Major cryptocurrency exchanges offer a variety of trading tools, including opportunities for passive income. One of the most popular and profitable ways to make money in this area is to stake crypto. Moreover, this is the best option for those unwilling to take risks and trade crypto to make a profit. Therefore, a crypto stake tool is a perfect option for beginners. However, to be successful, you need to follow a few simple rules:
- Choose a reliable and trusted crypto platform.
- Choose a trusted cryptocurrency asset to stake.
What is the Best Crypto for Staking?
First, pay attention to the reputation of the project. Learn more about the protocols on which it is based. Therefore, the project you choose should have a solid development plan and a roadmap for the coming years. Keep in mind that unstable or too young projects, for which there is no plan and no backers, are not suitable for staking. Look at the project’s supporters, investors, and advisors. In short, find as much information as possible about the project, learn its plans and support, etc.
Essentially, staking means offering coins to be locked into a cryptocurrency exchange and receiving a reward for doing so. The duration of the staking can vary depending on the chosen staking program. For example, the WhiteBIT exchange offers several crypto lending plans with different coins and locking periods to choose from. Depending on the program you choose, your rewards will vary. It is important to note that you cannot withdraw funds from your holdings, or if you do, you will be subject to a penalty.
The Best Crypto Coin to be Staked is Bitcoin
Here are some popular assets for staking:
- Bitcoin (BTC)
- Polkadot (DOT)
- Cardano (ADA)
- Solana (SOL).
Probably all large crypto exchanges offer to stake Bitcoin, for this asset has the biggest market capitalization and trade volume, which means its volatility is low and liquidity is high. That is the reason why BTC staking is available on all large crypto platforms.
You can take advantage of crypto lending on the WhiteBIT exchange. Learn more about this option on the WhiteBIT blog.