11 Best Crypto Staking Platforms for 2024

Cryptocurrency has transformed finance, providing innovative ways for individuals to grow their wealth. One such method is crypto staking, which has become increasingly popular. It allows investors to earn passive income while actively contributing to blockchain network validation.

Experts consider the model a low-risk investment method compared to trading and mining, but crypto investors should still educate themselves about speculative assets. Read this article to explore the diverse crypto programs and products offered by the top 11 platforms for 2024.

What is a Crypto Staking Platform?

A staking platform allows users to participate in a specific blockchain network’s Proof-of-Stake (PoS) mechanism, involving holding and locking up cryptocurrencies in a staking wallet to support the platform operations and security of a blockchain network. In return, crypto users receive yields or additional token for their participation in maintaining the network’s integrity.

Here’s a brief summary of how digital asset staking operates:

1. Select the cryptocurrency for locking up.
2. Acquire the desired coins/token.
3. Choose a method.
4. Decide on a staking platform.
5. Commence the process.
6. Unstake the coins/token when desired.

The above mentioned steps may vary depending on the specific blockchain platform and other factors, but they generally follow this framework. Each token offers its own yield, so exploring different options is advisable to find a token offering the desired rewards.

With traditional on-chain staking, you lock up your digital asset in a smart contract on the blockchain, therefore contributing to the network’s security and receiving yields in the form of new coins.

On the other hand, off-chain staking operates differently. Instead of directly interacting with the blockchain, you invest your crypto assets on a centralized staking platform, which handles the process on your behalf, allowing you to gain rewards without direct blockchain involvement.

What’s the Difference Between Crypto Lending and Staking?

They are distinct processes within the digital asset ecosystem. Here are the main differences between the two:

Purpose:

• Staking: It involves holding and supporting a blockchain network by validating transactions and earning yields from additional digital assets.
• Lending: It entails loaning out cryptocurrencies to borrowers, with crypto platform lenders earning interest on the lent assets.

Rewards:

• Staking: Stakers receive additional digital asset yields depending on the protocol and network parameters.
• Lending: Lenders receive interest on the lent cryptocurrencies, influenced by market conditions, borrower creditworthiness, and terms.

Risks:

• Staking: Risks include token devaluation, network vulnerabilities, and potential penalties (slashing) for improper behavior.
• Lending: Risks include default by crypto borrowers, vulnerabilities, and market volatility affecting asset values.

Liquidity:

• Staking: Staked cryptocurrencies are typically locked for a specific period by a platform, limiting immediate access to funds, with liquidity options varying based on the protocol.
• Lending: The platforms may offer different degrees of liquidity, with some allowing early loan repayment and others having stricter terms.

How to Choose the Best Platform for Staking

What is our process for reviewing digital asset platforms?

We extensively assessed over 30 cryptocurrency exchanges, trading apps, and digital asset brokers that provide trading services and products on non-custodial staking platforms and custodial staking platforms. Our evaluation process involved analyzing nine key factors for each platform to identify the top and best staking platforms.

1. Supported Cryptocurrencies: Ensure a platform supports the cryptocurrencies you intend to invest. Different platforms may offer different options for various coins.
2. Reputation and Security: Choose platforms with a strong reputation and a track record of security measures to safeguard your assets.
3. Rewards and Terms: Evaluate the rewards, considering the annual percentage yield (APY), duration, and associated lock-up periods or penalties for early unstaking.
4. Educational Resources: The availability and quality of the crypto educational content offered by each platform.
5. Community and Support: Check for an active and supportive community around the crypto platform. Best staking platforms engage the community to provide valuable insights into crypto products and assistance when needed.
6. Additional Features: Evaluate any crypto staking platforms additional features, such as a user-friendly mobile app, integration with wallets, or the ability to participate in governance activities of digital assets.
7. Customer Service: The types and quality of customer support services.
8. Regulatory Compliance: Consider whether the platform operates in compliance with relevant regulations and adheres to industry standards.
9. User Interface and Experience: A well-designed crypto platform can make the process easier and more convenient.

