exciting given that the Avalanche blockchain is currently fledgling out its ecosystem with innovative tools for the decentralized economy. 5. Polkadot
Polkadot (DOT) has a strong history with the Ethereum network through its founder Dr. Gavin Wood. The crypto network is currently building a heterogeneous network for secure interoperability and the seamless transfer of all asset types. It offers a sizable rate of 13.92% to 20% on some staking platforms. However, your funds would be inaccessible for 28 days. 6. Binance Coin
Binance Coin is the discount token for the Binance exchange. The BEP-20 token has been incorporated into all the exchange’s DeFi efforts, fueling Binance’s expansive ecosystem. Staking rewards start at 5.32% to 8.35%.
How to Stake SAND Tokens on Binance
Binance is our number one pick for the best crypto staking platform. If you are looking to stake SAND on Binance, these steps should help you get started. Step 1) Open https://www.binance.com/ on your browser or smartphone. Tap on the ‘Register Now’ button to access the signup page.
Step 2) Tap the ‘Create Personal Account’ icon to access an individual’s signup page and fill in the required details.
Step 3) Verify ID Tap on the ‘Verify’ button to upload your driver’s license and complete the verification process.
Step 4) Deposit Tap on the ‘Wallet’ icon and select ‘Deposit.’ Choose between the ‘Fiat currencies/Crypto’ deposit option and fund your account with your preferred payment solution.
Step 5) Buy SAND Type ‘SAND’ into the search bar and click on the ‘Spot’ option. Insert how much SAND you want to invest and click on ‘Buy SAND’ to complete the process.
Step 6) Stake SAND
Tap on the ‘Wallet’ icon and select the ‘Earn’ option. Tap on ‘High-yield’ and select ‘Defi Staking.’ Then select ‘Staking’ and type ‘SAND’ into the search bar. Select a lockup period and click on ‘Complete’ to conclude the staking process.
FAQs
❓ Is Staking Safe on Coinbase?
Coinbase offers industry-standard security and requires all users to verify their accounts. However, with staking, Coinbase will cover your capital loss with no extra cost if the validator network does not carry out its duties.
🚀 Crypto Mining vs. Staking – Which is More Profitable?
Crypto mining is an expensive process as it usually requires sophisticated mining rigs, which cost a fortune. Besides the mining hardware, crypto mining consumes a lot of energy. The electricity costs alone could reduce your overall profits. Meanwhile, crypto staking is cheap to run. There’s no need to invest in energy or buy any form of equipment. It allows you to earn passive income by locking up your tokens.
✔️ What is the Best Platform for Staking?
Following are the Best Platform for Crypto Staking:
ZenGo Midas.Investments MyCointainer Crypto.com Binance Kraken
🏅 Can you stake on a hardware wallet?
Yes, many cold storage wallets allow users to stake their coins and store them. Popular choices are the Ledger and Trezor wallets.
⚡ What are staking rewards?
Staking rewards are cryptocurrencies paid to users who lock up their digital assets to secure the network. These rewards are usually dependent on the number of coins staked at a particular time. To incentivize stakers, PoS networks may offer a high staking reward and reduce it if there are several stakers.
❗ What is Taxation on staked earnings?
Staking rewards are subject to taxation at the point of sale, not when received. The US IRS defines staking as ‘income’ which means you would be charged the requisite tax based on your income bracket. You can visit the official Tax Authority website of your country’s tax agency for proper guidance.
Best Crypto Staking and Rewards Platforms
ZenGo ✔️ Crypto Supported: 70+ crypto including XTZ, ETH, BTC, etc. ✔️ Staking Type: Flexible, Locked, DeFi ✔️ KYC: Not Required ✔️ Staking Fees: Free Get Now Midas.Investments ✔️ Crypto Supported: 10+ crypto including BTC, ETH, USDT, USDC, BNB, etc. ✔️ Staking Type:Flexible, DeFi ✔️ KYC: Required ✔️ Staking Fees: Free Get Now MyCointainer ✔️ Crypto Supported: 100+ assets including USDT, DAI, EGLD, etc. ✔️ Staking Type: Flexible & Locked ✔️ KYC: Required ✔️ Staking Fees: 9.3% Get Now Crypto.com ✔️ Crypto Supported: 40+ crypto including BTC, ETH, DOT, etc. ✔️ Staking Type: Flexible & Locked ✔️ KYC: Required ✔️ Staking Fees: 2.99% Get Now Binance ✔️ Crypto Supported: 110+ crypto including BNB, DOT, SOL, MATIC, etc. ✔️ Staking Type: Flexible, Locked, DeFi ✔️ KYC: Required ✔️ Staking Fees: Free Get Now
