Staking crypto is a smart practice used by crypto investors to earn passive income on their crypto holdings. In centralized exchanges, it takes place by allowing the crypto exchange to lock a specific part of your crypto asset in return, for which you get impressive returns.
Though the overall staking process may look complicated, it is not the case with Flitpay staking. We understand users' pain of confusion and misinformation while trying to perform crypto staking on various platforms. This is why Flitpay has come up with its user-friendly Staking portal to make staking as easy as making an online payment.
If you are wondering what this staking portal is and how it works, this article will clear all your doubts and prepare you to start staking on Flitpay.
What is the Flitpay Staking portal?
Flitpay staking facilitates users to lock their crypto-assets at their convenience to earn good interest.
It offers two types of staking options to users
Fixed Staking
The concept of Fixed staking is very similar to traditional bank FDs. You allow the exchange to lock a specific amount of your crypto asset after agreeing to their interest rates and time period. From the day your staking begins to the last day of your locking period, a staking interest gets continuously added to your locked crypto asset. The user can redeem the total amount (Locked amount + earned interest) once the lock period is over.
Flexible Staking
Flexible staking allows users to withdraw their crypto-asset anytime they want. There is no minimum time limitation in this staking type, and users can stake and un-stake their digital assets any day. The staked assets will earn interest like you make interest on your bank saving account balance. In Flexible staking, you get the flexibility of liquifying your asset anytime you want.
Flitpay's staking portal is designed to entertain novices and experienced crypto investors. Users can see their earned interest whenever they want, as it will be reflected every day in their staking section.
Here are a few important things to note in both the types of staking:
* The interest rates for a crypto-asset would be lesser in Flexible staking compared to Fixed staking.
* Your interest would be calculated on the initially locked crypto-asset only and NOT as the compounding interest.
* The interest rates can vary daily depending on that crypto asset's market scenario.
How to stake on Flitpay?
Since Flitpay provides two types of staking options, two sets of steps exist to complete the staking.
For Fixed Staking
Follow the below steps to perform Fixed staking on Flitpay:
1. Open the Flitpay web through this link- https://www.flitpay.com
2. Once you make your account on Flitpay and complete your KYC process, you become eligible to trade and Stake.
3. Navigate to the Staking tab from the top of the home page and click on it.
4. On the staking page, select Fixed staking from the two tabs available on the page.
5. Find the coin you want to stake from the opened list and look at the minimum locked amount, estimated flexible interest, and the duration criteria of that coin.
6. Click on the "Stake now" tab of your chosen coin.
7. Select your staking duration from the available period options and enter the subscription amount you would like to put for fixed staking.
8. Click on the Stake now button to subscribe to the plan, and it's done.
For Flexible Staking
1. The first three steps for Flexible staking are the same as that of Fixed staking.
2. On the staking page, select Flexible staking from the two tabs available on the page.
3. Find the coin you want to stake from the opened list and look at the minimum locked amount and the estimated interest criteria of that coin.
4. Click on the "Stake now" tab of your chosen coin.
5. Enter the subscription amount that you would like to put for flexible staking.
6. Click on the Stake now button to subscribe to the plan, and it's done.
Which cryptocurrencies can you stake on Flitpay?
You can stake Bitcoin, Ethereum, Ripple (XRP), Tron (TRX), Polkadot, Polygon (MATIC), Dogecoin, and the list continues.
To check all the cryptocurrencies available for staking, visit https://www.flitpay.com/staking/plans.
Some staking terms and their meaning
1. Minimum Locked amount: The smallest amount required to opt for that staking plan. For example, if the minimum locked amount is 0.001 BTC for Bitcoin staking, you need to put at least that much for the staking to begin.
2. Interest / estimated Interest: It is the portion of your principal locked asset that will be rewarded to you once your staking gets completed. For example, if your fixed interest rate for stacking 0.007 BTC is 4%, you will be rewarded with the 4% of 0.007 BTC as a profit once your staking period is completed.
3. Start volume and End volume: It is the range of lowest and highest amount for which a fixed interest would be credited to the investor.
4. Subscription date: The start date of your staking period.
How to calculate your staking interest?
The interest displayed against your staking plan duration is the yearly interest payable on your staked cryptocurrency.
To make it easier to understand, consider an example.
Suppose you have chosen a fixed staking plan of BTC at a 5.00% yearly interest rate for 90 days. Then, you will get (5/365)*90, i.e. 1.23% (approx.) interest on your deposited BTC after completing the 90-day lock period. One thing to note here is that the interest will be received and calculated in cryptocurrency, not on its INR value.
What will be the Interest calculation cycle?
Interest build-up will start from 00:00 am of the day after your locking period is confirmed. It will continue every day around 00:00 am till the ending day of your corresponding staking period. You can see the generated interest on your Flitpay staking profile as it gets reflected daily for all staking plans.
