Best Crypto Staking Platforms In Australia: Top 7 Platforms Compared
When it comes to choosing the right crypto trading platform in Australia that also has advanced trading features such as crypto staking could be a challenge. The information regarding the subject is not completely over the internet and thus we are here with a new list of best crypto staking platforms in Australia to help crypto traders in Australia.
Best Crypto Staking Platforms In Australia: Which Is Best In 2022?
Presently cryptocurrencies are the currency for investment in a highly fragile market that will take years to be stabilized and recognized across the globe.
This highly fragile market has the potential to be a solid investment strategy but the overall risk involved in the process can make things highly unpredictable.
Staking makes things easy and risk-free for those users who are willing to get a safe interest in their crypto asset and earn some benefits using passive savings.
Read this article till the end to know about the Best Crypto Staking Platforms In Australia
What Is Staking
When we start trading in cryptocurrencies the value of the currency increases with the retention value of the token. Staking is the process that is used to validate a cryptocurrency using efficient calculations of the machines of takers.
Other than that if the users are willing to buy and keep a currency safe with them, that increases the value of the token because of the decreased supply in the market.
When this retention is done on a large scale, the changes can be observed over the globe, and thus the rate increases further and so does the retention. This retention value of the token not only benefits the users who are holding the token but also gives profits to the trading exchanges.
Staking is the process in which the trading exchange pays a certain amount of interest to the user who holds a particular currency in their wallet for a particular time.
How Does Staking Work?
Staking is not an extremely complex process for the customer who is willing to hold a particular amount of digital assets in their crypto wallet. A clear-cut commitment from their end will fetch them a fixed rate of interest on the total value of the crypto assets in their wallets.
The interest is most commonly paid in the same currency that the users are retaining. While on the other hand, staking a particular currency for a long time creates a gap between the supply and demand and eventually increases the prices of that particular currency.
Staking also plays a crucial role in validating the crypto transactions over the blockchains as the users who are staking their tokens are providing the mechanics to validate some other transactions. However, it is also a safe investment for the stakers as they earn interest over their digital assets.
What Is Proof Of Stake?
Proof of stake is a random process of validating a transaction over the blockchain using the users who are already staking a certain amount of their crypto assets to earn interest.
Proof of stake is an alternative protocol to proof of work where the validation is done on the basis of competitive validation. In proof of stake, the validation process is distributed over a random network of stakers and the stakers are also supposed to hold a particular amount of that currency to validate other transactions using the efficiency of their machines.
The validated transactions need to be verified by a fixed number of random validators who are stalking their currency to gain the authority to validate that transaction.
How Much Can You Earn By Staking Crypto?
There is no fixed amount of money that you earn by staking your digital assets over a trading exchange as the number of the earned interest will depend upon the currency in which you are staking.
Some of the cryptocurrencies offer 2-3% of staking interest while some other cryptocurrencies can go up to 14% of interest for validating their digital blockchain transactions.
The rate of interest could be critical for those users who are willing to invest their assets in staking and in this list of best Australian crypto staking platforms we are going to discuss the staking rates of most of the prominent staking platforms available in Australia.
Best Crypto Staking Platforms In Australia Compared
For your convenience, we have mentioned the most important features of each Australian lending platform in the below-mentioned table.
|Platform||Staking Rewards||Lock-In Period||Rewards Offered||Payout Frequency|
|Crypto.com||Up to 14.5%||1-3 Month||APR increases as CRO staked increases||Weekly|
|Binance||Up to 100%||7 – 90 days||n/a||24 hours|
|Aqru||Up to 12%||0||n/a||Daily|
|Swyftx||Up to 13%||0||Varies||Daily|
|Kraken||Up to 24%||Varies||Varies||Twice a week|
|Exodus||Varies on coin||0||n/a||5 days|
Best Crypto Staking Platforms In Australia Reviewed
In the list of best crypto staking platforms in Australia, we are listing some of the most prominent crypto trading platforms available in Australia. We will try to cover all the details of staking of these staking platforms in this list.
Crypto.com: Top Crypto Staking Platforms In Australia With Lenient Crypto Rates
Offering one of the most lenient crypto rates in the market, Crypto.com offers a staking interest of up to 14.5% for Polkadot and Polygon.
