You have probably heard that CoinSpot offers staking, and you want to know how to do it, so you can earn interest on your crypto. CoinSpot has changed the name of their staking product to "Earn", but essentially it means the same thing for users. You place your crypto in CoinSpot Earn, and you receive rewards in return.
How to stake crypto using CoinSpot?
Staking your crypto on CoinSpot, Australia's #1 crypto exchange is very straightforward. You simply need to register an account, buy the crypto that you want to stake (or deposit it from a different crypto exchange), click "Earn", then begin earning interest! Follow the steps below for a detailed guide with screenshots to help you start staking crypto within minutes. If you already have a CoinSpot account with crypto you want to stake, and you don't know how to start staking, skip straight to step 6.
There are six easy steps which I will go through in detail below:
Step 1: Open an account with CoinSpot
Step 2: Verify your CoinSpot account
Step 3: Deposit money or crypto into your account
Step 4: Go to the Buy section
Step 5: Buy the crypto you want to stake
Step 6: Stake crypto to start earning interest
Step 1 - Open an account with CoinSpot
The first thing to do is register with CoinSpot, the #1 crypto exchange for staking crypto in Australia. If you already have an account with CoinSpot, you can skip to step 3.
To open an account, click here to go to the CoinSpot homepage. Click on "Register" in the top right corner, and you will be taken to a sign-up page like the image below. Enter your email address, choose a password, click to prove you're not a robot, and then click Create Account.
Step 2 - Verify your Coinspot account
Once you have created your CoinSpot account, the next step is to verify your account. Click the "Complete Verification" button and follow the prompts. First you need to verify your email address, then fill out your personal details, and finally verify your identity with your driver license. After you have completed those steps, you may have to wait a little for your verification to occur. In the meantime, have a look around the CoinSpot website so you can become familiar with how it works.
Step 3 - Deposit money or crypto into your account
Once your account verification is complete, you can deposit AUD into your CoinSpot account. Click the "Deposit Funds" button under the CoinSpot logo in the top left, and you will see the Deposit Funds page, like the image below. There are 5 different methods you can choose, but the best option is POLi since it is instant, convenient, and free. Choose the amount of AUD you want to deposit, select your bank, then click "Continue to POLi" to make the payment.
If you already own the coin you want to stake, and it is on a different crypto exchange or wallet, you need to deposit it into CoinSpot so you can start earning interest on it. For example, if you own ADA (Cardano) and you want to send it to CoinSpot, click on "Wallets" along the top menu, search for ADA, and click "Open ADA wallet". Your wallet will look similar to the picture below. Click "Receive" on the left, and you will see a long string of characters - this is your Cardano wallet address. Next, sign into wherever your ADA is stored (maybe on another crypto exchange, or hardware wallet). Send your ADA to your CoinSpot account by copying and pasting the address. If you are using a mobile phone for the other account, you can click the "Show QR Code" button in CoinSpot, and use your camera to scan the code. Once you have sent the crypto into your CoinSpot account, you can jump to step 6 to start staking.
Step 4 - Go to the Buy section
When your money has arrived in your CoinSpot account, it's time to buy the crypto you want to stake. Click here to see which cryptocurrencies you can stake on CoinSpot. Click on "Buy/Sell" in the menu along the top, then search for a cryptocurrency you want to buy. ADA (Cardano) is a popular coin that people like to stake on CoinSpot, so let's use that as an example here. Type in ADA in the search field, then click the blue "Buy ADA" button.
Step 5 - Buy the crypto you want to stake
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on the coin, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In this example, I chose $500 worth of ADA. When you are happy with the confirmation, click "Confirm Buy" to finalise the transaction.
Step 6 - Stake crypto to start earning interest
Now that your CoinSpot account has the crypto that you want to stake, it's time to earn some interest. Click on "Wallets" at the top, then search for the crypto you want to stake, in this example it is ADA. Click on "Open ADA wallet", and you will be taken to your Cardano wallet. When you click "Earn" on the left, you will see a page similar to the screenshot below. Enter how much ADA you want to earn interest on, then click the "Confirm Lend Amount" button. Now your ADA is earning you 5.1% APY.
Remember that not every coin on CoinSpot can be staked, in fact only 21 coins are offered, which are listed here. For coins that are not supported, there will be no "Earn" button in the wallet.
Frequently Asked Questions:
What coins can you stake on CoinSpot?
Currently you can stake 21 coins, which include popular ones like ADA, AXS, BNB, DOT, MATIC and CRO. For a full list of supported coins, click here.
Can you stake Polygon on CoinSpot?
Yes, you can earn interest on MATIC (Polygon) on CoinSpot. Get started now by opening an account with CoinSpot.
What is the difference between staking and CoinSpot Earn?
Staking is the process where users are given the ability to earn a percentage reward on their cryptocurrency by locking it over a period of time. This is done through a Staking Pool where coins are rewarded to users in proportion to their staked holdings.
With CoinSpot Earn, users can lend their coins to CoinSpot in exchange for a fixed rate, competitive interest payment on our list of available coins here. There are no fees or lock up periods for using CoinSpot Earn and those coins can be unallocated at any time.
Technically, CoinSpot no longer offers staking, they only offer CoinSpot Earn, but many readers still think of CoinSpot's Earn feature as "staking", which is why we continue to use the term throughout this article.
What is the interest rate for staking on CoinSpot?
The rate you receive depends on the coin you choose, for example you earn 5.1% APY on ADA, 5% on BNB, 12.8% APY on MATIC, and a huge 78% APY on AXS! For the most up-to-date rates, you can check the "Earn" section on the respective wallet in your CoinSpot account. You can also have a look here.
Is staking crypto safe?
Yes, your crypto is safe when you stake it, or place it in CoinSpot Earn. CoinSpot is Australia's most secure and trusted crypto exchange, so you can rest assured your funds are safe with them.
Can I lose crypto by staking?
You cannot lose your crypto when you stake or place your crypto into CoinSpot Earn. You will always own at least the same number of coins you placed in, which will increase over time as you earn rewards. However, note that the value of the crypto may drop, so the total dollar amount of your coins may decrease, but this is true even if you were not staking it.
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