Getting into the world of cryptocurrencies? It’s a massive sector with so much potential for residual income. A good way to do this is to earn interest on your crypto holdings. Known as staking, there are an increasingly broad selection of staking platforms on the market.
So, we’re going to help you make sense of them. There are many platforms that offer staking rewards in crypto, but which are the best ones?
What is staking crypto?
Staking is earning interest on your crypto currency holdings. You essentially put your money into a ‘staking account’ and you begin to earn a percentage on the currency you hold.
This is normally paid out daily, although there are different types of staking.
For example, there is fixed and flexible staking. Flexible normally allows you to claim your crypto back within 24 hours without losing your earned interest. However the interest earned is usually considerably less.
Fixed staking normally earns you a bigger percentage in returns, but you need to invest your money for a longer term. This can be anything from 7 days to a month to multiple months.
How is crypto staking interest earned?
OK – we need to talk blockchain quickly.
The blockchain is a digital ledger where all the transactions are stored, and multiple devices are used to verify those transactions. By staking, you are providing your device as a ‘node’ in these transactions. So, in short, you are earning a percentage of any fees earned by trading on your platform.
For example, if you’re holding ETH (Ethereum) and you stake your Ethereum, you’ll earn a cut of the fees from transactions. Simple.
So… Where best to earn those staking rewards?
If you’re looking for the best platforms to earn interest in crypto, Nexo offers a very attractive package.
The platform is a defi platform for buying and holding crypto. It’s not a trading platform as such, but you can buy crypto with USD, GBP, Euros and more. And you can easily switch your balance to a large choice of crypto currencies.
But, the best thing is that you can use Nexo to earn up to 12% interest annually on both your fiat and crypto holdings.
Yup. 12% interest on your money! Can you get that in your bank? I don’t think so.
For crypto, Nexo gives you up to 8% interest. So if you’re holding Bitcoin, Ethereum, Ripple or about 40 other coins, you can stake them and earn more.
But if you’ve got money in your bank, you can switch your balance to Nexo and earn up to 12% on your idle dollars, pounds or more. Why leave it in the bank?
The basic interest earned is actually around 4%, but as you opt for fixed term staking, or if you earn your interest in NEXO tokens, then you can earn more. There are also loyalty levels, from basic to pro, where you can earn more, depending on how much money you invest.
Nexo is highly recommended for anyone looking to earn interest on their crypto or fiat holdings.
Sign up with my personal referral link and earn $25 worth of Bitcoin if you deposit at least $100 worth of fiat or crypto.
If you’re familair with crypto currencies, you probably know about Pancake Swap. This is a decentralised exchange which allows you to swap BNB (Binance coin) for other coins, many of these pre-launch and super low market cap coins (i.e; potential gems – NFA/DYOR).
However… The native token of Pancake Swap, known as $CAKE, can be staked on the platform for a very handsome reward of up to 140%. Yes, you read that right. You can earn interest of up to nearly 1.5 times the value of your base asset. try getting that in your bank.
The way you do this is by using the amusingly named Syrup Pools to auto-stake your CAKE.
You can also use a manual staking method which pays a little less. It’s a good idea to read up on it at Pancake Swaps on site.
But if you’re holding CAKE, or you like the look of it in general, it can be a very nice way to earn some big dividends.
The biggest exchange also offers a dizzying array of staking rewards, easily making Binance one of the best crypto staking platforms.
Put simply, if you’re holding a coin for 30 days or more, you can most likely stake it on Binance. This can earn you anything from 0.5% interest, up to a whopping 25%. And that’s just the simple staking.
If you want to get into the slightly more complex world of high-yield dual investments or liquid swaps, you’ll even find interest rates as high as 187%! Again, do your own research before taking the plunge into these high risk/high reward staking projects.
For those of us who just want to earn passive income on our crypto holdings, Binance offers some of the best staking rewards in crypto – or at least the best choice of high interest products.
Another cool thing about Binance is that many new projects launch on the platform. And, if you hold BNB or BUSD, you can stake these coins to earn free coins pre-launch.
Sign up for your Binance account using my personal referral link and get discounts on trading fees.
If you’re looking for a user friendly method to earn interest on your crypto, and to spend the staking rewards in the real world, Amon is what you’re looking for.
You can earn interest of up to 12% on crypto holdings, including some of the biggest coins. Also the interest from your crypto staking on Amon is paid out weekly, meaning you get to access it quickly.
There are also no lock up periods, which is common with most other products on this list. This means if you want to withdraw your crypto for whatever reason, you can do it instantly.
The cool thing about Amon is that you get a cool bank card which allows you to spend your earnings.
Whats your favourite crypto staking platform? Let us know in the comments below….
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