Coinspot’s immense popularity among Australian cryptocurrency investors is without a doubt. The exchange platform reportedly had more than 2.5 million active users in 2022. Its staking feature, which allows Australians to generate passive income on crypto holdings in their wallet, is one of the reasons for Coinspot’s popularity. This article will guide you on how to stake crypto on CoinSpot.
What Is Crypto Staking?
Staking is the practice of locking crypto assets for a set period to support blockchain operation. You earn more cryptocurrency in exchange for staking your cryptocurrency.
Many blockchains employ a consensus mechanism based on Proof of Stake (PoS) instead of Proof of Work (PoW). Under this Pó mechanism, network participants who wish to support the blockchain by validating new transactions and adding new blocks are required to “stake” a certain amount of cryptocurrency.
Staking ensures that only valid information and transactions are added to a blockchain. As a form of insurance, participants seeking a chance to validate new transactions offer to stake quantities of cryptocurrency.
If they incorrectly validate erroneous or fraudulent data, they may lose a portion or all of their investment. But they are rewarded with additional cryptocurrency if they verify correct, legitimate transactions and data.
Solana (SOL) and Ethereum (ETH) have incorporated staking into their consensus mechanisms.
Is Crypto Staking Available On Coinspot?
In November 2021, Coinspot launched its crypto staking feature. However, although the future’s name was recently changed to ‘Earn,’ its functionality remains largely unchanged. Many readers still refer to CoinSpot Earn as “staking,” so we will continue to use the term throughout this article.
CoinSpot Earn enables users to lend their coins to CoinSpot in exchange for a competitive, fixed-rate interest payment on more than 22 coins. There are no fees or lockup periods associated with CoinSpot Earn, and coins can be reallocated at any time.
CoinSpot Staking coins and yields (APY) are shown in the table below:
| CoinSpot Staking Coins | Annual Interest (APY) |
| (ADA) Cardano | 5.2% APY |
| (ALGO) Algorand | 6.1% APY |
| (ATOM) Cosmos | 11% APY |
| (AVAX) Avalanche | 7% APY |
| (AXS) Axie Infinity | 75% APY |
| (BNB) BNB | 5% APY |
| (CRO) Cronos | 12% APY |
| (DOT) Polkadot | 4.5% APY |
| (EGLD) Elrond Gold | 13% APY |
| (FLOW) Flow | 6.8% APY |
| (FTM) Fantom | 6% APY |
| (KAVA) Kava | 23% APY |
| (KSM) Kusama | 18% APY |
| (LUNA) Terra | 8% APY |
| (MATIC) Polygon | 12% APY |
| (ONE) Harmony | 9% APY |
| (SOL) Solana | 6.5% APY |
| (TRX) TRON | 6% APY |
| (VRA) Verasity | 19% APY |
| (WAN) Wanchain | 6.3% APY |
| (XTZ) Tezos | 4.1% APY |
| (ZIL) Zilliqa | 14% APY |
*APY (Annual Percentage Yield) is estimated. You can check updates about CoinSpot Staking Coins on their help page.
What Is CoinSpot Staking Tier System?
The tiering system distinguishes CoinSpot’s staking program from others in the country. Users who stake substantial quantities of a token can earn greater returns on their crypto holdings. CoinSpot users can belong to one of three tiers, and the minimal stake quantity varies depending on the token.
The following table provides a summary of the CoinSpot Earn Tiered Rewards.
CoinSpot Staking Terms & Conditions
The staking rewards will be calculated at 12 AM AEDT and credited to your wallet at 10 AM AEDT daily. If users want to trade with their staked cryptocurrencies, they must first unstake them. The APY rates for staking are approximated and subject to change based on market conditions. Staking is subject to the volatility of the cryptocurrency; for more information, please refer to the CoinSpot Terms of Service.
How To Stake Crypto on CoinSpot Australia?
Staking your cryptocurrency on CoinSpot, Australia’s leading cryptocurrency exchange, is simple. You just need to create an account, purchase the cryptocurrency you wish to stake (or deposit it from another exchange), select “Earn,” and you’ll begin earning interest!
Follow the step-by-step guide below with screenshots on how to stake cryptocurrency on CoinSpot within minutes. If you already have a CoinSpot account with the coin you wish to stake and do not know how to begin staking, you can skip straight to Step 6.
Step 1: Sign up for CoinSpot
The first thing to do is to sign up for CoinSpot, Australia’s leading cryptocurrency exchange for staking cryptocurrencies. If you already have a CoinSpot account, you may proceed to Step 3.
To create an account, visit the CoinSpot homepage by clicking here. Click “Register” in the upper-right corner to be directed to a sign-up page like the one shown below. Enter your email address, select a password, confirm you are not a robot, and click the Create Account button.
Step 2: Verify your CoinSpot account
Verifying your CoinSpot account is the next stage after creating your account. Click “Complete Verification” and follow the on-screen instructions.
First, you must authenticate your email address, fill out your personal information, and lastly, use your driver’s licence to verify your identity.
After completing these steps, a short delay may occur before your account is verified. In the interim, explore the CoinSpot website to familiarise yourself with its operation.
Step 3: Deposit into your account
Once your account has been verified, you can deposit Australian dollars into your CoinSpot account. Click the “Deposit Funds” icon to the left of the CoinSpot logo in the upper left corner to access the Deposit Funds page.
Five options are available, but POLi is the best because it is immediate, convenient, and accessible. Choose the quantity of AUD you wish to deposit, then click “Continue to POLi” to complete the payment.
If you already possess the coin you want to stake but are stored on a different exchange or wallet, you must deposit it into CoinSpot to begin accruing interest.
