The crypto space offers more than just buying, selling or trading cryptocurrencies. Crypto staking is yet another option offered by the crypto space that should be explored by all crypto enthusiasts.
Every crypto investor and trader should follow the general practice to do a thorough research regarding everything the crypto space has to offer before they begin. The more you know about the crypto space, the easier it can be for you to discern which crypto-related activity is best for you and you can also form a crypto investing or trading plan accordingly.
Therefore, if you are new to the crypto space then you need to know the details of what crypto staking is and what are some of the top crypto staking platforms available for you.
Crypto Staking Platforms – What is Crypto Staking
Crypto staking is a function that refers to putting the crypto you own in a crypto wallet or collective pool. This is return, gives the crypto owners rewards.
This is a high-end system that is used to confirm the proof-of-stake (PoS) blockchain transactions. As a crypto investor or trader, you can deposit the digital coins you own for a certain time and earn interest on it. This system benefits both the network and the crypto owners.
With the help of crypto staking, the network can reach the consensus, while the users are given rewards for helping the network meet the goal.
Even though it is a useful system to know about, it is not supported by all trading platforms. Crypto staking is only achievable on proof-of-stake blockchains and require staked tokens to validate the transactions.
Therefore, if you are interested in staking the crypto you own, you should know the top platforms that support it.
Major Crypto Staking Platforms
There are a few major crypto staking platforms that can be used by every crypto investor and trader. The different types of platforms include:
- Staking pools or wallets
- DeFi
- Staking-as-a-service platforms
- Exchanges
Here are the details of some of the top crypto staking platforms available in the industry.
Bitstamp Exchange
The Bitstamp exchange is one of the top platforms that supports crypto staking. According to market capitalization, it is one of the most prominent names and is quite impressive in terms of the features and services it offers.
This exchange pays staking rewards to the crypto users from time to time, depending on if they hold the cryptocurrencies for a set period.
Currently, Bitstamp only supports staking of two assets that are:
- Algorand (ALGO) – rewards for users are sourced from the Algorand Community Governance Program and are distributed quarterly.
- Ethereum (ETH) – rewards for users are distributed on a monthly basis.
Kraken Exchange
Kraken is also one of the best crypto staking platforms in the crypto industry. It is a highly reputable crypto trading platform that is based in the USA.
This exchange is also one of the oldest and most trustworthy platforms in the States and is known to offer some of the best features and services to the users.
Another prominent aspect of the platform is that it supports crypto staking. This platform supports the staking of 12 crypto assets and also offers unstaking support for several major digital currencies.
Unstaking is a process, through which you can take out the staked amount or use it to open a trading position.
This is one of the top crypto staking platforms because you can instantly get your staking rewards without going through a bonding period.
Binance Exchange
One of the widely used and prominent crypto staking platforms is the Binance exchange. This is the largest cryptocurrency exchange in the world and offers impressive features to the users.
It also supports crypto staking and has an outstanding collection of 100+ staking coins.
In terms of supporting crypto staking, this exchange does not charge any staking fee. As a user of Binance, you can opt for one of two types of staking that are:
- Flexible
- Locked
Going into further details of these terms, the investors have a lot of freedom if they opt for flexible staking. Despite the freedom, the staking rewards are reduced.
Locked staking, on the other hand, is for a fixed time, as the term suggests. Usually, if investors opt for locked staking, the funds are held for 30 days. There are some coins that are given the time of 10 to 15 days.
Apart from the details mentioned above, Binance is also one of the top crypto staking platforms because it prioritizes the security of the users, has a low and transparent fee structure and supports several payment methods.
Final Takeaways!
There are numerous platforms in the crypto industry but in order to find the best crypto staking platforms, it is important that you take a look at your available options. As a new crypto enthusiast you should know the details mentioned above.
