Would you like to earn income by having cryptocurrencies in your wallet? If the answer is yes, this article is for you!
Crypto Staking is a method of earning income by having cryptocurrencies in your crypto wallet.
However, not all cryptocurrencies can earn you an income—currencies that run on PoS (proof-of-stake) algorithms yield incomes. On a PoS blockchain, you can verify new transactions and secure your ledger through staking.
What Is Proof Of Stake?
The PoS algorithm was created to prevent the issues of Proof of Work. With PoS, the participants can invest in the token itself, instead of putting their money in mining hardware and power. Moreover, PoS proves to be energy efficient as it cuts down the computing requirements from the algorithm.
Taking A Deep Dive Into Staking
Now that we know what a PoS is, let’s talk about Staking.
Staking is a mechanism in which users can earn a passive income just by storing cryptocurrencies in a staking wallet. The mechanism of its working is highly complex, but to explain it in a simple way we can say that it’s like earning rewards for keeping cryptocurrencies in your wallet. By keeping the crypto in your wallet, you can start earning a few rewards regularly.
The quantity of these rewards is directly proportional to the number of currencies you keep in the wallet. The annual percentage, however, goes from 5% to 35% based on the coins.
If you’re in search of the best staking wallets available, just keep on scrolling.
The Best Staking Wallets To Earn A Passive Income
Here are the best staking wallets available in terms of rewards and security.
Atomic Wallet is an anonymous, decentralized, and secure multi-cryptocurrency wallet. You can store various coins and tokens here, and buy cryptocurrency in Euro, USR, and your local currency.
You can run Atomic Wallet on both desktop and mobile platforms, including macOS, Windows, Android, Fedora, iOS, etc. Users can also delegate their crypto to other validators that allow them to earn rewards without a fee.
Exodus Wallet is another popular free crypto wallet. It is available for Android, iOS, and desktop.
Exodus supports various cryptocurrencies, including Cosmos ATOM, Ontology ONT, Cardano ADA, Solana SOL, Tezos XTZ, and VeChain VEC.
The best part about Exodus is its focus on a user-friendly interface and making technology accessible to non-tech savvy persons.
The fact that Exodus has been around for a long time makes it trustworthy and reliable. They get their fee from quick exchanges that they offer in their wallets. They also integrate features quickly—they currently have 130+ crypto assets in their wallet and keep adding new DeFi coins as well.
Exodus isn’t too complex, so it is perfect for people who are looking for staking at good rates, great security, and smallholding.
Binance is one of the largest cryptocurrency exchanges that has various products, such as Binance saving, Binance Dex, Binance Staking, Binance Launchpad, and much more.
With Binance staking platforms, users can stake popular cryptocurrencies and earn a passive income.
Since this is an exchange platform, it allows users to trade their cryptocurrencies against the coin balance and adjust the rewards accordingly.
You must be thinking about security by now—Binance has 2 factor authentication by Google to allow maximum security to store big funds in its wallet
With the Ledger Live application, you can conduct crypto staking with any model of the Ledger wallet.
The Ledger Nano S/X is another very popular wallet. Users can keep multiple coins in this wallet—10 to be precise. The Ledger application can be accessed on both mobile devices and desktop computers where users can earn a passive income with rewards.
Perhaps you’ll find Ledger to be a little complicated as the Ledger Live app only supports Tezos staking. For all other coins, you would need support from third-party applications.
With more than 100 crypto assets, Guarda Wallet is a secure, easy-to-use, and multicurrency wallet. This multi-signature wallet can be accessed on the web and mobile platforms.
With the Guarda Wallet, you will have complete control over your private keys and will be able to have multiple users sign transactions with its multi-signature feature.
You can stake PoS coins with Guarda and earn a passive income with ease. The Wallet is also equipped with IT so that features like exchanging and buying cryptocurrency become easy.
An alternative to a hardware wallet, the AirGap wallet supports multi currencies and offers great security. With the AirGap wallet, you can use your smartphone as a hardware wallet.
As for the currencies available in AirGap, it includes Bitcoin, Cosmos, Ethereum, Aeternity, Tezos, ERC20, and Groestlcoin. Moreover, this wallet has an exchange, so you can easily exchange your coins in the wallet.
The AirGap wallet also supports delegation and baking services for Tezos (XTZ). It can support the tezosAirGap baker as a validator or the Tezos PoS algorithm. If you have the XTZ, you can delegate it to tezosAirGap and earn the PoS validation rewards.
7. Huobi Wallet
The Houbi wallet is supported by the Huobi group and offers support for multiple coins and tokens. Moreover, the user interface is also simple and easy to understand.
With Huobi Wallet’s partnership with Changelly, users can exchange their cryptocurrency within the wallet as well.
The Huobi Wallet is available for iOS and Android only. IT staking is also available; the options included are ONT, ATOM, TORN, IOST, IRIS, Cardano (ADA), LOOM, and IoTeX.
8. Trust Wallet
Trust Wallet is another one of the more popular and trusted cryptocurrency wallets in the market. It is supported by Binance and has various cryptocurrencies available. As compared to its other counterparts, Trust Wallet is only available for mobile devices.
Trust Wallet supports staking of various coins, including Cosmos (ATOM), Tezos (XTX), TRON (TRX), VeChain (VET), Calisto (CLO), IoTeX (IOTX), Algorand (ALGO), and TomoChain (TOMO).
Trust Wallet has a built-in exchange and allows its users to exchange cryptocurrencies within the wallet.
Magnum Wallet is available for mobile devices and is a multicurrency, decentralized wallet. The wallet also features a built-in exchange so that its users can quickly exchange cryptocurrencies within the wallet. Moreover, Magnum wallet also offers various airdrops from time to time for the maximum advantage of their consumers
Magnum wallet also offers DPoS, or Delegated Proof of Stake, which allows users to earn more by just storing the coins.
Having StakeBox for staking is one of the most efficient ways of staking cryptocurrency. It is also energy-efficient, so you can use it any time to earn PoS coins.
StakeBox also partners with Pinkcoin, QTUM, Denarius, Whitecoin, CloakCoin, Neblio, and Reddcoin, which allows users to get branded kits to stake their coins. As of now, there are more than 15+ Stakebox available for various altcoins.
The only drawback of StakeBox is that if users want to stake multiple cryptocurrencies, they would have to customize multiple devices for each coin.
11. Trezor Wallet
The Trezor One wallets don’t allow direct staking; however, they do support delegating coins to a validator or staking pool.
Now, before you get skeptical you should know that Trezor wallet is the second most-sold crypto wallet in the market. This means that the staking pool gives easy-to-understand guides for delegating staking.
Furthermore, Trezor wallets can also use the Exodus wallet as their interface. This allows users to stake without validators or pools.
If you want to use your Exodus staking pool without having a private key in the Exodus application, you would have to link your Trezor device with Exodus.
With a single touch of a button, the breakthrough multi-wallet system of My Staking Wallet allows users to create their private wallet area with up to 8 coins. They give you full command of your wallets just about anywhere in the world with their free full-featured mobile app available on Google Play or the Apple App Store.
Technology can indeed be challenging at times, and the MyStakingWallet staff is here to help. At My Staking Wallet, they believe that adoption is the cornerstone to any blockchain application’s success. That’s why they have designed MSW with both the consumer and the merchant in mind.
A Final Word
In this article, we discussed what staking is, what staking wallets do, and the best staking wallets available in the market today.
Be sure to consider security and functionality when it comes to purchasing a cryptocurrency wallet, and think about the services you would require from it.