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It is often said that the only way to make money from a cryptocurrency investment is when the price of the token rises in the open marketplace. However, this couldn’t be further from the truth. This is because a number of online platforms now allow you to earn passive income by ‘staking’ your digital assets.
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The tokens you put forward will contribute to the efficiency of the respective blockchain network – as this helps confirm transactions backed by the Proof-of-Stake (PoS) mechanism. In turn, you’ll receive interest at an amount proportionate to the number of tokens you decide to stake.
In this guide, we review the very best crypto staking sites of 2023 and walk you through the process of getting started in under 10 minutes.
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Best Crypto Staking Sites – Overview
Here’s a quick overview of the best crypto staking sites of 2023.
- eToro: Overall Best Crypto Staking Site.
- Kucoin: Popular crypto exchange with competitive staking yields.
- Binance: Top-rated exchange with lots of supported staking coins.
- Blockfi: Earn rewards on your coins through crypto lending.
- MyContainer: Specialist crypto staking site.
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How to Start Staking Crypto in Under 5 Minutes
If you don’t have time to read this page right now – follow the quickfire steps below to get started with the best crypto staking site in under five minutes!
- Step 1: Open an Account With eToro – eToro – a regulated online broker with over 20 million users, is the best crypto staking site in the market. Get started with this broker by opening an account and uploading a copy of your ID.
- Step 2: Add Crypto – You will need to have some crypto tokens in your eToro account before you can start earning staking rewards. If you do not currently have any tokens, you can buy some at eToro from a minimum of $25 with a debit/credit card, e-wallet, or bank transfer.
- Step 3: Earn Staking Rewards – The best thing about using eToro is that you do not need to do anything to start earning staking rewards. On the contrary, you simply need to hold the tokens in your eToro wallet!
As per the above, you can leave your crypto tokens in your eToro wallet for as long as you wish. In doing so, you will continue to enjoy ongoing staking rewards!
Note: There are certain considerations to make when using eToro to stake – such as the minimum number of days to be eligible and the type of digital assets supported. We cover this in more detail shortly.
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Best Crypto Staking Site – List of Crypto Staking Platforms
Choosing the best crypto staking site for your needs is crucial. After all, there are many metrics to consider before proceeding – such as what digital currencies the site allows you to stake, how many days you need to be holding the token to be eligible, and what APR is on offer.
Taking all of these core factors into account – below you will find a selection of the best crypto staking sites for 2023 and beyond.
eToro – Overall Best Crypto Staking Site for 2023
eToro is by far the best crypto staking site in the marketplace for a full host of key reasons. First and foremost - you do not need to worry about the legitimacy of this platform - as eToro is heavily regulated. This includes a license with the FCA (UK), ASIC (Australia), and CySEC (Cyprus) - as well as authorization from the SEC and FINRA (US). Plus, the platform has been operational since 2007 and it now serves a whopping 20 million clients around the world.
Primarily, eToro is an online broker that allows you to buy thousands of 0% commission stocks and ETFs. This is alongside tradable on forex, commodities, indices, and of course - crypto. In terms of its staking service, eToro currently offers this on two digital assets. This covers Cardano (ADA) and TRON (TRX). Both digital assets attract a maximum reward percentage that amounts to 90% of the total monthly staking yield.eToro plans to add many other coins to its staking service, with Ethereum (ETH) next in line.
What we really like about this top-rated crypto staking service is that you do not need to do anything to start earning rewards. On the contrary, as long as you hold a supported staking coin in your eToro wallet - you are good to go. With that said, you won't earn any rewards until the 8th and 10th day of holding TRON and Cardano, respectively. If you do not own a supported digital currency, eToro allows you to purchase some tokens at a minimum stake of just $25. You will not need to pay anything in fees other than the spread (starts at 0.75%).
As a regulated broker, eToro supports fiat currency deposits. This includes debit and credit cards, bank account transfers, and even e-wallets such as Paypal. The broker charges just 0.5% on fiat deposits and $5 on withdrawals. If you are looking to diversify your portfolio, eToro offers heaps of other digital currencies. This includes everything from Bitcoin, AAVE, and Decentraland to Litecoin, EOS, and Ethereum Classic. You can even make use the Copy Trading tool to further enjoy passive income. This is because by selecting a successful eToro trader to copy, you will mirror their investments like-for-like.
- Best crypto staking site in the market
- Earn staking rewards by simply holding a supported coin
- Perfect for newbies and heavily regulated
- Admin and inactivity charge after 12 months no trading
Other Crypto Staking Sites to Consider
Although we found that eToro is by far the best crypto staking site in the market – the platform might not be for everyone. If this is the case with you and your staking goals – perhaps consider one of the alternative platforms listed below.
- Kucoin: Popular online exchange with over 20 million clients. Head over to the platform’s ‘Earn’ department to enjoy passive income via staking. Tokens like USDT can attract an annual interest rate of over 11%.
- Binance: The staking platform behind this provider is the largest cryptocurrency exchange in the world with over 100 million clients. The Binance staking department is huge – with both a locked and flexible option available on most supported coins. Binance’s own digital token – BNB, attracts a yield of just over 9% per year.
- Blockfi: This platform specializes in crypto lending. As such, you won’t technically be staking your digital assets. On the contrary, you will be lending out your crypto holdings to third-party borrowers that put up collateral to receive the loan.
