Best Crypto Staking Platforms In Australia
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Within Australia, there are several crypto exchanges that can be used to stake Proof-of-Stake (PoS) tokens. Staking cryptocurrency is a similar concept to mining but is better suited to beginners. In particular, using a crypto staking platform involves minimal expertise, does not require setting up a node and has zero upfront costs. Essentially, it is a great way for Australian to earn staking rewards.
To help you get started, this article will review and compare the best crypto staking platforms in Australia based on the number of supported coins, pay-out frequency, staking fees, and minimum staking amounts.
Best Crypto Staking Platform Australia For 2023
These are the best places to stake crypto in Australia based on our reviews:
Where To Stake Crypto In Australia: Best Staking Platforms Reviewed
1. Binance Australia - Overall Best Australian Staking Platform
Binance Australia is a top-class crypto staking platform with the largest selection of coins that can be bought and stored to earn staking rewards. There are currently 111 supported staking projects on the exchange. The most popular staking coins on Binance which are supported include BNB, LUNA, SHIB, SOL, KSM, ATOM, VET, UST, KSM, ALGO and many others. For example, individuals can buy Shiba Inu and stake it on Binance for 120 days for an estimated return of 12.09% APY at the time of writing.
The broad range of coins can be staked under a fixed arrangement only. The option for flexible staking on Binance has been removed recently. Regardless, Binance Locked-Staking offers a low entry barrier and high staking rewards. This arrangement is ideal for beginners who can leave their assets in a Binance staking wallet and forget it. The users can opt to lock in the coins for 15, 30, 60, 90 or 120 days depending on the selected asset.
The staking rewards are paid out to the user's wallet on a daily basis. At the end of the fixed term, the original staked amount can be withdrawn or used for trading purposes. There are also no additional staking fees at the time of writing. Moreover, Australians can leverage other products and services on Binance to earn yield. This includes Binance Earn which is a savings and interest account, DeFi staking, joining a Bitcoin mining pool or liquidity farming. Read our full Binance review for more information.
2. Bybit - Best Platform For Staking Rewards
Bybit is a world-class staking platform with a variety of flexible terms to earn guaranteed yields with stable returns. There are 26 coins that can be staked on the desktop and mobile app. There is a good selection of stable return staking projects to choose from, plus limited-time high APY projects. Some of the staking projects have estimated yields up to 999% APY, although the projects are relatively new and unknown.
Regardless, users can also stake the top-ranking staking coins such as Ethereum (1% APY), Near Protocol (4% APY) and Axie Infiniti (4% APY) by transferring the assets to Bybit Earn. Overall, the staking yields on Bybit are lower compared to other platforms for staking mentioned herein. However, Bybit claims to payout stable and guaranteed returns which may be desirable for long-term holders.
Staking assets on the Bybit platform can be staked and unstaked at any time without penalties or fees. The one disadvantage with Bybit is the staking rewards are not automatically reinvested to generate additional yield. Instead, the person will need to make a new deposit using the staking rewards in a flexible savings account. Learn more in our ByBit review.
3. KuCoin - Best Platform For Staking Promotions
KuCoin is a popular altcoin trading platform that is renowned for offering hundreds of crypto-assets and trading pairs to speculate on. The exchange also has an asset management section that enables its users to earn stable profits by staking crypto. KuCoin has 11 PoS tokens that can be delegated to a staking pool or fixed-term arrangement. While the number of staking coins is fewer than Binance, the most popular coins by staked value are included such as Ethereum 2.0, Cardano, Cosmos, Tron, Polygon and Kusama. The estimated yield for staking ATOM is 7.35% APY using a flexible arrangement.
KuCoin does have special promotions for fixed and flexible options to earn higher staking rewards. These are limited subscriptions on a first-come, first-serve basis until the staking pool is full. Moreover, for Ethereum holders, KuCoin supports the staking of ETH2.0. This means individuals don't need to have 32 ETH to run a node.
Overall, KuCoin is a solid staking platform that can used in Australia. The benefit of KuCoin is the access to its broad range of other earn products and limited promotions for higher rewards. To find out more benefit, pros and cons, read our KuCoin exchange review.
4. Crypto.com - Best For Flexible Withdrawals In Australia
Crypto.com is one of the best crypto apps in the world that offers a wide range of products and services to buy, trade, sell, store, earn and stake cryptocurrencies. With over 10 million customers worldwide and within Australia, Crypto.com is an innovative platform that currently supports 28 tokens for staking. Cryptocurrencies can be bought on the Crypto.com App using a bank transfer or debit card and linked to the exchange to begin staking.
