The 10 Best Crypto Staking Platforms with the Highest Rates in 2023

Cryptocurrency has completely reshaped the world of finance, providing an array of innovative approaches that individuals can employ to invest and grow their cash. Crypto staking has emerged as one of the most attractive approaches, allowing investors to earn passive income while participating in the validation of top blockchain networks.

However, with so many staking options, it can be tricky for investors to choose the right platform to partner with. That’s why we’ve researched and identified the best crypto staking platforms available this year – ensuring investors have the information needed to maximize their returns.

Reviewing the Best Cryptocurrency Staking Platforms

According to Statista, over $47bn was staked across the top five staking cryptos at the end of 2022 – highlighting the massive scale of this investment opportunity. This figure is even more impressive, considering it was reported during the depths of the crypto winter, hinting that the staking sector could grow even larger this year.

So, without further ado, let us dive in and take a closer look at the best staking crypto platforms available to investors:

1. eToro – Overall Best Crypto Staking Platform in 2023

Topping our list of the best crypto staking platforms this year is eToro. eToro is one of the world’s most highly-respected brokers, working with over 28 million clients in hundreds of countries globally. With eToro, clients benefit from low trading fees, a considerable asset selection, and a range of attractive features – including “automatic staking.”

This feature does exactly what it sounds like – it stakes clients’ crypto holdings on their behalf with no manual input required. At the time of writing, eToro supports three cryptos through this feature (Ethereum, Cardano, and Tron), although more are set to be added soon.

The automated process is one of the main reasons that eToro is our pick for the best crypto staking platform. Moreover, eToro has no lock-in period, so clients can access their staking rewards anytime. These rewards are distributed each month and are based on which “tier” the user is part of.

Each tier (e.g., bronze, silver, gold, etc.) is based on the user’s equity, which is essentially their balance plus any open positions. The higher the tier, the bigger the share of the staking rewards that eToro can obtain – with Diamond and Platinum+ tier members receiving 90% of the rewards.

Aside from staking, eToro provides access to a host of the best altcoins and tokens. Clients can invest in these crypto assets and pay just a 1% transaction fee on each position (plus the market spread). Importantly, eToro’s minimum trade size is just $10, which makes this broker accessible to all traders.

eToro even offers its very own crypto wallet called “eToro Money.” This wallet supports hundreds of crypto assets and is completely free to download and use. Clients can swap one coin/token for another from within the wallet’s interface while benefitting from high-end security features like SSL encryption and an unlosable private key.

Ultimately, those seeking an easy-to-use crypto staking site would be well served using eToro. The site’s automated staking feature, low trading fees, and free crypto wallet app make it ideal for beginners and advanced investors. It also allows users to earn interest on crypto with the click of a button.

Cryptoassets are a highly volatile unregulated investment product.

2. Binance – Enormous Crypto Exchange with DeFi Staking Protocol

Another of the best crypto staking platforms to consider is Binance. Binance needs no introduction, as it remains the world’s largest cryptocurrency exchange, regularly handling over $6.7bn in daily trading volume. Due to this exchange’s size, it has enormous credibility within the space, making it an excellent option for staking cryptos.

Binance’s “DeFi Staking” feature offers staking opportunities on 14 coins/tokens, including ETH, XRP, AAVE, and LTC. APRs vary depending on the asset but typically range from 0.2% to 6%. Each crypto asset has a minimum staking amount, although users can opt for “flexible” lock-in or fixed, depending on their preferences.

Although it’s not the highest APY crypto staking site on our list, Binance offers other features, such as ETH 2.0 staking. This differs from the DeFi Staking feature mentioned above since rewards will be paid in “BETH.” With ETH 2.0 staking, users will receive daily rewards and can redeem their BETH tokens for ETH at any time.

Those looking for the next crypto to explode can also use Binance to open positions cost-effectively. Binance only charges a 0.1% maker/taker fee, making it one of the cheapest platforms on our list. However, users can reduce this to 0.075% simply by paying fees using Binance Coin (BNB).

Cryptoassets are a highly volatile unregulated investment product.

3. Crypto.com – Well-Known Exchange Offering Flexible Staking Periods

Crypto.com is another top crypto staking site designed to appeal to investors of all experience levels. The staking feature is called “Crypto.com Earn” and allows users to stake over 20 crypto assets, including lesser-known tokens like ONE and NEAR.

Our Crypto.com staking review found that the feature even works with coins that aren’t based on Proof-of-Stake (PoS) protocols, significantly enhancing the options available to investors. Moreover, investors can select their staking amount and term (flexible, one month, three months) to tailor their rewards ratio.

