Here I will cover platforms you can use for staking and earning interest. I know a lot of information can be helpful, but it can also be super overwhelming, especially if you are getting started.
What Is Crypto Staking?
Staking is where you lock or hold your funds in a cryptocurrency wallet to support the security and operations of a blockchain network. By doing so, you will receive rewards in return.
Where Can I Stake and Earn interest?
Platforms
Platforms and exchange providers have jumped into the staking ring, thanks to the large number of users on their platforms.
Nexo
You can earn up to 12% on stablecoins and 8% on other tokens supported by Nexo.
This is extremely easy to set up. Once you buy your crypto on an exchange platform and transfer it to your Nexo Wallet, you will start earning interest on your crypto everyday. This is a simple and easy way to start earning passive income.
You can deposit the following crypto assets: BTC, ETH, XRP, LTC, XLM, BCH, EOS, LINK, TRX, stablecoins, PAXG, NEXO and BNB
Binance
Binance now has a “Earn while you sleep”. This allows you to lock up your crypto per digital asset. e.g. BTC, BNB and so forth.
This gives you the option to subscribe to the flexible savings that they have available. If you are planning on holding for a long term, why not earn extra on your holdings.
This can look like this:
Depending on the crypto you invest in, there are a range of ways to earn on Binance.
The exchange supports DeFi staking, where it accommodates cryptos such as DAI, Tether (USDT), Binance USD (BUSD), BTC and Binance Coin (BNB).
Coinbase
Coinbase is another leading cryptocurrency exchange where you can stake a selection of cryptocurrencies. Apart from ETH 2.0 staking, other coins accommodated on Coinbase staking include ALGO and XTZ.
You can also complete the educational courses they have on Coinbase, they will reward you with crypto. This is a quick and easy way to earn a little extra money with a huge win of educating yourself.
This is good for those who may not have the minimum amount to stake and earn, with as little as $1 of crypto, you can still earn rewards. The more you hold, the more you can earn.
ALL TIME FAVOURITE
WIREX
With Wirex being a direct debit card, it has its perks to earn that extra few cents on your money.
1. Cashback – Depending on the loyalty you have, you can earn cashback for the things you purchase. e.g. $50 spent on shopping, you’ll be rewarded with 23 WXT. When you start to use this frequently, for your weekly essentials, groceries, online shopping and more, you will see extra money that is going back into your own pocket.
2. Savings account – This is my favourite, with the ability to earn up to 6% – 16% AER, you also have flexibility meaning you can take out the amount you need, transfer it to NZD with little to no fees, and spend it when you want. However the longer you keep your crypto in the account, the more you’ll earn. Compared to a normal Bank Account, i prefer this method to hold my money, while it sits there and earns interest daily.
Cold/Private Wallets
This form of staking is also called cold staking. However, you will have to keep staked coins in the same address, since moving them breaks the lock-up period, which consequently causes them to lose staking rewards.
Ledger
The good thing with Ledger is that you still have full control of your coins during a staking period. Ledger allows its users to stake up to seven coins. Some of its supported coins for staking are Tron (TRX), ATOM and ALGO.
Trust Wallet
Trust Wallet is a private wallet supported by Binance. The wallet allows users to earn a passive income by staking XTZ, ATOM, VeChain (VET), TRX, IoTeX (IOTX), ALGO, TomoChain (TOMO) and Callisto (CLO).
Trezor
Tezor Cold Storage Wallet supports staking of some assets like Tezos through thirty-party apps like the Exodus wallet.