You may have heard of staking cryptocurrencies that allow you to earn extra returns, and you may be wondering how you can do so with your ETH tokens.
However, when you are using Crypto.com’s Earn, you are lending out your ETH tokens, and not actually staking them!
One way that you can earn returns on ETH is by lending it using Crypto.com:
How to ‘stake’ ETH on Crypto.com
Here are 6 steps you’ll need to ‘stake’ ETH on Crypto.com:
- Buy or deposit ETH on the Crypto.com App
- Go to ‘Earn’ on the Crypto.com App
- Select the ‘+’ sign and select ETH as the currency you want to lend
- Select the term that you wish to lend ETH
- Agree to the terms and conditions of Crypto.com Earn
- Select the amount of ETH that you wish to lend out
Here is each step explained in-depth:
Buy or deposit ETH on the Crypto.com App
The first thing you’ll need to do is to own some ETH on your Crypto.com App. This can be done by buying some ETH on the Crypto.com App, or depositing it from an exchange where you’ve bought ETH from.
There are 3 ways that you can buy ETH on the Crypto.com App:
- Credit card
- Crypto wallet (buying ETH from another cryptocurrency)
- Fiat wallet (buying ETH directly from a fiat currency)
Buying ETH via a credit card may result in you incurring rather high fees. Moreover, even if buying from your crypto or fiat wallet does not incur any fees, you may incur some fees from Crypto.com’s spread.
Another way is to deposit ETH from another platform to Crypto.com.
Go to ‘Earn’ on the Crypto.com App
To start lending your crypto, you will need to go to the ‘Earn’ tab.
Select the ‘+’ sign and select ETH as the currency you want to lend
After that, you’ll need to select the ‘+‘ sign on Crypto Earn,
and then select ETH as the currency that you wish to deposit.
Select the term that you wish to lend ETH
After that, you will need to select the term that you wish to lend out ETH.
There are 3 different terms:
- 1 Month
- 3 Months
For the flexible term, you are able to withdraw ETH at any time. However, the interest that you earn is much lower.
If you choose either the 1 month or 3 month term, the ETH that you deposit will be locked up for that period of time.
However, the benefit is that you will be able to earn a higher interest compared to the flexible term.
Another factor that affects the interest that you earn is the amount of CRO that you staked on the Crypto.com App:
Green or Higher)
|1 Month (Ruby
|1 Month (Jade
Green or Higher)
|3 Months (Ruby
|3 Months (Jade
Green or Higher)
The amount of CRO that you stake depends on which Crypto.com Visa card you wish to own.
If you own the Ruby Steel card, you will be able to receive a CRO rebate if you use the Crypto.com Visa card to pay for Spotify!
Agree to the terms and conditions of Crypto.com Earn
There are certain Terms and Conditions that you’ll need to accept.
By accepting the Earn and Credit T&Cs, you are accepting the risks involved with lending your crypto. There could be a risk that you will lose all of your cryptocurrency if Crypto.com closes down as well!
Select the amount of ETH that you wish to lend out
The last part is that you’ll need to select the amount of ETH that you wish to deposit to Crypto.com Earn.
You are required to deposit a minimum of 0.15 ETH to use this feature. This is quite a huge sum, and you are unable to deposit any sum that is smaller than that!
After confirming your deposit, you will reach this confirmation page.
Crypto.com Earn is one of the few places that you can consider earning interest on ETH. However, there are 3 things that you may want to take note of:
You will only earn simple interest on ETH
On Crypto.com, the interest will be paid out to your Crypto Wallet.
Since you are earning simple interest, your returns will not compound. This is different from banks that compound your interest. As such, you will be able to earn interest on the interest that you’ve previously received.
When you leave your crypto in the long term, the returns you earn will be much less compared to compound interest.
Your funds will be locked up if you choose the 1 or 3 month terms
If you are looking to trade ETH, it will be best to leave it in the flexible term instead.
If you intend to sell the ETH that you own, it would be best not to put it in the terms that lock up your funds!
The minimum deposit is 0.15 ETH
If you want to deposit ETH into Crypto.com’s Earn, you will require a minimum amount of 0.15 ETH. Depending on the price of ETH, this can actually be a rather huge sum!
While this isn’t technically staking your ETH tokens, you are still able to lend it out for a rather decent return.
If you are intending to hold ETH for the long term, it is definitely one way you can consider further growing your holdings!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Crypto.com Referral (Get up to $25 USD worth of CRO)
If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.
We will both receive $25 USD worth of CRO in our Crypto Wallet.
Here’s what you’ll need to do:
- Sign up for a Crypto.com account
- Enter my referral code: ‘x2kfzusxq6‘
- Stake enough CRO to unlock a Ruby Steel card or higher
The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.
You can read more about the referral program on Crypto.com’s website.
Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)
If you are interested in creating a Crypto.com Exchange account, you can use my referral link and enter the code “x2kfzusxq6“.
Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!
Here are the amounts that you’ll need to stake to receive the bonuses:
|1,000 – 4,999 CRO
|≥ 5,000 CRO
If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.
Are you passionate about personal finance and want to earn some flexible income?