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Do you want to play safe in the cryptocurrency market whilst also making a steady passive income via crypto staking? Then give these best staking wallets a try and upscale your income stream.
MORE LIKE THIS: STAKING CRYPTO YIELDS
KEY TAKEAWAYS
- Staking is profitable and should be done with a proper understanding of the crypto market.
- The security of wallets varies from each other, which is why carefulness is essential when you want to choose your staking wallets.
- You must understand that the variation in the price of any asset you stake will ultimately directly affect the reward you get compared to the initial price at which you staked.
- Many coins are in the market, but not all can be staked. A coin can only be staked if it is built on the proof of stake mechanism.
There are many ways to profit from the cryptocurrency market, and staking is one of them. Staking is a good source of making passive income in the crypto market, but unfortunately, many do not fully know about it. Those that have heard about staking one way or the other still need help to identify the best crypto wallet for staking.
In this guide, I will share a list of the best wallets for staking. If you are, however, new to this topic, you can read our previous article on staking here.
Best Crypto Staking Platforms in 2023
Based on performance and reviews so far, we have compiled a list of the best wallets for staking. At the end of this article, I hope you will be able to pick a reliable wallet with a good level of confidence to earn passive income on staking.
Read more: What’s staking in crypto.
Best places to stake crypto:
- Atomic Wallet
- Nebeus
- Trust Wallet
- eToro
- Mycontainer
Now let’s take a deep dive into some of the best crypto staking platforms in 2023.
Atomic Wallet
Atomic Wallet is specifically designed to handle all your needs in one go. It has a collection of over fifteen coins that you can stake and get returns.
You must understand, however, that the coins that can be staked in this wallet have different yields, APR and rate of return.
Just like every other platform, you must understand that the atomic wallet also has its own investing guidelines, so make sure to go through their staking guide.
This wallet is easy to use and navigate.
Nebeus
Nebeus is another wallet that supports staking, like the atomic wallet. However, the unique thing about Nebeus is that you can both lend and stake on this platform.
With Nebeus, you can harvest a reward of up to 7.5% per annum, together with the flexibility of being able to choose from their wide range of over twenty different coins that you can stake to earn yield.
Nebeus also offer one of the highest rate of returns on crypto lending. Users can earn over 12% of rewards in stablecoins and more than 6% yield on other coins on the platform.
In addition to all these, Nebeus has a high level of security. They are both registered and licensed by a regulatory body in Spain.
Check out their guides and blogs on their website to get more information about Nebeus.
Trust Wallet
Trust wallet was created by Binance, and it is a safe and secure wallet. Over the years, Binance has built a solid reputation in the crypto space that has strengthened the cryptocurrency market and groomed more disciples of crypto over the world.
The rules of staking vary from platform to platform, and so the mode of staking with Trust wallet, a product of Binance, is that staked assets will be locked for thirty days. However, it comes with an exception for some coins. Some coins can allow 10 to 15 days of locking instead of 30.
Trust wallet comes with a staking calculator that allows users to calculate their projected daily, monthly or yearly earnings at the point of staking.
Trust wallet has become popular in recent times because of its excellent Dapp features that allow users to interact with many web3 and Defi products.
eToro
EToro currently supports staking for Cardano(ADA), Tron(TRX) and Ethereum(ETH). You can sign up as a basic user on eToro or sign up as a member of their club. Currently, there are silver, gold, platinum, platinum+ and diamond membership packages. Each of these membership packages has exclusive benefits associated with them as it pertains to staking.
Cardano (ADA) and Tron (TRX) on this platform have a minimum staking period of 9 and 7 days, respectively.
Read more about Cardano staking here.
MyContainer
MyContainer is yet another excellent platform that supports crypto staking. When it comes to the security of assets, MyContainer is regulated by FIU (Financial Intelligence Unit).
One unique thing about this platform is that you can set up your private wallet with your private keys, which will obviously increase the chances of safety. However, to set it up, you must read MyContainer’s guide because the process is quite sketchy.
MyContainer provides you with every information you need alongside the profit potentials of a coin before staking it. This further attests to their honesty and straightforwardness as a platform for financial services.
Things to Consider Before Choosing Staking Wallets
In the cryptocurrency world, the popular notion is that profits not taken are equivalent to yield forfeited. In the same vein, it is better to keep your money idle than to invest ridiculously in a way that indicates poor risk management.
Picking a random wallet for staking can spell doom if care is not taken, and that is why I have decided to list out factors to consider before choosing a staking platform.
- Reputation
A saying goes thus "A good name is far better than riches". The same is true for the crypto world. Before you choose a platform as your staking wallet, you must verify their market reputation.
The truth is that there are many scammers in the world, and the crypto market is not an exception. However, your chances of falling prey to the wrong hands will be significantly eliminated as you make thorough market research as to the reputation of whichever wallet you want to use. Find out what other users are saying about a wallet’s services, especially their customer care services. As the old saying goes, “Customer is king”, a good staking wallet will treat you as a king.
- Security
A beautiful interface does not automatically translate to strong security as it pertains to the best places to stake crypto. Security is by far the most important factor to consider. One of the metrics by which the security of an exchange or wallet can be measured is by evaluating user’s reviews.
By evaluating user's reviews, you will know how others who have used these platforms feel about the wallet. Also, an excellent way to know if a platform is secure is if regulatory bodies licensed the wallet.
- Availability of your desired assets
This is one of the most important things to look out for. You need to be sure the wallet offers the assets you want. The best way to be sure is to check out the wallet’s product and services. Good wallets will provide a list of assets with corresponding expected yield.
Read more: Best staking coins for maximum income
Quality market research goes a long way in helping to manage risk. Don't just jump into staking any coin and using any platform. You must do a thorough background check and also make sure that the wallet is safe and maximum yield is generated from your staked assets. Don’t miss out. Jump on the train of staking and build a life-long fortune.
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