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Bitbuy Staking: A Step-by-Step Guide on How to Stake on Bitbuy
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
In this article, we will cover everything there is to know about staking on Bitbuy, including how to stake on the exchange, staking rewards, available assets for crypto staking, etc.
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Bitbuy Crypto Staking: How to Stake
To begin staking crypto on Bitbuy, you need to create an account on Bitbuy by navigating to https://bitbuy.ca. Note that you must be a Canadian resident or citizen to sign up.
After account sign-up and verification, you can begin the staking process by funding your account with Canadian dollars using the following payment methods: Interac e-transfer, credit or debit card, wire transfer, or cryptocurrency deposit.
Once the funds are successfully deposited to your Bitbuy wallet you’ll need to buy a supported coin for staking.
Supported crypto assets that can be staked on Bitbuy include Polkadot, Cosmos, Polygon, Injective, Polygon, Ethereum, Solana, NEAR Protocol, and Cardano.
To buy an eligible coin for staking you’ll need to use the Express Trade function on your Bitbuy account.
Alternatively, if you already own an eligible asset, you can transfer it to its respective wallet on Bitbuy to begin staking crypto.
Once you are holding an eligible coin in your Bitbuy crypto wallet, go to your Bitbuy account dashboard.
Next, at the top of the home accounts page, tap on the staking tab or visit https://bitbuy.ca/staking and click the Stake button under the coin you have bought and want to stake.
That’s it! You have successfully staked your assets on Bitbuy.
How to Unstake on Bitbuy
The Bitbuy Canadian crypto exchange allows users to unstake all staked cryptocurrencies. However, the unbonding length varies depending on the coin but the steps to unstake are similar for all supported cryptocurrencies.
Unstake Through Bitbuy Web
To unstake your coins via the Bitbuy web platform, find the ‘Staking Tab’ located at the top of your home account page.
Next, select the staked crypto that you want to unstake and tap ‘stake’.
You will see the unstake button. After you click this, you’ll see the option to either unstake a portion of your staked crypto or everything.
So select how much you intend to unstake and confirm.
Once this is done, the unbonding process begins.
Unstake Through Bitbuy Mobile
Launch your mobile app and then find the ‘Staking Tab’ at the bottom of your screen.
Next, select the asset you intend to unstake and tap on it.
Tap ‘unstake’ after you select this. And just as with the Bitbuy web, you can choose to stake everything or just a portion.
Select how much you want to unstake and confirm. Bitbuy will begin the unbonding process.
Keep in mind that it is only staked cryptocurrencies that are eligible for unstaking, digital assets that are in the process of bonding must complete the bond before being eligible for unstaking.
Also, coins that are undergoing the unbonding process must finish the process before you can withdraw or sell them.
Staking Rewards
Below are the staking details for the available assets:
| Crypto Asset | Reward Rate | Minimum | Payout Period | Bonding Period | Unbonding Period |
|---|---|---|---|---|---|
| Solana | 4.28% | 0.1 SOL | Every 2-3 days | 4 days | 3 days |
| Ethereum | 3.30 - 4.87% | 0.1 ETH | Every 12 hours | 14 days | 8 days (expected) |
| Polygon (MATIC) | 4.88% | 0.1 MATIC | Every 12 hours | 1 day | 4 days |
| Polkadot | 10% | 1 DOT | Every 1-2 days | 4 days | 28 days |
| Cardano | 2.66% | 1 ADA | Every 5 days | 25 days | Instant |
| NEAR | 6% | 5 NEAR | Every 12 hours | 1 day | 3 days |
| Cosmos (ATOM) | 12.26% | 0.05 ATOM | Every 12 hours | 12 hours | 21 days |
| Injective | 12.30% | 0.02 INJ | Every 12 hours | 12 hours | 21 days |
NOTE
The bonding and unbonding period displayed above are subject to change based on the requirements of each network.
Also, the reward rate displayed is every year and posted as an estimation and can be updated every month.