By carefully considering these factors, we have selected the 11 best crypto staking platforms to align with your goals, preferences, and risk tolerance. However, it’s advisable to conduct thorough research, read user reviews, and compare multiple crypto platforms and their products before making a final decision.

11 Best Places to Stake Crypto

1. OKX

Founded in 2017 by Jay Hao, OKX is a popular exchange that caters to the trading needs of both beginner and advanced stake traders.

It stands out as a top centralized staking platform for ETH holders, offering a dedicated feature specifically designed for Ethereum 2.0 staking. This allows investors to participate in network validation without the complexities of running their own node. 

With a minimum requirement of 0.1 ETH (approximately $178), users can earn yields ranging from 4% to 20%, distributed in BETH and instantly convertible to standard ETH.

Pros:

• Dedicated ETH 2.0 Staking Service: OKX offers a specialized staking service for Ethereum 2.0.
• Proof of Reserves: The platform publicly shares its proof of reserves, enhancing transparency and instilling user confidence.
• Additional Rewards via Airdrops: OKX provides an airdrop feature where users holding BETH positions for 30 consecutive days can receive additional digital assets.

Cons:

• Rewards for investors are distributed in BETH, not ETH
• Does not accept fiat currencies. 

Fees and Deposits

2. Binance

Binance, established in 2017, is a leading global crypto exchange platform and one of the non-custodial staking platforms. This centralized staking platform offers users the ideal place to stake crypto and the ability to buy, sell, and trade over 500 cryptocurrencies. As a reliable hub, Binance crypto staking broker allows users to stake BNB and other cryptocurrencies for network support and yields.

The centralized crypto staking platform provides educational resources to assist users in every process and in its products’ selection. Funding can be done through various cryptocurrencies, and yields are distributed automatically.

Pros:

• Multi Options: Diverse range of cryptocurrencies available for staking.
• High APRs: Potentially high rewards compared to others. 
• Ease-of-Use: User-friendly and straightforward process. 
• Diverse Deposit Methods: Offers multiple crypto funding methods, including bank transfers, credit/debit cards, and digital assets. 

Cons:

• Geographical Restrictions: Limited availability in certain countries or regions.
• Fluctuating Rewards: Can be variable and subject to market conditions.
• Security Problems: Previous security incidents have occurred, although security measures have been improved.

Fees and Deposits

3. ByBit

Bybit stands out as a premier cryptocurrency trading platform, specializing in perpetual contract trading for major cryptocurrencies like Bitcoin, Ethereum, and Ripple. Its intuitive interface and cutting-edge trading features make it a go-to choice for crypto enthusiasts seeking leveraged trading opportunities.

Pros:

• Leverage Trading: Bybit enables traders to amplify their potential profits through leverage trading, maximizing opportunities in volatile markets.
• Advanced Tools: The platform offers a suite of advanced trading tools and comprehensive charting features, empowering users to execute sophisticated trading strategies.
• High Liquidity: Bybit boasts high liquidity across its trading pairs, ensuring seamless order execution and minimal slippage.
• Security Measures: With robust security protocols in place, Bybit prioritizes the safety of user funds, offering peace of mind to traders.

Cons:

• Limited Asset Selection: Bybit primarily focuses on perpetual contract trading for a select range of cryptocurrencies, limiting diversification options for traders.
• Complex Interface: While Bybit offers advanced features, its interface may pose a learning curve for novice traders, requiring time to adapt.
• Regulatory Uncertainty: As with any crypto trading platform, Bybit operates within a regulatory landscape that may introduce uncertainties and risks to users

4. KuCoin

Kucoin, established in 2017 by Michael Gan and Eric Don, is a Singapore-based crypto exchange. It aims to provide inclusive finance by offering diverse trading pairs and stake services on one centralized staking platform. Kucoin prioritizes user safety, security, and efficiency, catering to a global user base.