The Crypto.com staking rewards on offer are also based on how many CRO tokens the investor chooses to lock up. CRO is Crypto.com’s native token, so the more tokens utilized, the higher the investor’s yield. Those that lock up over $40,000 worth of CRO can receive up to 4% more staking rewards.

Rewards are paid weekly, with “Private Members” receiving an additional 2% yield relative to regular clients. Users must hold a Frosted White Gold, Icy White, or Obsidian Crypto.com credit card to become a Private Member. Regardless, those interested in cryptocurrency staking can redeem their rewards anytime, subject to certain conditions.

Cryptoassets are a highly volatile unregulated investment product.

4. Kraken – Best Crypto Staking Platform for Experienced Investors

Advanced investors looking to start staking in crypto may wish to check out Kraken. This is because Kraken’s staking protocol is included in its “Kraken Pro” account, which is specially designed for experienced traders. Kraken Pro is highly customizable and offers a massive array of advanced trading tools.

Kraken Pro supports over 200 crypto assets and offers yields of up to 24% per year. Rewards are distributed twice weekly on many cryptos, although this will vary depending on the coin/token. Notably, 14 of Kraken Pro’s supported coins allow “flexible earning,” meaning they don’t require a lock-up period.

Users can stake many of the best Reddit cryptos, including Ethereum, Tezos, and Algorand. Kraken Pro also has a handy visualization graph highlighting the staking rewards investors will accrue over time. Finally, these features can also be accessed on the free Kraken Pro app, available on iOS and Android devices.

5. Nexo – User-Friendly Earning Mechanism with Customizable Yields

Nexo offers an “Earn” feature similar to staking in crypto. This feature allows investors to earn a predictable income stream on their idle crypto assets. With Nexo Earn, investors will receive compound interest on their investments and daily payouts. This is a great option for those looking for the best DeFi interest rates in 2023.

Investors can earn rewards “in kind” or be paid in NEXO – the platform’s native token. Those who opt for the latter can receive an additional 2% yield relative to the standard setup. Regarding APYs, investors can receive up to 12% if they’re on the “Platinum” tier.

This tier is reserved for those that hold over 10% of the crypto portfolio in NEXO tokens. At the time of writing, Nexo offers over 35 cryptos to stake and is available in more than 200 jurisdictions globally. The platform even has top-tier insurance to protect clients in the unlikely event of hacks or private key loss.

6. OKX – Widely-Used Platform for Flexible Ethereum 2.0 Staking

One of the best crypto staking platforms for those looking to stake ETH is OKX. As the best decentralized exchange, OKX has a dedicated staking feature for Ethereum 2.0, which is ideal for investors that wish to participate in the network’s validation without running their own node.

The minimum requirement to use this feature is 0.1 ETH, which equates to just $184 at the time of writing. Rewards are based on the on-chain locking amount, often varying between 4% and 20%. Importantly, these rewards are distributed in BETH, which can be instantly redeemed for standard ETH.

Aside from offering some of the best crypto staking rewards on Ethereum, OKX also has an exciting airdrop feature. Users who hold new BETH positions for 30 consecutive days will receive additional tokens via an airdrop – the more BETH held, the greater the airdrop eligibility.

7. Coinbase – One of the Best Staking Crypto Platforms for Beginners

Coinbase is one of the most user-friendly crypto exchanges, boasting a clean interface designed for beginners. The exchange’s staking process is also easy to use and is offered through the “Earn” tab. This feature allows users to earn up to 6% APY on their crypto, with a minimum staking amount of just $1.

A total of 119 assets are supported through Coinbase Earn, including USDC, ETH, ADA, and SOL. Coinbase allows users to opt out at any time, although the related blockchain network may require a “cooldown” before the tokens can be traded or sold.

All of Coinbase’s staking cryptos are kept in one place, and users simply need to click “Start Earning” to get involved. Coinbase even offers “Cloud Staking,” which allows investors to keep full custody of their assets while helping secure networks.

8. Bybit – Highest APY Crypto Staking Site with Yields Up To 545%

Bybit is another top crypto exchange that allows users to grow their crypto holdings through staking. This process is facilitated through “Bybit Earn,” which supports over 30 coins/tokens. At the time of writing, the APYs offered through Bybit Earn stretch all the way up to 545%.

Various lock-in durations are on offer at Bybit, ranging from flexible up to one month. The longer the lock-in duration, the higher the yield. Notably, Bybit also has an “Auto-Earn” feature that automatically transfers eligible cryptos to the Earn mechanism, allowing investors to maximize their returns.

