Staking Crypto - Best platform

Dear all Mustachians,

I am currently checking my options for crypto staking in platforms with high yields and as much trustworthy and safe as practically possible…

Mainly I am interested for long term staking of stablecoins (USDT, USDC) or top5 cryptos such as bitcoin, ethereum, cardano, polkadot etc…

Main critical factors would be:

  1. Stability, Reliability and security of the platform.
  2. APY yield %
  3. possibility of deposits / withdrawals in CHF and eligibility to create an account with full access to staking from Switzerland
  4. if possible user friendliness and low fees

I have already checked Crypto.com and Swissborg and I have an account in both of them…

Crypto.com offers 10% on CRO staking over 10.000 CROs…
Swissborg (if you are a Community premium member) offers about 21% on CHSB and about 6% on USDC…

Basically, I would like more to listen experiences from BlockFi, Celsius, Nexo & Hodlnaut on the aforementioned process of staking for USDC or BTC, ETH.

Are they all eligible in Switzerland, do they need a minimum amount or a “premium account” to get access to the higher APYs? Are there any drawbacks, especially for Switzerland users that we should be aware in advance? What about taxes on earning profits?

All your advices would be highly appreciated!

Thanks a lot in advance

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I started my staking experience only 6 months ago and so far i’m loving it. I would not bet my retirement but the passive income flows are just… rewarding :wink:

Currently i’m using following services

  • Cake DeFi (https://www.cakedefi.com)
    – Here im primarily staking the Defi Chain “DFI” with up to 40% APY (paid twice a day)
    – With a small part im doing liquidity mining of DFI-DUSD with currently 200% APR
    – Here one could also use the Lending service and get up to 7% for BTC/ETH/USDC
  • Crypto.com
    – Staking CRO with 10% to get the green visa card
  • Swissborg
    – Yielding a small amount of CHSB up to 22% (locked 2000 CHSB to get the community premium tier)
    – Rewards are pretty low for all other big coins (except Binance Coin)

If you want to start with one of the three platforms I would be glad to give you my referral (DM) so we both get a small bonus.

Btw both SwissBorg and Cake are top players

Staking, Liquidity mining and lending are considered income and have to be taxed like dividend. The Tax report provided by Cake is great and lists the daily rewards in CHF which i will send directly to the tax office.

4 Likes

I use Celsius for a few months now and they have the best rates I have seen so far (over 10% on stable coins and around 5-6% for Ether/Bitcoin) and I am generally happy. Their app works as promised, their CEO is Alex Machinski is a succesful serial entrepreneur and the inventor VoiP, but they had some issues with their CFO who was arrested a few weeks ago, so that raised some red flags.

I also tried Youholder but it seems they have no staking program here in Switzerland.

I love crypto.com.

2 Likes

my 2 bits on staking… I’m using (or I used) Kraken, Binance, Celsius and BlockFi (but reduced massively lately in favor of the following). It’s more advanced but decentralized solutions.

  1. DOT/KSM stake directly over polkadotjs - there are some requirements you have to match (e.g. min 130 DOT). I have put quite a big part of my holdings into the parachain auctions (which are locked for 1 to 2 years… but the rewards are partly crazy… e.g. MOVR).
  2. ETH in RocketPool
  3. BTC (60% of my holdings, I keep it on the hardware wallet and not stake at all… but I have some small balances left on celsius, blockfi and other exchanges… just to forget it and in 10 years find it as millions again)
  4. ADA directly via ledger hardware and yoroi wallet.
  5. (I’m staking KLIMA for 30k % APY and soon EWT… this more for my green conscience and long term.)
  6. (have some other shitcoins staked for 30 to 50% APY, but it’s a very small part of my portfolio).
  7. I have no USD stablecoins… My fiat is CHF (I use Kraken, coz it’s easy and cheap to payout to PostFinance and Neon where I hold it).

Celsius (BlockFi as well, but less) has very good returns, but I doubt they will remain during the next downtrend and I think there is quite a risk attached to it (1, 2). In order to give 6.2% yield on BTC per year they have to take some risks…

The easiest and cheapest cashout is over Kraken… send just the coins to Kraken convert to CHF and payout. Just consider that some services charge you for the payout (e.g. BlockFi: just once per month free… and soon only BTC, other tokens will cost).

My hints:
Never put everything in one service.
Make sure your wife, fiancee, or whoever inherits your coins know how to access it in case of your death (details… step by step… and store this safe as your keys and accessible to your loved ones).

