Staking allows you to passively earn rewards when HODLing your crypto assets. However, to earn rewards safely, you need to choose a reliable wallet, platform, or cryptocurrency exchange. Each choice has its own pros and cons when it comes to security, convenience, rewards, and more.
Here are the 6 best apps for staking out of over 50 wallets, exchanges and companies that I've reviewed over the years. These were chosen based on security, reputation, fees, rewards, and other criteria.
Ledger is the most popular hardware wallet in the world trusted by 4 million investors. It's first on the list because it's the most secure way to stake and HODL your crypto assets. Stake up to 14 digital assets and own your private keys. You can unstake whenever you like, unless the coin has an unbonding period.
The Trust Wallet is a free software wallet that you can download on the Google Play or App Store. Currently, you can stake 12 coins while being in full control of your private keys. Software wallets are less secure than hardware wallets, but are more practical for daily transactions. Plus, it's still safer than a centralized crypto exchange.
Kraken is one of the safest crypto exchanges in the industry, which is important if you'll be staking on a centralized platform. They were founded in 2011 and have never had any hacks or incidents despite being through it all. Their security practices are also transparent and well communicated.
On Kraken, you can earn up to 23% APY on 15 assets. Some of the coins include Solana (5-8%), Polkadot (9-12%), Cardano (4-6%), Flow (6-9%), Cosmos (12-15%), USD (2%), and Bitcoin (0.25%) and more. Kraken Review
Earn interest on more than 50 cryptocurrencies. It's important to note rewards do not come from staking directly. Instead, it's profits from the exchange. The rewards range from 0.50% to 12.50% per year, but most offers range from 1% to 3% There are three levels to choose from: flexible (withdraw anytime), 1-month, and 3-month terms.
I don't recommend Crypto.com for trading since it has high fees hidden in the spread. But it can be great when it comes to earning rewards on 50+ coins. There are also additional ways to earn with Visa Cards, completing missions, and more. Crypto.com Review
Other Staking Platforms In Canada
Several other centralized crypto exchanges have recently launched staking for Canadians. While these are not our top picks, you may want to check them out as well:
What's The Safest Way To Stake?
The safest way to stake cryptocurrencies is with a hardware wallet such as the Ledger Nano S. The second is with a software wallet. The reason for that is because you own the private keys so you have control over your funds at all times.
On the other hand, cryptocurrency exchanges are the least secure because there is third-party risk. If they get hacked, lose your funds, or stop withdrawals, you cannot recover your funds. Even if a crypto exchange is considered safe, a lot of crazy things happen every year in this wild industry.
Staking can be an excellent way to earn passive income for coins that you are HODLing. However, you have to use safe apps and know what risks you're taking. Especially, if you decide to stake on a centralized cryptocurrency exchange. Hopefully this list showed you some of the best choices in Canada.