Some top new cryptocurrencies are offered through Bybit Earn, such as APT and FITFI. Aside from this mechanism, Bybit also provides ETH 2.0 liquid staking and liquidity mining, ensuring more earnings opportunities for experienced investors.

9. MyCointainer – Easy-to-Use Platform with Innovative “Cold Staking” Feature

MyCointainer is one of the best crypto staking platforms when it comes to asset selection. Crypto investors can access staking opportunities on over 120 crypto assets and receive yields that exceed 100% per annum. Importantly, MyCointainer is a licensed partner of Fireblocks, enhancing the platform’s security.

There are various ways to earn with MyCointainer, including “cold staking,” which sees investors delegate their tokens to MyCointainer’s nodes. This allows investors to participate in the security of the related network, all while earning the same rewards and benefits as with the standard staking process.

Investors can boost their earnings even further thanks to MyCointainer’s airdrops, giveaways, and cashback. This latter feature is particularly exciting since cashback is offered from over 2,300 global retailers – and can reach up to 7% per transaction with some companies.

10. Aave – DeFi Protocol with Built-In Staking Mechanism

Concluding our list of the best crypto staking platforms is Aave. Aave is one of the best DeFi coins on the market since it’s a decentralized platform that allows investors to borrow and lend crypto tokens. The staking process on this platform works by users staking AAVE, the platform’s native token, to help secure the protocol.

A compatible wallet and some AAVE tokens are all required to begin the staking process. Yields can range to 12.22%, with rewards distributed as additional AAVE.

Like most staking protocols, the exact yield depends on the number of AAVE tokens staked and the length of time they’re staked for. Finally, although many investors conduct staking directly through the protocol’s interface, AAVE can also be staked using most top brokers and exchanges.

Best Crypto Staking Sites Comparison

Now that we’ve reviewed the top crypto staking sites, here’s a table comparing all ten platforms – making it easy for investors to identify which they’d like to partner with:

What is Crypto Staking?

But what is staking, and how does it work? Let’s take a deep dive into these two questions below:

How Does Staking Crypto Work?

Put simply, crypto staking is the process of taking part in the Proof-of-Stake (PoS) mechanism of a specific blockchain network. This process involves “staking” some of the network’s native tokens to help validate transactions and maintain the network’s security level. Those who help out in the network in this manner will receive rewards in the form of additional tokens.

In terms of how crypto staking works, here’s a brief overview of the process:

• Decide which crypto to stake
• Purchase some coins/tokens
• Choose a staking method
• Decide which staking platform to use
• Begin staking
• Unstake coins/tokens

The steps above will vary depending on the blockchain and other factors, although they typically follow this structure. Each staking token will have its own yield attached, so it’s wise to shop around and find a token that can provide the required rewards.

However, it’s also essential to know the risks associated with staking. Since the tokens will be “locked up,” there’s scope for their value to decrease in the interim. Moreover, there’s also a chance that the staking network could be compromised and funds stolen – although this is unlikely, it’s crucial to understand that it is possible.

On-Chain & Off-Chain Staking

When looking for the best crypto staking platform in 2024, it’s also essential to understand what on-chain and off-chain staking are and the differences between them.

• On-Chain Staking: This is when tokens are staked directly on the blockchain network. Stakers must lock up their tokens using a wallet and may also have to operate a node.
• Off-Chain Staking: This process involves staking through an intermediary, such as a broker or exchange. Stakers give their tokens to the intermediary, who stakes them on their behalf.

Both approaches have pros and cons, so neither is considered the “best” approach. Ultimately, on-chain staking is considered more decentralized and secure – although it can be more complex, which may be off-putting to beginners.

On the other hand, off-chain staking is much more accessible since the intermediary handles all technical aspects. Moreover, this approach often requires a lower minimum staking amount. However, since a third party manages the user’s tokens, there are always security risks to be aware of.

Benefits of Staking Crypto

Choosing the highest APY crypto staking site and locking up tokens is a popular process completed by hundreds of thousands of investors globally. But why is this process so popular? Let’s take a look at some key reasons below: 

Provides Passive Income

Naturally, one of the main benefits of staking crypto is that it allows investors to generate passive income. By locking up their tokens, investors will earn rewards in the form of additional tokens.

Since this income stream is inherently predictable, staking can be an appealing opportunity for those looking to maximize their idle crypto assets. Moreover, the process is relatively “hands-off,” which is ideal for beginner investors. 

Contributes to Network Security

Another critical benefit of staking is that it allows investors to contribute to the security of a specific network. For example, if an investor stakes ETH, they’re effectively helping validate the transactions that occur on the network.

