Best Crypto Staking Platforms Australia

This guides lists the 9 best platforms to stake cryptocurrency in Australia.

If you have just started to look into cryptocurrencies, you will likely have come across staking. Staking is a fantastic way to earn passive income on crypto assets without lifting a finger. Some crypto staking platforms in Australia allow users to simply start staking certain cryptocurrencies with the click of a button. 

At Coinware, we’ve done our research to uncover the best platforms to stake crypto in Australia in 2022. This guide has fleshed out each of these options but to summarise these are our top picks:

  1. Swyftx – best Australian crypto staking platform 
  2. Coinspot – Earn interest on 22 cryptocurrencies 
  3. Binance – most available coins for staking 
  4. Crypto.com – gain additional benefits from staking 
  5. Digital Surge – another Australian alternative 
  6. Coinbase – easy-to-use staking platform
  7. Ledger – stake through your hardware wallet 
  8. Nexo – interest-earning and crypto lending 
  9. Finder – Australian stablecoin yield 

What is staking? 

Staking involves locking up your crypto on a Proof-of-Stake blockchain network to verify and secure transactions without the need for a central authority. Users who stake their crypto can then earn interest which is presented as a percentage of the coin they are staking. 

This is considered a safe and secure method to earn additional tokens on top of the crypto you already own.

The pros and cons of staking? 

Pros of cryptocurrency stakingCons of cryptocurrency staking 
High-interest returns compared to banksPrice volatility – the price of the cryptocurrency you’re staking could drop in value 
Some offer interest on a daily basis – compounds daily Hacks – the custody provider that you’re staking with could get hacked 
Some allow you to withdraw your staked crypto at any time Not your key not your crypto – staking your crypto with third-party provider means they technically on your crypto 
Most offer fee-free staking Some require you to lock up your crypto for a certain period of time 

What is the best crypto staking platform in Australia?

Below we’ve listed the 5 best staling platforms in Australia. We have compiled this list based on a number of factors including eligible staking cryptocurrencies, staking rates (APY’s), ease of use, lock-up periods and fees. 

1. Swyftx Earn

Stakable cryptocurrencies 20+
Fees No fee 
Earn up to 101% APY (on AXS)
Minimum staking amount $1
Is there a lock-up period? No
Earn yield on stablecoins? Yes
Payout frequency Daily 

Swyftx Earn allows users to earn interest on 20+ digital currencies on the Swyftx platform. Formerly known as Staking, the feature was changed to ‘Earn’ once stablecoin yield was introduced as well as interest-earning capabilities on Bitcoin and Ethereum. 

There are no fees for earning cryptocurrency on Swyftx. There are, however, trading fees for buying and selling crypto assets. 

You can earn 101% APY on Axie Infinity (AXS) which is compounded daily. which can yield large returns, particularly if held long term. It’s important to note, however, that cryptocurrency is a very volatile asset class, particularly smaller altcoins such as AXS. In some cases, the interest earned from staking may not be enough to cover a loss, if the value of a cryptocurrency crashes. 

Another fantastic thing about Swyftx Earn is you can earn 5% interest on Bitcoin and Ethereum. Given that Bitcoin and Ethereum do not use a Proof of Stake blockchain, and therefore cannot be traditionally staked, this is a feature that is not offered by many platforms. Bitcoin and Ethereum are considered safer crypto investments than crypto altcoins as they have large market caps and are more established in general. 

Swyftx Earn also offers stablecoin yield for USDT, USDC and AUD-pegged stablecoin, TAUD. 

Swyftx is now one of the most comprehensive crypto exchanges in Australia. Read our review of Swyftx

Join Swyftx

How to use Swyftx Earn 

This feature is extremely user-friendly. Simply purchase one or more of the cryptocurrencies eligible for the Earn feature. Then go into the Earn tab in your Swyftx wallet and select which digital currencies you’d like to earn on. You will then start earning interest on your cryptocurrency which is compounded on a daily basis. 

Read on our comprehensive guide of Swyftx Earn (formerly staking).

