How To Stake Crypto On CoinSpot – Complete Step-By-Step Process
Welcome readers. Do you want to learn how to stake crypto on CoinSpot? Here’s a quick guide with simplified steps to explore CoinSpot staking.
Crypto is a turbulent space, and often the disturbance wipes away all the investment causing significant losses. Thankfully, there’s a safer way to profit from Crypto investment: staking.
Crypto staking mitigates the risks of crypto volatility and allows users to earn interest on their digital assets.
However, you won’t find a staking facility on every crypto exchange. Only the top cryptocurrency exchanges in Australia allow their users to stake coins, and amongst them, CoinSpot is the best. Staking on CoinSpot is pretty straightforward, and the rewards are comparatively higher.
Let’s move on to see the exact process of how to stake crypto on CoinSpot.
Can You Do Staking On CoinSpot?
Staking transforms your crypto investment into interest-bearing assets and allows you to earn money passively.
Indeed, CoinSpot facilitates crypto staking to allow its users to actively participate in the crypto environment and earn rewards for their contributions.
However, not every coin can be staked on CoinSpot. Only a few cryptocurrencies that run on Proof of Stake (PoS) consensus are allowed for staking.
Besides, the amount you will receive as a reward for staking is not fixed. It depends on the number of coins you have staked and the duration for which the coins remain locked in the staking wallet.
How To Stake Crypto On CoinSpot
CoinSpot is a native Australian exchange; therefore greatly facilitates Australian crypto investors. Apart from trading cryptos, it also offers a staking feature to enable its users to grow their investments.
If you are ready to stake crypto on CoinSpot, here are all the steps you need to follow.
Sign Up For The CoinSpot Platform
The prices of CoinSpot staking begin with account registration on the platform. It’s the most basic step, and without it, you won’t be able to process further. Therefore, once you are on the CoinSpot website, look for the signup option and proceed with it registering an account.
CoinSpot will need your name, email, password, and a few other details to register an account to your name. Once you are over with the signup, CoinSpot will prompt you to complete KYC to verify the information you provided during registration.
Deposit AUD And Buy A Staking Eligible Coin
Next, you need credits to buy coins eligible for staking on CoinSpot. CoinSpot offers several deposit methods to fund your account. Payment via cards is the fastest and allows instant AUD deposits.
Choose the deposit methods of your preference and enter the amount in AUD you wish to deposit. Type in your card details and proceed with the deposit option.
Once you have credits in your account, utilize them to buy staking eligible coins.
Create a New Wallet
The next step is to put your coin in the staking wallet. Carefully follow the below-mentioned steps;
- On your CoinSpot account dashboard, you will find the ‘wallet page’ option; click on it.
- When the wallet page opens up, search for the coin you want to stake, select it, and click on the wallet option.
Enter The Amount You Want To Stake
The last step is to specify the amount you want to stake in the staking pool.
- Inside the wallet, choose the ‘staking’ option.
- The setup will ask you to enter the amount you want to stake.
- Next, click on the ‘stake all available option and then click on the ‘stake’ button.
- A confirmation screen will appear notifying the success of the staking procedure.
If you wish to reinvest the amount you earned through staking again, you can choose the ‘Automatically re-stake my rewards’ option.
CoinsSpot Staking Coins List
CoinSpot allows staking VRA, ETH, TRON, and 19 more coins mentioned below
- (CRO) Cronos
- (WAN) Wanchain
- (XTZ) Tezos
- (TRX) TRON
- (ADA) Cardano
- (ALGO) Algorand
- (SOL) Solana
- (ZIL) Zilliqa
- (ATOM) Cosmos
- (AVAX) Avalanche
- (FLOW) Flow
- (FTM) Fantom
- (KAVA) Kava
- (VRA) Verasity
- (AXS) Axie Infinity
- (BNB) BNB
- (KSM) Kusama
- (LUNA) Terra
- (MATIC) Polygon
- (ONE) Harmony
- (DOT) Polkadot
- (EGLD) Elrond Gold
Is Staking Safe?
Staking crypto is generally considered safe; however, you should be aware of some risks involved in staking.
You should note that staked assets are at risk if there is malicious activity on a blockchain. Besides, locking assets on smart contracts are susceptible to bugs, which could result in the loss of investment.
You should also be aware of the fact that virtual currencies fluctuate enormously. If there’s a steep price dip between the duration you staked your crypto-currencies and withdraw them, you risk losses instead of making a profit.
What Is The Best Coin To Stake?
The best coin to a stake is generally the one with significant stability in the market and the potential for a higher return on your investment.
Staking tokens with significant market capitalization and a large number of active participants are usually the safest bet. Solana, Polkadot, Cosmos Hub, and VRA are considered the best coins for staking. These coins bring around 6.89% APY to 15.4% APY; moreover, staking VRA on CoinSpot offers approximately 19% APY on CoinSpot.
Can You Stake VRA On CoinSpot?
As we mentioned before in this how to stake crypto on the CoinSpot guide, you can easily stake the VRA token on CoinSpot. VRA is currently the most in-demand token for staking. On CoinSpot, staking VRA brings around 19% APY.
The process is similar to that mentioned above. You just need to have Verasity tokens in your CoinSpot wallet. Once you have VRAs in your wallet, you can stake them in the staking pool to earn a high annual yield percentage.
Which Crypto Has The Highest Staking APY?
APY or Annual percentage yield plays a significant role in crypto staking. It governs how much return you will get for staking your crypto. User’s obviously drifted towards those assets that offer higher APY.
In this regard, VRA appears to offer the highest APY of around 19% yearly. However, Polkadot and Cosmos Hub are not far behind and deliver about 15% APY.
How Much Can You Make Staking Crypto?
Staking your crypto assets could bring you a generous return. On average, staking across 260 eligible coins brings about 11% PSA. That’s way more than the traditional banking interest rates.
Besides, the return can even reach 20% per year on some exchanges. On CoinSpot, too, you can earn around 20% APY on your staked digital assets.
Staking seems lucrative; however, it is essential to remember that, like all things in cryptocurrencies, staking returns are not fixed and can change significantly over time.
Can You Lose Tokens By Staking?
Once you stake your crypto, the procedure is stored in safe contracts; therefore, it’s not possible that you can lose your tokens.
There is no way the number of staked tokens will decrease. If you have put two cryptos in a staking pool, you will always have the same number of tokens, regardless of the duration of staking.
It’s just that the value of those two cryptos may decrease depending upon the price movement and market sentiments.
Also Read: Best Crypto Staking Platforms In Australia
Staking On CoinSpot: Conclusion
We hope that by now, you will have understood the complete process to stake crypto on CoinSpot. Staking is a great way to let your digital assets bring constant returns. Incidentally, staking does not involve any constraints and is easily accessible to all investors, novice or experienced.
CoinSpot appears to be the best platform to stake your cryptos. There’s no charge to stake crypto on CoinSpot and no restrictions on the maximum amount you can stake. On top of that, CoinSpot also offers a new auto-stake option. The rewards automatically return to the stake account and accumulate over time.