Users can stake cryptocurrencies such as Kucoin Shares (KCS), Bitcoin, and Ethereum on Kucoin to earn yields. The process is user-friendly, and supported by crypto educational resources. Funding options include various crypto assets, coins and rewards are distributed automatically.

Pros:

• High Rewards: KuCoin offers comparatively higher yields than other exchanges offer.
• User-friendly Process: The crypto platform provides a user-friendly interface, making the entire process straightforward and accessible.
• Mobile App Availability: KuCoin offers a mobile app, allowing users to conveniently engage in any activity while on the go.
• Wide Variety of Funding Methods: The platform supports crypto multiple funding methods, providing users with flexibility in funding.

Cons:

• Minimum Staking Amount: KuCoin may have a minimum requirement for certain cryptocurrencies, which could limit participation for crypto investors with smaller investment amounts.
• Limited Options: The selection of cryptocurrencies available for staking on the platform may be limited, potentially restricting users who wish to stake specific assets.
• Slow Customer Support: During periods of high traffic, KuCoin’s customer support may experience slower response times, which could lead to delays in addressing user inquiries or concerns.

Fees and Deposits

5. Coinbase

Coinbase, established in 2012, enables the exchange of cryptocurrencies for fiat currency. Initially based in San Francisco, it is now one of the best crypto staking platforms that operate globally, with crypto services  and products available in over 100 countries. Coinbase is a centralized staking platform that allows users to earn yields by locking up their assets.

As a publicly traded company valued at $14.32 billion, this digital asset staking platform prioritizes the security of users’ digital assets. It stores US dollar balances in FDIC-insured banks, providing an additional layer of protection against vulnerabilities and ensuring the safety of crypto funds.

Pros 

• User-Friendly Interface: Coinbase provides a straightforward and user-friendly place to stake crypto, suitable for the platform beginners and experienced users.
• Simplified Process: The process can be done directly on the crypto staking platform, eliminating the need for external wallets or complex smart contracts.
• Security Measures: Coinbase has a strong reputation and implements robust security measures, including storing US dollar balances in FDIC-insured banks.
• Automatic Reward Distribution: Rewards on the platform are automatically credited to users’ accounts, making the reward distribution process seamless.
• Established and Reliable Platform: As a well-established cryptocurrency exchange, the crypto platform provides a reliable liquid staking platform backed by industry experience and trust.

Cons 

• Limited Options: Coinbase supports staking for a select number of cryptocurrencies, limiting the choices available to users.
• Geographic Restrictions: The availability of some Coinbase products may be subject to geographical restrictions, potentially excluding users from certain regions.
• Potential Lower Rewards: They may be relatively lower compared to other staking platforms for some supported cryptocurrencies.
• Limited Control over Private Keys: When staking on the platform, users do not have full control over their private keys as the exchange holds custody of the crypto assets.

Fees and Deposits

6. Crypto.com

Crypto.com, established by CEO Kris Marszalek in 2016, is a comprehensive crypto-staking broker offering various stake services, such as buying, selling, and transferring digital assets, as well as crypto investment solutions for individuals and businesses on one centralized staking platform.

As a leading place to stake crypto, the platform presents competitive APRs for popular cryptocurrencies. Users benefit from flexible lock-up periods, a user-friendly app, and diverse staking assets.

Options available encompass 1-3 month crypto deposit durations and a flexible term alternative. Rewards are received in the staked currency and distributed weekly to users’ crypto staking wallets.

Pros 

• User-friendly App: It provides a user-friendly application that is easy to navigate and use.
• Rewards on Multiple Cryptocurrencies: Users have the opportunity to earn staking rewards on a variety of cryptocurrencies.
• Weekly Rewards Distribution: Yields are distributed to users’ crypto wallets weekly.
• Flexible Staking Durations: Users can choose their desired durations, allowing for personalized crypto strategies.

