Key Takeaways
- Binance offers the highest staking rates for Algorand (ALGO), with rewards of up to 6.59% APR for fixed staking and 2.5% APR for flexible staking. However, it is not available for US citizens.
- Crypto.com is a user-friendly mobile app that allows staking of ALGO. The rewards range from 0.1% to 2% APY, depending on the duration and amount staked. Higher rates are available if you stake Crypto.com's native token, CRO.
- Ledger Wallet, specifically the Ledger Nano X, provides enhanced security for staking ALGO. However, it requires purchasing the hardware wallet, which comes at a higher upfront cost.
- Coinbase is a trusted US exchange that offers staking for ALGO with a reward of 5.75% APY. It is beginner-friendly and suitable for US residents.
A lot of crypto enthusiasts choose to invest in cryptocurrencies that they can stake and earn interest. ALGO (Algorand) is one of the most widely staked coins, and it is available on many crypto exchanges. How do you know where to stake Algorand, when there are so many choices? We have done the research and present you the top places to stake ALGO in 2024, with the best interest rates.
Best Places to Stake ALGO in 2024
#1. Binance
When it comes to fixed staking, Binance offers the highest rates for staking Algorand, making it our top recommendation. At the time of writing, the rewards stand at 6.59% APR when you lock for 120 days. When you lock for 90 days, the rewards are 4.9% APR; for 60 days you receive 3.98% APR, and for 30 days it is 3.29% APR.
If you prefer to keep your Algorand flexible, the rewards are 2.5% APR, which is a decent rate considering the convenience you have. You are able to withdraw, sell, or trade your ALGO at any time.
The main issue that many readers have with staking ALGO on Binance is that it is not available for US citizens. If you are from the US, have a look at our second recommendation, Crypto.com, which is a user-friendly mobile app available in the States.
- Largest crypto exchange in the world by trading volume
- Offers high rewards for fixed and flexible staking
- Easily buy ALGO with low fees of 0.1%
- Not available in the USA
#2. Crypto.com
Crypto.com is an excellent mobile app for staking ALGO, making it a suitable option for beginners. The app is user-friendly, and it's effortless to purchase Algorand on Crypto.com using a credit or debit card. You can also deposit fiat currency into the app to buy Polkadot. Once you've bought Algorand, it only takes a few clicks on the app to start staking and earning decent rewards. Overall, Crypto.com is an extremely convenient option for mobile staking.
When you stake ALGO on Crypto.com, you have the choice to keep it flexible, or lock it for 1 or 3 months. When you leave it flexible, you only receive 0.1% APY, which is very low. If you stake it for 1 month, this increases to 1% APY, and for 3 months, it is 2% APY. While these rates are very low, you can access higher rewards if you stake the Crypto.com's native token CRO. For example, if you have $4,000 of CRO staked, you will receive 3% APY on your ALGO (locked for 3 months). If you stake more than $40,000 of CRO, your rewards on ALGO increase to 5% APY.
If you want to stake a large amount of Algorand, you should be aware that the reward rates listed above are only available on the first $3,000 of ALGO. When you stake over $3,000, you only receive 0.5x the interest rate as the first $3,000, and if you have more than $30,000 ALGO to stake, the rewards drop to only 0.15x the standard rate.
- Very simple and convenient mobile app
- Many cryptocurrencies available to stake, besdies ALGO
- Option to receive higher rates if you stake CRO
- Rewards are much lower than Binance
#3. Ledger Wallet
If you are looking for a more secure option for staking Algorand, we recommend the Ledger Nano X. It is a crypto hardware wallet, a small device that stores your private keys to your crypto offline, so that it cannot be stolen from a crypto exchange even if a hack occurs. When your ALGO is stored on your Ledger, you can't lose it even if a crypto exchange goes bankrupt, like what happened to FTX.
When you stake on your Ledger, it is slightly more complicated than earning rewards on a crypto exchange. This is because you need to choose a staking pool and validator. For those who are new to cryptocurrency, it is easier to use an app like Crypto.com, which is very straightforward.
Besides the complex nature of staking Algorand on a Ledger Nano, the other negative is that you need to spend money to buy this crypto wallet. If you want a secure wallet for holding all of your crypto, then you might as well stake Algorand on the Ledger for additional security. However, if you are only considering the Ledger just to stake ALGO, it may not be the ideal choice. The price of a Ledger Nano X is around $200, and will vary based on your country. Check the latest local prices of a Ledger Nano X for yourself.
- Top-tier security to ensure your ALGO is always safe
- Small, minimalistic design
- Hold all your crypto securely
- High upfront cost
#4. Coinbase
If you live in the US, Coinbase is another great place to stake Algorand. Coinbase is one of the largest crypto exchanges in the US, and you can trust that your crypto is safe when you stake here. It is very user-friendly, perfect for those who are new to crypto and staking.
When you sign up to Coinbase, you can easily deposit fiat currency and then buy Algorand, which you can then stake in just a couple of clicks. The fee to buy crypto is a little higher than other exchanges, such as Binance and Crypto.com, but in return you are getting peace of mind that you are using a trusted US exchange, packaged in a beginner-friendly platform.
You can earn 5.75% APY when you stake ALGO on Coinbase, and there are several other coins you can also stake, such as ADA, ETH, and ATOM.
- Very beginner-friendly and easy to use
- Trusted and secure US exchange
- High rewards of 5.75% APY
- High fee when purchasing crypto
#5. Atomic Wallet
Atomic Wallet is another crypto wallet that can be used for staking, but unlike Ledger, this is a software wallet (available on desktop or mobile) instead of a hardware wallet. While it is not as secure as a cold storage hardware wallet, it is still more secure than holding your crypto on an exchange.
One of the great things about Atomic Wallet besides its security, is the low minimum deposit of only 1 ALGO. You also receive your first rewards in 1 day, which is excellent, as you don't need to wait till the end of a certain period to see your income flow in.
Unfortunately, at the time of writing, the expected yearly ROI is only a measly 0.63%. However, this rate will change from time to time, so you can always check back and see if it has increased.
- Stake your ALGO while it sits in your own wallet and not on a crypto exchange
- Supports over 500 different coins and tokens
- Accessible on desktop and mobile device
- Low minimum amount of only 1 ALGO for staking
- Low interest rates
What are the APY rewards for staking ALGO?
The level of APY rewards you will earn on ALGO is constantly changing, due to market conditions, and the decisions of the crypto exchange or wallet that you choose. At the time of writing, you can earn up to 6.59% APY when you stake on Binance and lock your Algorand for 120 days.
How do you stake Algorand?
It is easy to stake Algorand using any of the options in our list above. Simply sign up to the crypto exchange where you wish to stake ALGO, buy some Algorand crypto, navigate to the Earn or Staking section, and complete the staking process.
Conclusion
Whether you want to stake Algorand using a crypto exchange or a crypto wallet, we have picked the best options for you in this article. Be sure to check whether the option you choose is available in your country, and research the latest interest rates before staking your ALGO.