Crypto staking is the process whereby members of a particular blockchain lock up their assets or digital tokens for a period to earn interest out of it. The blockchain network benefits significantly from this since the performance and safety of the blockchain network are maintained. Therefore, crypto staking is a two-way affair designed for the benefit of both parties.
This guide will go through the 10 best crypto staking platforms of 2022. We will highlight their unique features and help readers choose the best option for their goals.
10 Best Crypto Staking Platforms
1. Kraken
According to CoinMarketCap, Kraken is currently the fourth largest crypto exchange. The crypto exchange allows users to stake up to 12 crypto assets while supporting crypto unstaking options, so users can either trade or withdraw their staked assets. Kraken offers instant staking rewards, and users are paid once a week.
Those already staking can then use the Kraken rewards to increase their earnings. Kraken refers to this form of making money as on-chain staking, which has proved quite profitable. There is also an option for off-chain staking, though it is not available worldwide.
2. Crypto.com
Cyrpto.com is a relatively new staking platform established in 2016. Fortunately, it has quickly gained popularity and is now one of the best such platforms. In less than a decade, Crypto.com has amassed millions of users worldwide, which is understandable considering its striking deals. For example, it has a reputation for offering its clients a lower exchange rate on more than 250 tokens.
Crypto.com users can stake their coins through the Crypto Earn Facility available on the platform. Once users have deposited their funds, they are provided with loans that they can use to borrow capital. These funds are later repaid with interest by the borrower. Each coin attracts interest rates depending on users’ lock-up periods. Those willing to stake with Crypto.com are eligible for an array of digital tokens they can purchase using their debit cards at 2.99%.
3. BlockFI
Established in 2017, BlockFi is a platform providing financial services in borrowing and lending crypto assets. Its products include savings accounts that allow users to earn interest. BlockFi staking capabilities rank it as one of the best platforms currently in the market.
It supports over 40 transferable cryptocurrencies at the moment. BlockFi’s interest rates follow a decreasing rate schedule, meaning that certain thresholds will earn more interest than others. In BlockFi, stablecoins have the best interest rates that offer up to an 8% Annual Percentage Yield (APY).
4. Coinbase
Coinbase is a cryptocurrency staking platform that has gained popularity since its inception in 2012. For new investors seeking to purchase and sell assets in a secure environment, Coinbase is the best crypto staking platform. Aside from its staking advantages, Coinbase offers its users a regulated and user-friendly exchange platform. Coinbase currently supports six digital currencies for staking.
The rates of staking vary based on the currency used. However, users can expect rates ranging between 0.15% and 5%. While Coinbase already offers an array of coins for staking, you can expect more coins to be added in the future. New users should note that it is not paramount to purchase crypto from Coinbase to join its staking pool; as long as you have an external wallet, all you need is a transfer.
5. Binance
Binance is another sturdy staking platform with global popularity. This massive platform supports over 100 coins for staking, covering a range of projects and APYs. Furthermore, Binance offers its users many staking options, including 10, 30, 60, and 90 days.
To understand how much you can reap on Binance, you can stake Moonbeam for 10 days and reap up to 239%. Solana, on the other hand, attracts a yield of 8.78% for 30 days. If you wish to reap high yields on Binance, you will have to pick coins with shorter lock periods. Lower periods yield higher returns because of their fluctuating rates. Binance also ensures that each staking pool has a specific maximum allocation causing them to sell out faster. Regarding its fees, Binance is extremely affordable, offering 0.10% per slide.
6. KuCoin
KuCoin has presented a different way of staking than other exchanges. Crypto enthusiasts working with KuCoin can choose flexible or soft staking, which does not have specific locking periods. If you wish to earn higher rewards, the platform allows users to select fixed-staking programs according to their preferences.
KuCoin’s soft-staking programs come with a redemption period, essentially when a user stops staking and regains access to the funds. For instance, when staking with Polkadot, you will have a redemption period of 28 days, one of the longest, since some take a week or less.
Users who choose KuCoin staking for longer periods must adhere to the minimum thresholds for staking. Although you cannot compare KuCoin to platforms such as Binance and Coinbase, it is an extremely user-friendly trading platform.
7. eToro
eToro was launched in 2007, and it has always focused on innovation and providing a unique social trading experience. Not only does it allow users to stake with multiple cryptocurrencies, but it also focuses on informing them regarding this industry. eToro offers $100,000 virtual trading accounts for users to learn more about how the crypto market behaves and test various strategies without risking their investment.
Users must hold the staked crypto for short periods, such as 9 days (ADA) or 7 days (TRX). Regarding the payout period, eToro users receive their earnings automatically and are distributed at the end of the month. Furthermore, each user receives a monthly email explaining the reward calculating process.
8. Gemini
The Gemini crypto exchange is one of the best crypto staking platforms, offering unique products and services. For instance, it does not reveal the lock-up period or the staking fees involved.
However, investors can earn up to 8.05% APY on their staked assets, including stablecoins. More importantly, the platform is transparent, with no minimum balance on staked funds or hidden fees.
9. DeFi Swap
DeFi Swap is a platform designed for those who prefer using decentralized exchanges. It allows them to earn rewards when staking without having to use an intermediary. All they will be required to do is link their crypto wallet to the exchange and start earning rewards.
DeFi Swap is currently an up-and-coming exchange that supports staking on BSC. Surprisingly, DeFi Swap has its own native asset that sits at the heart of all exchanges. When staking, the platform offers up to 75% rewards of its cryptocurrencies with a locking period of 30, 90, 180, and 365 days.
10. BitStamp
CoinMarketCap ranks BitStamp as the 11th largest crypto exchange in the world. Like every other crypto staking platform, users are rewarded periodically for holding their crypto for a given time. BitStamp does not have an array of currencies for staking. Users can only stake with either Ethereum or Algorand.
Besides, BitStamp allows users to stake Algorand for only 24 hours with an APY of up to 5%, depending on the staked amount. You can opt out of Algorand anytime, as there is no lock-up. When staking Ethereum, users must convert all their ETH into ETH2. To do so, they will have to move all their ETH tokens to the beacon chain.
Conclusion
This list of the best crypto trading platforms can help crypto fanatics make an informed decision. However, investors should know that lock-up periods are paramount when locking up crypto directly. You cannot withdraw your crypto until the lock-up period has concluded.
If you seek to stake crypto for the first time, visiting a platform’s website and checking its latest reviews is essential.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/crypto-staking-platforms/