Large 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 field is staking crypto assets. Besides, this is the best option to make a profit for those not ready to take a risk and trade crypto. Thus, staking is a perfect option for a beginner trader. However, to succeed, you should follow some simple rules:
- choose a credible crypto asset for staking;
- pick a reliable and trusted crypto platform that allows the staking option.
How to Pick the best crypto for staking?
First and foremost, pay attention to the reputation of a project that issued tokens that can be staked. Learn more about the protocol it is built at. Staking implies locking coins long-term, so the project you pick must have a good plan for future development and a roadmap for years ahead. Unstable and too young projects with no plans and supporters are not a good idea for staking.
Pay attention to the project’s backers, investors and advisors. In simple terms, learn about the project and its plans and support and estimate how strong it is and how good its prospects are.
In essence, staking is the process when you give your coins for locking on a crypto exchange and receive rewards in return. A locking period can vary depending on the staking program you pick. For example, the WhiteBIT exchange offers several staking plans where you can pick different coins and locking periods. Depending on what program you pick, your staking rewards will vary. Important to understand that withdrawing funds from staking is not accessible, or if possible, then at high penalties.
The best digital assets for staking:
- USD Coin (USDC)
- Polkadot (DOT)
- Bitcoin (BTC)
- Solana (SOL).
One of the best crypto staking platforms on the Internet is WhiteBIT. To participate in staking, you should register an account and deposit funds. Then pick a program that suits you the best and store your crypto assets while receiving rewards. For more information on staking programs on WhiteBIT, go to the WhiteBIT blog.