2. Coinspot Staking 

Stakable cryptocurrencies 22
Fees No fee 
Earn up to 78% APY (on AXS)
Minimum staking amount No minimum 
Is there a lock-up period? No 
Earn yield on stablecoins? No
Payout frequency Daily 

Coinspot is another Australian crypto exchange that offers staking to its users. They currently have 22 cryptocurrencies for staking within the app. 

Similar to Swyftx, Coinpot has also changed the name of their feature to ‘Earn.’ This feature allows you to earn an Annual Percentage Yield (APY) by lending certain cryptocurrencies you hold in your Coinspot wallet. 

You can earn up to 78% on Axie Infinity (AXS). Other high-interest yields coins include:

  • Kava (KAVA) – 23.5%
  • Kusama (KSM) – 18.5%
  • Verasity (VRA) – 18.25%
  • Polygon (MATIC) – 12.8%
  • Polkadot (DOT) – 12.5%
Join Coinspot

How to use Coinspot Earn

Coinspot have made the process of earning/staking extremely seamless and easy. Simply select ‘Earn’ from the ‘Wallets’ tab at the top of your dashboard. 

Then choose the coin you’d like to earn on and select how much you wish to lend. Once you have confirmed this, you will be able to see your approximate payout amount as well as the rate of return. 

Visit our dedicated Coinspot staking page for more information or get a full review of the Coinspot exchange

3. Binance Earn

Stackable cryptocurrencies 100+
Fees No fee 
Earn up to 106% APY (on OM)
Minimum staking amount No minimum 
Is there a lock-up period? Flexible and locked staking 
Earn yield on stablecoins? Yes
Payout frequency Daily 

Binance is the world’s largest cryptocurrency and a leading crypto staking platform. They offer staking on 100+ cryptocurrencies which is far more than any of the other platforms on this list. Binance is a great platform for users which a diverse range of coins in their portfolio and wanting to earn passive income. Binance offers two taking options: 

  • Flexible staking 
  • Locked staking 

Locked staking, on the other hand, involves locking up your coins for a set period. During the lock-up period, if users choose to withdraw their staked coins before the period ends, they will lose the rewards. The benefit of locked staking is the rewards are much higher than flexible staking. 

Flexible staking gives you more freedom when locking up your coins. It enables you to withdraw your crypto from staking whenever you’d like. There are fewer coins available for flexible staking and the rewards are typically lower. 

Related: Binance Australia review 

Join Binance

4. Crypto.com Earn

Stakable cryptocurrencies 50+
Fees No fee 
Earn up to 12.5% (on DOT)
Is there a lock-up period? Flexible and locked staking 
Minimum staking amount No minimum 
Earn yield on stablecoins? Yes
Payout frequency Weekly

Crypto.com is one of the world’s biggest cryptocurrency exchanges, offering users a huge range of handy features and benefits. One of these features is staking, or ‘Earn’ as they refer to it. You can stake over 50 cryptocurrencies on Crypto.com, earning up to 10% on stablecoins and 14.5% on cryptocurrencies

Like Binance, Crypto.com offer flexible and locked staking. With flexible staking, you can withdraw your cryptocurrency, along with the rewards you’ve earned, a any stage. Alternatively, by staking and locking your crypto up for a 1 or 3 months, you can earn get bette interest rates. 

To get the best possible interest rates from staking, you must hold the Cronos coin (CRO), which is the token of the Crypto.com exchange. This is broken down into the following tiers: 

  • Normal rate – $400 USD equivalent or less of CRO
  • Improved rate – $4,000 USD equivalent or more of CRO
  • Highest rate – $40,000 USD equivalent or more of CRO

Crypto.com offers staking on 3 stablecoins – TAUD, USDT and USDC. You can earn by staking stablecoins which is much higher than interest rates offered by banks. 

Join Crypto.com

5. Digital Surge Staking 

Stakable cryptocurrencies 11
Fees No fee 
Earn up to 23% (on KAVA)
Minimum staking amount N/A
Is there a lock-up period? No
Earn yield on stablecoins? No 
Payout frequency Monthly 

Digital Surge recently launched a crypto staking feature on its platform, allowing users to earn staking rewards on their crypto portfolio and crypto SMSF

Much like the Digital Surge trading platform, this new feature is extremely easy to use, even for beginners. This works by lending your crypto to Digital Surge and you are entering into an agreement to receive the interest in return. 

