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5 cryptocurrency exchanges where you can stake cryptos & earn rewards

The post 5 cryptocurrency exchanges where you can stake cryptos & earn rewards appeared first on Go Cryptowise.

Staking cryptocurrencies have grown to become widely popular amongst cryptocurrency holders. This allows us to stake our cryptocurrencies in dedicated wallets and start earning interest. I will share a list of some of my personal favourite cryptocurrency exchanges where users like you and me can start staking our cryptocurrencies and start earning rewards. 5 cryptocurrency […]

The post 5 cryptocurrency exchanges where you can stake cryptos & earn rewards appeared first on Go Cryptowise.

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Staking cryptocurrencies have grown to become widely popular amongst cryptocurrency holders.

This allows us to stake our cryptocurrencies in dedicated wallets and start earning interest.

I will share a list of some of my personal favourite cryptocurrency exchanges where users like you and me can start staking our cryptocurrencies and start earning rewards.

5 cryptocurrency exchanges with staking enabled

What is great with these cryptocurrency exchanges is that not only is it very easy to get started with staking, you can also stop staking at any time.

I have only listed services with this feature available. So that you don’t need to lock your funds away for a long period of time*.

  • *However some of the exchanges offers both flexible and fixed staking. With fixed being an added option for those that are ok with locking their funds away and earn more in interest

1 ) Binance

Staking at Binance

One of the biggest cryptocurrency exchanges in the world is Binance.

And they have grown to become a leader due to its focus on providing customers with the most attractive features. Where staking is now one of them.

To start staking cryptocurrencies at Binance you really don’t need to do much.

In fact, all you need to do is buy or deposit a staking-enabled cryptocurrency. And then simply hold it in your Binance wallet.

After that Binance will pay out the staking rewards once per month.

And to start staking at Binance you need to buy or deposit a cryptocurrency with this feature possible (check that here).

2 ) KuCoin

KuCoin staking via Pool-X

Another cryptocurrency exchange with staking as an option is KuCoin. They call it soft staking. Which I guess draws a bit inspiration to cold staking, or due to the fact it’s done in an easy way.

Anyway it works like a bit differently to Binance but it is still simple. You need to to stake your assets via Pool-X.

And to not confuse you KuCoin actually have two different staking/bonus options on its site. One is this soft staking features, available now via their Pool-X exchange option (learn more how it works here).

The other bonus/staking options is that if you buy KuCoin Shares(KCS) cryptocurrency you automatically get a bonus.

This bonus is made out of the earnings that KuCoin makes from trading fees.

With KuCoin’s staking you can either use the flexible or fixed option. With fixed you can get additional rewards but then you will need to lock down your cryptocurrencies for the fixed period.

3 ) Kraken

Staking at Kraken exchange

Kraken also offers staking to its users. And they have two staking features available. One is called on-chain staking and the other is off-chain staking.

The first one, on-chain staking is provided to certain Proof of Stake protocol cryptocurrencies. With staking on Kraken you first need to be a verified starter level (minimum) at Kraken.

And then you of course need to buy or deposit the staking asset. After that you click on staking in the menu and select the asset to stake and click on ‘stake‘ and the amount to stake.

Kraken will then show you that you’ve sent your cryptocurrencies for staking and you will find more information under ‘Staked assets’.

To stop staking you simply click on ‘Unstake‘. So similar to KuCoin that you need to start the staking process. Whereas at Binance it is done automatically by holding it in your wallet.

And with off-chain staking, this is another feature only available to people from certain countries and with a more restricted staking pool. To see if off-chain staking is available for your country read more here.

4 ) Coinbase

Staking on Coinbase with Tezos

Coinbase also has staking enabled on its site/app. This is available for PoS blockchains. But at this point in time, it’s only available for Tezos (XTZ).

To start staking Tezos on Coinbase you go to Settings and Financial Services. From there you can opt in to start staking your XTZ.

And you of course first need to buy or deposit Tezos. You can buy XTZ from Coinbase directly.

5 ) Bitfinex

Bitfinex staking rewards for EOS, Tron, Tezos and other cryptocurrencies

You can also earn staking rewards on Bitfinex by staking your cryptocurrencies. Launched in April 2020 Bitfinex jumped onboard the staking train.

And now its users can stake popular cryptocurrencies such as Tron, EOS, Tezos and Cosmos amongst others directly from the exchange.

To start staking at Bitfinex you simply need to hold the asset in your account. And then you automatically start earning rewards from then.

Bitfinex pays out the rewards on a weekly basis.

What about the risks of leaving cryptos on an exchange?

With low paying savings account, collapsing economies and unstable markets every investor is actively looking into every possible opportunitiy for both long term and short term investments.

Cryptocurrencies such as Bitcoin have through the years proved to be a lucrative alternative. A safe haven that might be able to withstand the worldwide economic downturns.

But investing in Bitcoin can still be considered somewhat uncertain. At least from a short term perspective. And it’s hard to plan after it due to its volatile nature.

And mining Bitcoins is a very unrealistic task from a profit standpoint. Fine if you are hobby miner that wants to do it because it’s fun. But from a financial standpoint, it doesn’t make much sense.

But what is making a whole lot more sense is staking cryptocurrencies.

This is a lot easier and cheaper to get started with. No need for expensive mining rigs.

And with staking not only done from personal computers set up as nodes but now also possible at various cryptocurrency exchanges it is easier than ever.

With that said I wanted to look into the market for staking directly from a cryptocurrency exchange.

It is growing to become very popular because of how easy staking can be.

I am a bit ambivalent around the concept of staking from an exchange.

Like many others I’ve been told that in crypto we should be our own banks. And I have written in the past about cryptocurrency exchange hacks.

So I am well aware of the risks of leaving our funds on exchanges. And I personally use hardware wallets for most of my cryptocurrencies.

cryptocurrency exchange

Conclusion – which exchange to use for staking?

When it comes to selecting one of these exchanges to use for staking I would go by these factors:

  • Do they have staking available for the cryptocurrency that I want – Yes/No?
  • Then I would go with the exchange I use most often. If that’s Binance then go for them, if it’s KuCoin then use them.
  • Lastly for any choice I would to my due diligence. How secure are they? What are they doing to protect the users funds?

I’ve only included the cryptocurrency exchanges that I myself would use for staking. Some of these exchanges have been hacked in the past, like Bitfinex and Binance.

Have they learned from these past events? Yes. But is that definitely enough to always protect your funds? Maybe.

Therefore it is very important that you understand the risks and that you don’t make this decision to lightly.

I have written about how you can stake your cryptocurrencies by yourself and not use an exchange. And it is not that hard to get started. Especially with staking available at popular hardware wallets like Ledger.

Or with cold staking another smart invention.

Either way, I think if you don’t already stake your cryptocurrencies today that you should definitely look into it. It’s a great way to earn passive income!

Find other guides

  1. Best Binance alternatives
  2. Best Kraken alternatives
  3. Best Coinbase alternatives
  4. Best LocalBitcoins alternatives

Source: https://gocryptowise.com/blog/cryptocurrency-exchanges-with-staking/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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