If you're searching where to stake ALGO in Australia, then you most likely believe in the potential of ALGO, and want to find out the best place to earn more of it as you HODL. At Freedom Dividend, we cut to the chase and give you the best answer straight up. In Australia, CoinSpot is our #1 recommendation for staking ALGO. It is the best crypto exchanges in Australia, with over 370+ cryptocurrencies available, staking for 21 coins, and live chat support. If you want to read more about CoinSpot, you can read the full review here.
How to stake ALGO (Algorand)
It is really easy to stake ALGO (Algorand) using CoinSpot, Australia's #1 crypto platform for staking. You just need to create an account, buy some ALGO (or deposit ALGO if you already own it on a different crypto exchange), and start staking. Follow the steps below for a step-by-step guide to get you through the process smoothly and start earning rewards on your crypto.
6 simple steps
1. Sign up with CoinSpot
The first step is to sign up with CoinSpot, our #1 recommendation for staking crypto in Australia. To create an account, click here to go to the CoinSpot homepage. Click Register in the top right corner, and you will be taken to a page like the screenshot below. Fill out your email, create a password, Click to prove you're not a robot, and then click Create Account.
2. Verify your CoinSpot account
After creating your account, you will need to go through the initial verification process. Click the "Complete Verification" button and follow the prompts on the screen. It will ask you to verify your email address, then you need to input your personal details, and upload a photo of your driver's license. It may take some time for the verification to be complete, but in the meantime you can browse the platform.
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3. Deposit money (or crypto) into your CoinSpot account
Once your account has been verified, you need to deposit AUD into your CoinSpot account so you can buy some ALGO (Algorand). In the top left corner, under the CoinSpot logo, click on Deposit Funds, and you will be taken to a screen like the one below. There are various methods of depositing, so you can select the one you prefer. Most users choose POLi because it is instant and is free of charge. Simply enter the amount you want to deposit, select your bank, and click "Continue to POLi" to complete the transaction.
If you already own ALGO (Algorand) and you want to deposit that into CoinSpot instead of purchasing more, then click on Wallets in the menu along the top, and search for ALGO, then click "Open ALGO wallet". You should see a screen like the one below. Click the Receive button along the left, and you will see a long string of characters, which is your wallet address. Sign into your other crypto exchange or wallet where you have your ALGO stored. You can transfer your ALGO to the CoinSpot account by copying the address over, or click "Show QR Code" button and scanning the code on your other account. Once you have deposited it into your CoinSpot account, you can skip straight to step 6 and get staking.
4. Go to the Buy section in CoinSpot
Once your AUD has arrived in your CoinSpot account, it's time to buy some ALGO (Algorand). Click on Buy/Sell in the menu along the top, then search ALGO. Click Buy ALGO and you will be taken to a screen like the one below. You will see the price of ALGO displayed.
5. Buy ALGO (Algorand)
Select how much AUD you want to spend on ALGO, then click Buy. A pop-up will appear asking you to confirm your transaction - check the details, then click "Confirm Buy".
6. Stake ALGO (Algorand)
Now that you have ALGO in your CoinSpot account, it is time to stake it. Click on Wallets in the top menu, search ALGO, then click "Open ALGO wallet". Click on the Earn button on the left side and you will see a screen like the one below. Enter the amount of ALGO you want to lend (or click "Lend all available"). Once you are ready, click "Confirm Lend Amount". There you have it, now your ALGO is earning you 8.5% APY while you HODL!