Best Crypto Staking Platforms of July 2023
Today, there are many top crypto staking platforms you can choose from. We'll dig deep into the five best crypto staking platforms. We’ll also consider their top features to help you select the best crypto staking platform in your situation.
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Also Consider: Best Crypto to Stake || Best Crypto Lending Platforms || Best Crypto Savings Accounts
Best Crypto Staking Platforms Reviewed
If you’re interested in making crypto wealth from crypto staking platforms, the following is a comprehensive list of the best crypto staking platforms that you can choose from.
Stader
Stader
 "Stader")
Stader
Best overall
Stader is unique because it's decentralized, non-custodial, and yet easy to use. It's a very popular option, considering they don't offer a lot of coins. Stader is one of the top liquid staking protocols as per TVL. More than 30,000 unique users are actively staking more than $160 million in assets on Stader right now. They are backed by some of the most popular VC funds in Web3 and crypto. An added bonus of their being permissionless and non-custodial is that anyone, anywhere in the world, can use them.
Stader staking rewards
Non-custodial
Stader is decentralized and non-custodial. You have control of your keys and your crypto.
Frequently asked questions
Pros & Cons
A great place to start
Stader is a platform for staking on multiple chains that is run by a great team and backed by some of the best investors. It's non-custodial, which means you're in complete control of your keys. This makes it significantly safer than its centralized counterparts. Most non-custodial staking platforms are much harder to use than centralized platforms, but that's not the case with Stader.
MyCointainer
MyCointainer
 "MyCointainer")
MyCointainer
All your staking needs
MyCointainer is a very unique staking platform because it offers both custodial and non-custodial staking. There are pros and cons to both methods and it's the only platform we are aware of that offers both options. It offers more than 120 cryptocurrencies to stake with an average staking reward rate of 14.1% APY. They are a Fireblocks licensed partner with Sumsub KYC, 2FA, and Biometry.
Non-custodial
MyCointainer offers non-custodial staking, which is significantly safer as you're in control of your keys. Furthermore, it means there aren't geographical restrictions for people in the US and elsewhere.
Other yield products
In addition to non-custodial staking, MyCointainer offers custodial staking, an exchange with low fees and rewards, and cashback rewards that allow you to earn while spending on everyday things.
MyCointainer staking rewards
Frequently asked questions
Pros & Cons
Custodial or non-custodial
The unique and great thing about this platform is that it offers both custodial and non-custodial staking options. This is good for those who want to try both methods. They also offer more coins to stake than just about any platform we've come across. It's quickly becoming a one-stop platform for all your staking needs, and for that reason, it's a great option to consider.
Binance
Binance
 "Binance Staking")
Binance
More than staking
The platform supports more than 100 staking coins and the peace of mind that it is a very well-known exchange that has stood the test of time. There isn't an exchange that offers more features and products than Binance, making it an ideal option for those looking for an all-in-one platform.
Regulated
Binance suffered from some regulation woes in recent years, however, they appear to be on the right path and rectified most of them now.
Security
Binance have been hacked in the past. They quickly rectified this and didn't suffer any losses that were passed on to their clients.
Binance staking rewards
Frequently asked questions
Pros & Cons
A trusted brand for staking
Binance offers a large range of cryptocurrencies, competitive rewards, lots of features and a brand that many know and trust in the industry. This combination makes it a very compelling option for your crypto staking needs.
Ankr
Ankr
 "Ankr")
Ankr
Non-custodial with great rewards
These guys are no joke. They know web3 infrastructure better than just about anyone. They power some of the biggest names in the space like Binance. The great thing about Ankr is that it's like going straight to the source and it's completely non-custodial. The downside is that they focus a lot on business clients rather than retail clients, which means it can be a little confusing navigating their website. They tell us this is about to change though.
Non-custodial
Ankr is completely non-custodial which means you're in control of your own keys.
No geographic restrictions
Because they're decentralized and non-custodial, you don't need to worry about geographic restrictions
Ankr staking rewards
Frequently asked questions
Pros & Cons
Non-custodial, great rates
You're unlikely to have heard of Ankr and that's because they're mostly focused on servicing large business clients like Binance. They do, however, have a retail arm and we think it's a gem. They're going to focus on making it more usable for every day people and when they do, we think they could be a force to be reckoned with in the staking industry.
OKX
OKX
 "OKX Staking")
OKX
A trusted brand
OKX offers flexible and fixed-term staking options for a large variety of cryptocurrencies. They have very competitive rates, low fees, a well-known regulated brand that's never had liquidity issues, or been hacked.
