Where To Stake Flow: 4 Best Places To Earn Flow Staking Rewards
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Among the numerous cryptocurrencies available to stake, FLOW is one of the most popular staking coins within the top 20 by staked market capitalization. The token with an average staking reward of 9.11% APY with more than half of the circulating supply staked at the time of writing. In this article, we take a detailed look at where to stake FLOW to obtain the best staking rewards.
Can You Stake Flow?
Yes, the Flow blockchain follows an advanced version of the proof-of-stake consensus mechanism and relies on several nodes to process a transaction. Since becoming a validator requires technical knowledge, it is inaccessible to everyone. But individuals can participate as delegators, by contributing their crypto to staking pools and earning staking rewards in proportion to the number of tokens delegated through leading staking platforms and wallets.
Best Places To Stake Flow (FLOW) In 2023
Flow can be staked using a cryptocurrency exchange or wallet. Based on our assessment, these are the best four places to stake FLOW to generate free crypto yields.
Where To Stake FLOW: 2023 Reviews
1. Binance - Best Overall Place to Stake FLOW
Binance is the first choice of exchange among investors when it comes to investing in crypto because of the numerous features it supports, as well as being the number one exchange in terms of volume. Arguably, the platform has the most number of coins to stake, including Flow. Binance announced Flow staking on the platform only a few months back with three staking products.
At the time of launch, the products with 30, 60, and 90 days lock-in periods. There is, however, an addition of a new flexible product that offers 2% APY without having a definite lock-in period. Meaning, users can choose to stake their crypto without having to commit to a specific duration. The current Flow staking rewards on Binance are:
- 2% APY (flexible)
- 5.60% APY (30 days)
- 7.29% APY (60 days)
- 12.79% APY (120 days)
One thing to note is that there is a minimum of 0.1 FLOW required for all of the products. In addition, the Flow staking pools are on a first-come-first-serve basis. Therefore, the staking pools can run out but there is a 'quota' to check. At the time of writing, the 30 and 60 day staking products for Flow were sold out.
Among all the staking exchanges listed in the guide, Binance comes out to be the best choice since you can easily purchase FLOW tokens on the platform and stake it there. The only thing to keep in mind is that if you redeem your rewards before the completion of the locking duration, you will have to forgo all rewards earned to date. Moreover, Binance does not have a staking commission fee, unlike other exchanges.
For more information, read our full Binance review.
2. Kraken - Easiest Place To Stake FLOW
Kraken was among the first few exchanges to support Flow staking and offered a staking reward of a record 20% during its initial offering. The token was launched on the platform through an ICO, although users in the US and Canada weren’t able to access it.
The current staking rewards for FLOW on Kraken range between 6% and 9% APY, with a minimum requirement of 0.00000001 FLOW. There are currently two FLOW staking products, FLOW and FLOWH. Tokens staked on FLOW are fully transferable which means that they can be staked, un-staked, or withdrawn from the wallet. On the other hand, tokens staked using the FLOWH are essentially locked and cannot be moved.
The aspect that distinguishes the FLOW staking features from other platforms is its ease of use. In comparison to popular staking platforms like Binance and ByBit, investors can stake and unstake FLOW tokens in just a few clicks using the visually appealing interface. Overall, Kraken is a preferred choice for beginners to passively generate FLOW tokens from staking.
Kraken is a highly reputable exchange that provides premium fiat-to-crypto and crypto-to-crypto trading services. Whilst its trading features are world-class, its staking products are a bit lacking compared to its competition. However, Kraken does have a 15% staking fee on all products and should be factored into any decision-making. Moreover, Kraken has recently terminated its staking service within the USA.
For more information, read our full Kraken review.
2. OKX - Highest FLOW Staking Rewards
OKX is a global cryptocurrency exchange (with exception of the United States), popularly known for its low trading fees. There are more than 350 cryptocurrencies available to trade on the platform, while users can stake 79 cryptocurrencies with multiple product options including FLOW. Most staking platforms don’t have more than four variations when staking, but OKX has six product types to stake Flow with a maximum APY of 17.69%.
OKX lock-in periods for staking Flow start at 15 days, followed by 30, 60, 90 and 120 days with yields ranging between 5.40% APY (15 days) and 17.69% APY (120 days). A Flexible option is available, however, the ability to redeem coins at any time comes at a price with a lower offered yield of 4.89% APY. The 15 day term is popular and was sold out at the time of writing.
