Fantom is an exciting blockchain that has low fees and super fast transaction speeds. I use Fantom a lot to invest and make money via DeFi platforms. But did you know you can also make money by staking Fantom on CoinSpot? Staking is one of my favourite ways to generate passive income from crypto. Here is how it works:
Earn 4% P.A Passive Income with Fantom ($FTM)
Fantom is a proof of stake network. To process transactions and secure the blockchain, users can stake the FTM token and in return they will earn income.
Currently you can earn around 4.2% APY Staking FTM on CoinSpot. While this doesn’t sound like a lot, it’s way more than what you’d be making putting money into a savings account (albeit with much more risk).
But there is an added bonus for staking $FTM. Over the past year FTM has grown in popularity as Ethereum has become more and more expensive to use. A transaction on Fantom costs just a couple of cents. Where as a transaction on Ethereum can cost $30+. As a result the price of FTM has gone up by a lot.
If you had invested just $100 in FTM exactly a year ago, you would now have over $7000 worth of FTM. Plus if you had staked that FTM you would have earned additional FTM further growing your balance.
How to Stake Fantom on CoinSpot
CoinSpot makes it super easy to Stake Fantom. Here is my step-by-step guide:
- Register – Sign up to CoinSpot account here
- Verification – Verify your account as per CoinSpot’s instructions.
- Deposit AUD – CoinSpot supports a number of instant deposit methods like PayID and Poli.
- Buy Fantom – Swap you AUD for Fantom ($FTM)
- Stake Fantom – Visit your Fantom wallet on CoinSpot. Click on the “Staking” button. And then choose how much you want to Stake.
How Often will I earn Staking Rewards on CoinSpot
CoinSpot credits Staking Rewards everyday at 10am. You can see in your CoinSpot account what the next payout will be and when it will get credited.
Can I Unstake at anytime?
Yes. Unlike a term deposit with a bank, you can unstake your balance at anytime. Be prepared to wait a few minutes for that process to happen.
Why I Stake Using CoinSpot
CoinSpot make the entire Staking process really simple. They have an excellent reputation when it comes to security and they are based in Australia. They also support local Australian deposit options such as PayID.
CoinSpot supports the Fantom blockchain. This means you can withdraw/send FTM via Fantom protocol. Platforms like FTM only support withdrawing via Ethereum which is super expensive. If I want to use a Fantom DeFi app, I can withdraw to my Metamask wallet right from CoinSpot!
How Risky is Staking FTM on CoinSpot
The price of Fantom is volatile. While it has been on an incredible bull run over the past year, there are no guarantees that it will continue. I’m investing in Fantom because I’m a heavy user of the blockchain and it’s a product that I love.
Other Ways to Earn Passive Income with Crypto
Did you know you can also earn interest on other cryptos including Bitcoin, Ethereum, USDC and many more? I like to invest across multiple platforms and methods to generate passive income. Make sure you check out my guide -> Earn Interest on Cryptocurrency.
Tip – Use a Coinspot referral code when signing up to get a bonus $10 worth of Bitcoin