The Ultimate Cryptocurrency Staking Guideline for Passive Income. In this video, I will also show you how to stake your coin on Coinbase, Binance, PancakeSwap and Trust Wallet.
If are you holding coin on your wallet or your exchange websites. In this video, we will take into deep drive. How to make passive income from your coins. And I will try to explain, Is there risk involved? If Yes, how to identify it? How to find high risk vs low risk while staking coin for passive income.
The normal scenario to earn passive money from your coin: if you buy it from exchange website as such Binance.com or Coinbase.com. They also offer many of the coins as staking or liquidity provider, what that mean, you can also earn passive income from your coin within you exchange and if you are new to crypto this is going to very useful for you. You don’t move your coin from one place to another and so on and fourth. This is going to be very useful for you.
However, Binance and Coinbase have limited coin listed for passive income, in this video I will take you through, how to earn passive income from these coins, I will show you how to stake your coin on Binance.com and Coinbase.com.
On the advance scenario – If coinbase.com or binance.com does not accept your coin for passive income, don’t worry, you can earn money from other coins as well. This is where we take deep drive. I will show you how to earn passive income from the coin they are not accepted in Coinbase or Binance.
What are the risks while staking your coins to make passive income:
Impermanent loss – Impermeant loss mean, the temporary loss of funds while being a liquidity provider because of volatility in a trading coin pair. This also explained how much more money you would have had if you simply held your coin to your wallet instead of providing the liquidity.
Releasing terms – recently, I heard some website are holding the LP pool money for a month even after you removed your coin from the lp pool.
Rug Pulling / SPAM -And remember there are lots of spam website. Please do your research before giving access to your assets.
How to stake coin on Coinbase
Find the coinbase suggested coin for staking from coinbase.com/staking
and enable the staking options for your account from your profile icon, click to setting and click to financial services.
And, go to For You page and click to Get more crypto from the top menu bar. There you can see the options to stake your coins, choose the coin and stake it.
How to stake AMP token coin:
Download coinbase wallet if you haven’t already and move your coin to coinbase wallet.
go to app.flexa.network and connect your wallet with coinbase.
approve and you are not staking AMP token coin out from coinbase.com.
How to stake on Binance.com and make passive income?
Once you are on the binance.com, you have several options to earn passive income.
From the top navigation, click to Finance
Under finance you can see, Binance Earn, Binance Pool and Liquidity Swap
o On the Binance earn,
o This is where you can find the popular staking coins on binance.com
o First make sure where you are staking your coins, the Guaranteed staking which is more secure than high yield.
In the video, I will showed you how to stake XRP on Binance
How to stake on PancakeSwap
Staking in Pancakeswap actually gives you more return then Binance or Coinbase but also has more risk.
You can be a Liquidity Provider which is also called Farms
Auto compounding Syrup Pools
How to stake coin on Trust Wallet
Top of your Trust Wallet you can see Finance, this is where you can stake your coins. The best part is if you are newbie to crypto you hate transferring coins to different wallet and places I guess. I would be very happy have coins on one wallet and use at maximum as possible.
Useful links stakingrewards.com
Best Strategy for staking coin
Risk vs rewards analysis
staking stable coins
don’t just put your eggs on one basket
always read cost, fee and release terms
00:00 intro – crypto staking guidelines for beginner
03:05 what are the risk on staking coin
04:40 how to stake coin on coinbase.com
04:55 how to enable staking on coinbase
05:51 how to stake AMP token coin
06:35 what are the risk free coin for staking
07:34 how to stake coin on binance.com
08:23 how to earn high yield on binance earn
09:27 how to stake XRP for passive income
11:27 how to stake Shiba Inu coin
11:53 how to stake coin on pancakeswap
13:40 how to stake coin on trust wallet
14:59 useful links
15:30 suggested tips for staking coin for passive income
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