How to Stake on ByBit
ByBit offers users an easier way to invest in cryptocurrency. Instead of spending hours mining and a lot of money buying hardware, you get to earn through staking.
Proof-of-Stake consensus algorithm occurrence allows investors to earn by staking. The payback period is short, and it is simpler.
In this guide, we discuss the ByBit staking rewards and supported coins you need to know and how to stake on their platform.
What is Staking?
Staking occurs when you keep your funds in a digital wallet and leave them for a period to support validating transactions for the POS blockchain. You'll profit by receiving extra cryptocurrency for your participation.
Staking occurs for cryptocurrencies with PoS or DPoS consensus algorithms only. The interest you'll earn is determined by the trading rules and is accrued in the currency of blocked funds. It works the same way with interest-bearing savings accounts at the bank. You earn interest on what you save/invest.
ByBit allows users to stake their coins and receive rewards. You'll get to explore over 100 assets with good interest rates. If you want to know about other ways how to make money on Bybit, read the Traders Union article.
What is ByBit Locked Staking?
Locked staking is the act of storing your cryptocurrency in a digital wallet over time and bearing interest on the tokens. It is a simpler way to earn without withdrawing your assets from the platform.
ByBit will return your staked funds alongside the rewards at the end of the agreed staking period. Note that the staked funds are subject to fluctuations dues to market conditions, and the reward is prone to change.
What is ByBit DeFi Staking?
Decentralized Finance(DeFi) staking is locking crypto assets into smart contracts to get rewards. It is easy to use and doesn't need the user to make trades or perform complicated tasks. Therefore, you don't need to master any trading or technical skills. It relies on validators to keep the system safe.
ByBit Locked Staking Rewards and Supported Tokens
If you want to invest in numerous coins, ByBit Locked staking provides over 100 tokens. Each token has various annual percentage rates depending on how long you stake your investment. For example, the lowest reward is 0.52%, while the highest is 79.89%. The longer you lock your funds, the higher the returns on each token.
The high rewards and numerous tokens give you a wider pool from which to choose. As such, the returns on your investment go up.
Some of the coins with the highest returns include: Cake(up to 79.89%), BSW(up to 48.9%), Porto (Up to 45.88%), and Ach(up to 40%).
ByBit DeFi Staking Rewards and Supported Tokens
ByBit DeFi staking is a good investment for anyone who wants a flexible investment. The 15 available tokens offer you a fixed and flexible investment. You'll decide the plan that fits you well, as the most prolonged investment period is four months. The smallest reward is 0.85%, and the highest is 10.73%.
The coins with the highest rewards include ETH (up to 8.6%), Hard(10%), and BUSD(up to 10.73%).
ByBit US Staking Supported Coins and Rewards
ByBit US staking allows users to invest in various coins under flexible and fixed terms. Therefore, you can choose a prefered time or invest in a coin with a fixed staking period. The fixed staking ranges between 30 days and 60 days, with the returns hovering around 1.5% and 5.5%.
The coins with the highest rewards are USDC(5.5%) and USDT(3.45%).
| Token | Reward APY |
|---|---|
BTC |
1.5% |
ETH |
1.75% |
USDT |
3.45% |
USDC |
5.5% |
ByBit Staking Rewards vs Competitors
ByBit compares fairly with other competitors. Here is a comparison on the rewards they offer against 2 competitors.
| ByBit | Kraken | Coinbase | |
|---|---|---|---|
BTC |
1.5% |
1% |
- |
ETH |
1.75% |
4% |
3.38% |
USDT |
3.45% |
- |
variable |
USDC |
5.5% |
3% |
0.15% |
ADA |
4.31% |
4% |
2.6% |
How to Stake on ByBit?
Here is how you stake on ByBit.
Go to the ByBit official website and open an account if you are new
Verify your account by following the given guidelines( only accounts who've successfully completed KYC Level 1 verification can buy products on ByBit Earn)
Head to accounts and either deposit crypto if you own one or buy crypto
Go to earnings and select ByBit savings
Go over the numerous products and choose the one in which you want to invest
If it is flexible, choose the duration you want and if fixed, stake.
FAQ
Can I invest in ByBit staking from my country?
ByBit works in various countries and regions but is not allowed in some. These are some of the prohibited areas.
Mainland China
Cuba
Iran
North Korea
Sudan
Singapore
Syria
United States of America
Quebec, Ontario (Canada)
Are there any withdrawal limits on the Bybit platform?
Yes, there are. Please refer to the table below for more details. This limit will be reset daily at 0000 UTC
| KYC Level 0 (No verification required) |
KYC Level 1 | KYC Level 2 |
|---|---|---|
2 BTC* |
50 BTC* |
100 BTC* |
What is the effective staking amount?
The effective staking amount refers to the amount of tokens you’ve staked that are currently being calculated for yield. Assuming that you’ve staked 20,000 USDT at 10AM UTC on June 1, 2024, your effective staking amount will be updated to 20,000 USDT at 12AM (midnight) UTC on June 2, 2024.
Can I lose money when staking my assets?
Yes, if there is an adverse price movement in the assets staked, you can face capital loss.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Bruce Powers is an expert trader and technical analyst with over 20 years of experience in Forex, commodities, ETFs, cryptocurrencies and other assets. He is an active trader, technical and fundamental analyst, media commentator, educator and a writer. As an author for Traders Union, he contributes his deep analytical skills, expertise and understanding of the global economy and financial markets to provide market analysis and insights. Powers is also a frequent guest on business TV news shows.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).