Crypto staking platforms: which one to choose?
By Yuliia Rokytska 1649 24 Oct 2022
Staking is an easy way to generate passive income from cryptocurrencies running on Proof-of-Stake blockchains. It is the act of locking cryptocurrencies to receive rewards, to support a blockchain network and confirm transactions.
Initially, you could start staking only after installing a node (distributed registry node) on your PC. But over time, there have been many platforms that simplify the process, almost automating it. Now you can start staking in a few clicks without any extra actions to generate passive income. In addition, now the term "staking" has more meanings, as it’s also used to call the process of placing tokens on crypto exchanges at interest.
There are so many third-party service providers that it may be difficult to determine the appropriate option. We have selected the best crypto platforms for staking based on the criteria of reliability, security, reputation, low fees, high returns and user-friendly interface.
MyCointainer is a crypto exchange with various income opportunities, which is regulated by the Financial Intelligence Unit (FIU). There are two types of staking on MyCointainer – automatic and cold.
In order to start automatic staking, you need to register an account, make a deposit into it and watch how your profit is growing. Cold staking involves delegating tokens from your crypto wallet to the platform masternodes (there is a delegation guide on the MyCointainer website).
Automatic staking is rather attractive as it does not have a lock-up period, so you can withdraw funds at any time. There are daily payouts, the minimum staking amount is 1 EUR and the commission does not exceed 2%. There is large and varied choice of assets:
Cold staking offers a limited crypto selection for staking. Decimal (DEL) token gives the highest passive income - 101%. For delegating authority to the platform nodes, the user gets exclusive bonuses: platform refunds 50% of the commission or gives a gift ticket to participate in the raffle.
Stake.Fish is a non-custodial (only you have access to your private keys and funds) platform that focuses only on staking. The project offers a wide range of tokens that you can place in a pool and get an interest:
The platform itself runs public validator nodes in various blockchains, so the user only has to send tokens to the address of the node manager and wait for the reward. You can learn how to do this by watching the video tutorial on Stake.Fish. Staking profit is credited after each verified block, sometimes it takes about 6 seconds.
There are separate sections where the basic information is collected for each altcoin on the platform’s website. You need to read it before staking. The average fee for services is 4 % of the reward.
Cake Defi is a Singapore-based company that offers a variety of crypto earning tools, including staking. By joining node pools, the client earns up to 19.5% staking income. The platform works in the same way as the previous one, as there is no need for the user to run a node and verify transactions. However, you can stake only three tokens:
The APY is the final reward amount, as it is calculated taking into account fees.There are no staking limits and you can stop staking with one click on the Cake Defi website. If desired, you can check the past activity of the node address to verify its legitimacy.
The company publishes quarterly reports that describe its financial changes, give updates to the project’s roadmap and list the amount of paid remuneration and so on.
WhiteBit is one of the popular crypto exchanges that among other services offers commission-free staking up to 30%. To start getting interest from crypto you need to make a deposit into the main balance and select the required staking plan. There are 6 in total: 10, 20, 30, 60, 180 and 360 days.
The longer you are staking your crypto, the higher the interest rate will be. The highest return of 30% is offered for holding USDT on the exchange for a period of 360 days. Other staking options are EOS, XRP, XLM, LINK, TRX, LTC, APE, MATIC, DOT, SOL, USDC, SHIB with an interest rate from 0.4% to 28%.
You can also stake Bitcoin on the WhiteBit exchange, despite the fact that it works on the PoW algorithm, not PoS. As it was mentioned at the beginning of the article, it is due to the fact that the concept of “staking” has overstepped the boundaries of its original meaning. The process of locking up coins is not related to supporting a blockchain network.
Kraken is another well-known crypto exchange with up to 23% staking interest rate. In order to start getting passive income, just register on the platform, make a deposit and choose what assets you want to stake. Payouts are made twice a week. You can stop staking instantly at any time. The following cryptocurrencies are available for getting an interest rate:
Like WhiteBit, Kraken does not charge a staking fee.
As you can see, each of these platforms is unique. They differ from each other by a set of staking assets, interest rates, commissions and advantages. Compare them to each other before deciding which one suits you. And don’t forget the main rule - never stake more than you can afford to lose!