Coinbase Earn, a program offered by US-based crypto exchange Coinbase, lets you earn free cryptocurrencies from your digital asset holdings. In this article, we will show you how you can generate passive income through Coinbase Earn.
Two Ways to Get Free Crypto on Coinbase
Learning Rewards
Coinbase seeks to educate the public about cryptocurrencies and blockchain technology. Through its “Learning Rewards” program, the exchange incentivizes those who participate in learning about digital currencies.
How it Works
Coinbase users engage in crypto education lessons offered on the platform. After every lesson, they’re required to answer some questions to receive free crypto, worth between $1 and $15.
Staking
Instead of letting your cryptocurrencies stay idle in your Coinbase account, you can stake them through the platform’s “Earn” program to earn passively.
How it Works
Coinbase allows users to stake several proof-of-stake crypto assets such as Solana, Ethereum, and Cardano. You can earn a yearly yield of up to 10%. The staking process is simple, making it easy for beginners to get started. What’s more, you can start staking with assets worth as low as $1.
Coinbase Earn Explained
Coinbase Earn was initially an educational program allowing users to learn while earning free crypto. However, the Learn to Earn program was renamed Learning Rewards, and Coinbase Earn became a staking program, which lets users receive rewards by committing their funds to various proof-of-stake blockchains.
Who is Allowed to Participate in Coinbase Earn?
All users with verified Coinbase accounts can take part in the staking program. To become eligible, you must verify your identity and meet specific requirements set by the crypto exchange.
Key Features of Coinbase Earn
Staking Rewards – Stake supported PoS crypto assets on the platform to receive rewards.
Diverse Crypto Support – You can stake a wide range of digital currencies via the Coinbase Earn program.
Passive Income – Coinbase Earn offers a straightforward way of earning passive income from your holdings.
Automated Rewards – Staking earnings are generated automatically. You only need to claim them.
Trust and Security – Coinbase is one of the few trusted exchanges and has put measures in place to protect your cryptocurrencies when participating in staking.
Regulatory Compliance – Coinbase offers its Earn program in a regulatory-compliant manner, adding an extra layer of security for customers involved in crypto staking.
Advantages and Disadvantages of Coinbase Earn
Advantages
- Coinbase Earn has a simple interface that allows both experienced and beginners to stake cryptocurrencies easily.
- Coinbase’s high-security standards ensure your staked cryptocurrencies are safe.
- Staking is automated. So you don’t have to do anything after committing funds.
Disadvantages
- Coinbase is a centralized exchange, meaning you have limited control over the staked cryptocurrencies compared to staking on decentralized platforms.
- Coinbases charges commission on staking rewards. This reduces your earnings.
- Some staked assets have lock-up periods, thus blocking you from accessing them within the specified time.
A Step-by-Step Guide to Getting Started With Coinbase Earn
Step 1: Set Up a Coinbase Account
Creating a Coinbase account is a straightforward process. Simply download the app on Google’s Play Store or Apple’s App Store and then enter your email address and password.
Step 2: Complete Identity Verification Process
As mentioned earlier, only verified users are allowed to access Coinbase Earn. So, you will need to verify your identity if you wish to participate in crypto staking through Coinbase. To do this, provide your ID card and a selfie.
Step 3: Purchase Crypto
Once you have a verified account, you need to buy any of the supported assets for staking. To purchase digital assets on Coinbase, click “Buy Crypto” on the homepage and then “Buy & Sell.” Next, select the token you wish to purchase and your preferred payment method. Note that every asset that can be staked has APY next to it. Now click “Confirm” to complete your crypto purchase.
Step 4: Stake Your Crypto
After the purchased asset arrives in your Coinbase account, you can go ahead and stake it. To do that, click “Start Earning” and select the crypto you are holding in your account. Next, enter the amount you wish to stake and press “Confirm and Stake.” You will start receiving rewards daily or after seven days.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.