Best Place to Stake Solana

Best Place to Stake Solana

Robert McDougall 

July 13, 2023

Cryptocurrency

Solana was created in 2017, and its coin SOL has rapidly grown to be one of the largest cryptocurrencies by market cap. This has led to it being one of the most popular coins to stake, and you will find many exchanges that support staking of SOL. With so many options, we did the research to find you the best places to stake your Solana based on rewards (APY), ease of use, and security.

Top Exchanges For Staking Solana in 2023

#1. Binance 

Binance is our top choice for staking cryptocurrencies, such as ETH and DOT, and it is also our #1 exchange for staking Solana. The reason we recommend Binance is because it has high rewards, and options to lock your crypto for different durations, or keep it flexible. Also, since Binance is the largest crypto exchange in the world based on trading volume, you are easily able to purchase SOL directly using fiat currency, and then stake on the same site, without the hassle of transferring it to another platform.

At the time of writing, you will earn 7.99% APY when you lock your SOL for 120 days. You can also opt to lock for 90 days, (7.2% APY), 60 days (6.7% APY), or 30 days (5.9% APY).

If you prefer flexible staking, where you can unstake, transfer, sell, or trade your Solana at any time, the current rate is 0.57% APY, with a bonus 1% on top for the first 5 SOL that you stake.

While Binance is extremely popular for staking around the world, unfortunately it is not supported in the US. For many of our readers, who are US residents, we suggest you to use our #3 option instead, Crypto.com.

Advantages
  • Easy to purchase SOL with fiat, and stake right away
  • High reward rates with flexible and fixed duration options
  • Rewards paid out daily
Disadvantages
  • Not available in the US

#2. Bybit

Bybit is the best choice for staking Solana if you want to keep it flexible. At the time of writing, the rewards are 3.3% APY for flexible staking, which is much higher than what is on offer at Binance. You can also lock your SOL for 30 days to receive higher returns of 6% APY.

Another reason we like using Bybit is because it does not require any KYC verification, which is required on Binance. This means you can remain anonymous, and gain interest on your crypto without anyone being aware of your earnings.

Bybit also has a special offer for our readers, where you can receive $10 FREE Bitcoin when you deposit at least $100. It is simple, you only need to  sign up with this link and the promotion will be applied automatically.

US users are not able to access Bybit, but if you are determined to use it, you can use a VPN to get around it. Since you don't need to prove your identity, if you set your VPN to Australia or Canada you will be able to access Bybit.

Advantages
  • High rewards rates for flexible Solana staking
  • No KYC required so you can stake SOL anonyously
  • Free $10 BTC when you deposit at least $100
Disadvantages
  • Not available in the US unless you use a VPN

#3. Crypto.com 

Crypto.com is an easy-to-use mobile app where you can easily buy and sell crypto, and it also has an extensive range of coins that you can stake. It is our top choice for US citizens, as well as beginners to staking, as it is very straightforward.

The first step step is to buy Solana, which you can do in one of two ways. First is to purchase it directly using your credit/debit card, and the second is to deposit fiat currency into your Crypto.com account, and then make the purchase. After you have bought SOL, go to the Earn section in the menu, click the + button, and choose Solana. You will see the options of Flexible staking, 1 month term, or 3 month term, with the corresponding interest rewards.

As of the time of writing, if you lock your Solana for 3 months you will earn 3% APY, if you lock it for 1 month, you earn 2% APY, and if you choose flexible staking, the rewards are 0.25% APY.

While these rewards are significantly lower than Binance, you can increase them by staking Crypto.com's own coin, CRO. When you have at least $4,000 of CRO staked, the rewards for 3 month term becomes 4.5% APY, and if you stake over $40,000 of CRO, the rate is 6.5% APY.

Crypto.com is suited for those who want ease of use, and are staking smaller amounts. This is because a limitation of the app is that when you stake more than $3,000, the rewards are halved. If you are a big investor and you stake more than $30,000 of SOL, then the rewards are only 0.15x of the original rates.

Advantages
  • Flexible or fixed term staking options
  • Easy-to-use app so you can stake at any time
  • Buy Solana and earn interest on it with only a few clicks
Disadvantages
  • Interest rates decrease if you stake more than $3,000

#4. Kraken

Kraken is one of the top US crypto exchanges, thanks to a simple interface, low trading fees, and 185 cryptocurrencies on offer. In February 2023, Kraken removed the staking feature in the US, but if you are located in other parts of the world, you will still be able to stake your Solana on Kraken.

When you stake SOL, you can choose the flexible option, where you receive 2-3% APY, or the bonded option, with higher returns of 6-8% APY.

If you have a range of coins that you wish to earn interest on, Kraken is the place to stake them. For example, you can stake ETH, DOT, ATOM, XTZ, ADA and more. Visit Kraken's official site to see all the coins and interest rates for available.

Advantages
  • Basic interface makes it easy to navigate
  • Decent reward rates for flexible and bonded staking
  • Well-known cryptocurrency exchange
Disadvantages
  • Staking is no longer supported in the US

How To Stake Solana?

The easiest way to stake Solana is to use a cryptocurrency exchange listed above, and then follow the steps below:

  • Sign up to a crypto exchange (eg: Binance)
  • If you already own SOL, then deposit it from your existing wallet or exchange into the new crypto exchange
  • If you don't have any SOL, then deposit fiat currency into your crypto exchange, then use it to buy Solana
  • Visit the Earn or Staking section of the exchange and choose Solana
  • Select the duration of staking (whether fixed or flexible) 
  • Choose how much Solana you want to stake
  • Follow any prompts to complete the staking process
  • You will earn rewards either daily, or after a set time period, based on the exchange and your choice of flexible/fixed term

What is the best APY for Staking Solana?

The reward rates for staking Solana will vary over time, and is influenced by various factors, such as the crypto exchange, number of people staking, and whether you lock your SOL. At the time of writing, the best rewards you can receive is 7.99% APY when you lock for 120 days on Binance, or 3.3% APY with flexible staking on Bybit.

Conclusion

Staking Solana coins is a great method of growing your crypto holdings as you HODL for the long term. It is a good idea to stake SOL using one of the crypto exchanges above, but remember to check the reward rates frequently as they will often change. If you are also interested in staking other coins, you can see our articles on staking ETH, DOT, ALGO, and AXS.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read it here.


Tags


You may also like

CoinSpot Review

CoinSpot Review
>