- The FTX app allows users to stake their supported balances.
- Betting on FTX and earning rewards is quite simple.
- This guide provides a step by step process on how to stake on FTX.
The ability to stake cryptocurrencies in the DeFi (decentralized finance) sector to earn passive income has popularized a great deal. This is something that can now be done on most blockchains that offer smart contracts including Ethereum, Solana, and others.
Of course, it is also possible to bet on simple to use cryptocurrency exchanges such as FTX Exchange. FTX has its own application called FTX App which allows you to stake your backed balance and earn up to 8% APY.
At the moment, the program is still in beta, and during the beta, users will be able to earn bonuses on applicable assets. Wagering with FTX is quite simple: you stake your cryptocurrency and earn rewards on the amount you stake.
If you are not familiar with staking, it is like earning interest on money held in your bank account. FTX offers a lot of flexibility for stakers, including the ability to unstake their coins at any time.
If not, stakers can earn up to 8% on the amount placed, although this can vary.
What do you need before getting started?
Before we get started, there is a short list of requirements – simple things you need to do and prepare before actually locking your crypto. Make sure you have:
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An account on the 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).
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A cryptocurrency wallet that supports the tokens you work with, such as the Ledger Nano X.
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Cryptocurrency for staking, which you can import from a private wallet, or buy on an exchange. Some of the more popular cryptocurrencies that investors prefer to bet on include FTT, SRM, SOL, RAY.
note that:
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Assets available for staking will be shown in your FTX US account
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You don’t need to buy coins on FTX if you are already in a private wallet
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You can instruct FTX US to stake your coins, retrieve them, and deposit it (along with all earned rewards) into your account at any time.
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FTX accepts users from US and non-US jurisdictions. The difference is that US traders do not yet have access to derivatives, and the US version focuses on standard crypto trading instead.
How to Bet Cryptocurrencies on FTX US
Hosting cryptocurrencies through your FTX app is fairly simple, and all you need to do is follow a few simple steps.
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Make sure cryptocurrencies are available in your app. Once again, these can be purchased within the platform itself, or deposited with your personal wallet.
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Next, locate the Investments tab, and tap on Stake.
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After that, you need to find and tap the button that says Stake Your Crypto.
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Finally, enter the amount and tap on Start Staking
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As soon as one is available, the app will broadcast digital currencies to the applicable DeFi pool, and you will start receiving rewards on the coins you stake.
How are the prizes determined?
The rewards you will receive from staking are not fixed, and they will vary from time to time based on a number of factors, such as the state of the crypto industry and the current market situation.
However, according to the historical and current circumstances, it is expected That your first $10,000 USD bet should earn a prize of around 8%.
Amounts over $10,000 will bring back approximately 5%, although keep in mind that these are only estimates and expectations, not actual amounts. Actual reward may vary.
final thoughts
Staking has become a very popular way to use your cryptocurrencies without having to spend or risk trading them.
At the same time, FTX offers excellent betting conditions as well as a user-friendly platform that allows even newbies to find their way quickly and easily. And, once the rewards start coming in, you’ll realize how easy it is to use your money to make more money without doing anything or being exposed to unnecessary risks.