- MyContainer: If you’re looking for a platform that specializes exclusively in crypto staking – you might want to check out MyContainer. This provider supports a wide range of staking coins – including the likes of Waves, ColossusXT, and Energi. Rewards at MyContainer are competitive – but will ultimately depend on the respective digital asset being staked.
As always, make sure you do your own homework before using any of the above crypto staking sites.
How to Find the Best Crypto Staking Sites
In order to find the best crypto staking sites that the industry has to offer – you need to do some homework. There are several core metrics to keep an eye on when going through the research process – which we elaborate on in more detail below.
Supported Staking Coins
First and foremost, you need to check the provider’s website to see what staking coins are supported. Stablecoins are for staking the most popular option, but many investors also fancy Cardano, Ethereum, Polygon, and many other coins. After all, if you have a specific coin in mind that you wish to stake – you need to ensure the platform offers it. After all, if you have a specific coin in mind that you wish to stake – you need to ensure the platform offers it.
You can do this without needing to open an account with the staking site – so this step is simple.
Yield
Once you have established that your chosen site supports your preferred staking coin, you then need to explore what yields are on offer. This is because no two staking platforms are the same in this respect.
For instance, you might find that one provider offers 11% on Tether staking, while at another platform this might be lower at just 7%. Ultimately, you’ll want to choose a provider that offers the highest yield for your specific staking coin so that you can maximize your potential returns.
Flexibility
Now that you know what yield the staking platform is offering on your coin – you then need to look at the respective terms. That is to say, you might be required to lock up your staking coins for a minimum amount of time. If this is the case, you will not be able to access your staking coins until the redemption period has passed.
Some platforms offer a more flexible staking arrangement. This means that you can withdraw your coins from the staking platform at any given time. With that said, you should expect the APR to be lower when electing for a flexible staking plan.
Fees/Commissions
Even the best crypto staking sites in this industry are in business to make money. As such, you should expect to pay a fee of some sort to utilize the platform’s staking service. In many cases, the site will take a small commission from the staking rewards that you earn.
For instance, if the provider charges 10% and throughout the month you make the crypto-equivalent of $500 – you will retain $450 while the platform gets $50.
Safety and Trust
It goes without saying that you must do your homework on a crypto staking provider before parting with any of your digital funds. This is one of many reasons why we think that eToro is the best crypto staking site in the market – as the brokerage firm is regulated by the FCA, CySEC, and ASIC.
The broker is also approved by the SEC and FINRA. As a result, you can be confident that your staking coins are being well looked after at eToro. With that said, the vast majority of crypto staking sites are not regulated at all – so your capital remains at risk.
How to Get Started With Crypto Staking
In the earlier part of this page, we provided a quickfire guide on how to get started with crypto staking. However, if you are a complete novice in the context of staking – this might not be sufficient enough for you.
If this is the case, below you will find a detailed walkthrough of how to get started with the best crypto staking site of 2023 – eToro.
Step 1: Open an eToro Account
In order to benefit from the eToro crypto staking service – you will first be required to open an account. Once again, this is because the brokerage firm is heavily regulated – so it cannot permit anonymous investing.
The good news is that you can complete the end-to-end account opening process in less than five minutes. First, click the ‘Join Now’ button and follow the on-screen instructions by entering your personal information. You also need to provide your contact details and create a username and password.
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Step 2: KYC
Although the KYC (Know Your Customer) process can be a pain, at eToro, your documents will be verified instantly. As such, all you need to do is quickly upload a copy of your government-issued ID and an eligible proof of address document that has been issued within the prior 3 months.
Most people opt for a bank statement or utility bill – and digital copies are fine.
Step 3: Buy Crypto ($25 Minimum)
The only way that you can earn staking rewards on your digital currency investments at eToro is to hold the tokens in your main wallet portfolio. In a nutshell, this means that you will need to purchase some cryptocurrency from eToro if you haven’t already done so. The good news is that the minimum stake is just $25 per trade and you only need to pay the spread.
This makes eToro one of the cheapest cryptocurrency brokers in the space. Furthermore, you can pay for your cryptocurrency purchase with a debit/credit card, e-wallet (including PayPal), or bank account. Unlike Coinbase – which charges 3.99% on debit/credit card payments – at eToro, this will cost you just 0.5%. In fact, if you are based in the US and deposit funds in USD, this 0.5% fee is waivered.
Step 4: Start Staking Crypto
As we noted earlier, you do not need to do anything to start earning staking rewards at eToro. Instead, this will kick in by simply holding an eligible coin.
To recap, this currently covers Cardano and TRON – and a certain number of days need to pass before the staking rewards start generating from within your account. This is 10 days for Cardano and 8 days for TRON.
For as long as you hold the staking coins in your eToro account, you will continue to earn rewards. You can, however, cash out your cryptocurrency investment at any given time. When you do, you will no longer earn any staking income.
Best Crypto Staking Sites: To Conclude
This guide has reviewed the very best crypto staking sites in the market today. While there are several platforms to consider, we found that eToro and its native staking service stand out from the crowd.
This top-rated platform is heavily regulated, used by over 20 million people, and has a great reputation in the digital currency arena. We like the fact that you can earn staking rewards simply by owning a supported coin – which is ideal for newbies.
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