Crypto.com also allows its users to stake their native token named Cronos at the interest of 6%. The average lock-in period for staking in Crypto.com is of 3 months however, you can choose even one month or a flexible plan as per your convenience.
The weekly payout frequency is offered with an interest paid in the token itself. A large crypto coin support has also been provided to its users by supporting over 40 tokens presently.
- Easy to use interface
- Provide over the counter crypto debit cards
- Flexible lock-in period available
- One of the highest interest rates offered on staking with AUD support
- Industry-standard security measures are in place.
- Poor customer support
- The trading fee is on the higher end of the bar
Binance: Best Crypto Staking Platform In Australia With High Staking Rewards
Binance is one of the leading crypto exchanges in the world and has become a prominent player in the Australian crypto markets.
Binance offers Defi staking for its users and other than that there is Binance staking is also available which allows its users to stake the native Binance blockchain.
The lock-in period provided to its users has a different variety from a bandwidth of 7 days to 90 days.
The interest provided on different cryptos is also variable and goes up to 100% APY for Binance’s own BNB staking.
- Leading crypto exchange of the market with a huge user base and community
- All the required tools for advanced trading are already provided in the trading interface
- One of the lowest fees in the markets when compared to other staking platforms
- A wide range of cryptos is available for staking
- A short lock-in period is also available
- Based in the US and have a steep learning curve
- Bad customer service
Aqru: Best User-Friendly Crypto Staking Platform In Australia
Aqru is a relatively new trading exchange in the market that is providing a feature of staking to its users to earn an interest of up to 12% for different crypto assets.
With zero-day lock-in periods, Aqru does not demand any commitment from their users and allows them to trade their currency if they find it suitable.
You can withdraw your funds daily with a payout frequency of 24 hours which is rare to find in any other trading exchange in the world. Advanced encryption is also deployed at every gateway by Aqru to ensure safe asset management.
- No lock-in period
- Advanced encryption to ensure the security of your digital assets
- No trading fee for buying your cryptos from Aqru
- Short payout frequency
- Support for stable coins and newer crypto tokens of the market
- A costly withdrawal fee for your cryptos
- Do not provide the widest staking support of coins
Swyftx: Most Popular Crypto Staking Platform In Australia
One of the leading Australian crypto trading platforms is Swyftx which has become a popular choice for Australian crypto traders in recent times.
Swyftx also provides a staking feature for its users and allows them to stake on 16 different crypto coins where they can earn an interest of up to 13%.
There is no lock-in period for staking with Swyftx which makes sure that the users can withdraw their assets at any point in time.
The security protocols deployed in these trading platforms ensure that your assets stay where they belong and Swyftx does not charge a staking fee as well.
- Swyftx trades in AUD and that makes it ideal for Australian crypto stakers.
- Satisfactory customer support with phone call support.
- Advanced trading tools are available right from the start
- 2-factor authentication and advanced password security for safe gatekeeping
- No staking fee for their users
- Limited access to only Australia and New Zealand
- All the coins are stored in hot wallet solutions
Kraken: Best Crypto Staking Platform With Wide Coin Support
Kraken is another top pick in our list of best crypto staking platforms in Australia to provide top staking facilities for its users.
With a wide list of supported coins for staking Kraken offers a whopping annual interest of up to 24% for some new crypto coins in the market.
The payout frequency offered by Kraken is two times a week and one does not need to commit for too long with Kraken. There is also a staking fee as services charges but also one of the highest returns in the market.
The customer support provided by Kraken is also something that is appreciated by their users.
- One of the lowest trading fee
- Higher staking returns that can go up to 24% for some new coins
- Great customer support
- Advanced trading features for experienced crypto-traders
- Advanced security protocols that protect the digital assets of Kaken users
- Presence of a withdrawal fee apart from the fixed staking fee.
- Not the best learning loop in the marketplace.
Exodus: Most Secure Crypto Staking Platform Australia
Exodus is a crypto wallet solution in the market that has been offering its services to a large pool of customers and recently allowed its customers to stake their digital assets resting in their wallets.