Unlike a typical loan, Digital Surge allows you to withdraw your crypto from the Earn program at any stage.

To start staking on Digital Surge, purchase an eligible staking cryptocurrency and select how much you’d like to stake. Then simply confirm your order and start earning monthly rewards! 

Learn more about Digital Surge fees, features and risks in our comprehensive Digital Surge review.

Join Digital Surge

6. Coinbase Staking

Stakable cryptocurrencies 6
Fees No fee 
Earn up to 5.75% (on ALGO)
Minimum staking amount $1
Is there a lock-up period? No
Earn yield on stablecoins? Yes
Payout frequency Monthly 

Coinbase is another large crypto exchange based out of the US. Out of all the companies on this list, Coinbase is the only one to be publicly listed after it went public NASDAQ in 2021. 

Coinbase offers staking on the following cryptocurrencies: 

  • Ethereum (ETH) – 3.675% APY
  • Algorand (ALGO) – 5.75% APY 
  • Cosmos (ATOM) – 5.00% APY
  • DAI – 0.15% APY 
  • Tezos (XTZ) – 4.63% APY
  • USD Coin (USDC) – 0.15% APY
  • Cardano (ADA) – 2.60% 

Though Coinbase only offers staking on 6 cryptocurrencies, their staking feature is easy to use, which is particularly important for beginners. 

For those who are more risk adverse, Coinbase offers staking on stablecoins DAI and USDC. Stablecoins are be pegged to the value of a fiat currency like the US dollar, so they’re designed to be non-volatile. This means you can earn higher interest rates than banks without exposing yourself to the risk associated with cryptocurrency investing. 

Read our comprehensive Coinbase review to find out more about the exchange. 

Join Coinbase

7. Ledger 

Stackable cryptocurrencies 6
Fees No fee 
Earn up to 20% APY (on ATOM)
Minimum staking amount No minimum 
Is there a lock-up period? No 
Earn yield on stablecoins? No
Payout frequencyVaries 

Ledger is one of the most established and renowned hardware wallet companies in the world. Its main products, the Ledger Nano X and Nano S, are considered to be some of the best hardware wallets on the market. 

Ledger support staking for some Proof of Stake (PoS) assets including Algorand (ALGO), Cosmos (ATOM), Polkadot (DOT), Solana (SOL), Tezos (XTZ) and Tron (TRX). 

How do I stake on Ledger? 

You might be wondering “Ledger is a hardware – how on earth can you stake your crypto.” Ledger staking is done through Ledger Live which is an online hub to manage your Nano device. The difference between staking through Ledger Live and staking on an exchange is that you own your private keys. Here is how to stake through Ledger:

  1. Purchase crypto through Ledger Live or transfer crypto to your ledger device from an exchange or another crypto wallet
  2. Click the “earn rewards” button on the coin you want to stake 
  3. When choosing a validator, select Ledger 
  4. Select how much you wish to stake 
  5. Confirm 

8. Nexo 

Stackable cryptocurrencies 20+
Fees No fee 
Earn up to 16% APY (on MATIC)
Minimum staking amount No minimum 
Is there a lock-up period? No 
Earn yield on stablecoins? Yes
Payout frequency Daily

Nexo is a crypto-backed loans platform meaning that you can take out a loan and use your crypto holdings as collateral. If you default on your loan repayments, this means that your crypto holdings may be used to pay off the loan. 

Nexo also allows you to earn interest on all of the cryptocurrencies supported by the platform. There are currently 30+ listed cryptocurrencies on Nexo including BTC, ETH, SOL, ADA, USDT and much more. 

Similar to other platforms on this list, Nexo gives you access to better interest rates if you hold a certain amount of the NEXO token. You can also get a loan and pay back less interest when you hold this token. 

The following are the highest rates you can access on the Nexo platform. 

