Cryptostake review 2024

Our opinion of Cryptostake

Cryptostake is a new and disruptive presence in the world of cryptocurrency staking. The app offers cryptocurrency staking in a secure, convenient package, allowing you to transfer coins and start earning rewards in a couple of clicks, safe in the security of a licence from the Swiss financial authorities. 

The app also acts as a crypto wallet, so you can store certain tokens in there, even if they don’t qualify for the staking rewards. And it can help with your taxes, too, so you don’t get caught out when it comes to filing time.

While there is a limited selection of cryptos available to stake at the moment (just three are available: Ethereum, Polkadot, and Cosmos), it’s clear that this is a burgeoning project and Cryptostake has confirmed that it plans to add more staking tokens soon. 

In this review, we assess Cryptostake’s features, its pros and cons, and examine its security measures to see how they shape up to the competition.

Cryptostake highlights

Investing options

3.5

What can I do with Cryptostake?

Stake cryptocurrency and earn rewards. Cryptostake offers staking on three cryptocurrencies, ETH, DOT, and ATOM, with more on the way in the near future. The Cryptostake app is also a top crypto wallet, capable of storing other coins in addition to those three, though you won’t be able to earn rewards on them yet.

Cryptostake’s main unique feature is that it offers a simple gateway to becoming a ‘validator node’, essentially a contributor to the blockchain network, without requiring vast amounts of technological skill. You can set yourself up as a validator in a few clicks, and that gives you far more control over your money than you’re likely to find in most other staking services.

What accounts does Cryptostake offer?

Products, markets & assets

3.5

What products and assets can you trade on Cryptostake?

You can’t trade any crypto on Cryptostake, instead it’s purely a crypto staking platform and a digital wallet where you can store your money. 

At the moment there are only three cryptocurrencies available to stake. In addition to that, you can use the app as a wallet to store Bitcoin, Litecoin, USDT, and USDC.

Cryptostake staking limits

Each compatible staking coin has a minimum amount that you must hold in your wallet in order to earn rewards. These limits are quite high, and Cryptostake is generally designed for large holders – ‘whales’ – as opposed to small scale investors.

Crypto

What cryptocurrency pairs can be staked on Cryptostake?

There are three cryptos available; ETH, DOT, and ATOM. Crypostake confirmed to us that more are expected to be added in the near future, including some Bitcoin-related products.

Does Cryptostake offer staking and rewards?

Yes, you earn rewards on qualifying cryptocurrencies as soon as you hold enough in your wallet to meet the minimum requirements. The rewards are always liable to change, but at the time of writing you can earn up to 2.87 APY on ETH, 15.6% on DOT, and 17.11% on ATOM.

It’s very important to note that each of these cryptos is liable to an unstaking period, which means that you won’t be able to access your money immediately if you want to withdraw or move it. The Ethereum unstaking period is nine days, for example, which is the time it takes to remove your money from the app if you so choose.

What are the fees for staking cryptocurrencies?

Crypostake charges a fixed 3% fee on staking rewards, which is significantly lower than many staking platforms that offer a similar ‘set and forget’ service. With some services, you can find yourself paying out as much as 25% of the rewards in fees.

Deposits & withdrawals

4.1

What are the minimum & maximum deposits?

The minimum deposit to earn rewards varies, depending on the asset you want to stake. There are no maximums. All transactions take place in digital currencies, so you won’t need to connect your bank account to the platform or anything like that.

What are the minimum and maximum withdrawals?

There are no minimum withdrawals, as Cryptostake does not act like a crypto trading platform where you transact in fiat currency. All transactions take place on a blockchain, and when you create your Cryptostake account you create a unique address that you can send your crypto to and from.

What are the deposit and withdrawal options fees, limits, and speeds?

There are no fees for transferring money, but there will be a delay between when you ask to unstake your money and when your coins are available to withdraw or transfer. As Crypostake doesn’t manage your money on the platform, all coins you stake are contributing to the blockchain’s security and performance, so it takes a bit of time to take them out of the system.

The unstaking period for each coin is different, and it can be quite a long time for DOT and ATOM, as at the time of writing you have to wait 28 and 21 days, respectively.

Fees & costs

4.2

How do Cryptostake fees work?

Crypostake charges a fee on staking rewards, but there are no other fees for using the platform.

What are Cryptostake’s staking fees?

Cryptostake charges a 3% fee on all staking assets, regardless of which crypto you choose to stake.

Platforms & usability

4.7

What devices can I use Cryptostake on?

Cryptostake is only available as an app, so you can access it through the App Store or download the Android app directly from the Cryptostake website (the app is not currently available through the Play Store). You cannot stake from your web browser or desktop computer.

Cryptostake mobile app review

The Cryptostake app is the core product of the platform and it is among the best and most convenient crypto wallet/staking apps on the market.

When you first download and launch the app, which is available through Cryptostake directly or from the App Store, depending on which operating system you prefer, you receive a seed phrase, which acts as your unique code to access your money.

After that, you continue to create your account, which requires no personal information – you don’t even have to provide an email – though there is the option to set up biometric authentication for security purposes.

From there, it’s as simple as choosing which of the three cryptocurrencies you want to stake, send enough tokens to the wallet address to meet the minimum requirements, and hit ‘start staking’ to start earning rewards. On the app there’s also a rewards calculator that tells you how much you’re likely to earn over a set period, which you can adjust to suit your requirements.

Alongside that is the option to request and download an allocation statement that explains your crypto income and which you can use for tax purposes. This feature is, again, easy to access, and is one you’re unlikely to find anywhere else.

Web trading platform

The most important question any user has is: How easy is it to use Cryptostake?

