Is WhiteBIT The Best Crypto Exchange For Staking?
The opportunity to make a profit on cryptocurrency is not always associated with the active actions of crypto traders. However, a large percentage of investors are interested in the possibility of receiving passive income from cryptocurrencies. Currently, the crypto market offers several ways to make it, but staking remains the most popular and affordable one. But what is the best crypto exchange for staking?
What is staking?
Staking is a way to earn on cryptocurrencies by storing digital assets in a wallet for a certain period. After it, investors receive their deposit and staking rewards back. By blocking a certain amount of cryptocurrency on their wallet, investors usually receive the right to participate in maintaining the blockchain’s performance and getting rewards for this.
Staking usually supports the network using the Proof-of-Stake (PoS) algorithm. In this algorithm, new blocks appear in the network as a result of confirming the share of ownership of the asset. Those who have enough cryptocurrency on their account have the right to confirm transactions.
For investors, staking is a more profitable alternative to simply holding digital assets in a wallet. In fact, staking can be considered an analog of a bank deposit but with more favorable conditions. Depending on the blockchain, the interest can reach tens of percent per annum.
There are several types of staking:
- DeFi staking is based on automatically executed smart contracts. The funds blocked on the wallet are used to ensure the operating of the financial system (crediting, etc.);
- technical staking is when an investor participates in the process of confirming transactions and receives a reward for this using blocked funds;
- staking on a crypto exchange is when the exchange blocks an investor’s deposit for a certain period and pays the agreed interest.
Thus, the most affordable and easiest way is staking on a cryptocurrency exchange. An excellent example of it is SMART Staking on WhiteBIT.
SMART Staking on WhiteBIT
SMART Staking is a tool that includes a set of plans with different interest rates and staking periods, which allows you to receive passive income on the most popular crypto assets.
In order to use SMART Staking, users need to choose a plan with the interest and duration they prefer. Each plan has a minimum and maximum deposit amount. Users have a number of options with popular cryptocurrencies such as BTC, USDT, ETH, SHIB, XRP, TRX, LINK, etc. One can also open a plan for 10, 20, 30, 90, 180, and 360 days.
Interest rates range from 0.5% to 30% and differ depending on the chosen currency and staking period. For example, if you deposit 1000 USDT into a plan for 360 days, it will bring a 300 USDT interest, which is 30% per year.
At the end of the staking period, the deposited funds, together with the accrued interest, are returned to the user’s balance. You can close the plan and withdraw funds before the end of the staking period, but in this case, no interest will be accrued.
WhiteBIT guarantees the security of the funds. 96% of digital assets are stored in cold wallets, a WAF system has been implemented to detect and block hacker attacks. The system of measures to counter unforeseen situations allowed WhiteBIT to receive one of the highest cybersecurity ratings on the market in the cer.live rating.
Is it worth using SMART Staking on WhiteBIT?
SMART staking has a number of advantages for all types of users. A big part of crypto investors do not want to spend time and effort on studying technical issues and prefer to use convenient services. This is what SMART Staking is all about. There are only three steps one needs to do:
– depositing funds to the balance;
– picking the plan you like;
– receiving an interest after the end of the staking period.
Thanks to a set of security measures implemented by the exchange, SMART Staking is not only simple but also a safe service. WhiteBIT protects users against hacker attacks and offers them a number of precautions: two-factor authentication (2FA), Anti-Phishing, and storing funds on cold wallets.
Considering all of the above, it is safe to say that WhiteBIT can claim the title of the perfect exchange for crypto staking. Due to its simplicity and safety, SMART Staking will be an excellent choice for those who do not want to understand technical complexities and are interested in passive income on cryptocurrency.