Similar to Binance, staking opportunities on OKX are presented on a first-come, first-served basis where some products may be sold out. Since lock-in periods for FLOW are as long as 120, the yields that investors can obtain are comparatively high compared to other staking platforms. This makes OKX an attractive FLOW staking option if investors want to obtain high staking returns.
For more information, read our full OKX review.
4. Portto - Best App To Stake FLOW
Portto is a cross-chain smart contract wallet for mobile users that enables users to interact effectively with cryptocurrencies, NFTs and decentralized applications. Portto (formerly Blocto) aims to counteract difficult user experiences commonly seen in the crypto world by providing a simplified user experience to promote mass adoption.
Native to the Flow blockchain, the use cases of Portto are focused primarily on gaming. Although, users can hold tokens native to multiple blockchains on the wallet. In addition to this, the wallet can also be integrated by dApps developers into their applications. Moreover, it comes in both custodial and non-custodial versions as well.
At the time of writing, Portto offers a 4.48% APY for staking FLOW, which is not as high as the crypto exchanges on this list. Although the rewards are slightly below par, the main advantage that Portto presents is its Auto-Restaking feature. This feature, which can be toggled on or off using the mobile app, tells the app to automatically stake the crypto rewards that are passively generated, resulting in a compounding effect.
Best Exchanges To Stake Flow: Comparisons
The table below provides a comparison of the staking exchanges and wallets to stake FLOW. These figures are estimates only that do not take into account the network inflation metrics and actual rewards can be lower than what is stated here.
|Platform||Fixed Rate||Flexible Rate||Staking Fee||Reward Frequency||Rating||Promotion||Website||Review|
|Binance||5.6%, 7.29% and 12.79% APY||2% APY||None||Daily|
|Up to $100 welcome bonus||Visit Exchange||Binance Review|
|None available at this time||Visit Exchange||Kraken Review|
|OKX||5.4% (15 day), 9.77% (30 day), 10.75% (60 day), 11.72% (90day), 17.69% (120 day)||4.89% APY||None||Daily|
|None available at this time||Visit Exchange||OKX Review|
What Is Flow?
Flow is a proof-of-work blockchain that enables fast and cost-effective transactions that uses FLOW as its native token. The Flow blockchain was launched by Dapper Labs and has processed over $20 million in transactions and now hosts a range of decentralized applications since it’s been made available to the public.
FLOW, the native token of the blockchain, has a market cap of over $1.6 Billion and doesn't have a cap on the circulating supply, while the current supply stands at 1.04 Billion. The total supply of FLOW is set to increase by 3.75% per annum according to the website.
How Much Can You Earn By Staking Flow?
Investors can earn returns between 2% and 17.69% APY at the time of writing. The highest FLOW staking return can be found on OKX with a 120-day locked duration. The exact return for staking flow depends on the duration of the lock-in period or if a flexible term was selected.
Typically, longer staking durations in the order of 90 and 120 days attract the highest staking profits from crypto exchanges that support the PoS protocol. For example, staking FLOW on OKX for 120 gives a 17.69% APY. On Binance, the maximum rewards are 12.79%, for a locking period of 90 days.
Conversely, investors that prefer to stake and unstake FLOW at any time can subscribe to a flexible staking arrangement. The staking rewards are much lower and range between 2% APY (Binance) to 6% APY (Kraken).
Is Flow A Good Coin To Stake?
The stability of APYs over time is a good indicator of whether or not a coin is a good investment. Many coins available to stake on Binance, for example, tend to offer lower APY over time, when compared to the numbers at the time of their launch. This hasn’t been observed with Flow. Neither does the coin promise obscurely high returns that tend to mitigate over time but offers reasonable APYs on par with most other coins in the market.
While that is the case, it’s important to understand that token price influences rewards as well as the value of your tokens when they’re staked. FLOW hasn’t displayed much upside momentum recently, and this should be considered when investing. On the bright side, however, the token price isn’t too volatile and thus staking for a short period could be lucrative for long-term holders.
Pros And Cons Of Staking Flow
Flow is among the top coins to stake according to CoinMarketCap. However, if you’re still unsure of whether or not you should stake your flow, here’s a quick list of pros and cons that will help you make the decision.
