Cosmos (ATOM) Staking Overview
Staking Toncoin (TON) is unique as compared to other corresponding platforms because of its open network staking pool system, which makes it easier to use for traders.
Additionally, it charges tiny fees, has easy-to-use apps, and is energy efficient. In Toncoin, at least 10,001 TON is required to start staking.
This post is an in-depth guide to help you stake Toncoin.
How to Stake Toncoin (TON)?
There are two ways to stake TON, via custodial and non-custodial wallets. You have to choose the one that suits your needs.
In the former, it is done through a crypto-exchange platform, and you don’t have complete control over the validators to be selected. The platform facilitates the trade and will charge a fee for that.
Some examples of such exchanges from which you can buy TON are Bitmart, MEXC, OKX, Exmo, etc.
In the latter, you can directly choose the validator and have to facilitate the entire trading process; it’s completely in your control. For this, you can use any non-custodial wallet, such as Tonkeeper, Tonhub, etc.
Now we will tell you the steps to stake TON via custodial as well as non-custodial wallets in detail.
Staking Toncoin on a custodial wallet
Step 1 – Open an account in an exchange
Step 2- Add funds to your accounts
Step 3- Enter the amount of TON you want to stake and the duration
Step 4- Click CONFIRM
Step 1 - Open an account in an exchange
Since you are using a custodial wallet, you need to create an account at the desired exchange for verification and to make payments. Enter your correct details and give the necessary information from the corresponding documents for verification.
Step 2- Add funds to your accounts
After creating your account in a centralized crypto-exchange, go to its ‘Bank Deposit’ section, select your desired currency, and make payments that will be further used to buy the desired crypto, which here is Toncoin. From the paid amount, buy the desired amount of TON coins.
Step 3- Enter the amount of TON you want to stake and the duration
Go to the ‘Stake’ section of the crypto platform and enter the number of TON coins you wish to stake. Then enter the duration for which you want to stake the entered amount of TON coins.
Remember that there is a minimum and maximum amount of TON you can stake in an exchange. Ensure that your entered amount falls in the allowable range.
Step 4- Click CONFIRM
Finally, confirm your choices for the amount of TON to stake and the duration.
Staking Toncoin on a non-custodial wallet
Step 1- Create a TON wallet on your desktop or mobile
Some software that you could use to stake TON is Tonkeeper, Tonhub, TON Wallet, and Coin98 Wallet. Download the one that’s compatible with your device meeting your other needs.
In this step, you need to keep the secret words and passcode very safely, otherwise, you won’t be able to access your TON wallet and rewards later.
Step 2- Buy TON coin
As is obvious, in order to stake TON coin, you first need to buy it. You can do so by selecting the BUY option in your wallet and purchasing the desired amount, keeping in mind the minimum amount required to stake.
In case you have purchased TON on a crypto exchange, then you can send those TON to your non-custodial wallet. To do so, copy the address of your recipient’s wallet into the corresponding address tab of the exchange platform and enter the amount to be transferred.
Finally, click CONFIRM and after paying a low amount for the transfer, your Toncoins will be received in the non-custodial wallet.
Step 3- Select the STAKE option
After you have a sufficient amount of TON coins in your wallet, you can select the option to add a stake.
Step 4- Select a validator
At this stage, you will be shown a list of validator pools to choose from. All validators charge a fee as a percentage of staking rewards. Select the validator you wish to stake with. You can also enter the validator’s name, if it is known to you, and select it.
Step 5- Enter the amount of TON to stake
Enter the amount to be staked with the selected validator. Check if the entered value is equal to or more than the minimum amount for the corresponding duration.
Step 6- Click SUBMIT STAKE
Lastly, click the SUBMIT STAKE option to stake with the validator pool for the duration you have selected.
Apart from the above method, you can manually stake TON coins.
For that, you need to copy the pool address and paste it in the row asking for the same for the receiver. Then enter the small alphabet “d” as a comment in the message tab.
Remember that 10,001 TON is the minimum amount for staking, from which 1 TON is deducted as commission fees for processing the request.
Also read: Where to buy Toncoin?
Popular video guides on Staking Toncoin
Best Places to Stake Comos (ATOM)
1. Bitmart
BitMart is a renowned crypto exchange platform that operates in 180+ countries and sells over 1,000 digital currencies and tokens. It has an impressive interface and has added several features in the past few years, such as savings products and derivatives trading. It has a BitMart Token (BMX), that provides trading discounts and other benefits to the token holders.
Pros
- It doesn’t charge any fees in staking TON.
- Account setup and staking Toncoin is relatively easier.
Cons
- Customer support is a bit slow.
- Withdrawing Toncoin fees keeps on changing depending on the blockchain conditions.
2. MEXC
Even though MEXC is a lesser-known exchange, it is highly efficient and has remarkable transaction matching technology. It does transactions at around supersonic speed. It uses a multi-tier, multi-cluster security system that makes hacking nearly impossible.
Pros
- It allows users to earn while holding
- There is adequate information and methods to buy Toncoin via MEXC
Cons
- It has higher transaction costs than its counterparts, which makes staking Toncoin here a little expensive.
3. OKEx
It is a relatively new cryptocurrency exchange as compared to its counterparts. Its main features revolve around making crypto trading advanced and efficient. It provides 250+ cryptocurrencies for traders to choose from.
Pros
- OKX also allows a wide variety of fiat currencies for you to open an account, OKX offers a custodial wallet for you to store your Toncoin
- OKX also supports the TONCOIN to TON token migration at a 1:1 ratio
Cons
- The multi-tiered fee structure makes it difficult for beginners to understand where to start staking Toncoin.
Also read: Toncoin Pricing Prediction
Benefits of Staking Toncoin
- Has low fees: Staking Toncoin involves very low fees making it highly likely for people to stake in it a number of times.
- Allows highly fast transactions: Toncoin processes transactions very fast unlike some other cryptocurrencies.
- Environment friendly: The entire structure of Toncoin is made to be energy efficient which is a big problem with several cryptocurrencies.
Most frequently asked questions on Toncoin Staking
What is the minimum amount of Toncoin needed to stake it?
The minimum amount of Toncoin needed to stake it is 10,001 TON, where 1 TON is deducted as commission fees for processing the request.
Is staking Toncoin profitable?
Yes, staking TON is profitable. While there are certain risks associated, you can still make a profit depending on the market conditions.
Can I stake Toncoin myself?
Yes, you can stake Toncoin yourself. You can use several non-custodial wallets, such as Tonkeeper, Tonhub, etc., to stake it on your own, with a mobile or desktop and stable internet connection a basic requisite.
Where is the best place to stake Toncoin?
The best place to stake Toncoin is on your own device, considering that it will give complete authority to you. You won’t need to pay any charge to any crypto platform.
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