This article will discuss the ten most profitable coins to stake on Coinspot. Staking on Coinspot involves locking your crypto asset in a particular staking pool and earning diverse rewards.
The staking serves various benefits to the Coinspot, while members earn rewards for their participation and loyalty.
What is Crypto Staking?
Crypto staking is when investors and traders provide their crypto assets to a specific platform for a certain period, thereby strengthening the platform in carrying out various crypto-related activities. Staking attracts different rewards for the participants.
Does Coinspot Support Staking?
Yes, Coinspot supports staking on its platform by its members who intend to grow their asset portfolio. coinspot gives those loyal members certain rewards for their participation, and these rewards are based on the amount of a specific asset they stake.
10 Best Coins to Stake on Coinspot
The ten of the best coins that investors and traders can stake on coinspot include:
• Cardano (ADA)
Cardano (ADA) is the native crypto asset of cardano, which is a decentralized blockchain platform. This asset helps to facilitate transactions on the platform and serves as proof of stake.
• Algorand (ALGO)
Algorand (ALGO) is the native cryptocurrency of the Algorand platform used as a form of security for the platform. It further serves as a reward to users and can be staked on coinspot.
• Cosmos (ATOM)
Cosmos is a digital asset that helps power an “Internet of Blockchains” where transactions and communication are made easy. This asset helps in the execution of contracts and in confirming diverse transactions.
• Avalanche (AVAX)
Avalanche, popularly known as AVAX, is the Avalanche platform’s crypto-asset which effectively helps power and sustain multiple crypto-asset transactions.
• Axie Infinity (AXS)
Axie Infinity is a crypto asset that helps content creators and developers to buy, collect and trade on Axies, which are majorly known as NFTs. This asset serves as a governance token for the Axie Infinity network.
• Binance Coin (BNB)
Binance Coin (BNB) is the native cryptocurrency mainly used for trading fees and in completing different transactions on the Binance Exchange Platform.
• Cronos (CRO)
Cronos is a digital asset based on the Crypto.com exchange platform that traders and investors can buy, hold or stake to earn many rewards.
• Polkadot (DOT)
Polkadot is a crypto asset that helps provide connectivity and ease of communication between blockchains by allowing transactions to go through without a third party.
• Polygon (MATIC)
Polygon is the native asset of the polygon exchange platform with the symbol MATIC and helps different blockchains interact. The asset is an ethereum based asset launched into the crypto market in 2017.
• Solana (SOL)
Solana (SOL) is the primarily used crypto asset on the Solana platform that helps to provide faster transactions at a lesser cost.
Stake Coins on Coinspot
Firstly, you would need to deposit AUD into the Coinspot platform as its the accepted currency to purchase your crypto asset.
Once you have deposited funds and purchased the crypto asset of your choice, you can stake it on the platform.
Investors and traders can easily stake their crypto-asset on Coinspot by following these steps.
• Go to the Coinspot platform and click on the wallet page on the Dashboard.
• Navigate to the crypto asset you intend to stake and open your wallet.
• Click on “Staking” on the left-hand side of the wallet page, then input the specific amount of your desired crypto asset and select “Stake all Available,” then click the “Stake” button.
• Once you click on the “Stake” button, a confirmation screen will display a message congratulating you and that your desired crypto asset has been staked.
You can see the amount you would be receiving as a reward for the staking and other vital information on the staking page of your wallet.
Coinspot Staking Fees
There’s no specific fee for staking on the platform; instead, there are fees for depositing, trading, and withdrawing. Below are the fees for each activity.
• Deposit Fees
Zero fees on AUD deposits using PoLi, PayID, or Direct Deposit; using BPAY, the fee is 0.9%, and cash deposits are 2.5%.
• Trading Fees
Coinspot charges a 1% fee on instant buying and selling on the platform.
• Withdrawal Fees
Coinspot charges zero fees on AUD (Australia Dollars) Withdrawal.
Coinspot Staking Coins APY
Coinspot Staking gives investors and traders a staking reward of between 1% to 8% in exchange for their continual participation in the development, growth, and efficiency of the Coinspot network.
Staking on Coinspot is an excellent way for investors and traders to earn viable rewards using their crypto assets.
The platform is a good one and has various benefits. Also, the above-discussed coins are some of the best available on the platform for staking, which investors can consider to boost their crypto portfolio.
However, ensure you research each coin before deciding on the one to stake. We hope this article will assist you in performing your staking activities on the platform. Kindly visit our comment section for all your views and opinions.
Watch the video below to know the most profitable coins to stake on Coinspot:
- I am a content writer with over 2 years of experience in content writing. I create quality and highly researched content on cryptocurrency and forex.