If you're searching where to stake DOT in Australia, then you most likely believe in the potential of DOT, 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 DOT. It is the best crypto exchanges in Australia, with over 360+ cryptocurrencies available, staking for 22 coins, and live chat support. If you want to read more about CoinSpot, you can read the full review here.
How to stake DOT (Polkadot)
It is really easy to stake DOT (Polkadot) using CoinSpot, Australia's #1 crypto platform for staking. You just need to create an account, buy some DOT (or deposit DOT 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
- Sign up with CoinSpot
- Verify your CoinSpot account
- Deposit money (or crypto) into your CoinSpot account
- Go to the Buy section in CoinSpot
- Buy DOT (Polkadot)
- Stake DOT (Polkadot)
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.
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 DOT (Polkadot). 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 DOT (Polkadot) 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 DOT, then click "Open DOT 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 DOT stored. You can transfer your DOT 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 DOT (Polkadot). Click on Buy/Sell in the menu along the top, then search DOT. Click Buy DOT and you will be taken to a screen like the one below. You will see the price of DOT displayed.
5. Buy DOT (Polkadot)
Select how much AUD you want to spend on DOT, then click Buy. A pop-up will appear asking you to confirm your transaction - check the details, then click "Confirm Buy".
6. Stake DOT (Polkadot)
Now that you have DOT in your CoinSpot account, it is time to stake it. Click on Wallets in the top menu, search DOT, then click "Open DOT wallet". Click on the Earn button on the left side and you will see a screen like the one below. Enter the amount of DOT you want to lend (or click "Lend all available"). Once you are ready, click "Confirm Lend Amount". There you have it, now your DOT is earning you 12.5% APY while you HODL!
Frequently Asked Questions
Yes, you can currently earn 12.5% per year by staking DOT. If you are planning on holding it for the long term, it is definitely worth staking to grow the amount of DOT you own.