  • Axie Infinity (AXS) – 36% APY*
  • Thorchain (RUNE) – 18% APY*
  • Polygon (MATIC) – 16% APY*
  • Polkadot (DOT) – 15%  APY*

*If you hold a certain amount of NEXO token. Read this blog for a full breakdown of the Nexo loyalty tiers. 

Nexo has a $375 million insurance policy in place to cover customers’ funds in the case that are stolen or the platform is hacked. 

Get a full breakdown of the Nexo platform on Coinware’s Nexo review page

9. Finder

Stakable cryptocurrencies 1
Fees No fee 
Earn up to 6.01% (on TAUD)
Minimum staking amount $25
Is there a lock-up period? No 
Earn yield on stablecoins? Yes
Payout frequency Daily

Finder.com.au is Australia’s biggest comparison website, providing detailed analysis on a 100+ categories and over 1800 brands. 

They have recently launched Finder Earn, a feature of their app that lets you earn interest on TAUD – a stablecoin that is pegged to the Australian dollar. 

Mining vs Staking

The two most common types to validate transactions on a blockchain network are mining and staking.

Mining (Proof of Work)

Blockchain or crypto mining refers to computers competing against each to solve complex mathematical equations in order to verify transactions on a network. This is key in Proof of Work (PoW) consensus mechanisms which was pioneered by Bitcoin and later adopted by other large blockchains like Ethereum, Litecoin and Dogecoin. The issue with this is that it requires large amounts of electricity, which can be damaging for the environment. Proof of Stake aims to resolve this issue.

Staking (Proof of Stake)

Proof of Stake (PoS) is an alternative method of validation that is quickly replacing Proof of Work. Ethereum is currently in the process of transitioning from PoW to PoS in order to improve the scalability of the network.

Instead of using computational power, PoS systems select a user to validate transactions and create new blocks. In order to be selected, users must stake a certain amount of coins.

Is staking crypto worth it? 

Staking crypto can be an effective way to earn passive income on your crypto holdings. Rather letting your crypto sit in your wallet, collecting dust, send it to work and make money while you sleep. Depending on the coin you stake, you can earn up to 101% APY which is far greater than any interest offered by banks. 

If you are considering of buying a cryptocurrency just so you can stake it, it’s important that you conduct thorough research into the coin. After all, if a coin is earning 101% APY but it loses its value over time, the rewards from staking will not be enough to cover the loss in your investment. 

However, if you have conducted research into a cryptocurrency and believe in its underlying technology, then staking will likely be worth it. 

Is crypto staking safe?

Cryptocurrency staking is safe. The inherent risk from staking comes from the volatility of cryptcurrency. Crypto is a volatile asset class so if the price of the coin your staking decreases, the internet earned through staking might not be enough to cover your overall loss in value.  

Additionally, some staking and earn services, require you to sign a loan contract. When entering into any loan agreement, there is a risk that the company may not be able to repay their customers if they become insolvent. 

How can I stake my crypto? 

Staking your crypto can differ from platform to platform. The process, however, is usually quite simple, particularly on beginner exchanges like Swyftx ad Coinspot. Simply sign up and purchase crypto through the app. Then navigate to the Staking/Earn tab and choose which cryptocurrency you’d like to stake. From there, simply select how much you’d like to stake and confirm your order. 

Is staking crypto profitable?

Staking crypto can be very profitable especially if done long term and the crypto asset you’re staking retains its value. Also, with staking you can unleash the power of compound interest. With some crypto staking platforms, your interest compounds daily. For instance, if you stake $10,000 Polkadot (DOT) over 10 years which has an APY of 12%, you’re ending balance will be approximately $189,000. 

This figure is based on the price of Polkadot remaining the same over 10 years. 

Staking through a wallet vs staking through an exchange

The key difference between staking through a crypto wallet compared to an exchange is having ownership of your private keys.n One of the most common sayings is ‘not your keys, not your crypto.’ This essentially means, that if you hold your crypto on an exchange, you are not in control of it. 

Another benefit of staking through a wallet is the available options. Most exchanges (aside from Binance) will only have a limited number of eligible coins to stake. Depending on the wallet you stake through, you may be able to stake low-cap altcoins that are not available to on exchanges. The most common way to stake crypto through a wallet is by connecting it through a decentralised finance (DeFi) protocol. DeFi staking can sometimes offer higher APYs than those found on exchanges. 