Staking Fees
Bitbuy charges a flat fee for offering staking services to users. The Staking fee is a percentage of the rewards received. Below is Bitbuy’s staking fee and the net rewards rate for each supported cryptocurrency. The rewards rate is a net reward minus the commission fees.
Coin: Ethereum (ETH)
- Commission fees: 25%
- Net rewards rate: 3.30 – 4.87%
Coin: Solana (SOL)
- Commission fees: 25%
- Net rewards rate: 4.28%
Coin: Polygon (MATIC)
- Commission fees: 25%
- Net rewards rate: 4.88%
Coin: Polkadot (DOT)
- Commission fees: 28%
- Net rewards rate: 10%
Coin: Cardano (ADA)
- Commission fees: 28%
- Net rewards rate: 2.66%
Coin: NEAR Protocol (NEAR)
- Commission fees: 25%
- Net rewards rate: 6%
Coin: Cosmos (ATOM)
- Commission fees: 28%
- Net rewards rate: 12.26%
Conclusion
Bitbuy offers users the opportunity to earn passive income in held assets on more than 7 proof-of-stake cryptocurrencies.
The Canadian registered crypto exchange, however, falls through in the staking fees charged for staking rewards, which are higher than on average.
That said, in terms of security, Bitbuy offers good security. It also provides a seamless way to earn rewards on held cryptocurrencies in Canada.
Once you have staked your crypto on Bitbuy and you are looking to cash out your rewards this guide could come handy.
FAQ
Most frequent questions and answers
Staking is safe on Bitbuy for several reasons. First, the Bitbuy crypto exchange is the first Canadian registered marketplace approved by the Ontario Securities Commission (OSC). It is also a registered Money Services Business (MSB)
With Bitbuy crypto staking rewards, you won’t need to consider extended lockup periods as the crypto exchange allows users to unstake and withdraw their crypto assets at any point subject to the blockchain network’s unbonding period.
When you stake with your Bitbuy account, the funds held are not lent out, rather your assets are held at a 1:1 ratio.
Interac e transfer method on Bitbuy has a daily maximum withdrawal limit of 5,000 Canadian dollars.
Staking is the process of locking your crypto assets in a blockchain network to earn rewards. When you stake a particular cryptocurrency, you are supporting the blockchain of that cryptocurrency by participating in writing a new block and sustaining the viability of the blockchain.
There are 3 major steps involved in staking:
Delegation: When you stake your cryptocurrencies, you are delegating your staked coins to validator nodes. A validator node is a node on a blockchain that is responsible for verifying transactions on the network.
Note: Your coins are not lent out when you stake them. Also, you cannot withdraw or trade with your staked digital assets during the duration of staking.
Participation: Your staked digital assets are used to validate transactions. Since the assets have been delegated to a node validator, you do not need to actively participate in the validation of transactions. It is automatically done on your behalf. You will however enjoy the benefits of staking crypto on the platform.
That said, some exchanges like Bitbuy securely store your staked digital assets in cold storage to ensure the security of your funds.
Rewards: You earn rewards for validating transactions through your staked assets. In most cases, staking rewards are automatically accrued and paid out at the end of a staking cycle. The reward earned varies based on the cryptocurrency and the exchange.
The Bitbuy cryptocurrency exchange is suitable for day traders, swing traders, long-term investors, beginners, and intermediate traders.
Bitbuy is excellent for day trading as it offers competitive trading fees and tight spreads.
That said, Bitbuy is also an excellent option for users who want to hold their crypto investments long-term.
Yes, Your staking rewards are automatically accrued and paid out as long as your crypto remains staked.
Your staking rewards are generated by your participation in a staking node.
Proof-of-stake cryptocurrencies allow people to pledge or lock up some of their holdings as a way of vouching for the accuracy of newly added information. Proof-of-work is a blockchain consensus mechanism that incentivizes network validation by rewarding miners for their computational power.
The major difference between proof of work and proof of stake is that proof of stake relies on cryptocurrency staking, while proof of work relies on crypto mining.
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