5 Best Crypto Staking Platforms In Australia (May 2022)

April 25, 2022
Blog

As a long-time crypto aficionado, I constantly keep up with the latest and greatest crypto exchanges coming out every day, always looking for the lowest fees and best features. I’m confident these recommendations are currently the best exchanges available in Australia.

Overall, our top pick for crypto staking platforms is AQRU – it is a lending platform that supports 5 cryptocurrencies and offers solid annual interest rates for both stablecoins (12%) and non-stablecoins (7%). Crypto deposits are approved in less than 20 minutes and it’s one of the few platforms that offer insurance.

1. AQRU

Founded in 2019, AQRU is a crypto-staking platform that relies on decentralized, yield-farming protocols to generate interest for its users. AQRU acts as a custodian of crypto assets and is secured through the Fireblocks Network, an MPC-based wallet infrastructure. 

AQRU supports five different cryptocurrencies: three stablecoins, USDC, USDT, and DAI, and two non-stablecoins, BTC and ETH. Based on whichever you deposit you will receive a different annual interest rate; for stablecoins, the rate is 12%, and for non-stablecoins 7%. Interests are paid out daily.

AQRU doesn’t charge any fees for depositing fiat or crypto, but there is a $100 minimum for both. Fiat withdrawals are also free, and crypto withdrawals incur a flat $20 fee. In terms of security, AQRU offers an insurance pool of $30 million to its users, in the event of any hack or security breach.

Features

  • Stablecoins: 12% annual interest
  • Non-stablecoins: 7% annual interest 
  • Crypto deposits approved in 20 minutes
  • Multi-Layer Insurance
  • Interests are paid daily
  • $30 million insurance pool
  • Supports 5 cryptocurrencies

Cost

  • Withdrawal Fees (Crypto): $20 (flat fee)
  • Withdrawal Fees (Fiat): Free
  • Transfer Fees (Crypto): Free
  • Transfer Fees (Fiat): Free
  • Bank Wire Fees: Free

Signup Bonus

10 USDT bonus when you sign up using this link.

Best For

Investors looking for an established staking platform with high-interest rates and insurance.

2.  Swyftx

Swyftx is an Australian cryptocurrency exchange founded in 2018 by Angus Goldman and Alex Harper. Swyftx is registered and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC), and besides an exchange, it also provides a staking platform for select crypto.

Swyftx supports 16 cryptocurrencies, including Cardano (ADA), Solana (SOL), Cosmos (ATOM), and Polkadot (DOT). Interest rates vary depending on the crypto: annual rates of the crypto mentioned are 4.5%, 6%, 10.8%, and 12%. There’s no lock-up period – which means you can stake and withdraw at any time, with no penalty.

The Swyft Staking Wallet is compatible with the Swyftx Trading Wallet, and staking rewards are deposited in the latter – and paid out daily, in the same staked currency. The minimum staking amount is $1 AUD worth of the selected crypto.

Features

  • Up to 23% annual interest on select cryptos
  • Available on mobile and desktop
  • AUD Deposits and Withdrawals
  • Supports 16 cryptocurrencies
  • Two-Factor Authentication
  • TradingView charts
  • Real-time data

Cost

  • Spreads: 0.41%
  • Staking Fees: Free
  • Deposit Fees (Fiat): Free
  • Withdrawal Fees (Fiat): Free ($100k AUD max.)
  • Deposit Fees (Crypto): Free (network mining fees may apply)
  • Withdrawal Fees (Crypto): Free (network mining fees may apply)
  • Exchange Trading Fees: 0.6% (high volume discounts apply)

Signup Bonus

$20 worth of Bitcoin bonus when you sign up using this link.

Best For

Investors who already have a Swyftx account and want to take advantage of one of the cheapest staking platforms in the market.

3. Crypto.com

Crypto.com is a crypto exchange and DeFi crypto-services provider. Its staking platform supports 50+ of the largest cryptocurrencies, including BTC, ETH, LTC, and XRP. Staking rewards, or interests, are calculated daily and paid out weekly in the same staked currency.

Crypto.com’s interest rate system is complex to calculate, but it can be boiled down to two key factors: the lock-up term of the stake, which can be Flexible, 1-month, or 3-Month, and the amount of CRO the user is holding, in AUD: less than $500, less than $50.000, and over $50,000. The highest interest rates are awarded to the longer terms and the higher CRO stakes.

In terms of security, Crypto.com uses Multi-Factor Authentication (MFA) in combination with whitelisting and constant monitoring to ensure compliance with all security measures. Additionally, all deposits are held safely in cold storage.

Features

  • Stablecoins: 10% annual interest
  • Non-stablecoins: Up to 14.5% annual interest
  • Interests are calculated daily, paid out weekly
  • Crypto deposits approved in 20 minutes
  • Supports 50+ cryptocurrencies
  • Multi-Layer Insurance

Cost

  • Maker Fees: From 0.40% to 0.15% (based on volume)
  • Taker Fees: From 0.40% to 0.15% (based on volume)
  • Deposit Fees: Free
  • Withdrawal Fees: Depends on the coin (0.0001 BTC for Bitcoin)

Signup Bonus

$25 bonus when you sign up using this link.

Best For

Investors looking for a highly secure crypto staking platform.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

4. Coinbase

Founded in 2012, Coinbase is an American cryptocurrency exchange and crypto services provider based in San Francisco. It’s one of the oldest crypto exchanges in the world, and among its crypto services is a staking platform for select crypto.

