Welcome to this post, where we are going to see how you can do staking with the cryptocurrencies you have in kraken and get more profitability with it.
To access the staking part of kraken, which is kraken earn, we will have to use its web page from the computer, since the app does not include this function at the moment. Therefore, this guide is aimed at kraken used from a desktop.
The staking allows us to get an annual return with our cryptocurrencies, delegating the tokens we have. Exchanges like kraken make it easy and it is very intuitive, so you only have to stake your cryptocurrencies in their platform, and get the profitability you will see.
Keep in mind that the returns shown are annual %, and may vary over time. So you will not always receive that %. To understand it, if there is an option of staking Solana (SOL) at 10% per year, and you place 100 SOL, after one year, if the annual % is maintained, you will have 110 SOL in your account. The rewards you receive in staking, are with the same cryptocurrency you place.
From the kraken website on the desktop, you can see in the top menu, the earn part. Here, you can see all the cryptocurrencies, with the % they offer in reward. As you can see, they do not have many cryptocurrencies for staking, but you can find the main and most used ones. Also, they have included the polkadot parachains, to be able to participate from kraken. Although be well informed before placing your DOTs there, as they will be blocked for two years.
The staking of kraken is flexible, which means that you can deposit your cryptocurrencies in earn, and get an annual % paid weekly, and withdraw your cryptocurrencies from earn at any time. In other platforms, we find stkaing blocked, that you must block your cryptocurrencies for a period of time to receive the rewards. But in this case, you will be able to deposit and withdraw at any time, and get the rewards.
To deposit your cryptocurrencies in earn, it is as simple as clicking on stake. Search for the cryptocurrency you want to deposit. Indicate the amount, you can indicate different % and click on stake. After 10 minutes or less, you will be able to see your position in stake.
In staking balance, you will see the amount you have placed, and rewards what you have received until the date of rewards, with its value in your currency.
To withdraw cryptocurrencies from staking to sell them or keep them elsewhere, click on unstake. Search for the cryptocurrency, indicate the amount you want to stop staking and click on unstake. In this simple way, you will have your cryptocurrencies back in funding.
In case you want to staking a cryptocurrency that is not in kraken earn, I recommend you to use another Exchange, such as binance that has many more staking options, and it is likely that you can staking in that platform. You can check our guide on how to withdraw money and cryptocurrencies in kraken to send your cryptocurrencies from kraken to binance, and staking there, to maximize the profit with your cryptocurrencies.
I hope it has helped you to learn more in detail step by step how staking works in Kraken. Remember that if you don’t have an account with binance you can create one just below.