In the world of cryptocurrency, there are numerous pathways to generating passive income. Would you like to generate interest income from your cryptocurrency investments? Consider staking on CoinSpot. This crypto exchange is considered to be one of the most popular and trusted cryptocurrency exchanges in Australia.
In this article, we will provide you with instructions on how to stake your tokens on CoinSpot, explain CoinSpot staking, and determine the current available staking coins on CoinSpot.
Key Takeaways:
- To stake your cryptocurrency on CoinSpot, you will have to go through 6 different steps.
- CoinSpot Staking is a service that allows users to earn rewards by holding and staking certain cryptocurrencies on the exchange platform.
- CoinSpot staking coins list includes more than 23 cryptocurrencies.
- You can earn up to 45% APY on digital assets on the CoinSpot cryptocurrency exchange.
Table of Contents
How to Stake Crypto using CoinSpot?
To stake crypto on CoinSpot, you need to go through 6 steps:
- Sign up for CoinSpot Australia
- Verify your CoinSpot account (KYC Verification)
- Deposit AUD or crypto into your account
- Go to the Buy Section
- Buy the crypto you want to stake
- Stake your crypto and start earning interest.
(Register your new Coinspot account via the link below to grab $10 free Bitcoin)
Step 1: Sign up for CoinSpot Australia
The first step is to make your account there. This trading account allows you to do all sorts of things, like buying, selling, swapping, and staking on the CoinSpot exchange.
Follow these easy steps to sign up:
- Open the CoinSpot website and find the “Register” button in the upper right-hand corner. Give that a click.
- Type in your email, pick a password, say you’re okay with the rules, and click “Create Account”.
- Check your email. Click on that to prove it’s you. After that, just log in to your CoinSpot account.
Step 2: Verify your CoinSpot account (KYC Verification)
The next step is to prove your identity and get through the KYC (that’s Know Your Customer) process. It might sound official, but it’s just a way to keep your account safe and above board.
Here’s what you’ve got to do:
Go to your dashboard and find that “Complete Verification” button. Fill in your details like your name, birthdate, where you live, and phone number.
Grab your driver’s license, passport, or any paper showing your personal information. Take a clear picture of your chosen document to ensure everything is easy to see.
Move on to the selfie time! You will hold up the chosen document that you just took a picture of. Also, grab a piece of paper and write “CoinSpot” and today’s date on it. Show your face and the paper in the selfie.
Now, just wait a bit. CoinSpot’staffs will check everything and give you the green light. Usually, the CoinSpot’s verification process is quick.
Step 3: Deposit AUD or crypto into your account
Once your account is verified, you can deposit your cryptos or AUD to your account safely.
There are different ways to deposit fiat money into your account, like sending money from your bank, using PayID, POLi, cash deposit, or BPAY.
Here’s what to do:
- First, click the “Deposit AUD” option below the profile icon in the top right corner. Then, pick how you want to pay.
- Follow the steps on the screen to finish adding your money. Let’s say you go for a bank transfer. You’ll see CoinSpot’s bank details and an account number just for payment.
Usually, the depositing process is relatively fast (within a few minutes). However, sometimes you will wait longer due to the high congestion of the banking system.
Step 4: Go to the Buy Section
When you’ve got money in your account, you can get some crypto you want to “Stake“.
CoinSpot is offering over 400 coins and tokens that you can buy with AUD or swap with other crypto. However, it only offers 23 coins for staking rewards.
To buy crypto, you need to follow the steps:
- Click on the “Buy/Sell” tab at the top menu bar and choose “Buy” from the drop-down menu.
- You will see a list of coins and tokens that you can buy with AUD. Use the search bar or filters to spot the digital asset you’re keen on.
- Click the “Buy XXX” button next to the coin or token you want to buy.
Step 5: Buy the crypto you want to stake
Now, enter the amount of AUD that you want to exchange for coins or tokens. You will see the estimated amount of crypto you will receive and the applicable fees.
Review your order and click on “Buy” to complete your purchase.
Related Article: Best Cardano Staking Pools
Step 6: Stake your crypto and start earning interest
After buying the crypto you want to stake, Click on the “Wallets” tab at the top menu bar and choose “Earn” from the list.
Enter the amount of crypto you want to stake and click “Confirm Earn Amount”. You will see a confirmation message that shows how much interest you will earn.
You can view your balance in your staking wallet and see how much interest you’ve made whenever you want. Plus, you can transfer your crypto from your “Earn wallet” to your “Spot wallet” anytime.
To send your crypto from “Earn wallet” to “Spot wallet” – just tap the “Withdraw” button next to the coin or token you’re moving. A window will pop up, and you can type in how much crypto you want to transfer.
Note: No extra fees or locking periods exist when you stake your crypto with the CoinSpot Earn wallet.
CoinSpot Staking Coins List (with APY)
| Coins | Symbol | APY |
| Cardano | ADA | 3.3% |
| Algorand | ALGO | 6% |
| Cosmos | ATOM | 8.5% |
| Avalanche | AVAX | 4.9% |
| Axie Infinity | AXS | 45% |
| Binance Coin | BNB | 3.5% |
| Cronos | CRO | 7.8% |
| Polkadot | DOT | 9.5% |
| Elrond Gold | EGLD | 13% |
| Ethereum | ETH | 4% |
| Flow | FLOW | 6.8% |
| Fantom | FTM | 2.9% |
| Terra | LUNA | 5.7% |
| Solana | SOL | 4.5% |
| Tron | TRX | 4.2% |
| Verasity | VRA | 13% |
| Wanchain | WAN | 4.5% |
| Tezos | XTZ | 4.2% |
| Zilliqa | ZIL | 14% |
| Polygon | MATIC | 9% |
| Harmony | ONE | 7% |
| Kusama | KSM | 20% |
| Kava | KAVA | 20.5% |
Note: APY (Annual Percentage Yield) rates are recorded at the time of writing
Is CoinSpot Crypto Staking Safe?
Yes, CoinSpot Crypto Staking is safe. It is an AUSTRAC-registered exchange with ISO certification and has strong security features to safeguard your funds.
In our opinion, Staking on CoinSpot is also a better option than using a decentralized platform like AAVE or Compound finance, which has smart-contract failure risks.
Related Article: Best Liquid Staking Derivative Tokens
Final Verdict
CoinSpot Staking is a great way to make money with crypto while supporting the crypto ecosystem. You can choose from over 23 different assets and stake/unstake your coins anytime without fees or lock-up periods.
To stake crypto on CoinSpot, you need to go through 6 steps:
- Sign up for CoinSpot Australia
- Verify your CoinSpot account (KYC Verification)
- Deposit AUD or crypto into your account
- Go to the Buy Section
- Buy the crypto you want to stake
- Stake your crypto and start earning interest.
However, you should also be aware of the risks of staking, such as price volatility, network hacking, and platform risk. It would help if you did your own research and due diligence before staking any coin.
FAQs
Can you stake Polkadot on CoinSpot?
Yes, you can stake Polkadot on CoinSpot and earn up to 9.5% APY. All you need is some DOT in your wallet, and then you can go to the ‘Earn’ section to stak your DOT.
Can you stake Polygon on CoinSpot?
Yes, you can stake Polygon (MATIC) on CoinSpot and get up to 9% APY.
How to calculate staking rewards on CoinSpot?
You can calculate staking rewards on CoinSpot by using this simple formula:
Staking rewards = Staked amount x APY / 365 x Number of days
For instance, if you lock up 100 DOT for 30 days at 9.5% APY, your staking rewards would be:
Staking rewards = 100 x 0.095 / 365 x 30 = 0.78 DOT
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