Strike is like a very risky version of bank accounts. So here is a list of some of the best crypto betting platforms to get it right.
Crypto staking is analogous to fixed-term deposits, but with added dangers of stocks. It is a complicated mix that requires a thorough understanding before investing.
And you can’t bet just about every cryptocurrency. Those that support the Proof-of-Staking consensus protocol can only be deployed. Others, such as Bitcoin, which have Proof-of-Work (aka crypto mining) for transaction validation, do not allow crypto staking.
So I hope you understand this in advance. But go through our crypto betting guide if you are new. This only takes about 5 minutes. I recommend reading before going any further.
In a nutshell, crypto staking puts your cryptocurrencies into hibernation on an exchange or staking pool to get rewards after the lock-up period.
But keep in mind the fluctuating prices of crypto coins, and you will soon get the full picture.
Your staked crypto may fall to the ground during the stakeout contract. Or anything can be super positive, where your coin hits the never-before-imagined peaks, but you can’t sell them. Thanks again for your wagering requirements.
In short, you should not bet more than you can afford to lose.
Best crypto betting platforms
With the formal caveat out of the way, I’m going to tell you about some of the best staking platforms, along with the reasons for choosing them. Ultimately, you can select the crypto betting platform of your choice.
Do not wait. Dive in.
At the time of writing, Kraken is the fourth largest crypto exchange, ranked by CoinMarketCap. Kraken allows staking in 12 crypto assets with inexhaustible support for most cryptocurrencies.
Unstaking means you withdraw your wagered amount to trade or withdraw. Thus, there is practically no binding period.
Plus, you’ll earn instant wagering rewards, with Kraken paying you once a week or more, depending on the coin. And you can further leverage your rewards to maximize your earnings.
Kraken calls this traditional way of on-chain staking. However, they also feature off-chain staking that is available in select countries. Finally, Kraken does not charge any additional fees for enabling or disabling.
Binance is the largest crypto exchange in terms of daily exchange volume. It is also one of the best crypto strike platforms that support more than 100 strike coins.
Binance has two types of staking: locked and flexible.
As the name implies, locked staking is about a fixed bond period, while flexible gives you freedom at the cost of lower staking rewards. Remarkably, locked stakes also allow for flexible withdrawals, but you will lose all your rewards.
Binance’s locked strike generally holds our money for a minimum of 30 days, but a few coins allow a 10 or 15 day strike period. They often have a higher annual yield (APY) and are safer.
Flexible lockout periods come with DeFi staking. This is where you invest in third-party DeFi projects, which could lead to the smart contract being attacked and your commitment to the dust.
But the main advantage of DeFi staking is that you don’t have to keep an on-chain wallet for every project you invest in. And then there are extremely short bond periods like most have 24 hours.
However, some will find Binance confusing. In that case, you can use and wager their officially supported Trust Wallet.
And like Kraken, Binance does not charge a strike fee either.
Simply put, masternodes have a higher stake, do slightly different things and earn higher rewards than a regular node in a specific blockchain network.
At the time of writing, the rewards you get are the collective amounts of the regular and masternode wager. But MyContainer’s FAQ section promises to reflect segregation in future updates.
Unlike most crypto platforms, MyContainer is regulated by the regional Financial Intelligence Unit (FIU).
In addition, you can set up a personal wallet and use it via MyContainer. This means you have to use your own private keys, which is arguably more secure than regular staking. This is a little more technical, but MyContainer has detailed guides to walk you through.
Adding the transparency, they clearly state the fee associated with wagering certain coins. And yes, MyContainer allows you to earn compound interest on the rewards to maximize profits.
Bet.Vis is a completely non-custodial staking service. They run public validator nodes on many crypto networks with detailed video tutorials for delegation.
This is similar to what we just discussed about MyContainer. You assign your crypto to a public validator node and they do the work on your behalf for a small fee.
Stake.Fish clearly lists their service fees, expected rewards, binding period and payout intervals for all staking projects.
They may not have any click-stakeout solution like some on this list; either way, this is one of the safest ways to stake from your personal crypto wallet. The only staking method that can outsmart this is to run a validator node yourself, which requires significant investment and technical know-how.
In short, this is one of the best crypto trading platforms if you can think ahead on one-click solutions.
Coinbase presents an effortless staking solution aimed at vanilla crypto users.
For staking with Coinbase, you can buy staking-backed crypto on their exchange or transfer from a third-party crypto wallet to your Coinbase account. The stake is then available on the specific asset page within your portfolio.
This is by far the easiest method to stake, but also the most expensive. The user agreement shows the commission Coinbase charges.
Source: Coinbase User Agreement
They don’t charge differently for specific coins like Stake.Fish, but you end up paying 25% of your wagering rewards for the added simplicity.
The only advantage other than the simplistic procedure is that there is no minimum wagering limit, unlike Binance.
Crypto.Com supports flexible and temporary strikes with a few taps from their smartphone application.
You can check out different cryptocurrencies to bet on Crypto.Com, including some stablecoins.
Interestingly, you can increase your rewards by adding some CRO tokens to the wagering pool. This appears to be a way to incentivize the use of CRO, their native token.
Overall, the platform is quite simple, and even the newbies will find it an excellent crypto betting platform.
eToro supports staking in Cardano (ADA) and Tron (TRX) with support for staking ETH in select countries.
The minimum holding period is nine days for ADA and seven days for TRX.
eToro commissions on the rewards are based on the user’s club membership status. For example, Bronze members pay the highest 25% commission, while Diamond and Platinum+ members receive the smallest discount, 10%.
Finally, this crypto betting platform is best for those already associated with eToro to get maximum benefits.
KuCoin proposes flexible or soft staking, which comes without any hard lock period. However, you can also subscribe to their fixed length staking programs to earn higher rewards.
KuCoin’s soft-staking programs have a redemption period which is practically the time between when you stop staking and regain access to the funds or rewards wagered.
For example, the Polkadot (DOT) has a repayment term of 28 days. Do not worry. That is one of the largest redemption periods, with most other values around a week or even less.
However low, there are minimum thresholds you must meet to evict.
Finally, KuCoin is a reputable exchange worthy enough for those looking for an easy-to-use crypto trading platform.
Some tips before you start
Please note that the stated APY is generally awarded in the same currency. So be extra careful when betting a specific cryptocurrency. Because even an apparently lucrative return will not mean much if the underlying asset fails.
In addition, choosing a well-known staking platform is a no-brainer even at the cost of a lower return as you can also be subject to slashing which is a fine imposed by the network on the validator nodes for malicious behavior or just be offline. And any event of slashing eats away at your wagering rewards.
Finally, don’t be fooled by the banners with no deployment costs. Instead, compare the APY between different platforms for the coin in question.
Simply put, the best options for savvy users are Stake.Fish and MyContainer. However, non-technical crypto people should try Binance, Kraken or KuCoin.
But I repeat: Don’t invest more than you can afford to lose†
And I would take the liberty of proposing something out of the box with these good wine investing platforms.