Cardano (ADA) is one of the top proof-of-stake (PoS) blockchains, so it relies on stakers to secure the network.
As you may already know, PoS blockchains depend on validators to verify transactions and keep the network safe from security breaches. The perk is that all PoS networks reward their validators and other staking for playing the vital role of securing the network.
ADA is one of the most popular cryptocurrencies to stake, and while some people like to stake it as validators, others would rather not, and would rather just stake through staking pools. Staking with a pool can be advantageous since it does not require a large amount of ADA to do so.
Running a validator node on the other hand usually requires a certain amount of ADA to do, which most people can’t afford. In this guide, we list the top platforms you can use to stake ADA, whether by running a validator node, or through s staking pool.
Binance
Binance is a top destination for trading crypto assets, no wonder it has the highest trading volume. It is also a great place to stake several crypto tokens, including ADA. You can stake on the exchange in different ways.
The two methods for staking ADA on Binance is through its Simple Earn program and its more risky/rewarding Dual Investment system. Through the Simple Earn Program for example, you can earn rewards of up to 3.6% APR by pledging your ADA depending on staking duration.
If you don’t have ADA to stake yet, no worries. Binance charges only 0.1% fees to buy the asset and you can start staking right away.
Kraken
Kraken is a renown staking platform where the staking of several assets happens. The platform offers these services via its Kraken Pro platform which is designed for pro traders and investors, so it may not be suitable for beginners.
APR for staking varies depending on staking duration and other factors, but you can expect to earn up to 26%. For ADA, the APR is up to 6%, making it a great choice for short term staking. Staking rewards are paid weekly, so you can start earning rewards almost immediately.
Unfortunately, U.S customers are not allowed to use this service because of local regulations, so other options like Binance US suffice.
eToro
eToro is a well-known platform for trading crypto and other assets. Its main stay is copy trading in which new traders can copy the trades of pros. What many people may not know is that it is also a leading ADA staking platform.
The platform has a unique approach to paying staking rewards. Doesn’t lock your staked ADA, but instead takes snapshots of your ADA every night and automatically calculates your rewards at the end of the month to pay you.
How much of the reward you get to keep depends on your club level. bronze users keep 75%, silver/gold/platinum members keep 85%, and diamond/platinum+ members receive 90%. It is ideal for beginners who may want to stay away from actual staking, but the platform takes a significant portion of rewards.
Bitfinex
Bitfinex offers a simple platform for staking several cryptocurrencies, including ADA. the platform offers users great yields for staking, and does not require locking of assets, which means you can withdraw your assets any time.
You can also trade on the platform using staked assets as collateral, which gives users a lot of flexibility. You can earn up to 4.5% APR for staking ADA. However, the platform does not disclose its commission rate, which could be a turn off for some users.
Nevertheless, the relatively high yields and flexibility of rules are invaluable for some users. You may buy ADA right on the platform and use it to stake, with just 0.1% transaction fee on the exchange.
