Staking on Coinspot 2022

Coinspot offers staking to it’s 2.5 million users. Find out about the rates, fees and risk of this feature.

It’s no secret that Coinspot is extremely popular amongst Australian cryptocurrency users. In 2022, the exchange boasts over 2.5 million users. One of the reasons that makes Coinspot so popular is its staking feature, allowing Aussies to earn passive income on cryptocurrencies they hold in their wallet.

This guide details the ins and outs of Coinspot staking including the fees, interest rates and eligible cryptocurrencies. 

What is staking? 

Put simply, crypto staking is a process by which you can earn interest (or ‘rewards’) on your cryptocurrency.

This is done by using cryptocurrency that is run on a Proof of Stake (PoS) blockchain. PoS is more secure and energy-efficient than the original model (called Proof of Work), that is used by large crypto assets like Bitcoin and Ethereum. 

The PoS model of blockchain is used as a mechanism to validate transactions. Investors can ‘stake’ their coins to be used to validate transactions and in exchange, earn rewards. However, your cryptocurrency will be locked up for the time that it is ‘staked’.

Although this seems like a complex process, many crypto exchange platforms like Coinspot have made staking simple for the everyday investor. This guide will tell you all you need to know about staking on Coinspot, including information about cryptocurrencies able to be staked, fees, minimum amounts, and more.

Can you stake crypto on Coinspot?

Coinspot launched its crypto staking feature in November 2021. Recently, however, the name of the feature has changed to ‘Earn,’ though the mechanics of how the feature work are still very much the same. 

They currently have 22 cryptocurrencies that are eligible to be staked, though this number has been consistently increasing since the launch of the feature.

For more information on Coinspot as a whole, visit our in-depth Coinspot review. Alternatively, you can stake crypto on several other platforms. Check out our guide to the best crypto staking websites in Australia.

How to stake crypto on Coinspot

Staking crypto on Coinspot is a simple process. All you have to do is follow these five easy steps:

1. Sign up to Coinspot

2. Deposit AUD via the ‘Deposit AUD’ tab

3. Purchase one of the stakeable cryptocurrencies via the ‘Buy/Sell’ tab

4. Choose the cryptocurrency you wish to stake via the ‘Wallets’ tab, then click ‘Earn’ on the left-hand side

5. Click the ‘Stake’ button to confirm

Once you have done this, you will immediately start to earn daily rewards. Visit the staking page in your wallet to view your daily rewards, rate of return, approximate payout amount, and more.

Start Staking With Coinspot

What cryptocurrencies can you stake on Coinspot 

Below is a list of the 22 staking options that Coinspot currently has available.

Coinspot staking rates 

Staking rates on Coinsport are calculated based on Annual Percentage Yield (APY). APY refers to the annual rate of return on an investment, taking into account the impact of compound interest. 

See the below table for the APY of each cryptocurrency offered for staking on Coinspot.

Cryptocurrency Interest rate (APY)
Algorand (ALGO)6% 
Axie Infinity (AXS)78% 
Avalanche (AVAX)6.9%
Binance Coin (BNB)5%
Cardano (ADA)5.1%
Cronos (CRO)11.1%
Cosmos (ATOM) 10.9%
Elrond eGold (EGLD)12.1%
Fantom (FTM)4.2%
Flow (FLOW)6.5%
Harmony (ONE)9.2%
Polkadot  (DOT)12.5%
Kusama (KSM)18.5%
Tezos (XTZ)4.2%
Kava (KAVA)23.5%
Tron (TRX)5.9%
Polygon (MATIC)12.8%
Terra (LUNA)8.1%
Veracity (VRA)19.2%
Wanchain (WAN)6.3%
Zilliqa (ZIL)15%

Please note that APY is an estimate only and subject to fluctuations.

Coinspot staking fees 

Coinspot does not charge any fees to stake cryptocurrency on their platform.

The risks of staking 

The main risk of staking is the volatility of your investment – if the value of the coin drops, your rewards from staking that coin may not be enough to make up for the loss.

However, this is the risk that comes with all investments. Staking is not any riskier than any other form of investment. In fact, the rewards earned from staking may at least offset some of the loss of the price if your cryptocurrency drops (even if it is not enough to cover the entire loss).

Frequently Asked Questions

How are my rewards calculated? 

Rewards are calculated based on Coinspot’s competitive staking rate. Staking rewards are calculated at midnight AEDT and are credited to your wallet at 10am AEDT every day.

Can I automatically re-stake my rewards?

Absolutely! Under the amount you have entered to stake in Coinspot, there will be a box asking if you would like to re-stake your rewards automatically. Simply tick this box (and un-tick it if you wish to stop automatically staking your rewards).

Is there a staking lock-up period?

Coinspot does not have a lock-up period for staking. You may stake and unstake your crypto whenever you like.

Does Coinspot offer interest on stablecoins?

Coinspot currently does not offer interest yield on stabecoins. This is typically an attractive feature for people who are more risk-averse and looking to earn more interest than banks are offering. The Swyftx staking feature offers stablecoin yields on USDT, USDC and TAUD.

Does Coinspot have a staking cap?

Coinspot does not enforce individual limits on staking. However, different crypto will have different staking caps. This means that Coinspot only offers that amount of that cryptocurrency to be staked on its platform (for example, the staking cap for Cardano is $40 million). If a staking cap has been reached, you will be unable to stake that crypto until the cap is increased or other people unstake their crypto.

Does Coinspot have a minimum staking amount?

Coinspot does not have a minimum staking amount, allowing you to stake as little or as much as you would like.