Staking is a good way to earn passive income from Crypto. But many experts claim that cryptocurrency isn’t a stable income source, especially in the long run.
We disagree wholeheartedly. Because trends show, Crypto is maturing as a full-fledged industry. If you’re wondering what is staking crypto all about, here’s a short brief. People with tokens they want to hold and profit from it can stake their coins. Your Crypto will be used to verify newly added blocks to the network. If everything works out, you’ll be rewarded for staking your Crypto.
All of this helps keep the blockchain healthy and ensures no fraud occurs.
To stake your Crypto, you can use a crypto staking platform. These platforms have inherent advantages like good returns, no hassle, and a sense of security. You don’t have to do all legwork because the platforms do everything for you. All you have to do is lock your Crypto and wait for the rewards.
You should know that staking can be risky too. The blockchain will slash your account if you stake your Crypto against a faulty or fraudulent block. And your Crypto will be deducted.
With that out of the way, let’s discuss the best crypto-staking platforms for 2023.
You will find 12+ cryptocurrencies on Kraken, and they’re adding more to the platform. They scrutinize every Crypto before adding it to the platform. So you can be confident that your staking will yield rewards.
You can get anywhere from 4% to 21% on your staking, depending on the currency you stake. Usually, currencies with emerging market share yield more than stable ones. But those currencies also carry certain risks with them. So be cautious and do proper research. Kraken doesn’t have a holding time limit. So you can hold your currency for as long and as short as you want.
This is another platform we recommend because of the large number of cryptocurrencies available. It supports 40 cryptocurrencies and counting. Gemini isn’t a staking platform, strictly speaking. But you can lend your Crypto through Gemini and earn rewards in return.
You earn a fixed percentage on your holdings. But if you’re looking for a staking platform, Gemini can be that too. It supports staking on Polygon. Because of its simple, intuitive interface, Gemini is highly user-friendly for beginners.
KuCoin supports many cryptocurrencies, including stable coins like USDT and USDC. You can also get a fixed interest rate of 4.7% per annum on your Ethereum holdings.
KuCoin, however, isn’t as user-friendly as Gemini and other platforms. If you’re new to the platform, you may find yourself clicking promotions instead of actual staking options, which can be a deal breaker for newcomers.
Coinbase is one of the most well-known crypto platforms. So staking through Coinbase may not be challenging for those who use it for other purposes. But do keep in mind, Coinbase doesn’t support a lot of cryptocurrencies. So your options are limited.
But the available cryptocurrencies are relatively stable and well-known. There is also the matter of strong reviews and security features. This makes Coinbase an attractive option for those looking to stake their cryptocurrencies.
Binance.US is a big name in the crypto world. But it isn’t as big as its competitors when it comes to staking. If you want to stake Ethereum 2.0, you won’t find it here. But the simplified processes of staking and gaining interest attract people to the platform.
You can also hold the native coin, Binance Coin (BNC), and earn rewards for it. Avalanche, Solana, Audius, and other big cryptocurrencies are also available for staking. So if you’re looking to stake these, Binance may be a good option.
Global Binance exchange has more than 600 cryptocurrencies for you to choose from. So if you’re outside the US, Binance is a very good option to dip your toes in crypt staking.
Our Final Thoughts
We’re fairly confident that Crypto will survive and thrive in the coming years. So holding your coins now could yield huge profits for the holders. In the meantime, you can stake your cryptocurrency and earn passive income.
We’ve highlighted some of the most well-known staking platforms for you to check. Each platform has its own perks as well as downsides. Our suggestion for newcomers would be to try big coins instead of smaller, more volatile ones.
Once you get used to the concept and understand how to stake for better yields, move to the ones with high rewards.