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5 Best Crypto Staking Platforms in Canada

To find the best platforms, we tested over 50 apps with Canadian accounts. Read our reviews to find the best crypto exchanges in the country in 2022.

Updated September 2022   |  Affiliate Disclosure

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. 

Top Picks

#1
Unstoppable Domains

Ledger

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.

  • Safest option on this list (stores your crypto offline
  • Own your private keys
  • Stake 14 digital assets (ETH, SOL, ATOM, DOT, and more)
  • Unstake whenever you like

CAD Price

$89-$199

#2
Trust Wallet

Trust Wallet

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.

  • Stake 12 digital assets (BNB, ATOM, VET, ALGO, XTZ, TRX, and more)
  • Own your private keys
  • 25 million downloads worldwide
  • Convenient for daily transactions
#3

Kraken

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

  • Safest centralized crypto exchange for staking
  • Earn up to 23% APY on 15 cryptocurrencies
  • Payouts are twice per week with no lockups
  • Supports CAD deposits with Interac e-Transfer and more
  • Compliant throughout Canada, including Ontario
#4
FTX

FTX

FTX, offers 5%-8% on digital and fiat assets on ANY coin supported on the platform. On assets up to $10,000, you'll earn 8% APY. On everything above $10,000 (maximum $10M), you'll earn 5% APY. Yield is accrued and paid hourly. During the earning period, funds are still available and tradable. Official details can be found here. Rewards may not come from staking directly but profits from the exchange instead which is important to note.

In 2021, FTX was the fastest-growing exchange and recently surpassed Coinbase in daily trading volume. For Canadians, it is not a great fiat on/off ramp. But if you deposit crypto, you can begin earning yield and it's also one of the cheapest trading platforms. Unfortunately, FTX does not onboard users from Ontario. FTX Review

  • Earn 5%-8% on digital and fiat assets 
  • 190+ coins
  • Paid hourly
  • Fastest growing crypto exchange in 2021
#4
Crypto.com

Crypto.com

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

  • Earn 0.50% to 12.50% on 50+ coins
  • Deposited every 7 days
  • Flexible, 1-month and 3-month terms 
  • Additional methods to earn rewards

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.

Summary

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.

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.


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