Do I need to pay taxes on staking? 

Yes, crypto staking is subject to tax in Australia. Unlike profit made from buying and selling crypto, any rewards you receive from staking will not trigger a capital gains event (CGT). Instead, they are treated as regular income by the Australian Tax Office (ATO). 

As crypto staking rewards are paid out in cryptocurrency you are staking rather than cash, you must determine the market value of the asset when you receive it. The income from staking rewards will then be added to your other income and will be taxed in accordance with your tax bracket.

For example, let’s say you stake 1000 Cardano (ADA) which is equivalent to $1000 AUD and earn 60 additional ADA after one year. You look up the market value of 40 ADA which is equal to $60. The additional $60 that you have made staking ADA is now considered ordinary income for tax purposes. 

For more info on staking tax and cryptocurrency in general, visit this guide

Use Stablecoins to Hedge Against Price Inflation

Stablecoin yield has become quite popular in recent years as it can be used as a hedge against inflation. Inflation across the world has risen significantly in 2022. The inflation rate in Australia is at a 20-year high. Across the Pacific, in the United States, it’s at a 40-year high. 

Staking cryptocurrency can be an effective way to earn passive income, however, you’re exposing yourself to the volatility of the crypto market. Stablecoins are designed to be non-volatile as they are pegged to fiat currencies like AUD and USD. Though these currencies can still fluctuate in value, they are not nearly as volatile as cryptocurrencies. 

The interest offered on stablecoins is typically much high than the interest you can earn through a bank savings account. Often, the interest available is through a savings account is lower than the rate of inflation meaning you’re actually losing money in the long term. 

APY vs APR 

Annual Percentage Yield (APY) and Annual Percentage Rate (APR) are both terms used to calculate interest on staking and other earning products. Though they’re similar, these terms mean two different things and it’s important to know the difference when choosing the best platform to stake crypto. 

The key difference between APY and APR is that APY takes compound interest into account. It is the actual rate of return that you will earn from staking crypto and is a method for calculating the amount of money you can earn from staking digital assets over a year. 

For this reason, the APY is larger than the APR. 

Flexible vs locked staking 

Crypto exchanges like Binance and Crypto.com offer both flexible and locked staking. Flexible staking allows you to withdraw your from staking at any stage. Locked staking, on the other hand, it means you must commit your crypto for a specific period of time. Typically, this works in increments of 30 days (i.e. (30, 60, 90, 120 days). If you chose to withdraw your crypto before the locked term ends, then it is likely you will not receive any of the rewards you earned while staking.

Frequently Asked Questions

What are the best crypto staking coins?

The best staking coin will depend on your appetite for risk. For instance, some staking coins can offer 100%+ APY’s, however, these are typically low cap altcoins that can fluctuate significantly in value. So, even though you are earning a higher interest rate, if the price of the coin decreases, the rewards you earned from staking might not be enough to cover your overall loss in value. There are some well-established staking coins that you can maximise your profit with. For instance, Swyftx allows you to earn above $10 APY on the following coins: – Axie Infinity (AXS) – Polkadot (DOT) – Polygon (MATIC) – Kava (KAVA) – Harmoney (ONE) – Cosmos (ATOM) – Kusama (KSM – Elrond eGold (EGLD) These coins are all in the top 100 biggest cryptocurrencies by market cap.

Is Coinspot good for staking?

Since Coinspot launched its staking feature, the feedback has been extremely positive. As Australia’s biggest exchange, Coinspot allows you to seamlessly start earning interest on your crypto assets. There are several coins you can stake on Coinspot and there are no lock-in periods meaning you can unstake your crypto and collect your rewards whenever you like.

Can I stake ETH in Australia?

Yes, there are several ways you can stake Ethereum (ETH) in Australia, but the most popular way is to do it through a centralised exchange. For instance, exchanges like Swyftx, Binance and Crypto.com allow you to earn interest on ETH that is being held in your wallet.