Even by using the best crypto staking platform in 2024, investors can still indirectly help maintain the integrity of blockchain networks. In turn, this helps protect the network from cyberattacks or fraud.

Access to Voting Rights

In many cases, staking crypto also gives investors access to voting rights. This is mainly the case with DAOs since they are effectively governed by token holders who vote on proposals.

Although this doesn’t equate to additional financial gain, staking crypto is a powerful way for investors to help shape the development of specific blockchain networks.

Incentivizes Long-Term Investment Horizons

Like using the best yield farming crypto platforms, crypto staking can incentivize investors to hold their crypto assets long term. This is because many staking platforms require a lock-in period, meaning investors can’t access their holdings for a set number of days.

The more people that opt to hold over the long term, the less volatile the broader crypto market becomes. As we’ve seen in our Crypto.com staking review, the rewards for staking for extended periods can be high – adding a further incentive for investors.

What Cryptos are Best for Staking?

According to the crypto data platform StakingRewards.com, there are now over 170 verified yield-bearing assets spanning a range of blockchain networks. Given this vast selection, it can be tricky for investors to identify which coins offer the best crypto staking rewards.

To help streamline this process, presented below are five popular crypto assets that investors interested in staking may wish to check out:

Love Hate Inu (LHINU)

When it comes to the best crypto for staking, one project stands above the rest – Love Hate Inu. Love Hate Inu is a presale crypto still in its development phase, yet it has announced a unique “Vote-to-Earn” (V2E) mechanism that includes a staking component.

Users can vote on Love Hate Inu’s polls through this mechanism to earn LHINU as a reward. However, users must first own and stake some LHINU tokens for at least 30 days to participate in these polls. Not only does this help secure the platform, but it also ensures that bots are eradicated – helping improve the accuracy of poll results.

As per Love Hate Inu’s whitepaper, the platform will allow users to create custom polls and will even launch “sponsored polls” from well-known brands. This latter plan is particularly exciting since these brands can provide unique prizes, like merchandise and NFTs.

Considered one of the best crypto presales, Love Hate Inu has already generated over $5.9m in funding in less than two months. Investors can buy LHINU tokens through the ongoing presale at a discount relative to the stated listing price. However, only a set number of tokens are allocated to each price point – once they’re gone, investors will need to acquire tokens at a higher price.

Ethereum (ETH)

Ethereum is one of the most popular tokens for those looking to begin staking in crypto. This smart contract platform has recently changed to a PoS protocol, which means investors can now stake ETH tokens and generate a notable yield.

According to various sources, over $33bn worth of ETH is currently staked on the network – totaling 14% of the entire market cap. Those who run a validator node can generate an APR of 4.9%, although this does require a minimum of 32 ETH to be staked.

Cryptoassets are a highly volatile unregulated investment product.

Polkadot (DOT)

Polkadot has long been considered one of the cryptos with the highest potential due to its unique “parachains” technology which supports interoperability between blockchains. This network uses a PoS protocol – and the more DOT tokens a user stakes, the greater their chances of being chosen as a validator.

It’s easy to stake DOT with various top platforms and well-known wallet providers like Ledger. The staking rewards for DOT differ depending on the platform used, although they can often exceed 15% annually.

Cryptoassets are a highly volatile unregulated investment product.

Tezos (XTZ)

Tezos is another PoS blockchain designed to support decentralized applications (dApps) and smart contracts. This network’s native token is XTZ, which must be staked for at least 23 days before investors can begin accruing rewards.

Those who delegate their XTZ tokens to the network’s validators can receive rewards above 5% annually. XTZ can be easily purchased using most brokers and exchanges – with many of these platforms offering their own staking setup for Tezos.

Cryptoassets are a highly volatile unregulated investment product.

Avalanche (AVAX)

Avalanche is a staking cryptocurrency that offers rewards of around 8% per year for those that delegate their AVAX tokens. These delegators give their tokens to validators who verify transactions that occur on the network.

Staking AVAX is simple – users must buy some tokens and then choose a validator to delegate to. However, these validators will charge a “commission” for their service, taken from the accrued staking rewards.

Cryptoassets are a highly volatile unregulated investment product.

Is Crypto Staking Worth it?

Much like investing in the cryptos with the most potential, staking can be an attractive opportunity for those looking to maximize their income. However, as with all investment actions, whether staking is “worth it” will ultimately come down to the investor’s goals and risk tolerance.

The main benefit of staking is that it provides a predictable income stream. This aspect can be particularly appealing during economic turmoil since yields are often higher than what can be obtained in “traditional” savings accounts.