Cryptostake is simple to use, even if you’ve never staked before, or even used a wallet before. The platform is intuitive and the interface is clean, so you won’t be overwhelmed by information. The most important part of the platform is the ability to stake, and that option is available front and centre as soon as you sign in.

However, it’s important to note that you cannot access this service through a web platform. Cryptostake is only available through a mobile app, which you have to download to your phone or tablet.

Desktop trading platform

There is no desktop trading platform available.

Key features

Non-custodial wallet & staking service

Cryptostake is a non-custodial service, which means that you have direct and full control over your money at all times. Rather than store money on the platform, as many other staking services do, Cryptostake is merely a vehicle to make the staking process more simple and it doesn’t hold your money. 

Instead, your crypto assets are kept secure in your own wallet, and you hold the private key. Not only is this approach more true to the spirit of decentralisation, it means you can manage your staking independently if you want, without relying on Cryptostake as an intermediary.

Become a validator

Cryptostake works by giving its users direct access to a validator node on their chosen blockchain. This is packaged into a simple, user-friendly service, so you don’t need any technical know-how and you don’t have to run any software.

When you create an account and stake, you get your own unique validator ID, which again gives you more control over the process and encourages transparency, as you can check the status of the validator node at any time and through any monitoring system.

Taxation assistance

For large crypto holders, taxation can be an awkward subject to deal with, as reporting what you own can be complicated and relies on a lot of manual work. Cryptostake offers a simple solution, by offering every user a comprehensive staking and reward allocation statement that meets the demands of all major financial authorities.

This means you have a ready-made statement that you can submit to the relevant tax authority when it comes time to report, one that simply lays out the source of your crypto income. 

Safety & reliability

4.9

Is Cryptostake safe?

Yes, Cryptostake has tested its security measures by asking the blockchain security service, Hacker, to conduct penetration testing. Cryptostake achieved a perfect score on this security test.

Unlike many other staking platforms, Cryptostake is a non-custodial wallet, which means you have complete control over your private keys. When you sign up to create an account, you are given a seed phrase, which you have to keep safe in order to keep your account secure. 

The benefit of this approach is that the platform itself has no control over your money, so your digital assets are safe as long as you maintain the security of your own password and seed phrase.

Is Cryptostake regulated?

Crypostake is based in Switzerland and is licensed by the Swiss financial authorities. 

Cryptostake customer support review

Cryptostake is a beginner-friendly service that is largely self-explanatory, and your coins are under your personal control once you set up an account. The flip-side of this is that the customer support options are somewhat limited, with just an email address available for any queries.

What are the risks of using Cryptostake?

The main risk of staking crypto is that the underlying value of your tokens can fall significantly while they are locked up in staking protocols. While you may earn rewards, they are calculated as a percentage of the coin value, and if the market falls you may lose money.

With cryptocurrency, there is always the risk of extreme volatility, and with a significant unstaking period it may be difficult to access your money in the event of a sudden change in the market or in the wider economic situation. If you suddenly need to withdraw your money, you may find you are unable to.

• The coin value can fall while your money is in a staking protocol
• Long unstaking periods restrict your ability to access money if you need it
• The cryptocurrency market is volatile and staking rewards may change at any time

Research & analysis tools

3.3

What trading tools are on offer?

As you won’t be trading crypto on Cryptostake, there aren’t many trading tools available. You can see price charts on the platform, but little else.

Education & learning resources

3.6

What educational resources are on offer?

As Cryptostake is a focused, simple app, there are some FAQs and guides on staking more generally, as well as some help on how to set up your account for the first time. However, there aren’t many educational resources beyond that.

Cryptostake video review

Cryptostake customer reviews

Cryptostake is a relatively new service, having only been founded in 2023, and so the customer reviews on offer are limited for now. However, the iOS app has a perfect rating on the App Store, indicating a good experience for those users so far.

Our verdict

Cryptostake is an excellent staking platform for those who hold a lot of tokens already and want to earn some extra money rather than have them sit around idly in a wallet. Its simple system for earning rewards and independently verified, top-tier security means you can trust that it’s a secure place to hold digital assets for the long haul.

The large minimum requirements to earn rewards puts the service out of reach of a lot of casual investors, but if you do have the ability to meet them, you get an excellent service. The APY is extremely competitive, while the non-custodial wallet, putting you in control, as well as the feature that helps with your tax reporting both set it out from the crowd.

Another limitation is the fact there are such a small number of cryptos available at the moment, but that is soon to be rectified and means the service is only likely to improve in the months and years ahead.

Who is Cryptostake suitable for?

Crypto investors who already hold a large number of coins and who are looking to benefit from industry-leading staking rewards. It may also be suitable for those who have used staking before but only through a custodial wallet, or a mainstream exchange platform where the rates are lower and you have less control over your money.

Cryptostake makes for a perfect next step, as you can become your own validator without needing to have the coding ability to create one from scratch, and the platform integrates with other leading wallets so that you can get your earnings paid into those if you choose.

Is Cryptostake good for beginners?

Though the platform is extremely simple to use, the reality is that most beginners are not likely to have sufficient amounts of money to earn staking rewards from their crypto. 

However, it’s still possible to use Cryptostake as a wallet to store your money in, and its simplicity combined with excellent security means that it is a realistic option to be your first crypto wallet.

Our methodology

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 19 crypto staking services and wallets to provide our users with clear, accessible guidance on the earning and storage options available. All testing is carried out by our panel of crypto experts, analysts, and active traders who sign up to each service, conduct research, and score each service.

Our tests are designed to find services that offer a beginner-friendly, secure crypto staking and storage experience at a fair price. To supplement our practical testing and experience, we research each wallet to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each crypto wallet is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual wallet brands to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process. 

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