Cryptocurrency exchange platforms offer a variety of tools for making a profit. With the emergence of many blockchain products based on the Proof-of-Stake consensus protocol, many platforms added the staking function.
Staking crypto is a process where an investor buys coins and locks them for some period of time with the purpose of receiving additional coins in the end. Essentially, crypto staking is a passive income method in the crypto scope. It is the best option for those who are not ready to trade and want to receive income while risking the least.
Where Can I Stake Crypto?
Here are the platforms enabling staking:
- Coinbase
- Kraken
- WhiteBIT
- Binance.
Before putting your coins in staking, you should learn the conditions thoroughly. Every crypto platform offers different conditions for staking – period of locking, the initial amount of tokens, interests, penalties for unlocking coins prematurely, etc.
The WhiteBIT exchange offers about 40 smart staking plans for different crypto assets. They vary by the amount of staked crypto, the period of locking, etc. When keeping your assets staked, you support the platform’s functioning. So the more coins you lock, and the longer the locking period, the more significant return you receive. You can play with numbers right in the staking calculator on WhiteBIT.
Risks of Staking Crypto
Since the cryptocurrency market is highly volatile, there is always a risk that staked crypto prices will move downward, causing possible losses much more significant than possible return from staking. Since assets are locked and cannot be unlocked, you should weigh all the risks before putting your coins in staking. We recommend not to be beckoned by high staking rates but rather assess the project prospects on your own. Also, make sure you understand what losses you bear in case you unlock your coins before the staking plan expires.
Read the White Blog resource to learn more about Smart staking options on WhiteBIT. It gives extensive information and guides on trading, explains strategies, and helps to understand this industry better and in simple terms.
