Staking on an Exchange! Easy way of a passive income

Staking in Centralized Exchanges

You stepped into the crypto world and purchased your first cryptocurrencies. You know that the return of investment was incredible last few years for crypto hodlers. You want to hodl. The good news is that many cryptocurrencies are built on a blockchain with a Proof of Stake system. Proof of Stake (POS) requires holding a certain amount of funds to be eligible to start a node in the blockchain system. Node runners borrow from individuals to start more nodes. Lenders get their shares, of course!

You can stake your coins and earn more coins. Staking coins allows you to increase the number of coins you have. It is an excellent way of investment if you are planning to hodl your coins for the long term. You can enjoy passive income from your idle crypto coins.

Solana, Cardano, Polkadot, Ethereum, Tezos, Polygon, Algorand, Chainlink and Avalanche are the most popular and biggest blockchains with a POS system. Those are native coins of their blockchain and rewards holders for using and holding. The easiest way to stake coins is thru exchanges. Many exchanges allow users to stake their coins at very tempting rates. Rates change depending on the length of the term, market conditions, and the amount of the coins.

Staking in Binance

Binance offers its customers a variety of savings products, and staking is one of them. You can visit the 'Earn' tab and find the staking options there. Binance has two options, Locked and DeFi staking. Locked staking is a staking option with a term limit. You can stake your coins for a fixed term of 15 days, 30 days, 60 days, or 90 days. The longer you lock your coins, the better return Binance offers. Locked coins can be unlocked before the term ends, but you will lose your rewards. You must wait until the end of the term to be eligible to earn rewards.

Binance DeFi is a staking option with flexible terms. Your locked coins generate income during the locked period, and you can unlock them anytime without losing rewards. Of course, DeFi staking rates are lower than Locked staking. Bitcoin and Ethereum can be staked only on DeFi staking.

Binance is currently offering 13,47% APY on SOL coins, 29,75% APY on AVAX coins, 11,23% APY on ADA coins, and 20,18% on DOT coins if you lock for 90 days.

Staking in Coinbase

Coinbase is a leading US-based cryptocurrency exchange and trade platform. You can buy and sell cryptocurrencies on the platform. You can also stake your coins on Coinbase. Simply visit the 'Earn Yield' tab on the Coinbase app or webpage, and then you will see the available cryptocurrencies for staking. Coinbase has a limited number of coins with staking options available.

Ethereum, Cosmos, Tezos, Cardano, Tether, DAI, and BAT are the coins you can stake on Coinbase for now. The number of available coins is increasing. Coinbase APY rates are not the most competitive in the market. The good thing about Coinbase is that it is a New York Department of Financial Services (NYDFS) regulated company, and your crypto assets are insured against hacking issues.

Staking in BlockFi

BlockFi stands out with its diverse saving products. You can stake more than 20 different major cryptocurrencies with high APY. Rates depend on the Tiers. BlockFi is an NYDFS regulated company, and assets are insured by Gemini Trust Company. You can find APY rates and coins on the BlockFi page.