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.
- Algorand (ALGO)
- Axie Infinity (AXS)
- Avalanche (AVAX)
- Binance Coin (BNB)
- Cardano (ADA)
- Cronos (CRO)
- Cosmos (ATOM)
- Elrond eGold (EGLD)
- Fantom (FTM)
- Flow (FLOW)
- Harmony (ONE)
- Polkadot (DOT)
- Solana (SOL)
- Kusama (KSM)
- Tezos (XTZ)
- Kava (KAVA)
- Tron (TRX)
- Polygon (MATIC)
- Terra (LUNA)
- Veracity (VRA)
- Wanchain (WAN)
- Zilliqa (ZIL)
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)|
|Axie Infinity (AXS)||78%|
|Binance Coin (BNB)||5%|
|Elrond eGold (EGLD)||12.1%|
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).