Even though it’s not the highest-ranking cryptocurrency in the market, Algorand is still a popular coin when it comes to staking. Smart investors look for the best places to stake their assets to get the highest returns and ALGO is no exception.
Fortunately, there are a wide variety of options available if you’re looking for where to stake your Alogorand. Keep reading to find out exactly what those options are.
Algorand Wallet, now known as Pera Wallet, is “Simply the best Alogrand Wallet.” Through Pera Wallet, anyone who holds Algorand can buy, sell, or stake their ALGO. Plus, the wallet offers Ledger support, so if you want to add an extra layer of security to your investments, you can do so.
But you want to know about staking. With the Pera Wallet, users can earn rewards through staking. This is done through the Algorand Foundation’s rewards program. Plus, since the foundation supports the Pera Wallet, users won’t pay much in transaction fees (0.001 ALGO), giving you the freedom to focus on your investments.
If you’re new to crypto, one of the best places to get started staking is through Coinbase. This well-known cryptocurrency exchange is one of the most widely-used platforms in the world. It makes things simple and easy to use for amateurs. It doesn’t hurt that the exchange does billions of dollars worth of transactions every day.
You only need to have $1 worth of ALGO to get started staking, which means pretty much anyone with a bank account can get started. However, the drawback to using Coinbase is the fee the platform charges. Currently, Coinbase takes a 25% staking fee, which is a pretty hefty chunk. Use Coinbase to learn how to stake, but once you get the hang of it, you might want to move to a different staking option.
Binance is another well-known cryptocurrency exchange that supports Algorand staking. You’ll have access to all the incredible features this popular platform has to offer…unless you live in the United States (of course, if you have a good VPN then there’s nothing to worry about). US users have limited access to the features Binance has to offer.
Keep in mind that you need much more to stake with Binance than with Coinbase. You’ll need a minimum of 100 ALGO to get started. While this is a decent chunk of change for most people, the rewards are worth it. Binance offers around a 25% return if you lock your Algorand up for 90 days.
That means you can’t access your ALGO for 3 months, but after that time, you’ll receive 25% on your investment. Not bad, especially when compared to the 0.1% interest most people are earning on their savings accounts from brick-and-mortar banks right now. The huge upside to Binance is that it doesn’t charge a staking fee.
Another crypto wallet you can use to get excellent returns on your Algorand is Exodus Wallet. With this wallet, users have access to a bevy of features, which includes staking Algorand. This multicurrency wallet is available for either desktop or mobile use, so if you want to track your rewards while you’re out and about, you can do so.
Exodus Wallet users can also stake popular coins like Solana, Cardano, Atom, and Tezos, so you don’t have to use multiple wallets to track everything. Plus, the platform has a built-in exchange, so you can trade for more Algorand whenever you want. If you’re looking for a one-stop-shop in the form of a cryptocurrency wallet, Exodus might be your answer.
The third crypto wallet on our list of where to stake Algorand is Trust Wallet, which touts itself as the “most trust and secure crypto wallet” on the market. With Trust Wallet, users can buy, sell, exchange, store, and earn rewards on their cryptocurrencies. However, Trust Wallet is a mobile wallet, so if you prefer to have a desktop version, this might not be the best option for you.
Like Coinbase, you only need 1 ALGO to get started staking with Trust Wallet, which makes it a great option for those who want to explore staking on a wallet instead of an exchange. However, unlike Coinbase, Trust Wallet doesn’t take any fees when you stake, which makes it an excellent choice for anyone who wants to earn rewards on their Algorand.
The third crypto exchange on our list, Kraken, is probably the most challenging to use. It’s not as simple as Coinbase or Binance, but you can use it in the United States to stake your Algorand. The returns aren’t as high as what you’ll find with other platforms, but there are no fees to stake.
Once you’ve familiarized yourself with the exchange, Kraken has a nice user interface that makes it easy to see exactly how much Algorand you have staked, what your return rate is, and how much you’ve earned.
Last on our list of places to stake your Algorand for the best returns is the Ledger Nano hardware wallet. This wallet is a physical device that you can hold in your hand. It’s the safest and most secure way to store your digital assets and you can use it to stake your Algorand.
Like several other options on our list, you only need 1 ALGO to start staking using your Ledger Nano hardware wallet. You will have to use the Ledger Live app, which you can download for free on either the Play Store or the Apple Store. This app accompanies your Ledger Nano hardware wallet and is what you’ll use to stake your Algorand.
Put Your Algorand to Work
If you own any amount of Algorand, you should be putting it to work for you. As we told you, some platforms and wallets let you stake as little as 1 ALGO, so there’s no excuse for not earning something on your digital assets. Of course, not every platform is going to work for every investor.
Perhaps you don’t have 100 ALGO to stake on Binance. That’s okay. Find the wallet or exchange that does work for you and start staking!