Blog Crypto 5 Best Crypto Staking Platforms 2022

5 Best Crypto Staking Platforms 2022

date August 2, 2022 time 5 min read 675 views

Crypto staking has emerged as one of the most viable ways to build your digital currency holdings over time, with some generous yields on offer. It’s not without its risks, but you can manage them by choosing the right place to stake carefully. Here are our picks for the best crypto staking platforms.

f you want to grow your income from digital assets over time rather than leaving them sitting in your wallet, crypto staking may have crossed your radar as one of the more legitimate options. With the rates often beating the banks and then some, it’s not hard to see why many choose to go down this route—but finding the best crypto staking platform isn’t always easy.

There are lots of variations in the returns, risk, and selection of cryptocurrencies between platforms, so it can be overwhelming to make your choice. Confused? Fear not, because we’ve got you covered.

What is crypto staking?

On the surface, crypto staking involves depositing your crypto in return for an interest rate, similar to how you might receive dividends for a stock or interest payments from a savings account with a bank. But don’t make the mistake of thinking it’s just “easy money”—there’s plenty happening between the surface.

Earn more from cryptocurrencies like ETH2 through crypto staking.
Earn more from cryptocurrencies like ETH2 through crypto staking. (Source: Unsplash)

You earn returns from staking because various crypto protocols use proof-of-stake (PoS) mechanisms to verify transactions. Some people put their crypto holdings on the line to say whether a transaction is legitimate; if they make the right decision, they receive rewards (but they’ll get a penalty if they try to approve an illegitimate transaction). But unless you’re a crypto pro, you probably won’t be the one making these decisions—you can simply commit your crypto to be used as part of the process by putting it in a so-called staking pool. 

Various cryptocurrencies use this system as an alternative to Bitcoin’s proof-of-work (PoW), such as Ethereum 2.0, Cosmos, and Solana—and you can only stake a cryptocurrency if it’s part of a PoS protocol. Staking directly on a platform is generally a safer option, and you can also stake from a wallet or exchange. But some may promote types of staking, such as DeFi staking, which typically carry higher risk.

Ultimately, it sounds too good to be true, that might just be the case. Staking can be a risky venture, and the collapses of Celsius and Luna are perfect examples of when this can happen. Fortunately, we’re here to help you do your research.

The best crypto staking platforms

Staking can be great, but make sure you choose the best crypto staking platform for your needs.
Staking can be great, but make sure you choose the best crypto staking platform for your needs. (Source: Unsplash)

We’ve mentioned that there are various ways you can get involved in crypto staking and different types of platforms you can use. But now, it’s time to get specific—what is the best crypto staking platform?

There are pros and cons to each potential choice, but here are our top five picks.

Coinbase

Coinbase is one of the best-known crypto exchanges and platforms around, and it also offers a convenient staking program, where you can make up to 5.75% on your digital assets. Since it’s a big name in the space and takes care to offer solid security measures and apply with regulation, Coinbase is a safer bet than many.

The main drawback is the lack of cryptocurrencies you can stake on the site. While major coins are available, there are only a few to choose between ( ETH2, ALGO, ATOM, SOL, ADA, and XTZ).

MyConstant

MyConstant might not have the big-name advantage of Coinbase, but the earning opportunities you’ll find more than make up for that. You can make up to 12.5% APY when staking USDC and USDT—and even better, you’ll get paid in real-time and can withdraw at any time. It’s also a decentralized platform, so you’ll benefit from lower fees and higher returns.

Take your DeFi staking rewards further with MyConstant.
Take your DeFi staking rewards further with MyConstant. (Source: MyConstant)

Plus, you can join its membership program to earn even more, boosting your returns up to 15% when you stake stablecoins. By staking the membership token MCT, you can earn up to 18% APY, as well as other perks for staking different cryptocurrencies.

Binance and Binance.US

Binance is the biggest cryptocurrency exchange in the world, and it also has a staking offering, making it a convenient choice.

If you live outside of the US and can access the original Binance, you’re in luck and will have hundreds of coins to choose between when staking. Unfortunately, within the states, there are only a handful of coin choices (including SOL and BNB), and not even ETH staking is available. On the bright side, Binance does offer high rewards for some altcoins (eg., 16% for AUDIO), but the rewards are lower for more mainstream choices.

KuCoin

KuCoin isn’t quite as well-known as Binance or Coinbase, but it’s another solid exchange that offers staking. This includes the chance to earn up to 4.7% for staking ETH2, as well as a range of other cryptocurrencies such as USDT and ADA.

However, bear in mind that it doesn’t have a license to operate in the US or any other country—you can still use the platform, but you’ll face restrictions and potential risks for the future. Many people don’t let this put them off, but always do your research to make sure you’re comfortable.

Kraken

Our final staking platform is Kraken. This one offers more cryptocurrencies than many other platforms, and there are also some impressive awards on offer. For instance, you can earn 4-7% on ETH2 or 4-6% on ADA. Some of the lesser-known coins will give you the opportunity to earn even more.

Unlike KuCoin, Kraken is regulated by the US Treasury’s Financial Crimes Enforcement Network (FinCEN), so you may deem it a safer place than KuCoin to leave your digital assets. However, bear in mind that your assets won’t be covered by any kind of insurance policy—something many of the bigger platforms have set up to protect their users.

Take your staking further with MCT

All of the platforms mentioned above are worth checking out. However, if you’re serious about building your crypto portfolio, the best crypto staking platform may well be combining MyConstant with our new native MCT token.

It allows you to convert between multiple cryptocurrencies and access all kinds of other financial products, including investing and staking—all with a single coin. This way, you can experiment with different projects and ways to earn.

Perks include:

  • Up to 18% APY from staking
  • 20% more interest from MyConstant investing products 
  • 20% reduction in borrowing fees on MyConstant 
  • 50% discount on NFT fees through MyConstant 
  • 50% discount on crypto swap fees on MyConstant 

It’s now available on PancakeSwap for US users, and everyone else can access it directly through MyConstant

Sound good? Sign up today to start benefiting.

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Trevor Kraus

Trevor Kraus

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Tags: Defi staking best staking platforms

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