Coinbase supports six cryptocurrencies in its staking platform, including Ethereum (ETH), Tezos (XTZ), Cosmos (ATOM), and USDC. In Australia, however, only ATOM and XTZ are available. The minimum staking amount for both is 0.0001 coins, and the annual interest rates for ATOM and XTZ are 5% and 4.63% respectively. 

Coinbase doesn’t charge any deposit or subscription fee; instead, it takes a percentage of the monthly yield generated by the user’s staked crypto, as operational costs. The percentage is a flat 25%, which may seem high but it’s the industry standard. Coinbase is one of the few SEC-regulated and NASDAQ-listed crypto companies.

Features

  • Non-stablecoins: From 4% to 5% annual interest
  • Stablecoins: 2% annual interest
  • Two-Factor Authentication
  • Supports 6 cryptocurrencies
  • Staking rewards paid out weekly
  • Annual interests ranging from 1-5%
  • Compatibility with the Coinbase crypto wallet
  • Rewards paid out in the same cryptocurrency staked

Cost

  • Staking Fee: 25% of the monthly yield
  • Debit/Credit Card Deposit Fee: 2.49%
  • Taker’s Fee: From 0.04% to 0.50%
  • Maker’s Fee: From 0.04% to 0.50% 

Signup Bonus

$10 bonus when you sign up using this link.

Best For

Investors looking for an established crypto staking platform.

5. eToro

eToro is one of the largest crypto exchanges in the world with offices in Cyprus, Australia, the UK and the US. In 2020 it released a staking platform, which enables users to stake three different cryptocurrencies: Cardano (ADA), Tron (TRX), and Ether (ETH). Staking ETH is currently not available in Australia. 

eToro doesn’t charge any deposit or subscription fee; instead, it takes a percentage of the monthly yield generated by the user’s staked crypto, as operational costs. The percentage taken is based on a tier system: the fees for the bronze, gold, and diamond tiers are 25%, 15%, and 10% of the total yield generated in the last 30 days. 

Interest rates are calculated using a daily average from the last 30 days and are paid out monthly, directly to the user’s eToro wallet. Keep in mind that to qualify for staking rewards you have to hold an open position of the crypto asset for at least 7 days.

Features

  • Supports 2 cryptocurrencies
  • Staking rewards paid out monthly
  • Full compatibility with the eToro wallet
  • Reduced fees based on Membership tiers
  • Rewards paid out in the same cryptocurrency staked

Cost

  • Staking Fee (Based on tier): From 25% to 10% of the monthly yield
  • Trading Fees: From 0.75% to 2.90%
  • Spreads: From 0.75% to 5.00%
  • Account Opening Fee: $10

Signup Bonus

$50 bonus when you sign up using this link.

Best For

Investors looking for a staking platform that supports Cardano (ADA) and Tron (TRX).

What To Look For In The Best Crypto Staking Platforms In Australia

There are a number of factors to consider when selecting the top crypto exchange in Australia. Some of these include:

Supported coins: The best exchanges will offer a wide range of coins to trade, as this gives investors the opportunity to maximize their profits by trading a variety of assets.

User interface: The user interface should be simple to understand and easy to navigate, especially for beginners. However, if you are a more seasoned crypto investor, you may want to look for an exchange with more advanced features.

Fees: All exchanges will charge a fee for their services, but it is important to find an exchange that offers competitive rates. Otherwise, you may end up losing a significant portion of your profits in fees.

Regulation: One of the most important factors to consider when choosing an exchange is its level of regulation. A regulated exchange will be much safer and more trustworthy than an unregulated one.

Deposit & withdrawal options: Another important factor to consider is the availability of deposit and withdrawal options. Ideally, an exchange should offer a variety of payment methods so that investors can easily transfer funds in and out of their accounts.

Account security: It is crucial that an exchange has robust security measures in place to protect its customers’ funds. Look for exchanges that have implemented multiple layers of security, such as two-factor authentication and cold storage.

Customer support: The best exchanges always have excellent support so users can get help if they run into any problems. Consider how many channels you can use to reach their support team, their response times, and how helpful their responses are.

FAQs

Is It Legal To Buy And Trade Crypto In Australia?

Yes, cryptocurrency is legal in Australia, and you can buy, sell and use crypto without breaking the law. However, cryptocurrency is not currently considered legal tender in Australia, and the Australian government shows no indication of accepting it as such any time soon.

Is Crypto Trading Taxable In Australia?

Yes. Even though the Australian Tax Office (ATO) doesn’t consider crypto as money, it is regarded as property, a CGT asset for all tax purposes. When a capital gain or loss is realized from cryptocurrency, the market value of the asset, in AUD, is used to calculate the tax. 

Are Crypto Staking Platforms Regulated In Australia?

Yes. In Australia, cryptocurrency, digital currencies, and cryptocurrency exchanges are legal. The sale of crypto assets is regulated by Australia’s Financial Services Regulatory Regime.

Conclusion

As a long-time crypto aficionado, I constantly keep up with the latest and greatest crypto exchanges coming out every day, always looking for the lowest fees and best features. I’m confident these recommendations are currently the best exchanges available in Australia. 

Overall, our top pick for crypto staking platforms is AQRU – it is a lending platform that supports 5 cryptocurrencies and offers solid annual interest rates for both stablecoins (12%) and non-stablecoins (7%). Crypto deposits are approved in less than 20 minutes and it’s one of the few platforms that offer insurance.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

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Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

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Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

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Rated 4.2/5