In cryptocurrency, staking stands out as a favored method for generating passive income. Earning rewards in the form of additional tokens is possible by merely holding certain cryptocurrencies. Although a wide variety of staking platforms currently exist, your crypto assets are best managed within a single, secure location when you choose wallets that support staking.
This article provides a comprehensive overview of wallets that facilitate staking as well as earning rewards, describing the main advantages of every wallet and the cryptocurrencies that can be staked using these wallets.
Exodus Wallet
Overview
Exodus is well known for its desktop and mobile wallet, offering a streamlined interface for the management, storage, and staking of cryptos. The wallet is also known for its support of various digital assets and incorporates rewards earning directly through staking.
Key Features
Multi-Currency Support: Provides over 100+ cryptocurrencies, Bitcoin and Ethereum, Polkadot, and Cardano for example.
Staking Integration: Built in staking features are available for Tron, Cardano, Cosmos and some others.
User Friendly Interface: The wallet has a clean and simple design, which makes it easier for beginners.
Exchange Features: Users can directly swap cryptocurrencies within the Exodus wallet due to the integrated exchange feature powered by ShapeShift.
Offline Storage: Exodus lets users back up their wallets and securely store them offline.
Why Choose Exodus?
Simple Staking: Directly within the wallet, users can complete the staking process through simple and straightforward steps.
No Fees for Staking: Staking at Exodus doesn’t incur any additional charges beyond the network fee, and there are no additional fees for the rewards.
Mobile and Desktop: Users can access the platform on the mobile or the desktop and are therefore able to stake and check their rewards on the go or at their convenience, from a desktop.
Rewards Example
Cosmos (ATOM): Users can earn rewards of up to 7% annually.
Tron (TRX): Users can expect around 3% to 5% rewards annually.
Trust Wallet
Overview
Trust Wallet is a decentralized wallet and mobile platform that enables users to stake over 160 different cryptocurrencies. It is a non-custodial or self-custodial wallet, meaning that the users control the private keys. Trust wallet places emphasis on security and privacy.
Key Features
Wide Cryptocurrency Support: Trust Wallet boasts a voluminous list of supported cryptocurrencies that includes Ethereum (ETH), Binance Coin (BNB), Tezos (XTZ), and Cosmos (ATOM) among others.
Built-in Staking: Trust Wallet enables users to stake directly from within the wallet. Staking is integrated for various coins.
Earning Rewards: Staking has never been easier as no external efforts are needed to start earning from it.
Mobile Device Accessibility: Staking can be done seamlessly from Trust Wallet, as it is designed for mobile devices.
User’s Control: Trust Wallet ensures privacy and security as it is a non-custodial wallet, allowing users to control their private keys.
Advantages of Trust Wallet
Minimal Staking Barriers: Staking through the mobile application makes it easier for users, hence, is ideal for beginners.
No Charges for Staking: Users will not be charged any fees for staking, however, network fees will need to be paid.
Lack of Central Control: Trust Wallet as a non-custodial wallet provides users full control over their assets and staking activities.
Example of Rewards
Tezos (XTZ): Up to 6% annual staking rewards
Cosmos (ATOM): Up to 9% annual rewards.
Ledger Live (with Ledger Hardware Wallet)
Overview
Ledger Live is software that works with Ledger Nano S and Ledger Nano X hardware wallets. It is considered one of the safest hardware wallets, and the accompanying software enables users to stake certain cryptocurrencies directly from the hardware wallets.
Key Features
Top Security: Ledger Live is a hardware wallet software that offers better security than software wallets by keeping the private keys stored offline.
Staking for Supported Coins: Staking support is provided for Tezos (XTZ), Polkadot (DOT), Ethereum 2.0 (ETH), and Cosmos (ATOM) via Ledger Live.
Staking Rewards: It provides notable staking rewards. All rewards generated are retained on the hardware wallet.
Cross Platform: Works with Windows, macOS, and Linux, as well as with Ledger Nano S and Ledger Nano X.
Backup and Recovery: Supports restoration of assets stored in the wallet with efficient backup and recovery features.
Why Choose Ledger Live?
