If you are familiar with investing in crypto, you probably have definitely come across the term “staking”. What is crypto staking? It is the method to receive passive income when you buy coins and hold them on the network, getting rewards for doing so. Staking crypto can support blockchain functioning. It is also a way for the network to validate transactions, which works much more efficiently than Proof-of-Work-based networks. PoS does not require buying mining equipment and spending enormous amounts for paying electricity costs.
Simply put, crypto staking is a way to earn passive income by locking cryptocurrencies on the blockchain and receiving interest in return. The interest rate can vary from one cryptocurrency to another.
These platforms offer staking crypto:
- Binance
- WhiteBIT
- Coinbase.
Of course, all cryptocurrency exchanges offer different betting conditions; let’s take a look at what WhiteBIT offers.
How to Stake Crypto on WhiteBIT?
WhiteBIT offers several smart staking plans. Each plan provides different benefits to staking cryptocurrencies and other periods in which you can hold your coins in the exchange.
Below you will find instructions on how to join Smart Staking on WhiteBIT:
- Choose the coin you want to use for staking and deposit it to your account.
- Look for the list of staking plans and choose the term and interest rate that suits you best. Use filters for picking terms you are interested in.
- Pick the amount and click “Deposit”. Each betting plan has a minimum and maximum amount. Once you make a deposit, you can’t change the amount.
At the end of the staking program, the plan expires automatically, and you receive the remaining amount. If you choose to terminate the process and unlock your coins before the plat expires, you lose interest. So read the staking conditions attentively before locking your coins.
Try stake crypto on the WhiteBIT demo account to see how it works in practice. Play with different staking plans to see how much you can earn and how long you need to keep your coins locked.