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Best Crypto Staking Platforms of November 2022

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.

1 min read

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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.

  1. OKX: Some of the highest rewards for many cryptocurrencies.

  2. Binance: A large variety of cryptocurrencies to choose from.

  3. Coinbase: Easy to use, especially for beginners.

  4. Kraken: Industry leading security and transparency.

  5. Uphold: Commission-free trading between cryptocurrencies and other assets.

Uphold

Uphold Staking

Best overall

Best overall

The platform offers various cryptocurrencies alongside many fiat currencies, precious metals, and equities. This is unique amongst competitors. It also doesn't charge commission for staking.

Security

Uphold uses an intricate encryption system, and like the leading banks, they perform regular penetration tests and security audits to ensure that users’ assets are safe.

Proof-of-reserves

The platform publishes up-to-date information on all the assets it has in its reserves

Regulated

Uphold is regulated by several American and European governmental agencies

Uphold staking rewards

Frequently asked questions

Pros & Cons

Available as both a web and a mobile app.

Supports over 200 cryptocurrencies in addition to precious metals, fiat currencies, and US equities.

Has a 65-day cooldown period for ACH bank transfers for US-based clients

Provides limited services to its UK user base

Charges a 15% staking fee, with high spread fees on low-volume tokens

Best for staking

While less recognisable as brands such as Kraken, Binance, and Coinbase, Uphold have high standards when it comes to regulation, security and features. They offer a large range of cryptocurrencies to stake and their rewards are some of the most competitive in the industry.

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OKX

OKX Staking

Competitive staking terms

Some of the best rewards and terms on offer

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.

Frequently asked questions

Pros & Cons

Provides built-in trading bots and supports block trading

Provides high staking yields for over 80 cryptocurrencies

Supports P2P trading in addition to several third-party fiat gateways

Only provides fixed loans in four tokens

Not available in the US or China

Has a complex multi-tier fee system for options, futures, and spot trading

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. We don't like their lack of transparency with proof-of-reserves and when we reached out to their support team for more information on their regulatory and proof-of-reserves initiatives, we got non-answers. It's also not available in the US.

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Binance

Binance Staking

Many supported coins

Many supported coins

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.

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

It has a large selection of supported digital assets
It has a growing insurance fund known as SAFU (Secure Asset Fund for Users) and is currently valued at over $1 billion

Their customer support is not always responsive

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.

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Coinbase

Coinbase

Coinbase Staking

Coinbase

Beginner-friendly

Beginner-friendly

Coinbase has always excelled at being a great choice for people that are new to the cryptocurrency industry. The same can be said for crypto staking. It provides a very simple interface to stake your crypto. If you already have an account with Coinbase you can simple transfer it to your staking account and earn rewards immediately.

Coinbase staking rewards

Frequently asked questions

Pros & Cons

A trusted crypto brand

Regulated by the FCA and FinCEN
A limited selection of coins

A great place to start

If you're new to staking and you use Coinbase, it's potentially the best place to start. They offer a very easy-to-use interface with a trusted brand that has never suffered any liquidity or hacking issues. Their fees can be higher than elsewhere, but it can be worth it for peace of mind.

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Kraken

Kraken Staking

Safest

The safest pick

Kraken is considered a very safe and credible staking platform.

Kraken’s advanced security measures and many features make the platform ideal for beginners and experienced traders alike.

Beginners can benefit a lot from the platform by using the Learn Hub, a learning platform featuring videos and in-depth guides on different concepts of crypto trading.

The platform offers over 80 cryptocurrencies with free deposits on most coins. Kraken’s staking feature remains one of the favorites in the market as it offers security, regulation, a proven and well-known brand, and ease of use.

Regulated

It’s regulated by FinCEN in the USA, FINTRAC in Canada, and the FCA in the UK.

Secure

It's never been hacked and has best-in-class security measures like whitelisting, two-factor authentication, and much more.

Kraken staking rewards

Frequently asked questions

Pros & Cons

Kraken has a very easy-to-use mobile app

It has best-in-class security features

Transparency and security

Kraken has always led the industry when it comes to transparency and security. They employ best-in-class security measures for all their accounts, with industry leading regulation to go with it. They don't engage in risky behaviour and they offer proof-of-reserves, audited by third party accounting firms. Kraken is always a great choice for your crypto needs, including staking.

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What is Staking?

Staking is a process that involves cryptocurrency holders committing digital assets to support a blockchain network and earning passive income in the process. They don’t have to sell their cryptocurrencies.

Staking is comparable to putting your money in a high-yield savings account. Anytime you deposit your money in a savings account, the bank uses that money by typically lending it out to borrowers. As an appreciation for locking up your money with the bank, they give you a small portion of the interest they earned from lending out your money.

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. The returns received from staking are typically higher than the interest offered by traditional banks. Staking is now a popular way of profiting from crypto holdings without getting involved in trading.

How Crypto Staking Works

Participants investing in the staking process pledge their digital assets to the crypto staking platforms. The staking platform then chooses validators among those participating individuals to confirm blockchain transaction blocks. The probability of you being selected as a validator is proportionally dependent on the number of coins you stake.

Blocks of transactions verified by the validators become new blocks for the blockchain. And since proof-of-stake is a requirement for cryptocurrencies that support crypto staking, you earn rewards when you participate in successfully creating a new block.

However, in the unlikely event that a block turns out wrong, the investors lose the 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. So, as you can already see, even investors without technical knowledge and abilities can stake crypto.

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. It would be best to have sufficient knowledge and expertise on crypto staking and the digital assets to stake successfully.

Also, there’s a minimum staking amount of 32 ETH that you must reach before you qualify to become a full validator. Mainly, people achieve this by joining a staking pool, where investors pool their resources to achieve 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.

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 perhaps the clearest entry point for anyone interested in earning 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 offers investors who want to stake crypto a more straightforward method to avoid challenges associated with staking crypto. The stakers entrust a service provider to identify and make crypto staking investments on their behalf.

How to Choose the Best Crypto Staking Platforms

One of the most important things to do 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 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.

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

Deposit the required minimum deposit or more via credit card, debit card, bank transfer, or crypto transfer.

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.