How Does Cryptocurrency Staking Work on WhiteBIT?

Many traders want to go beyond holding, but, at the same time, they are not into spending time exploring the market. Thus, people are looking for ways to passively earn on crypto investments, one of which is staking.

In this article, we will discuss staking, its pros and cons, and how to start using its benefits most conveniently. Let’s dive deeper!

What is SMART Staking?

SMART Staking is a tool created by the best crypto exchange, WhiteBIT. The platform suits not only those who buy cryptocurrency and sell it, but for those who aim to earn passively. This tool allows users to buy cryptocurrencies and receive a certain percentage of passive income for holding them. Each staking plan varies in interest rates and periods of holding. People can choose a cryptocurrency, make a deposit, and enjoy the growth of their income.

How to select crypto for SMART Staking?

Staking fits both newbies and skilled traders thanks to its simplicity and minimal risks. Everyone can receive a steady income by selecting a coin from the list of popular assets.

You should start with choosing an asset. We advise you to consider only reliable and well-established projects. Let’s overview some of the most popular digital currencies for staking. 

• Ethereum (ETH)

Ethereum offers significant staking interests because it remains one of the most popular altcoins on the market today.

• Dash (DASH)

Dash is one of the industry leaders when it comes to staking as well as payments. It is an asset that is based on a decentralized peer-to-peer network.

• Tether (USDT)

If you are worried about cryptocurrency volatility, stablecoins are for you. USDT is extremely popular in the crypto community. 

• Solana (SOL)

Solana is an effective blockchain that was built with scalability in mind. The token can show off its low fees and fast operations thanks to its high scalability.

• Avalanche (AVAX)

AVAX is popular for staking because its platform can scale up to millions of various validators.

How to start staking? Step-by-step instruction

Everything is pretty simple. Just follow this guide:

• sign up on WhiteBIT;
• go to the Main balance and deposit crypto you want to stake;
• open the page with SMART Staking plans. You can apply filters to find the right asset faster;
• click on the plan, enter the amount and click the ‘Deposit’ button. Then you will see the interest you will get after the end of the plan.

That’s it! Your SMART Staking plan has been activated. It will be closed by default at the end of the period. So, you will get back all your investment and the interest.

Pros and cons of crypto staking

Pros of staking at WhiteBIT:

• suitable both for beginners and skilled crypto users;
• staking investments are considered low-risk;
• possible to manage your plan via mobile app;
• the initial investment is protected and will be returned with interest.

Cons of staking at the WhiteBIT cryptocurrency exchange:

• if you close your SMART Staking plan before the end of the holding period, you will not receive the interest, only the initial investment.

Wrapping Up

Crypto investors can profit from holding their digital assets, much like cash holders from savings accounts. WhiteBIT’s SMART Staking is a perfect choice for those who want to receive income for storing cryptocurrency rather than trading it. It is suitable for those who have only started their acquaintance with the world of digital assets and professionals.