If you are invested in the crypto market, you have definitely heard of the term “staking”. Staking is an excellent way to earn additional income. Although you can stake many coins, one of the best is Tezos. In this article, we will clarify everything you need to know about XTZ (Tezos) staking, how to stake Tezos, and the top 5 crypto staking platforms you should consider.
Best Platforms to Stake Tezos in 2023
We have reviewed some of the best platforms to stake Tezos, in terms of rewards, fees, ease of use, security, and other essential features. This is our list of the TOP 5 platforms to stake XTZ:
1. Guarda Wallet
Guarda is an excellent crypto wallet that supports over 50 major blockchains and thousands of different coins. The wallet is non-custodial, which means that only you will have access to your funds and personal information.
Besides Tezos, you can also stake and earn rewards in over 10 different tokens, with a 6% APY rate. Since Guarda has its own baker node, you will be able to earn rewards without paying to run a baker node. Staking is available in web, desktop, and mobile applications.
To begin staking on Guarda wallet, press “staking”, and then “Deposit for staking”. Choose the desired amount, click “Next”, and confirm the information.
2. Ledger Wallet
Ledger is a popular company that has developed useful products and blockchain applications to store crypto with bank-like security features. Their most popular and innovative products include Nano X and Nano S models, which are among the best hardware wallets to store crypto.
When you store XTZ coins on a Ledger wallet, you can stake them using the Ledger Live application. In return, you will receive an APY of approximately 6%, minus minimal fees.
Note that it can take you over a month to earn the first reward. After that, you can expect to get the payouts every three days. Although this might seem like a drawback, being able to store XTZ coins on a hardware wallet and keep them away from hackers is much more important.
By trade volume, Binance is the largest crypto exchange in the world, with millions of active users. It offers great features, such as crypto margin trading, lending service, and of course, staking crypto.
The platform allows you to stake 25 different tokens, including Tezos. There are no fees for staking Tezos; you only need to buy at least 1 XTZ to start staking. To maximize rewards, all earned profits are shared with Binance users.
One great benefit of Binance is that you can stake Tezos while waiting for a trade. You can benefit from staking XTZ in addition to potential profit from a trade. When the position is filled, the balance of staked coins and all the associated rewards will adjust automatically to show the currently available balance. There is no fixed plan, so you can stake sell some of your Tezos tokens while you are still staking.
To start staking, create a free account on Binance and navigate to “Finance”. Click “Staking” and select Tezos from the Flexible Staking menu. Buy Tezos with fiat or deposit funds from your hardware wallet, store XTZ, and start staking.
4. Atomic Wallet
Atomic Wallet is a decentralized wallet available for both desktop and mobile devices. It supports over 500 different coins and is suited to investors of all levels. The wallet provides a simple and convenient way to store and stake crypto.
The expected ROI of this platform is around 7%, which is similar to all other wallets on this list. To start staking, deposit the minimum amount of 1 XTZ in the wallet. The website also provides a calculator by which you can determine monthly and annual earnings depending on the amount you deposited.
On this platform, you can stake Tezos without any fees and receive rewards directly from the baker. On top of that, you can manually select a Tezos baker to stake.
To start staking, visit the Atomic Wallet website and download the wallet, then deposit or buy Tezos to store them. Then, select “Tezos” from the asset list and click on “Stake”. Review the list of bakers and the percentage of rewards, select the desired baker, and start earning.
Coinbase is a crypto exchange platform used by over 35 million people in over 100 countries. You can use it to buy and sell crypto, and also easily stake Tezos and earn decent rewards.
Staking on Coinbase is available only to US customers, and allows you to earn up to 5% APY. However, the reward percentage can vary over time, mainly based on the staking profits on the Tezos network. Also, you can opt out of staking Tezos and sell the coins at any time.
Note that staking on Coinbase comes with a small commission fee. As a result, the reward rate will be slightly lower compared to other platforms that we mentioned.
What is Tezos Staking?
Tezos (XTZ) is a popular crypto that implements a proof-of-stake method to secure its network. Staking this coin allows you to earn up to 7% APY reward by actively participating in validations of transactions. By staking Tezos tokens, you will earn XTZ coins as a reward.
How to Stake Tezos?
Staking Tezos is very simple. Let’s use Guarda Wallet wallet as an example. Visit the Guarda website and create a new wallet. Open your XTZ wallet on Guarda and add XTZ coins by depositing from your existing crypto exchange or wallet where you are holding Tezos. Then click "staking", and "Deposit for staking". Select the amount of Tezos you wish to send for staking. Finally, click "Next" and confirm the information to start earning your rewards.
These are the best platforms and wallets for staking Tezos. You won’t go wrong by choosing any platform from the list, but our top choice in terms of reward rate and ease of use is Guarda wallet.
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