Where to Stake Crypto in Australia

Dominic Harper // December 22 // 0 Comments

If you have spent some time reading about crypto, you will have heard of staking, and now you're deciding where is the best place to do so. Here at Debt Bombshell, we have researched various platforms that allow cryptocurrency staking and have found the best exchanges and wallets for Aussies. 

But first, what is staking? Staking is putting your cryptocurrency to work by verifying transactions on a blockchain. As a reward for your contribution, you receive more of the cryptocurrency you have staked, like how you would receive interest when you place money in the bank. It is an easy and safe way for investors to grow their cryptocurrency holdings as they invest in the long term. 

Have a look at our list of the best places to stake your cryptocurrency in Australia.

Swyftx – Best Staking in Australia

Swyftx is one of the best crypto exchanges for Australians and in late 2021 they introduced staking on 21 different coins, with plans to add more in the near future. It tops our list of the best place to stake crypto because it is an extremely simple to use exchange, and you can easily stake coins after you purchase them. 

The rewards on the staked coins are very high, and can reach 20% annualised returns on KAVA. There is no requirement for your crypto to be locked in for a certain amount of time, so you have the flexibility to unstake it and sell whenever you like. You can start staking with as little as $1 so you don't need to own a lot of crypto to start earning interest.

Although there are over 320+ different coins on offer at Swyftx, they only offer staking on 21 coins at the moment, but hopefully they will increase their range soon.

  • Stake 21 different coins, with up to 20% annualised return
  • Start staking with as little as $1
  • No lock-in periods so you can unstake at any time
  • Live Chat customer support to assist when you need
  • Easy to use interface, perfect for staking beginners
  • Live Chat support available in case you run into issues

Other useful articles: Swyftx review, Swyftx vs Binance, Best crypto exchanges in Australia

Crypto.com – Additional Benefits:

Staking on the Crypto.com app is fantastic, as you can earn rewards on 47 different cryptocurrencies, and choose either a flexible option, or keep it locked for either 1 month or 3 months. The interest rate will be greater, if you stake your crypto for longer. If you want a safer way to earn passive income while staking, you can stake stablecoins such as TrueAUD or USDT, which are linked to the AUD and USD respectively. This means their value doesn't fluctuate like other cryptocurrencies, because they are always pegged to the fiat currency. You can receive 10% annualised returns on stablecoins, which is a lot better than anything you will receive from an Australian bank.

Crypto.com also offers a ton of extras when you stake their own coin, called CRO. If you stake more than $5000 worth of CRO, you get higher returns on all your other staked coins as well. Not only that, if you stake at least $500, you receive a free Crypto.com Visa debit card, that you top up with AUD and pay for items just like a regular debit card. The benefits you receive depend on the level of card you receive, based on the amount of CRO you stake. For example, you can get 100% rebate on Spotify and Netflix monthly subscription fees (paid back to you in CRO), up to 8% cashback on any purchases with the Visa debit card, and airport lounge access.

Remember that if you choose to stake your crypto for a fixed term of 1 or 3 months, you cannot withdraw or sell that crypto until the term expires. If your staked coin shoots up in value, you cannot sell it to reap the profits unless the term has finished, so this is something to keep in mind. You need to decide what your crypto investment strategy is and consider all the options.

  • Stake 47 different coins including stablecoins
  • Access higher interest rates when you lock for 3 months
  • Flexible staking options as well as fixed terms (1 or 3 months)
  • Stake CRO to receive higher interest on other coins, and receive free Visa debit card
  • Visa debit card gives up to 8% cashback on every purchase, as well as 100% back on Spotify and Netflix and 10% on Airbnb and Expedia

Other useful articles: Crypto.com review, Best crypto exchanges in Australia

Binance – Most coins to stake:

If you're looking for a crypto exchange where you can stake heaps of different coins, Binance is the best choice for you. They offer over 600+ cryptocurrencies that you can stake, with flexible options, as well as 30, 60 and 90 day fixed terms. The longer you choose to stake your cryptocurrency, the greater your interest rate will be. 

There are often sold-out options, which tend to be the 90 day fixed terms on popular coins. You need to get in early for those, or settle for a 60 day term with a lower rate of return. 

  • Stake over 70+ different cryptocurrencies
  • Flexible or fixed staking terms (30, 60 or 90 days)

Other useful articles: Binance review, Binance vs Swyftx, Best crypto exchanges in Australia

Exodus – Wallet app for staking:

So far we have only mentioned cryptocurrency exchanges as places to stake crypto, but you can also use a wallet app called Exodus. This is a safer way to store and stake crypto because any assets held with an online exchange comes with the risk of loss if the exchange is hacked. Exodus is a beautifully designed wallet app that is simple to use, and is available for desktop and mobile.

You can stake 8 coins on Exodus, which are ADA, ATOM, SOL, ATOM, DAI, ONT, VET and XTZ. The downside of this app is that you can only stake a very limited selection, but there are plans to grow this range in the near future.

  • More secure storage of cryptocurrency using a desktop or mobile app
  • Stake 8 coins: ADA, ATOM, SOL, ATOM, DAI, ONT, VET, XTZ
  • Store over 150+ different cryptocurrencies

Kraken – Staking for Beginners 

For those that are new to staking, Kraken is a very user-friendly crypto exchange that makes it easy for beginners to get started. Buying crypto is simple, and staking is just a few clicks within the crypto exchange. If you encounter any problems, Kraken's Live Chat support is readily available and always helpful.

 Currently Kraken offers 11 different cryptocurrencies to stake, including some popular ones - SOL, DOT, ADA and KAVA. They even support staking for two fiat currencies, USD and EUR which is not seen anywhere else. 

When you stake on Kraken, you begin earning rewards almost instantly, and you will get weekly interest payouts (twice a week for some coins). This is great, because some other crypto exchanges don't pay any rewards until the locked staking period has expired.

  • Easy to use for buying and staking crypto
  • Stake 11 cryptocurrencies and 2 fiat currencies (USD and EUR)
  • Start earning staking rewards within minutes 
  • Receive rewards once or twice a week, depending on the coin

Other useful articles: Best crypto exchanges in Australia

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About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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