The staking rates on Crypto.com are fairly modest compared to Binance. For example, buying Solana and staking the SOL tokens will yield an estimated 2% APY compared to 13.47% APY on Binance with a 90-day fixed term. The staking rewards are lower on Crypto.com due to the flexible terms without any lock-up or fixed staking periods.
This means users can opt to withdraw staked crypto and transfer it back to the Crypto.com App at any time without redemption penalties. The staking rewards are calculated and paid out daily directly to the user's wallet. There are minimum amounts for each coin to be aware of to qualify for staking interest. Moreover, there is the option to stake the platform's native CRO tokens can increase the pay-outs by an additional 10%.
Related: How to stake CRO tokens.
Another advantage of staking with Crypto.com Exchange is the ability to earn staking rewards on pending orders (e.g. limit orders) placed on the trading platform. There is even a staking report to view all earned rewards on the exchange which can be exported to CSV for Australian tax reporting. Find out more in our Crypto.com full review.
5. Kraken Australia - Best For ETH2.0 Staking
Kraken is a top-shelf trading platform that was founded in 2011 and is licensed with AUSTRAC to operate as a crypto exchange in Australia. Well-regarded as one of the best places to buy crypto in Australia due to its competitive fees and zero AUD deposit methods. Users can also stake their favorite cryptocurrencies on the exchange to earn up to 23% APY. There are currently 15 staking assets available which include Ethereum, Polkadot, Cardano, Solana, Tron, Terra and Cosmos to name a few.
Kraken is a worthy addition to this list of the best staking platforms in Australia as it supports Ethereum 2.0 staking on the proof-of-stake Beacon Chain. This means people can buy Ethereum with AUD on Kraken and soft-stake Ethers to earn rewards of 4-7% APY. Users should note that ETH2 cannot be un-staked or transferred on the Ethereum network until the full upgrade has been completed. A date has not been confirmed for the Ethereum 2.0 upgrade to be complete, however, staking ETH should be reserved for long-term Ethereum holders only. There is also an unspecified staking fee for Ethereum.
Apart from Ethereum, each coin can be staked without lock-in contracts or waiting periods. Furthermore, Kraken users have the flexibility to instantly un-stake and trade the funds on its world-class altcoin trading platform. The funds must be delegated to the staking wallet to commence the process. Like the other platforms mentioned above, there are currently no fees for staking or unstaking, which is a great benefit. For more information on the exchange, read our Kraken review.
6. eToro Australia - Alternative Staking Platform In Australia
eToro is a global financial brokerage that was established in 2007 to provide financial trading and investing platform. The platform is available in over 100 countries worldwide including Australia. It is a trusted and reliable financial services provider that is licensed and regulated by the Australian Securities and Investments Commission (ASIC). eToro is one of the best platforms for its ease of use, social-trading and has introduced crypto-asset staking in recent times.
The number of coins that can be staked on eToro is very limited compared to other staking platforms. The available coins that can be staked are Cardano, Tron and Ethereum. The staking program works a little differently where the pay-out reward percentage depends on the membership level. For example, bronze members are entitled to 75% of the rewards for staking Cardano, Tron and Ethereum. The remaining 25% of the staking yield is effectively a management fee by eToro. Moreover, the staking rewards are paid out monthly which is a disadvantage.
In short, eToro is a viable option in Australia to stake crypto. While the beginner-friendly platform is a benefit, the limited number of staking coins and capped percentage of staking profits are disadvantages. In addition, eToro Australia does not allow the purchase of actual crypto. This means individuals will need to transfer crypto to eToro to participate in staking which is a hassle. For more pros and cons, read our eToro review for Australians.
What Is Crypto Staking?
Staking cryptocurrency is a similar concept to a fixed-term deposit at a traditional banking institution where a person deposits funds for some time to earn rewards, bonuses, or interest. Instead, staking involves delegating the tokens into a wallet to participate in the governance of the network and validating transactions. In return for verifying transactions, the participants are given a staking reward which is often percentage-based on the number of tokens locked in and participating wallets.
Can You Stake Crypto In Australia?
Australians can choose to stake their crypto using selected exchanges, trading platforms, and wallets that support Proof-of-Stake (PoS) soft-staking. While several crypto exchanges in Australia recently removed staking from their platforms, citizens can stake using global platforms like Binance, ByBit, eToro, or Kraken. Alternatively, they can use staking wallets such as Exodus Wallet, TrustWallet, or Ledger Nano X to earn rewards (read our reviews for more information).
