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Staking has recently become one of the most popular and widely used ways to earn cryptocurrencies without any trading experience. Such popularity is not surprising: staking is easier than mining since it doesn’t require that you buy complex and expensive hardware. Instead, you just have to find a reliable online platform, buy certain coins, and start multiplying them. In this article, we explain a bit about how staking works and give you our top 3 reputable platforms that can help you invest your coins wisely.
How staking works
Basically, staking is a mechanism used in the blockchains based on the proof-of-stake model to verify transactions in the system. Users stake their coins to participate in the process and receive rewards in the end. You can think of it as freezing a certain amount of your coins and expecting to multiply them, so it’s a great way to earn passive income. Staking allows you to make pretty much: certain coins can bring up to 30% per year or even more. But what do you need to start participating?
Actually, you need special hardware and software to become a validator and earn rewards directly, so if you don’t know anything about it, leave it to experts. There is a much easier way to stake coins: just about every major crypto exchange has a special platform that allows users to stake all kinds of coins with flexible conditions and through a novice-friendly interface. However, you should still find the best staking platform to maximize your profits and avoid losing your funds.
While there are dozens of staking platforms online, it would be really wise to stick to the largest crypto exchanges to avoid scams and other problems. The biggest platforms usually offer the best choice of available coins, not to mention all the security advantages. Let’s check out our top 3 staking services.
ByBit is your go-to platform for staking. It has many available coins, high APYs, and flexible conditions for your investments. It’s also extremely secure and pretty user-friendly.
Binance is another obvious choice: with about 100 different coins for staking and high rewards, it’s an incredibly convenient platform that can help you make serious profits.
Coinbase is also a popular crypto exchange, but it’s especially suitable for beginners. It’s safe, easy to learn, and well-regulated, so you don’t have to worry about your funds.