- The APY rates have remained relatively consistent over the years since its launch
- The Flow blockchain was introduced as an Ethereum competitor and has thus far proved its credibility by effortlessly supporting decentralized applications on the network while charging relatively lesser transaction fees
- While the APYs on Flow are appealing enough, they aren’t the best in the market and thus don’t make up for the preferred choice of coins to stake among investors
- The FLOW token has historically displayed a declining trend, and this might lead to investors losing value on their tokens while they have their crypto locked up in staking pools
- FLOW is inflationary in nature as its supply keeps on increasing with time. This is a downside when compared to deflationary tokens like Ethereum, that burn a share of their tokens to help increase the price
Is It Safe To Stake Flow?
Staking cryptocurrencies such as FLOW are often categorized among the riskier assets, due to the lack of regulation and the high volatility the markets tend to exhibit. Some of the key aspects to consider when staking FLOW include:
- APYs aren’t stable: When staking FLOW, it's important to remember that the APYs offered at the time of staking aren’t stable, and are bound to change due to market volatility.
- Risk of Attacks: It’s not uncommon for people to lose their money to crypto attacks, either on the network that affects the entire ecosystem or personal hacks that deprive a user’s wallet of all the crypto it holds. Keep the sensitive information related to your wallet, such as the key, safe & use legitimate exchanges when dealing with cryptocurrencies.
- Mandatory commitments: Users often choose the 60/90-day option when staking their crypto, and this means locking in their crypto for those many days. During this, if the price of the token shows high volatility, they might incur some losses- due to the decreasing price of the token. It’s crucial to take this into account before locking your crypto for a fixed duration.
These risks are common to most cryptocurrencies and often negligible to active investors. However, beginners should pay special attention to these factors and make investment decisions accordingly. For a full list of crypto staking risks, read this article.
How To Stake FLOW Tokens
1. Staking FLOW on a Crypto Exchange
Investors can stake their FLOW tokens on several exchanges, and the process is similar on each platform. For this tutorial, we’ll be looking at how to stake FLOW on Binance.
- Create an account on a crypto exchange that supports Flow staking such as Binance.
- Provide basic personal details and complete the KYC process.
- Purchase or transfer FLOW tokens to the wallet.
- Navigate to "DeFi Staking" and find FLOW from the list as the crypto to stake.
- Click on the “Stake Now” button (unless it is sold out), choose between the Flexible or one of the Fixed Term options, and enter the amount of FLOW to stake.
- Click "Stake Now" to finalize the arrangement and start staking FLOW tokens.
2. Staking FLOW using a Wallet
The Portto wallet helps users interact with their crypto, NFTs as well as dApps, and users can hold tokens across multiple blockchains. The wallet is made for both experts as well as beginners, and it’s really easy to stake FLOW on the platform.
Here is a quick tutorial explaining how to stake FLOW on Portto:
- Download the Portto app on an iOS or Android mobile device and create an account.
- Transfer FLOW tokens to the Portto wallet. The platform advocates using CoinList for this purpose.
- The deposited FLOW tokens will be displayed as a “Confirmation Staking Interface”. Click on the “Stake” option to begin staking.
- Choose "Auto-Restaking" for Portto to automatically stake FLOW tokens that are passively generated.
- Click "Stake" to commence the staking of FLOW tokens.
Staking FLOW tokens can be a good way of generating passive crypto income since the rewards are comparatively high, particularly for long durations over 90 days. For those that want to know where to stake FLOW, based on our research, staking platforms such as Binance, Kraken and OKX will best serve investors with reasonable returns and the flexibility to buy and sell on the exchanges.
Frequently Asked Questions
Binance is the best place to stake FLOW when considering its attractive APY which can be up to 12.79%. The top-tier security and ease of use of the world-class exchange help to round out Binance as the best overall staking option. However, for users who want higher returns, OKX provides better APYs if FLOW is staked for 120 days.
Yes, it is possible to stake FLOW tokens using a wallet. Easy-to-use wallets such as Portoo can be accessed through a mobile device which makes it an attractive option for beginners who prefer to manage and grow their FLOW tokens on the go.
Staking rewards depend on multiple factors such as locking periods and exchange of choice. Ideally, users should be expecting an average reward of 6%. While the highest rewards currently available stand at 17.69% on OKX if FLOW is staked for 120 days.
The Ledger wallet can store, send and receive FLOW tokens, however, does not support FLOW staking according to the supported staking assets on the Ledger website.