Regulated
OKX is regulated under the Virtual Financial Asset Act (VFAA) in Malta
Never had liquidity issues
OKX have never suffered from liquidity issues, even in extreme moments of volatility.
OKX staking rewards
Frequently asked questions
Pros & Cons
A very compelling staking option
OKX is a top 5 exchange that takes security, and regulation seriously. They are increasingly active in the staking space with an increasing range of cryptocurrencies to stake with competitive rewards. It's worth noting OKX isn't available in the US.
What is Staking?
Staking is a way for cryptocurrency owners to earn passive income by using their digital assets to support a blockchain network. They don’t have to sell their cryptocurrencies.
Staking is comparable to putting your money in a high-yield savings account. When you deposit money in a savings account, the bank typically uses that money by lending it to borrowers. They give you a small portion of the interest they earned from lending you money as a thank you for depositing your money with them.
In the same way, you stake your digital assets by locking them up to support the blockchain network and help maintain its security. In exchange for locking up your coins, the blockchain rewards you with percentage yields. Most of the time, the returns from staking are higher than the interest offered by regular banks. Staking has become a popular way to make money off of crypto holdings without trading.
How Crypto Staking Works
People who invest in staking pledge their digital assets to the platforms for crypto staking. The staking platform then picks validators from the people who took part to confirming blocks of blockchain transactions. The number of coins you stake is proportional to the chance that you will be chosen as a validator.
Blocks of transactions verified by the validators become new blocks for the blockchain. Proof-of-stake is also needed for cryptocurrencies that support crypto staking, so when you help make a new block, you get rewarded.
However, in the unlikely event that a block turns out wrong, the investors lose their stake in what players in the crypto staking industry refer to as a "slashing penalty." The "slashing" penalty is a double-edged sword: on the one hand, it’s meant to ensure that stakers get rewarded for picking trustworthy validators, but, on the other hand, it acts as punishment when stakers back bad validators. As you can see, even investors with limited technical knowledge and abilities can invest in cryptocurrencies.
Pros of Crypto Staking
You earn interest on your crypto
Offers faster, cheaper transactions
Greener and more energy efficient
Potential voting rights
Cons of Crypto Staking
Locks crypto assets into a fixed term
Risk of slashing penalty
Includes some payable fees
How to Stake Cryptocurrency
There are two basic staking methods, but one takes a lot more effort than the other.
The first method, which is more complex, requires setting up a node and running it yourself. To be successful at staking, it's best to know a lot about crypto staking and digital assets.
Also, there’s a minimum staking amount of 32 ETH that you must reach before you qualify to become a full validator. Most people do this by joining a "staking pool," which is a group of investors who pool their money to meet the minimum threshold.
The second method is the easier way to stake crypto, and it’s done through exchanges or other dedicated crypto staking platforms. You need to deposit your crypto assets and allow the platform to stake them on your behalf.
Step 1: Sign Up
Head to the crypto staking platform of your choice and click “Join Now.” You’ll need to enter your email and password before clicking “Create Account.”
Step 2: Deposit Funds
You can use a credit card, a debit card, a bank transfer, or a cryptocurrency transfer to make the minimum deposit or more.
Step 3: Stake Crypto
Select the crypto token you want to stake, click “Buy,” and enter the amount you wish to stake. Sit back and start earning crypto rewards.
Types of Crypto Staking Platforms
Before you choose between the best crypto trading platforms, you must realize there are different ways of getting started.
Crypto Exchanges
A crypto exchange is probably the best place to start if you want to get staking rewards. Exchanges allow you to stake any amount of crypto you’re comfortable with. In exchange, they create a validating node on your behalf. The exchange acts as an intermediary between the staker and the validating party.
Wallets or Staking Pools
A staking pool comprises a group of investors who get together and agree to pool their stakes, which requires a high degree of expertise and coordination. Generally, most staking pools are private members’ clubs with high entry barriers to prevent the pool from getting into trouble.
Staking-as-a-Service platforms
Staking as a service gives investors who want to stake cryptocurrency an easier way to avoid the problems that come with staking cryptocurrency. The stakers hire a service provider to find and invest in crypto-staking opportunities for them.
How to Choose the Best Crypto Staking Platforms
One of the most important things to consider when choosing the best crypto trading platforms is trustworthiness and reputation. Consider the staking fees you’ll pay for staking cryptocurrency on the platform. The good news is that many staking firms are competing for your business. You can be sure that it helps to keep the transaction fees at a reasonable level.
The Bottom Line
Crypto staking offers you an opportunity to earn passive income on your crypto holdings. Whatever you define as the best crypto staking platform, follow these three simple steps, and you’re good to go.