- Bybit offers the most ways to earn interest on crypto in Australia, with options like Flexi Savings, Shark Fin, and Launchpool, as well as liquidity mining and dual asset staking.
- CoinSpot is the most secure platform for staking in Australia, offering 21 coins with high annualised interest rates and no lock-in period for withdrawals.
- Crypto.com provides additional benefits such as staking on 47 different cryptocurrencies, flexible and fixed-term options, and rewards for staking their native coin (CRO), including a free Visa debit card with cashback and other perks.
- Binance offers the most coins available for staking, with over 70 options, and flexible or fixed-term staking periods ranging from 30 to 90 days.
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.
#1. Bybit – Most ways to earn interest on crypto
Bybit is the #1 crypto exchange in Australia. It is secure and reliable, and most important of all, it has a lot of features that a crypto trader looks for. Those who are interested in earning a passive income will certainly be delighted to know that Bybit Earn offers five different ways to do so.
Those who are looking for a low-risk investment product can consider Flexi Savings, Shark Fin and Launchpool. Flexi Savings enables you to enjoy guaranteed yields and you can even choose from flexible- and fixed-term products to suit your portfolio. Shark Fin is a principal-guaranteed structured product that enables you to capitalise on an asset’s volatility. It has a minimum yield and is designed to provide stability in the unstable crypto environment. Lastly, Launchpool enables you to stake and earn tokens for free. Whenever you feel that you need liquidity, you can unstake your tokens anytime.
If you’re looking for something with a high-yield, opt for either Liquidity Mining or Dual Asset. Through liquidity pools based on an automated market maker (AMM) model, Liquidity Mining allows you to earn yield from trading fees daily. Maximise this amount by adding leverage to increase your share of the liquidity pool. With this, you can earn up to 18.47 USDT per month for every $1,000 you invest. Dual Asset, on the other hand, is a short-term investment product that offers attractive returns in low-volatility markets. While there is a short lock-up period for this, Dual Asset allows you to earn up to 524.08% APY!
- Earn a passive income through five different ways, with competitive rates up to 524% APY
- Minimal barrier to entry
- User-friendly interface
- 24/7 Live Chat customer support available
- #1 cryptocurrency exchange in Australia
#2. CoinSpot – Most Secure Staking in Australia
CoinSpot is the most trusted crypto exchange in Australia, due to its industry-leading security, and the trust it has gained from its customers since 2013. They are also a top choice for staking as they offer 21 different coins with high interest annualised rates, in a very intuitive and easy to use platform.
There is no lock-in period for your cryptocurrencies, so whenever you wish to withdraw, transfer, swap or sell your staked coins, you can do so easily with no hassle.
Currently Coinspot offers a total of 370 coins, with staking on 21, and they plan to increase their offerings in the near future. Stay tuned and we will update you with the latest information.
- Stake 21 coins with high APY (annualised percentage yield)
- Extremely secure and trusted crypto platform
- Withdraw, transfer, swap or sell your staked crypto at any time
- Live Chat customer support available
- Intuitive and user-friendly, excellent for newcomers to staking
#3. Crypto.com – Many 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 5% 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 5% cashback on every purchase, as well as 100% back on Spotify and Netflix and 10% on Airbnb and Expedia
#4. 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
#5. Binance – Most coins available 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)
#6. 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