If you own ADA (Cardano) tokens and wish to send your coin to CoinSpot, for instance, select “Wallets” along the upper menu, search for ADA, and then click “Open ADA wallet.” Your wallet will resemble the image shown below.
Click “Receive” on the left, and a long string of characters will appear; this is your Cardano wallet address. Next, log into the location where your ADA is stored. (maybe on another crypto exchange or hardware wallet). Send ADA to your CoinSpot account by pasting the provided address.
If you are using a mobile device for the other account, you can select the “Show QR Code” icon in CoinSpot and use the camera on your device to scan the code. Once the cryptocurrency has been sent to your CoinSpot account, you can proceed to Step 6 to begin staking crypto on CoinSpot.
Step 4: Go to the Buy section
Once your funds have been deposited into your CoinSpot account, it is time to purchase the cryptocurrency to stake. Click here to view the available cryptocurrencies for betting on CoinSpot. Click “Buy/Sell” in the menu at the top, then search for the coin you want to purchase.
Let’s use ADA (Cardano), a prominent coin people like to stake on CoinSpot, as an example. Input ADA into the search bar, then select the “Buy ADA” icon.
Step 5: Purchase the coins to stake
The price of one coin will be displayed in the centre of the screen on the purchase screen. Select the amount of Australian dollars you want to spend on the coin, then select the “Buy” icon.
A pop-up will appear, displaying a summary of the purchase. It specifies the number of coins you will receive, the price per coin, the fee, and the total amount you will pay. In this example, I selected $500 in ADA. To complete the transaction, select “Confirm Buy”
Step 6: Stake crypto on CoinSpot
Now that your CoinSpot account contains the desired cryptocurrency, it is time to receive interest. Click “Wallets” at the top of the page, then search for the cryptocurrency you wish to stake, in this case ADA.
When you click “Open ADA wallet,” you will be redirected to your Cardano wallet. As you select “Earn” on the left, a display similar to the screenshot below will appear. Enter the amount of ADA you wish to earn interest, then select “Confirm Lend Amount.” Currently, your ADA is earning about 5.1% APY.
Remember that not every coin on CoinSpot can be bet on; in reality, only the 22 coins enumerated here can be staked. The wallet will have no “Earn” option for unsupported currencies.
Is CoinSpot Crypto Staking Safe?
CoinSpot is widely regarded as Australia’s highest-rated cryptocurrency exchange. After transacting on their platform and conducting extensive research on the exchange platform, we have concluded that CoinSpot offers the best features and services for Australian crypto investors of all levels.
CoinSpot possesses the highest degree of security certifications in Australia and is Blockchain Australia-certified, providing sophisticated and multilayered support. It is AUSTRAC-registered and the only Australian organisation with ISO 27001 certification, a globally recognised standard for information security management systems. (ISMS).
Moreover, it is evident from various evaluations on Reddit and Trustpilot that the exchange prioritises customer support to assist its users with any questions or problems. This is a crucial aspect of a cryptocurrency exchange, especially if you are a beginner. When buying and selling cryptocurrencies on CoinSpot, novice investors may need to become more familiar with some of the platform’s features. Here, CoinSpot’s helpful customer service staff comes in convenient.
For more information about the exchange and its security, visit our CoinSpot Review.
Frequently Asked Questions
Can I lose crypto by staking?
When you stake or deposit your cryptocurrency in CoinSpot Earn, you cannot lose your cryptocurrency. You will always have at least the number of coins you initially deposited, which will increase as you earn rewards. Note, however, that the value of the cryptocurrency may decline, causing the total dollar value of your coins to decrease. This is true even if you were not staking the cryptocurrency.
How are Earn rewards calculated on CoinSpot?
As compensation for allocating your eligible coins to the CoinSpot Earn program, CoinSpot will pay you an annual fixed interest rate. CoinSpot provides a competitive Earn rate for each coin. Daily staking rewards are calculated at 12:00 AM AEDT and credited to your wallet at 10:00 AM AEDT.
Can I automatically re-stake rewards?
Absolutely! Under the quantity you have input to stake on Coinspot, there will be a checkbox inquiring if you wish to automatically re-stake your rewards. Just check this box (and un-tick it if you want to stop automatically staking your rewards).
Does Coinspot impose a staking cap?
Coinspot does not impose individual stake limits. However, each eligible cryptocurrency for staking will have specific stake limits. This implies that Coinspot can only enable a limited quantity of cryptocurrency to be pledged on its platform (the staking maximum for Cardano, for instance, is $40 million). If a staking limit has been reached, you can only stake that cryptocurrency once the limit is increased or other individuals unstake their coins.
Does Coinspot offer interest on stablecoins?
Coinspot does not offer interest yield on stablecoins at this time. This is an attractive feature for risk-averse individuals who want to earn higher interest rates than banks offer. The staking feature of Swyftx provides stablecoin yields on USDT, USDC, and TAUD.
Am I subject to taxes on my Earn Rewards?
Following what the ATO has advised, under Australian tax regulations, CoinSpot Earn rewards are subject to tax. You can view your Earn rewards history in the Order History section of your account. Simply navigate to the My Account menu, select Order History, and you can download both a CSV file and your end-of-year financial statement.
The Final Thoughts
CoinSpot is Australia’s largest and most secure cryptocurrency exchange, offering high returns on 22 distinct tokens. Depending on the cryptocurrency, CoinSpot Earn rewards range from 2.9% to 45%, with a tiered staking system that enables users to earn greater yields by staking more tokens. The staking program is entirely free, and rewards are paid out weekly and are not sealed in, so funds can be withdrawn at any time.
