4 Best Crypto Staking Platforms in Canada

We put over 50 apps to the test to find the best Canadian crypto exchanges in 2024. Explore the results below to find the best platform for your needs.

Updated January 2024   |  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 4 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. 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.

  • 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 has zero-fee staking and 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. 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.

  • 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
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

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. 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 holding long term. 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.

You should also read the best ways to earn free Bitcoin.

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


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