Wealthsimple Crypto Staking: Earn upto 4.15% APY

In recent years, cryptocurrency has become an increasingly popular investment option. However, it can be challenging to navigate the world of crypto and understand the various strategies available to you. One such strategy is crypto staking, which is offered by Wealthsimple Crypto, a digital currency platform that allows users to buy, sell, and hold various cryptocurrencies.

In this article, we will explore the pros, cons, and fees of Wealthsimple Crypto staking, and whether it is a suitable investment strategy for you in 2023.

What is Wealthsimple Crypto staking ?

Wealthsimple Crypto is one of the best crypto brokerage in canada. This firm support 50+ cryptocurrencies so far. Now they allow their users to earn a passive income of 4.5% by staking their crypto assets.

So far they support two crypto assets for Staking –

  1. Solana
  2. Ethereum

Wealthsimple Solana staking –

Wealthsimple offers Solana staking, allowing users to earn staking rewards at an APY rate of approximately 4.6% (after fees) in SOL. With a minimum of only 0.02 SOL, staking can be started and unstaked at any time.

The first staking rewards are distributed after a warm-up period of 4-8 days, with future rewards distributed within 2-3 days. Wealthsimple automatically restakes rewards, providing compounded yields on previously earned tokens.

Additionally, staked SOL is safeguarded against slashing risks, protecting against potential loss of assets due to validator misconduct.

Wealthsimple Ethereum staking –

Wealthsimple has incorporated Ethereum staking into its platform, providing an opportunity to earn staking rewards at an annual percentage yield (APY) rate of approximately 4.15%, after accounting for fees.

The rewards are paid out in ETH, and the minimum amount required for staking is 0.01 ETH. After a 14-day warm-up period, the first reward is granted, with subsequent rewards distributed every 7 days.

It is important to note that once Ethereum coins are staked, they cannot be unstaked, traded, transferred, or accessed, including any earned rewards, until the Shanghai Upgrade takes place. This upgrade is planned for April 2023, but its schedule is subject to change. As such, only Ethereum coins that are not planned for use in the near future should be staked.

It is also crucial to recognize that Wealthsimple’s Ethereum validator is not immune to slashing risks, and assets may be lost if it engages in dishonest conduct. However, Wealthsimple verifies its partner validators’ staking sophistication to minimize risk and ensure uptime, reducing the risk of slashing.

How to Stake Crypto on Wealthsimple Crypto App –

Step 1: Sign up for a Wealthsimple account ( Get Sign up Bonus from $5 to $3000 click here )

If you don’t already have a Wealthsimple account, you will need to sign up for one. It is a straightforward process that involves providing personal information, verifying your identity, and connecting a funding source.

Step 2: Deposit Your Crypto Assets

To start earning sweet 4.15% interest, you need to buy some Crypto first. This can be done using the Weathsimple Crypto App ( charge 2% fee ). Or you can simply use other exchange like crypto.com and transfer them into wealthsimple Crypto Wallet.

Click on the “Add Funds” button and select Ethereum as your deposit option. You can transfer Ethereum from another wallet or exchange.

Step 3: Select Ethereum/ SolanaStaking

Once your Ethereum deposit is confirmed, you can select the Ethereum staking option on Wealthsimple. Choose the amount of Ethereum you want to stake, and then confirm the transaction.

Step 4: Wait for Rewards After staking

Ethereum on Wealthsimple, you will need to wait for the rewards to accumulate. Ethereum staking rewards are typically distributed every 7 days. It is important to note that your staked Ethereum is locked and cannot be withdrawn or traded until the Shanghai Upgrade happens.

Wealthsimple Crypto Staking Pro and Cons –

Pros Cons
Easy to stake ETH and SOL with a few tapsLimited staking assets
Staking rewards up to 4.15% APY after feesUnspecified lock-up period and slashing risks for ETH
No lock-up period for SOL, unstake anytime30% fee is somehow high compared other.
Locked assets and rewards could decrease in value if prices fluctuate significantly.

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