CEX.IO APP : How To Stake Cryptocurrency For Profits Yield | Make Money Online With Crypto
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Introduction
In recent times, many users have shifted from Binance to alternative exchanges due to availability issues. One popular platform gaining traction is the CEX.IO app. With many inquiries regarding how to effectively stake on this platform, it’s essential to understand the basis of staking and how to do it effectively.
Understanding Staking
Staking is the process of locking your cryptocurrency in a vault which allows you to earn rewards over time. Basically, you are committing your crypto assets to help maintain a network or blockchain, and in return, you receive earnings for doing so. This article will guide you through staking on the CEX.IO platform.
Getting Started with the CEX.IO App
Before you begin staking, you need to download the CEX.IO app and complete the necessary identity verification. Once you are verified, navigate to the "Earn" section of the app.
In this section, you will see two options: Savings and Staking. If you are interested in staking, click on the Staking icon. Currently, CEX.IO offers staking opportunities for about 13 different cryptocurrencies.
For example, if you are interested in Cardano (ADA), you can check the annual yield percentage at the top of the screen. Let’s say you want to stake $ 100 worth of Cardano with a yield of 1.8% per annum. This would mean, at the end of one year, you could make a profit of around $ 1.80.
Example Calculation
- Investment: $ 100
- Annual Yield: 1.8%
- Annual Profit: $ 1.80 (from $ 100)
Higher Yield Options
If you want to explore options with higher returns, consider Cosmos (ATOM), which offers a yield of 12%.
- Investment: $ 100
- Annual Yield: 12%
- Annual Profit: $ 12 (from $ 100)
If you decide to invest $ 1,000, you would earn $ 120 profit by the end of the year, making the monthly return approximately $ 10.
Finding the right cryptocurrency with the best rewards is key. Always choose assets that align with your financial goals, making sure to review the annual yield percentages.
Converting and Staking Your Crypto
To stake your chosen cryptocurrency, select the asset you wish to convert. For this example, let’s use Cosmos (ATOM).
- Click on the Cosmos option.
- You’ll be prompted to add funds or convert existing crypto.
- If converting, choose the crypto you want to convert (like TRX).
- Enter the amount you wish to convert, and the app will inform you how many Cosmos (ATOM) you will receive.
- Click on 'Convert' and follow the prompts to finalize your staking.
It’s important to remember that staking may require committing your assets for a significant period, often up to one year.
Conclusion
Staking on the CEX.IO app is a straightforward process that allows you to earn rewards on your cryptocurrency investments with minimal effort. Be sure to stake only what you can afford to set aside for an extended time.
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Keywords
Staking, CEX.IO, cryptocurrency, earn, Cardano, Cosmos, profits, yield, investment, conversion.
FAQ
What is staking?
Staking is the process of locking your cryptocurrency in a wallet to earn rewards over time from a network or blockchain.
How do I start staking on the CEX.IO app?
Download the CEX.IO app, verify your identity, navigate to the "Earn" section, choose the Staking option, and select the cryptocurrency you want to stake.
What are the risks of staking cryptocurrency?
The primary risk involves locking up your funds for a certain period. If the market fluctuates negatively, you may have limited access to your staked assets.
How much can I earn from staking?
Your earnings depend on the amount you stake and the annual yield percentage of the cryptocurrency you choose. Always compare different options to maximize your rewards.
Can I unstake my cryptocurrency anytime?
Typically, staked assets are locked for a specified duration, but the terms can vary by platform and asset. Always check the specific requirements before staking.