Moreover, avid stakers naturally diversify their portfolios by purchasing different coins and tokens. As experienced investors will know, diversification is crucial to optimizing an investment portfolio’s risk/return profile.

However, since staking also carries certain risks, such as the possibility of the token’s value decreasing or the network being compromised, it can’t be considered a “bulletproof” approach. As such, investors must weigh the pros and cons before deciding if it’s worth it. 

How to Stake Cryptocurrency

As we’ve discussed until now, staking crypto can be an excellent way for investors to generate passive income on coins/tokens they already own. However, the process of beginning staking can be a little complex at first – especially for beginners.

To help streamline this process, presented below are the five steps that investors must take to stake their crypto assets today using eToro – our pick for the best crypto staking platform: 

Step 1 – Create an eToro Account

Before staking cryptocurrency, investors must create an eToro account. To do so, head to eToro’s website and click “Start Investing.” Enter a valid email address on the following page, choose a username, and create a strong password. After this, eToro will send an email containing a link to verify the provided email address.

Step 2 – Verify Account

Investors must then verify their eToro account to comply with KYC rules. This involves providing additional information and then uploading proof of identity (e.g., passport, driver’s license) and proof of address (e.g., bank statement, credit card statement). eToro will verify these documents and send an email once everything is complete.

Step 3 – Make a Deposit

The next step is to deposit into the eToro account. Click “Deposit Funds” on the account dashboard, choose the preferred currency, and enter the desired funding amount (minimum $10). At the time of writing, eToro accepts the following deposit methods:

• Credit/debit card
• PayPal
• Neteller
• Skrill
• Rapid Transfer
• Bank transfer

Note: All deposit methods are instant, apart from bank transfers, which take 4-7 working days.

Step 4 – Buy a Supported Crypto Asset

Type the name of the desired crypto asset into the search bar and click “Trade.” eToro currently supports staking for Cardano (ADA), Tron (TRX), and Ethereum (ETH) – although there are plans to add more coins in the future.

Enter the desired position size in the order box (minimum $10), check everything is correct, then click “Open Trade.”

Step 5 – Begin Staking

The cryptocurrency staking process at eToro is fully automated – so investors don’t have to do anything once their position has been opened. Staking rewards will be deposited to the investor’s account every month, along with an email detailing how much they’ve earned and how the final total was calculated. 

Do You Pay Tax on Crypto Staking?

It’s natural for investors to ponder how to avoid crypto taxes – and this is no different for those involved in the staking process. Crucially, crypto staking income is usually taxable, although this will vary depending on which country the investor resides in.

Using the US as an example, staking rewards are considered “income.” This means that investors must report what they have earned on their tax return – failure to do so could result in a penalty or worse.

To ensure investors stay compliant, it’s best to keep detailed records of all staking transactions, such as how much rewards have been earned and when the staking process began. Some investors may even wish to use crypto tax software, which can streamline the process and guarantee accurate reporting.

Is Cryptocurrency Staking Safe?

Before concluding this guide on staking cryptos, it’s important to answer one final question: is the staking process safe? Ultimately, like any investment type, staking does carry certain risks. However, if investors understand these risks and accept them, staking can be a great way to maximize potential returns.

The main worry when staking is actually to do with the related blockchain network. Even the best crypto for staking could be the subject of a cyberattack or a security breach; for example, if someone were to infiltrate the related blockchain network. Thus, it’s crucial only to stake cryptos from reputable and secure networks.

Another safety aspect to consider is the overall volatility of the crypto market. Many of the most volatile cryptos are “stakable,” meaning there’s always a risk that the value of staking rewards could go up or down. Investors can mitigate this by diversifying their portfolio by purchasing more than one staking crypto.

However, on the whole, staking crypto is a relatively safe option compared to other strategies like scalping and day trading. By using a secure staking platform like eToro and only investing in high-quality tokens, investors can give themselves the best chance of creating a recurring income stream.

Best Crypto Staking Platform – Conclusion

In summary, the best crypto staking platforms offer investors a simple and lucrative opportunity to grow their asset base. Investors can ensure they make the most of this exciting process by considering factors like security, supported assets, and user-friendliness.

One platform that stands out from the crowd when it comes to crypto staking is eToro. eToro’s “automatic staking” feature makes the process accessible to a massive audience of investors – something that can’t be said of many rival platforms.

Investors can get started with eToro’s staking setup today by signing up through the platform’s website/mobile app and verifying their account. Once verified, investors can instantly buy crypto that will be staked for them intuitively, with rewards distributed every month.

Cryptoassets are a highly volatile unregulated investment product.

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