Cons

• Security Concerns: The crypto platform has experienced security incidents, including a major hack in 2020, despite its strong reputation.
• Limited Accessibility: Regulatory restrictions prevent Crypto.com from becoming available in some countries, limiting its accessibility.
• Complex Interface: The exchange’s advanced crypto trading features may be overwhelming for beginner traders due to its complex interface.
• Tiered Structure: Staking follows a tiered structure where the APR is influenced by the amount of CRO. 
• Lack of Desktop Support: The platform lacks desktop support, limiting the accessibility and convenience for users who prefer to manage their crypto assets and investments on a desktop computer.

Fees and Deposits

7. Kraken

Kraken, a San Francisco-based cryptocurrency exchange established in 2011, is renowned for its competitive fees, strong security measures, and advanced trading features. It is considered one of the top three most liquid exchanges, alongside Binance and Coinbase centralized staking platforms.

Kraken stands out with its emphasis on on-chain staking, utilizing the PoS to generate yield. The network’s security is ensured by node operators who lock eligible cryptocurrencies and earn yields through block generation. With a wide range of 16 supported cryptocurrencies and the potential for returns of up to 20%, Kraken is the top choice for on-chain staking.

Pros:

• On-chain Staking: Kraken focuses on on-chain staking, utilizing the blockchain’s proof-of-stake consensus mechanism for generating yield.
• Reduced Counterparty Risk: The crypto platform reduces counterparty risk compared to other yield-generating options like lending or DeFi.
• Broad Support: Kraken supports 16 cryptocurrencies, providing users with a wide range of options for earning rewards.
• Potential High Returns: Kraken offers the potential for returns of up to 20% on cryptocurrencies, making it an attractive choice for yield generation.
• Trustworthy: The platform is a reputable and trusted cryptocurrency exchange, ensuring reliability and security.

Cons:

• Potential Technical Complexity: On-chain staking requires setting up and operating a node, which can be challenging for crypto investors with limited technical knowledge or experience.
• Lock-up Periods: Assets may be subject to lock-up periods, restricting immediate asset access.
• Regulatory Restrictions: Some Kraken crypto products may not be available or restricted in certain jurisdictions due to regulatory limitations.

Fees and Deposits

8. Gemini

Gemini is a popular crypto exchange centralized staking platform recognized for emphasizing security and regulatory compliance. It offers various services and products, including crypto staking and lending. With Gemini Earn, users can lend their assets and receive interest payments, enabling them to earn an annual percentage yield (APY) on their assets. 

Additionally, Gemini supports staking for Polygon (MATIC) and Ethereum (ETH) digital assets, providing users with passive income opportunities.

Pros:

• User-friendly Interface: Gemini provides a simple and easy-to-use interface.
• Available all over the U.S.: The platform is accessible in every U.S. state.
• Earn Interest on Stablecoins: Gemini offers the opportunity to get interest on stablecoins like USDC and Pax Gold (PAXG).

Cons:

• Limited customer service options: Gemini has limited customer service options, potentially affecting the level of support available for crypto investors.
• Exclusion of Ethereum and Cardano: The platform does not have these assets, limiting the options for such popular cryptocurrencies.

Fees and Deposits

9. Nexo

Founded in 2018 by Antoni Trenchev, Kosta Kantchev, and Kalin Metodiev, Nexo is a leading lender, offering competitive rates and focusing on risk management.

Nexo is known for its stability and user-friendly approach. Rates remain relatively stable, and crypto investors can estimate their returns using Nexo’s yield calculator. Over-collateralized loans and insurance coverage provide added security.

Nexo also features a tiered loyalty structure that incentivizes users to hold NEXO tokens for increased yields and balance limits. It caters to both beginners and advanced users, providing a range of exchange features.

Pros:

• Daily Payouts: Nexo allows users to receive daily payouts, providing them with more frequent access to their earnings.
• Enhanced Yields with NEXO Payouts: NUsers can achieve up to 12% yield on the “Platinum” tier, with the potential for an additional 2% yield if the payout is in NEXO tokens.
• Unlimited Staking: The platform imposes no maximum limit on staking, granting crypto investors the flexibility to stake any desired amount.

