- Users can stake supported balances with the FTX app.
- It’s easy to take part in FTX, and get rewards.
- This guide explains step-by-step how to stake on FTX.
DeFi (decentralised financial industry) has popularized the idea of staking cryptocurrency to generate passive income. This is possible on many blockchains, such as Ethereum, Solana, or other smart contracts.
You can also stake your cryptocurrency accounts on the FTX exchange. The FTX App allows you to stake supported balances and earn as much as 8% APY.
Beta is the current state of the program. Users will earn bonuses on any assets during beta. It is easy to stake your cryptocurrencies with FTX and receive rewards for the amount you staked.
Staking is a way to earn interest on money you have in your bank account. FTX gives stakers a lot of flexibility, including the ability for them to untake their coins at any given time.
Stakers may still earn up to 8 percent on the staked amount, though this can vary.
What are the essential things you should know before you start?
Before you can get started, there is a short list of requirements — simple things that you need to do and prepare before you actually lock up your cryptos. Check that you have these items:
An account on FTX Exchange, or if you are in the US — its FTX US app (The US version of the FTX website does not offer staking, but the app does).
A cryptocurrency wallet that supports the tokens that you are going to be using, such as Ledger Nano X.
There are two options for buying and importing cryptocurrencies: on the exchange or from a private wallet. FTT and SRM are the most preferred cryptocurrencies for staking.
Your FTX US account will show you the assets available for staking
If you already have the coins in a private account, there is no need to purchase them on FTX.
FTX US will un-stake any coins at any moment, retrieve them and credit it to your account (alongside all earned rewards).
FTX allows users to join from the US as well as non-US locations. There is a difference. US traders don’t have access yet to derivatives, so the US version focuses instead on standard crypto trading.
How to stake cryptocurrencies in FTX US
You can easily stake cryptocurrencies using your FTX application. Just follow a few easy steps.
Make sure you have cryptocurrency available in your app. These can also be purchased within the platform, or you can deposit them from your private account.
Next, locate the Invest Tab and tap Stake.
Then, locate and tap the button that states Stake Your Bitcoin.
Next, enter the amount and click Start Staking
You will receive rewards for the coins staked.
How are rewards decided?
The rewards you get from staking aren’t fixed and will change depending on market conditions and conditions.
But, historical and current conditions suggest that it is. anticipatedYour first $10,000 USD stake should yield approximately 8% reward
Higher amounts than $10,000 will return approximately 5%. But these are just projections and assumptions and not actual amounts. You may get a different actual reward.
It is now a very popular method to use your cryptocurrencies without risking or spending them.
FTX is also known for its excellent staking opportunities and user-friendly platform, which makes it easy for even novices to navigate the site. You will soon see the benefits and how simple it is to use your money for more money, without ever having to do anything nor be exposed to unnecessary risk.