Five crypto platforms in Australia that provide highest staking rewards

Highlights

• By staking cryptos, investors can put their investment at work to earn passive income.
• Staking is possible only for cryptocurrencies that run on blockchains that use the proof-of-stake consensus mechanism.
• Some of the most popular cryptocurrencies that can be staked are ETH, ADA, SOL, LUNA, AVAX, DOT.

Undoubtedly, the crypto space is highly volatile. So, it is obvious that if you have invested in any particular crypto, you may be witnessing capital loss or depreciation in value on that investment. In such a case, you can earn returns on this investment without liquidating the crypto by a process called staking. Crypto staking is also useful for those who want to hold a particular crypto for the long term.

In crypto staking, investors can put their cryptocurrencies at work to generate generate passive income while retaining the ownership of those digital tokens. It is like putting money, equivalent to your crypto investment, in a high-yielding fixed deposit.

Staking is possible only for cryptocurrencies that run on blockchains that use the proof-of-stake consensus mechanism. To run the operations of a proof-of-stake based blockchain system, some cryptocurrency needs to be locked in. These networks provide incentives to the investors in the form of an interest rate, that is much higher than bank deposits provide. This interest rate is also called staking reward.

Some of the most popular cryptocurrencies that can be staked are Ethereum (ETH), Cardano (ADA), Solana (SOL), Luna (LUNA), Avalanche (AVAX), Polkadot (DOT).

Suggested reading: Five best crypto exchanges in Australia for beginners

Now the question that arises here is, which crypto platforms offer highest staking reward in Australia and are also convenient.

Here is a list of top crypto platforms that offer the highest staking rewards on your digital assets.

AQRU

AQRU is a crypto platform that evolved as an easy-to-use crypto staking platform with minimal jargon. In addition to this, the users can access their account through AQRU mobile application. AQRU supports five cryptocurrencies and offers a 12% flat interest rate on stable coins and 7% flat interest on Bitcoins and Ethereum. One of the main features of AQRU is that it does not charge any fee on crypto transfer, fiat transfer, bank wire fee or fiat withdrawal fee. It only charges AU$20 for crypto withdrawal. Moreover, there is no lock-in period.

Crypto.com

Crpto.com is a crypto exchange that offers a vast range of crypto services, beginning from regular trading to NFTs. This crypto exchange supports more than 40 crypto coins. Here, investor can earn up to 14% annually on stable coins and 8.5% annually for Bitcoins and Ethereum. In addition to this, the user can manage its staking at their fingertips via a mobile application.

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The interest rate provided by Crypto.com depends on two key factors-- the lock-in period, which can be 1-month, 3-Month, or flexible and the amount of token the user is holding. Highest interest rates are given to those who stake their tokens for longer terms and in higher amount. Talking about the fees associated with staking on Crypto.com, the taker and maker fees fall in the range of 0.15% to 0.40%, depending upon the transaction volume.

Binance

Binance is a great platform for earning staking rewards. Here, staking can be done in two ways, DeFi staking and locked staking. More than 100 coins can be staked on Binance platform in locked staking. The locked-in period generally falls in the range of 10 to 120 days.

Through Binance, an investor can generate up to 3% reward on stable coins and approximately 250% reward on non-stable coins. Under DeFi staking, Binance allows direct access to 13 on-chain DeFi mining projects. Worth mentioning here is that if the investor incurs any loss on these DeFi projects than Binance will not be responsible for that.

Binance charges 0.10% per slide, and $1 is asked for a $1,000 transaction. Moreover, the user can earn interest on its idle Bitcoin deposit.

Coinbase

Coinbase is a US-based crypto exchange that went public in 2021. Through Coinbase, crypto investor can earn a staking reward from six cryptocurrencies. The user-friendly exchange platform offers a 5% staking reward on non-stable coins and a 2% interest rate on stable coins. The lock-in period is dependent upon the assets. On Coinbase, the tokens can be transferred from an external wallet and then staked. Talking about the fee it charges on transactions, Coinbase does not ask for a subscription or deposit fee. It covers its operational cost by taking up a percentage of the user’s monthly yield (generated through staking).

Worth mentioning here is that Coinbase is regulated by SEC.

Also Read: Decentraland (MANA) vs The Sandbox (SAND): How do they stack up?

Swyftx

Founded in 2018, Swyftx is an Australian crypto exchange registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The platform support around 16 cryptocurrencies. The interest rate offered by Swyftx is dependent upon the type of cryptocurrency. The investor can earn an interest rate of 4.5% to 12% on staking.

Swyftx does not impose any penalty while withdrawing currency at any time as it does not have any lock-in period. The user is only required to pay exchange trading fees of 0.6%.

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