Cons:

• Unregulated in the US: Nexo ceased its US operations on April 1, 2023, citing costly regulatory disputes.

Fees and Deposits

10. Aave

Aave is a DeFi protocol where users can stake AAVE tokens and supported assets like ETH and DAI. Users earn yields that are redeemable anytime. However, a 10-day cooldown period before unstaking, followed by a two-day window, exists.

To start on Aave, you need a compatible wallet and a certain amount of AAVE tokens. The process allows for potential yields of up to 12.22%, but the exact yield depends on the quantity of AAVE tokens and the duration of the lock-up period. 

Pros:

• High Yields: Aave offers annual yields of over 12%, enabling the possibility of significant returns on crypto assets.
• Insurance Coverage: Aave is backed by Nexus Mutual insurance, ensuring additional protection for crypto funds.
• Fully-Decentralized Setup: Aave operates crypto with complete decentralization, enhancing its products’ security and reducing the risk of centralized manipulation.

Cons:

• Relatively lower yields for investors compared to others.
• Limited selection of assets supported for staking.

Fees and Deposits

11. Cake DeFi

Cake DeFi is a DeFi protocol enabling users to stake various crypto assets like Bitcoin and Ethereum for rewards. Established in 2020 and based in Singapore, Cake DeFi offers a comprehensive range of services and products, including asset management, derivatives trading, lending, borrowing, and staking.

Cake DeFi’s transparency sets it apart in the industry, with regular quarterly reports showcasing crypto  growth, yields, and roadmap. APY calculations include all fees, ensuring transparent earnings. One-click un-staking and auto-compounding maximize yield returns. Notably, Cake DeFi has no minimum amount limitations.

Pros:

• Transparency: Cake Defi provides quarterly reports that offer transparency on the protocol’s growth, yields, and roadmap.
• Clear APY Calculation: The APY mentioned by Cake Defi includes all fees, clarifying the final earnings for crypto users.
• Convenient Un-staking: Users can easily manage their crypto assets with the one-click un-staking feature.
• Legitimacy and Security: The crypto platform enhances legitimacy and security by providing node addresses with past activity, ensuring users of its authenticity.
• No Minimum Amount Limitations: Cake Defi allows users to start with any desired crypto amount.

Cons:

• Restricted Coins/Token Selection: Limits crypto investors’ choices for staking their preferred cryptocurrencies.
• High Swap Fees: For users with smaller crypto coins investments, it affects the overall profitability.
• Limited Availability of Tokens: This may pose challenges in swapping or trading on the crypto platform.

Fees and Deposits

Best Staking Platforms Comparison

Pros and Сons of Сrypto Staking

Pros

• Passive Income: Staking allows you to earn yields by holding your crypto coins/token.
• Network Support: It contributes to the security and stability of the blockchain network.
• No Technical Expertise Required: Staking is user-friendly and doesn’t require specialized knowledge or hardware.
• Potential for Higher Returns: It offers the potential for higher and more stable crypto returns compared to other methods.
• Enhanced Security: Coins are locked and less susceptible to theft or hacking.

Cons

• Loss of Liquidity: The crypto investment process ties up your assets for a specific period, limiting immediate access.
• Market Risk: Adverse price movements can impact the value of your token.
• Slashing: Validators breaking network rules may result in losing a portion of their stake.
• Minimum Stake Requirement: Some networks’ products have minimum crypto amounts, a barrier to entry for some.
• Hacking: Platform failure or hacking associated with cryptocurrency platforms is a potential risk.

Closing Thoughts

Maximizing the potential of your cryptocurrencies and earning yields can be achieved through various avenues. Centralized staking offers a convenient option for individuals lacking technical expertise or resources to operate their own nodes. 

However, risk tolerance is crucial in selecting the right method and products. Crypto staking platforms Investors seeking higher risks and yields may explore DeFi, while others desiring stable crypto returns can consider on-chain staking or digital asset lending platforms with reliable insurance policies. 

While no perfect solution exists, careful planning and research empower you to create a solid crypto investment plan and leverage your assets effectively.