With staking becoming an increasingly popular feature offered by hundreds of different platforms, it’s always wise to know what kind of fees you’ll have to pay for staking your crypto. Even if the rewards look great, unexpected fees can quickly sneak up on you.
So, which platforms out there offer little-to-no staking fees? Let’s find out.
Binance is one of the world’s most popular crypto exchanges, and there’s a lot of things about Binance that make it a great staking platform. Its secure network ensures your funds are kept safe. Moreover, the range of supported tokens allows you to choose between several popular cryptos to stake. This includes Bitcoin, Tether, Binance Coin, and Ethereum. So, how much does Binance charge for staking?
Absolutely nothing! While Binance charges fees for performing some other functions on its exchange, it doesn’t charge users for staking. It is one of the only major international crypto exchanges that doesn’t charge a cent for staking any of their available coins. Though Binance may lock up your funds depending on the coin you stake, the platform ensures they are kept safe and secure.
Kraken is another world-renowned crypto exchange available in 48 US states and 176 other countries. Kraken not only supports the trade of over 90 coins, but it also allows you to stake a variety of different tokens, such as Algorand, Cardano, and Ethereum, all of which have some pretty healthy annual yields. So, what kind of fees will you have to pay when staking on Kraken?
Well, like Binance, Kraken doesn’t charge a staking fee! While you will incur costs for buying or selling crypto on Kraken, you can stake a wide range of tokens without having to give the platform a cut of your rewards. You can either buy some of your desired cryptocurrencies on Kraken for staking or simply transfer funds to your account from elsewhere.
Unlike Kraken and Binance, Atomic Wallet is not a cryptocurrency exchange. Instead, it’s a software crypto wallet that you can access on either your desktop or smartphone. But Atomic Wallet isn’t just a solid option for storing your private keys; you can also stake a number of different coins, including Algoarand, Cardano, and Solana.
When it comes to fees, you may or may not incur a small cut of your rewards depending on the coin you’re staking. If you want to stake Zilliqa, Cardano, or Solana, Atomic Wallet charges a 5% fee. But if you’re going to stake one of their other supported staking coins, like Algorand or Komodo, you won’t incur any fees at all. So be sure to find out whether or not your desired coin includes staking charges before you get started in the staking process with Atomic Wallet.
Founded in 2013, Bitfinex has become one of the world’s biggest crypto exchanges—with a daily trading volume of over $800 million. You can stake a number of different cryptocurrencies on Bitfinex, including Cosmos, Solana, and Tezos, with varying yet worthwhile reward rates for each. Bitfinex uses something called soft staking, in which users can stake their funds without having to lock them away. This can be highly beneficial, as users only need to hold some crypto in their Bitfinex account in order to stake.
When it comes to fees, Bitfinex outshines many other exchanges in that it doesn’t charge at all for staking—though the platform does keep a small percentage of staking rewards. Like Kraken and Binance, you can stake your crypto on Bitfinex without any frustrating charges. Combine this with Bitfinex’s soft staking model, and you’ve got yourself a fantastic option for staking.
Stake Capital is a trusty decentralized finance (DeFi) platform that allows you to stake a list of various cryptocurrencies, including Cosmos, Tezos, and Loom. You can even find a couple of less well-known staking tokens on Stake Capital that aren’t supported by the major exchanges, such as Livepeer. So, now let’s talk fees.
As with Atomic Wallet, Stake Capital’s staking fees vary depending on which token you choose. If you want to stake Cosmos, for example, Stake Capital takes an 8% commission of your rewards. If, however, you want to stake Tezos, Stake Capital won’t take any commission at all. Make sure you check the commission rates on Stake Capital’s website before getting started.
KuCoin is a Hong Kong-based cryptocurrency exchange that supports all the major cryptocurrencies, as well as a fair share of the lesser-known tokens. And, of course, KuCoin also lets you stake a number of different coins, including Cosmos, Eos, and Zilliqa, though its range of staking cryptos have different fees. Like Bitfinex, KuCoin makes use of soft staking, and you can also find some less well-known staking options on KuCoin, such as IOST or Wanchain.
The lowest staking fees charged by KuCoin are incurred when you stake Zilliqa, which currently comes in at 5%. With many of the other coins supported on KuCoin for staking, you’ll have to let go of 10% of your total rewards as a fee. But this is still lower than the fees you’ll often incur when staking on numerous other popular exchanges.
Founded in 2014, Poloniex has developed into a widely used international crypto exchange, trading over $95 million in digital assets every day. And, on top of its hundreds of supported trading coins, Poloniex also has a few that are available for staking, including TRON and Cosmos. While the list of supported coins for staking is smaller on Poloniex compared to some other platforms, there is a factor that makes Poloniex a solid choice.
Like KuCoin and Bitfinex, Poloniex will never lock up your staked crypto funds. So, if you want to use Poloniex for staking, you can earn rewards up to the moment you decide to withdraw or sell your funds, which you can do without having to go through any lengthy un-staking periods first. Now, for the cherry on top. Poloniex doesn’t charge a staking fee! You can stake for free while keeping your funds available to you. It really is a win-win platform in terms of staking!
Staking Can Be Costly, So It’s Best to Know Your Fees
While staking can be hugely profitable and a great way to earn a passive income, it’s crucial to know what kind of fees you’ll be incurring before getting started on any platform. So, if you want to stake on a platform while avoiding hefty charges, take a look at the options above, and enjoy the benefits of staking without losing a big chunk of your rewards.
Lending your cryptocurrency to verify transactions is a great way of making a little extra money on the side.
About The Author
This news is republished from another source. You can check the original article here.