Maximum Security: Staking with Ledger Live provides best security due to the use of hardware wallets, making this best suited for long-term holders.
Direct Staking: Ledger Live permits direct staking, meaning that users will be able to earn rewards without having to move their crypto to different platforms.
Offline Storage: With Ledger acting as a hardware crypto wallet, users can be eased to know that their private keys will not be connected to the internet, thus minimizing the chances of being hacked.
Rewards Example
Tezos (XTZ): Up to 6% rewards each year.
Polkadot (DOT): Up to 12% rewards each year.
Atomic Wallet
Summary
Atomic Wallet is a decentralized cryptocurrency wallet that gives its users the option to store over 500 cryptocurrencies. Moreover, users can stake multiple digital assets. Alongside its extensive collection of staking options, the wallet can be accessed through desktop and mobile, making it more user friendly.
Key Features
Widely Accepted: Offers more than 500+ cryptocurrencies and includes names such as Bitcoin (BTC), Ethereum (ETH), and Tron (TRX).
Staking Features: Users can stake with built-in wallets, and can stake with Tezos (XTZ), Cosmos (ATOM), and Cardano (ADA).
Cross-Border Transactions: The wallet also offers a feature called Atomic Swaps, where users can switch between supported assets without having to use an exchange.
Decentralization: Users of Atomic Wallet maintain total control over their private keys and assets.
Cross-Platform: Accessible on Windows, macOS, Linux, as well as iOS and Android devices.
Why Select Atomic Wallet?
Comprehensive Staking: Atomic Wallet stands out for users looking to stake various digital assets as they support a wide array of cryptocurrencies.
Atomic Swaps: The increased privacy of Atomic Wallet is bolstered by allowing users to swap cryptocurrencies in the wallet and not through centralised exchanges.
Security: Users remain in complete control of the private keys allowing for full security over the staked assets.
Rewards Example
Tezos (XTZ): Earn as much as 6% in annual rewards.
Cosmos (ATOM): Earn as much as 10% in annual rewards.
Mycelium Wallet
Overview
Mycelium is a prominent mobile wallet for cryptocurrencies. Beyond its robust functionality, it enhances the privacy of users and supports staking for a number of cryptocurrencies. Though primarily recognized for its security and user-friendliness, the staking features provided by Mycelium are a real benefit, particularly for users on the go.
Key Features
Mobile Staking: Mycelium provides the convenience of mobile-based staking to users managing their cryptocurrencies on the go.
Privacy-Focused: Mycelium is well-known for its high-level privacy features, and does not track or store user data, making for a secure environment for staking activities.
Multi-Currency Support: Mycelium supports a wide range of digital assets which includes Bitcoin, Ethereum, and other ERC-20 tokens.
Staking Services: Supports staking for Tezos (XTZ) and Cosmos (ATOM) among others.
Cold Storage Options: Allows for offline storage of private keys.
Why Choose Mycelium?
Privacy: Mycelium is an ideal option for those preferring robust privacy measures because of its emphasis on user privacy.
Mycelium is great for those who manage their assets through smartphones because of its mobile-friendly interface.
Rewards Example
Tezos (XTZ): 5%-6% annual rewards.
Cosmos (ATOM): 9% per annum.
FAQs: Best Wallets for Staking and Earning Rewards
Q1: What is staking?
It is locking up some cryptocurrency as collateral that helps secure a blockchain network. You earn rewards for taking part in the network in the form of additional tokens.
Q2: Which wallet has the highest staking rewards?
Depends on the crypto and the provider. But, wallets such as Ledger Live and Poolin are known to have some of the highest staking rewards for Polkadot (DOT) and Cosmos (ATOM).
Q3: Are there any fees for staking in wallets?
Some wallets charge minimal fees for staking, while others do not. Always check the wallet’s fee structure before staking.
Q4: Can I unstake my coins at any time?
This depends on the wallet and the cryptocurrency. Some wallets offer flexible staking options, while others may require you to lock your tokens for a certain period.
Q5: Is staking safe?
Staking is generally safe, especially if you’re using a trusted wallet like Ledger Live or Exodus. However, it’s important to ensure that your private keys are secure to avoid the risk of losing your funds.
