Disclaimer: Swyftx no longer supports staking on crypto, as of January 2023. The information in the article below no longer applies.
If you are looking for other Australian crypto exchanges for staking, you can try these other options:
You have probably heard that Swyftx offers staking, and you want to learn how to get started, so that you can earn crypto interest and grow your investment. Swyftx has changed their product from "Staking" to "Earn", but the result is the same for users. You place your crypto in Swyftx Earn, and you receive crypto rewards in return.
How to stake crypto using Swyftx?
Staking your crypto on Swyftx, one of Australia's best crypto exchanges is simple. All you have to do is open an account, buy the crypto that you want to stake (or deposit it from a different crypto exchange), click "Earn", then start earning interest! We have created a step-by-step with screenshots to help you stake your crypto on Swyftx within minutes. If you already have a Swyftx account with crypto you want to stake, and you don't know how to start staking, skip straight to step 6.
There are just six quick steps that I will expand on below:
Step 1: Open an account with Swyftx
Step 2: Verify your Swyftx 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 Swyftx
Step 2 - Verify your Swyftx account
Once you have created your Swyftx account, you need to verify your account. The process should begin automatically, but if not, click on "Profile" in the menu on the left, then click "Verification" (highlighted in blue in the screenshot below). Click on each of the panels and follow the quick instructions to verify your mobile, email and ID. It will only take a few minutes, and once your verification is complete, you will receive $20 Bitcoin FREE in your account.
Step 3 - Deposit money or crypto into your account
After your account has been verified, you can deposit money into your Swyftx account. Click on "Quick Deposit" in the menu on the left, then click "Deposit AUD". It will take you to the deposit page, like the screenshot below. If you scroll down you will see the various deposit methods. The easiest and most convenient way is Bank Transfer, because it is instant and free of charge. Simply log into your bank account, and send money to the bank details shown in the "Bank Transfer" panel.
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 Swyftx so you can start earning interest on it. For example, if you own ADA (Cardano) and you want to send it to Swyftx, click on "Trade" in the menu on the left, then "Deposit" (highlighted in blue in the screenshot below). Then in the search field type in ADA, and click on Cardano under the Assets list. Now you can see your ADA address displayed as a long string of characters. Sign into wherever your ADA is stored (either on another crypto exchange, or hardware wallet). Send your ADA to your Swyftx account by copying and pasting the ADA address. If you are using a mobile phone for the other account, you can also scan the QR Code with a camera. Once you have sent the crypto into your Swyftx account, you can skip to step 6 to begin staking.
Step 4 - Go to the Buy section
When your AUD has arrived in your Swyftx account (you may need to refresh the page to see the updated balance), you can buy the crypto you want to stake. Click here to see which cryptocurrencies you can stake on Swyftx. Click on "Trade" in the menu on the left, then "Buy" (highlighted in blue in the screenshot below). Then search for the cryptocurrency you want to buy. Many investors like to stake ADA (Cardano), so we will use that as an example in this guide. Search for ADA in the search field, then click Cardano in the Assets list underneath.
Step 5 - Buy the crypto you want to stake
Select how much AUD you want to spend on the coin, then click the "Instant Buy" button. In this example, we used $500 to buy ADA. A pop-up will appear confirming how many coins you will receive, the fee, and the total amount you are paying. If you are happy with the details, click "Confirm Buy".
Step 6 - Stake crypto to start earning interest
Now that your Swyftx account has the crypto that you want to stake, you can start earning interest on it. Click on "Earn" in the menu on the left (highlighted in blue in the screenshot below), and you will see a page with all 20 coins that you can earn interest on, as shown below.
Find the coin you want to stake. For example, if we want to stake ADA (Cardano), that is the along the top row. Click on the (+) symbol, and a pop-up appears, as in the screenshot below. Enter the amount of ADA you want to stake (or click "Set max" to stake all of it), then click "Add" at the bottom. Easy as that, now you are earning 4.6% APY on your ADA!
To unstake your crypto, simply click on the (-) button, enter the amount to take out, and click "Remove".
Frequently Asked Questions:
What coins can you stake on Swyftx?
Currently you can earn crypto interest on 20 coins, which include popular ones like BTC, ETH, USDT, ADA, and AXS. For the current list of supported coins, click here.
Can you stake ETH on Swyftx?
What is the difference between staking and Swyftx Earn?
Swyftx has switched from 'Staking' to a feature that is now called 'Earn'. Staking is only for proof of stake assets, whereas Swyftx Earn allows users to earn interest on a wider number of assets such as Bitcoin, that cannot be staked. On Swyftx, now you can earn up to 5.12% APY on Bitcoin, which is quite generous, and not available through regular staking.
While Swyftx no longer has staking, many readers still think of Swyftx's Earn feature as "staking", which is why we use the term in this article, for ease of understanding.
What is the interest rate for staking on Swyftx?
The interest rate on Swyftx Earn varies depending the coin. Currently, you can earn 5.12% APY on ETH, 5.12% APY on BTC, 6.71% APY on USDT, and a massive 101.24% APY on AXS! For the most up-to-date rates, you can check the "Earn" section in your Swyftx account, or see the list here.
Is staking crypto safe?
Yes, your crypto is safe when you stake it, or place it in Swyftx Earn. Swyftx is a legitimate and extremely secure crypto exchange, so you have peace of mind that your assets are safe.
Can I lose crypto by staking?
You cannot lose your crypto when you stake or place your crypto into Swyftx Earn. You will always own at least the same number of coins you deposited, which grows over time as you earn rewards. However, note that the value of the cryptocurrency may drop, so the total dollar amount of your coins may decrease, but this risk is always present, even if you were to hold your crypto without staking.
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