Swyftx Staking 2022

Swyftx offers a staking feature allowing customers to earn passive income on certain cryptocurrencies they hold.

Swyftx is a rapidly growing Australian crypto exchange basSwyftx is a rapidly growing Australian crypto exchange based in Brisbane. Swyftx has previously offering a staking feature, allowing their customers to earn staking rewards on certain cryptocurrencies they hold in their Swyftx wallet. This feature has recently been upgraded to ‘Earn’ which provides a number of additional benefits to users.

This guide will cover what staking it, what cryptocurrencies you can Earn on Swyftx, the Swyftx interest rates and how to stake on Swyftx.

What is staking? 

In simple terms, staking is a way of earning interest or rewards on cryptocurrencies you hold. This can only be done through cryptocurrencies that run on a Proof of Stake (PoS) blockchain. Proof of Stake is a consensus algorithm that is far more energy-efficient than the Proof of Work (PoW) consensus algorithm used by Bitcoin and Ethereum. 

In technical terms, staking refers to locking your coins up to secure a proof of stake blockchain and verify transactions on that blockchain. In return, those who lock up their coins typically receive a proportionate percentage of the coin they are staking. 

Although this is a technical process, crypto trading platforms like Swyftx allow their customers to stake their crypto with the click of a button. 

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Does Swyftx have staking?

Yes, Swyftx has a staking feature which allows customers to earn passive income on their crypto holdings that would otherwise be sitting in their wallet. According to Swyftx, staking rewards are calculated daily. You can unstake your crypto at any stage to claim your rewards. 

It must be noted, however, that Swyftx doesn’t offer staking on all the 300+ cryptocurrencies it lists. Swyftx currently only offers staking on 16 cryptocurrencies.

Read: Swyftx review 2022 

There are several other exchanges in Australia that offer staking. Read our guide to the best cryptocurrency staking platforms in Australia.

Swyftx staking banner with two mobile phones with Swyftx portfolio

How to stake on Swyftx

Staking on Swyftx is simple, even for crypto beginners. It can be done in 4 simple steps:

  1. Sign up to Swyftx 
  2. Deposit AUD to purchase one of the stackable cryptocurrencies 
  3. Click the staking button 
  4. Enter the amount that you would like to stake

Once you have completed all 4 steps, you will start earning rewards on a daily basis. You can check your expected daily rewards via the staking tab in your Swyftx wallet. 

3 icons explaining how to stake crypto on Swyftx

What cryptocurrencies can you stake on Swyftx?

The following cryptocurrencies can be staked on Swyftx: 

Swyftx staking rates 

Swyftx staking rewards are calculated as Annual Percentage Yield (APY). The table below lists the APY for each of the stackable crypto assets on Swyftx. 

Bitcoin (BTC)5.12%
Ethereum (ETH)5.12%
Tether (USDT)7%
USD Coin (USDC)7%
Algorand (ALGO)1%
Cardano (ADA)4.50%
Axie Infinity (AXS)70%
Cosmos (ATOM)10.80%
Polkadot (DOT)12%
Solana (SOL)6%
Kusama (KSM)18%
Tezos (XTZ)3.90%
Kava (KAVA)23%
Tron (TRX)5.80%
Flow (FLOW)6%
Polygon (MATIC)12%
Harmony (ONE)8%
Elrond eGold (EGLD)12%
Zilliqa (ZIL)13%

Swyftx staking fees

Swyftx do not charge a fee for staking your cryptocurrency. They do charge a trading fee when you buy or sell crypto. The Swyftx trading fee is 0.6% 

How are Swyftx staking rewards calculated? 

According to Swyftx, staking rewards are continuously earned and credited to your wallet every day. This means that rewards are then compounded daily. Rewards are calculated by multiplying the value of your cryptocurrencies (in your staking wallet) by the RPY for the particular cryptocurrency or cryptocurrencies. This is then divided by 365.25 which is the average amount of days in a year (including leap years). 

The equation looks can be broken down to: 

Mobile and desktop display of Swyftx staking wallet

The risks of staking

The biggest risk of staking coins on Swyftx is the volatility of the assets you’re buying. If the price of the cryptocurrency drops in value then the rewards you’ve earnt from staking may not cover the entire loss in value of your investment. 

Frequently Asked Questions

Does Swyftx have Ethereum staking? 

When Swyftx changed their staking feature to ‘Earn,’ Ethereum was added as an eligible cryptocurrency to Earn interest on. Although, this is not technically staking as Ethereum currently uses a Proof of Work consensus algorithm rather than a Proof of Stake (PoS). Swyftx states that you can earn itnerest by loaning crypto assets such as Ethereum. You can currently earn 5.12% APY on Ethereum with Swyftx Earn. Ethereum is in the process of transitioning to PoS in what is being referred to as Ethereum 2.0. When this transition is complete, it will be possible to stake Ethereum. 

Is there a staking lock-up period? 

Swyftx does not have a lock-up period for staking assets. This allows you to stake and unstake your crypto as much as you’d like. 

Does Swyftx have a staking cap? 

Yes, Swyftx does have staking caps. This is a maximum amount of staked cryptocurrency available for one asset. This means you may not be able to stake your cryptocurrency if the cap is already full. We recommend checking if the Swyftx staking cap is full before buying crypto. 

In which cryptocurrency will I receive staking rewards? 

Staking rewards are paid out in the cryptocurrency you are staking. For instance, if your staking ADA, you will earn rewards in ADA. 

Does Swyftx have a minimum staking amount?

Yes, Swyftx has a minimum staking amount of $1 AUD, allowing you to stake as much or as little as you like (depending on staking caps).