Step-By-Step Guide To Staking Crypto
1. Select a staking platform in Australia
For Australians that want to stake crypto, one of the easiest ways is to use the same exchange they purchased their assets with assuming it supports staking. They will be comfortable with the exchange’s design and likely already have performed due diligence on its features and other relevant criteria.
When comparing suitable cryptocurrency exchanges, they should offer competitive staking rewards, no commissions or fees and a wide selection of staking coins. For the purpose of this guide, we will be using Kraken as an example.
2. Create an account and deposit tokens
The first step is to register an account with the chosen Australian staking platform. Accounts can be opened for most exchanges via the homepage. For Kraken, navigate to the website and select “Get Started”. If an account is already registered and loaded up with assets for staking, skip to step 3.
Most platforms will require new customers to provide an email address and mobile number. Input any relevant data and then verify the account by clicking any links provided via email or mobile.
The next step on the staking journey is to ensure the account is funded with relevant cryptocurrency. While some may already be holding coins, not every exchange supports staking for every cryptocurrency. It is integral to double-check the exchange supports staking, and which assets can be staked prior to making any financial decisions.
When funding a staking account, there are two main ways to go about it – either buy coins such as Dogecoin or Cardano with Australian Dollars (AUD) or, transfer already-owned cryptocurrency to the exchange’s wallet.
Choose a deposit method to fund the account such as a bank transfer, POLi Payments, PayID or BPAY. Kraken, and other popular exchanges such as Swyftx and Coinbase Australia, also support “instant crypto buys” using debit/credit cards.
Select an asset that can be staked on the Australian platform and then click “Buy/Sell”. Input the amount of cryptocurrency to purchase and confirm the transaction. The assets should hit the account within a few minutes. Alternatively, those that already own crypto on a different exchange or in a non-custodial wallet can transfer their funds. This process can usually be completed within the exchange’s native multi-token wallet.
When using Kraken Australia, navigate to the “Funding” tab to access the wallet. From here, select “Deposit” and choose the cryptocurrency to be transferred. Click on “Generate new address” to receive a unique address that can receive the staking coin. Input this address into the third-party wallet and confirm the amount of crypto to be transferred.
3. Select a coin and begin staking
Now that the account has crypto, it’s time to begin staking. Most platforms in Australia will have an “earnings hub” where the assets available for staking will be listed. Alternatively, some platforms will allow users to stake directly from their wallets by simply clicking “Stake/Earn” on held assets. Kraken Australia users will need to navigate to the “Earn” tab to view the supported coins.
From here, select the “Stake” option to the right of the relevant asset, underneath the “Actions” heading. Then, input the amount of crypto to be staked. This can be less than an entire asset holding, although certain currencies may have a minimum amount that can be staked.
Confirm the transaction, and that’s it! Within minutes, the cryptocurrency will be staked and passively earning income. The user will be able to check the estimated reward % on a daily basis including the rewards earned, balance and total staking value on the platform.
Frequently Asked Questions
Binance and ByBit are the best options when it comes to staking crypto assets for Australians. Both exchanges have an earn product that allows citizens to deposit their tokens to earn staking rewards on popular coins under both flexible and fixed terms.
No, Swyftx removed cryptocurrency staking from the exchange in mid-2022. The staking function was replaced with Swyftx Earn, a lending and borrowing service that provides existing users with interest on deposited crypto assets.
No, Coinspot removed staking cryptocurrency assets from its exchange in mid-2022. The feature has been replaced with Coinspot Earn. This is an alternative to staking that allows users to earn a percentage reward on their coin holdings by lending their coins to CoinSpot in return for an interest payment.
One of the best ways to stake Ethereum is via Binance Australia. Individuals that hold Ether on Binance will receive up to 2.4% APY in ETH rewards with no lock-in periods. Binance also supports ETH2.0 which has an estimated staking reward of up to 5.2% APY, however, the user must lock in the coins until the Ethereum upgrade is completed.
Staking profits earned are subject to Capital Gains Tax (CGT) advised by the ATO, under Australian tax laws. This means that individuals will need to generate a report for the financial year to declare staking income. For more information on Australian crypto rules, read our complete guide on crypto tax.
Crypto staking is a viable alternative to earn additional rewards for holding the tokens within a supported crypto platform. There is minimal effort and for the most part, the staked assets can be withdrawn at any time and used for other purposes. While there are major differences in this list of best staking platforms for Australia, Binance is our top pick. This is due to its solid reputation, the largest selection of staking coins, flexible terms, and no staking fees.