With the support of only 7 cryptocurrencies as of now, Exodus has the potential user base to utilize to become a leading player in the staking industry.
There is no lock-up period for your funds and thus staking with Exodus does not demand a long-term commitment.
The staking fee is also there in Exodus and can sum up to 2 AUD for a month. However, the payout frequency of 5 days is a nice addition to the total Exodus experiment.
- One of the most trusted online wallets in the market
- Swapping feature available for crypto tokens
- A nice user experience for new users and does not overwhelm them with too many tools
- Short payout frequency of 5 days
- No lock-in period for staking your digital assets
- Charges a small fee for staking
- A low number of supported coins for staking, which are yet to be expanded.
Coinbase: Popular Exchange With Best Staking Features
Coinbase is another topper on our list of Best Crypto Staking Platforms In Australia New into the staking business, Coinbase is looking to create a platform for its users where they can stake their crypto assets and earn a passive income.
Coinbase can be the perfect choice for those Australian Crypto traders that are already using Coinbase.
Coinbase is presently offering staking features for five of its crypto tokens with almost negligible minimum requirements to start staking.
The payout cycle at Coinbase varies from currency to currency and can be anywhere from daily to up to 7 days.
- Beginner-friendly UI that does not overwhelm new traders
- Low staking fee
- Potential to grow as a leading staking platform in Australia
- Short payout cycle
- No lock-in period
- Only 5 cryptocurrencies are available for staking
- Not the best customer service in the segment
What Are The Risks Of Staking Crypto?
There is nothing in this world that you can earn without an element of risk added to it and this is the same for staking your crypto asset. Some of the risks are included in the process of stacking which is often not discussed.
Some of those risks include the volatility and the possibility of a price drop for the coin that you are staking. It can decrease your interest earnings significantly. Often the trading exchange does not include their fee while marketing higher returns which leads to a false expectation.
The crypto markets are also open and unregulated which leads you to no-claim risk while staking your cryptos with a trading exchange.
Can You Lose Cryptocurrency By Staking?
In short, Yes. The risk and cryptocurrencies are going hand in hand as of now due to the highly volatile markets and staking in a particular currency may lead you to a loss in certain conditions.
If you stake in a particular currency and the value of that currency drops lower than the total amount that you have staked in then you will have to face a direct loss of the difference until the currency rebounds from the dip.
Can You Stake Bitcoin In Australia?
While reading the entire list of best crypto staking platforms in Australia, you must be wondering whether it is legal to stake Bitcoins in Australia or not and the answer to the question is yes.
It is legal to trade, share, store, and shop with crypto in Australia along with staking. You can stake Bitcoin in Australia using any of the above-mentioned exchanges.
Is Staking Cryptocurrency Safe In Australia?
Yes, staking cryptocurrency is safe in Australia as there is no legal foundation for this safe practice. The staking is not a process that involves too much risk and is thus not a concern for the legal authorities.
Staking only allows the holder of the currency to earn interest only by validating the other transactions over the blockchain.
Do I Pay Taxes On Staked Crypto?
If you are living and trading in Australia then you know that your crypto profits are liable to be taxed and that might make you wonder whether the interest that you earn while staking your cryptocurrency is also liable for tax or not.
Hence to make that sure, we can say that all the profits that you earn even while staking your crypto assets will be liable to be taxed and that is why you are required to pay a tax on staking profits as well when they cross a certain limit.
Best Crypto Staking Platforms In Australia: Final Verdict
We all aspire toward creating a mechanism of wealth generation that is not only passive but can also create a sizable and regular income for us. Staking your assets in cryptocurrency could be a way for those Australian traders who are willing to stake for long durations as the market fluctuations are not going to last for a long time.
With the speed cryptocurrency is reaching the masses that day is not far where the required number of stakers will be very high and thus the profit interest would surge as well.
Hence if you are looking forward to creating a passive income, staking with any of the best crypto staking platforms in Australia could be your way to go.
In this list of best crypto staking platforms, we tried our best to cover all the different aspects of these staking platforms and explain to you what is staking and what lies ahead. We hope this list of staking platforms in Australia will help you make an informed decision.