4 Likes

Where are you staking KLIMA with 30% APY?

it’s 30k%…
You need to have MATIC on Polygon network (Metamask) and trade it for KLIMA on Sushiswap. (I got the MATIC on Polygon network via Binance… but probably there is a easier way).

1 Like

You should be aware that if we enter any sort of trending bear market, yield will drop significantly across the platforms you are looking for (reliable, safe etc).

Let’s hope it doesn’t come to that.

I personally use BlockFi and Celsius, but not for anything more than I am willing to risk. Whilst these come across as “blue chip” they still have the same inherent risks as degening it yourself.

Adding to the other posters above, Anchor Protocol on Luna for UST staking which is 20% APY is worth investigating.

4 Likes

How can they offer 40% APY?

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The initial rates often significantly drop after a few months but your coins are still locked.

In the specific case of DFI, the rewards are part of the protocol and distributed to the stakers. But yes, the coin is highly inflated.

Do you want to see it dropping. I can do that. I just have to invest in it :slight_smile:
(On the cakedefi site, it’s not even clear how much it will cost.)

Cake is the staking provider. The coins website is https://defichain.com and the DEX is https://defiscan.live.

You can also run your masternode (min 20k DFI) without using Cake. Cake is here for small fishes (< 20k dfi) and also because of the Tax report.

…There are even higher APYs than that…

You can see for example Maiar Exchange (EGLD-MEX), klimaDAO, OlympusDAO etc…

My understanding is that - simply speaking - those rewards are offered to increase liquidity and stability for a new coin entering into the market (indeed in a period that coin price might be overvalued, you have to “lock” certain amount for certain time…)

Ofcourse several coins might turn to be scams or might decrease massively in value… however with such massive APYs you might want to risk your chances…

1 Like

Hi there first post for me :wave:,
I’m currently using Binance itself (for ADA, DOT, VET and BNB direct staking on the DEX), Pancake swap (CAKE) and mainly ACryptoS for USDC. While it’s going good so far with revenues dropping in. It still feels that I’m way to much exposed to binance universe and I would like to try also ADA and DOT in their own wallet. Is Rocketpool legit? Never heard about that but it looks very interesting and also the returns are good but not to high that it would raise concerns :wink:

Looking forward to discussions also on the other topics.

I think so. It’s the nearest to direct ETH2 staking - which requires at least 32ETH - but without this limitation and the need to run a node (but you can with at least 16ETH).

on Binance, nothing is a DEX…

Hi stojano,

While Binance in general is a Cefi there is also the possibility to stake on the DEX Binance Smart Chain | Binance Staking | Binance Swap for that you get the binance chain wallet and have your own keys and you can delegate your BNB to a validator (same as for DOT’s) Maybe I’m wrong but as you are in full control of the keys and hence I would consider that a DEX? Do you see that different?

Hi Conquestador

BSC only utilizes 21 validators that are chosen from the network and are responsible for the validation of new blocks. Having only 21 validators on the network makes it highly centralized in comparison to other blockchains.

(source)

I don’t like Binance and especially the Ethereum copy paste BSC. It’s not quite decentralized. Sure you can make some money there… staking… farming and from the bazillion tokens there. But I don’t touch any of these. The people I trust in the crypto space, tno one shilling Binance or BNB. I’d rather have DOT in my polkadotjs or hardware wallet than somewhere on BSC…

Yes, there are some use-cases I use Binance for like sending cheaply MATIC around on Polygon network.

1 Like

Thanks a lot for your feedback! While I’m in cryptos and blockchain since quite some time (2016) I find it hard to keep up with the fast pace of the space as I only have limited time beside family, work and travel. I also did my master thesis about the potential of blockchain in Pharma and concluded that for many things where there are blockchain solutions it’s not often the best case. The reason why I use BSC and Binance in general is mainly due to the relatively easy use of the system (which is important for a non-tech person like myself ;)) furthermore, I wanted to switch away from BNB towards other more decentralized tokens but found it hard to escape an asset that performed crazy this year. Do you have any good video/source for MATIC that looks very interesting. Beside that I also would like to participate in the DOT parachain actions which ends in 2 days but I have not yet set up the polkadotjs (not sure if I’m able to) and that one I would really not do on Binance. Again thanks for your feedback it’s really appreciated

this is cause the thing is owned 50% by Binnance itself and i woul not be impressed if they pump theyr bags themself.

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