The Coinbase Earn program allows you to earn free crypto from your existing holdings. From staking crypto to engaging in DeFi activities through its web3 wallet, Coinbase offers a plethora of opportunities for both seasoned traders and beginners. This guide details how to earn passive income with crypto using Coinbase Earn’s diverse offerings.
Our methodology for choosing the best platforms to earn free crypto
This guide illustrates the top ways to earn free crypto using Coinbase and various Coinbase Earn alternatives. Some of the other options highlighted in this piece include KuCoin staking, Wirex lending, Margex Yield, and YouHodler.
Coinbase’s commitment to educating users about blockchain protocols and cryptocurrencies is evident in its “Learning Rewards” program. Formerly known as “Earn,” the program is designed to help new users learn about cryptocurrencies without investing initially. Additionally, Coinbase’s staking program allows users to earn as much as 6% APY (depending on the type of asset being staked).
We engaged with the Coinbase “Learning Rewards” program to understand how effectively it educates new users about cryptocurrencies. This involved participating in the educational lessons and quizzes and observing the rewards offered.
In our evaluation, YouHodler, KuCoin, and Wirex each presented unique features. YouHodler’s educational program rewards users with BTC for completing lessons, providing an engaging way to learn about cryptocurrencies. Additionally, we tested the redemption period (according to different currencies) and assessed the rewards for both staking and POL Credits. Meanwhile, Wirex’s collateral-based borrowing allows users to loan up to 70% of their collateral’s value, a feature we tested for its terms, interest rates, and overall process efficiency. This combined assessment aimed to gauge the practicality and benefits each platform offers to its users.
Like Coinbase, these platforms also prioritize security and user-friendliness, making them attractive choices for users interested in earning cryptocurrency. However, it’s crucial to remember that all investments carry inherent risks. We strongly encourage you to conduct your research (DYOR) and exercise due diligence before making investment decisions, ensuring you are fully informed of the risks involved.
Learn more about BeInCrypto’s methodology verification here.
- Our methodology for choosing the best platforms to earn free crypto
- Two ways to earn free crypto with Coinbase
- 1. Learning Rewards
- 2. Staking via Coinbase Earn
- What is Coinbase Earn?
- Pros and cons of Coinbase Earn
- How does the platform work?
- What are the eligibility criteria?
- How to get started with Coinbase Earn: A Step-by-Step Guide
- Coinbase Earn alternatives
- BeInCrypto x YouHodler
- Kucoin Staking
- Margex Yield
- Wirex Lending
- YouHodler Lending
- How do you get free money on Coinbase?
- How much money can I get from Coinbase Earn?
- Stay safe while earning
- Frequently asked questions
Two ways to earn free crypto with Coinbase
1. Learning Rewards
Coinbase aims to educate users about new or emerging blockchain protocols and their associated cryptocurrencies. Coinbase’s “Learning Rewards” is an innovative program designed to allow new crypto users to learn about new cryptos without an initial investment. It’s part of the larger Coinbase platform, visible under the “Learning rewards” section in the navigation bar.
This program used to be called “Earn,” which may cause some confusion for older accounts.
• Users engage in cryptocurrency education lessons that include text and images. After each lesson, they answer a question to earn crypto rewards from a specific cryptocurrency project. Typically, rewards are small denominations of cryptocurrency, usually between $1 and $10.
• The program gives free crypto for completing crypto tutorials and understanding the presented educational cryptocurrency content. The learning rewards program will allow you to earn money for completing quizzes for crypto.
• After receiving your crypto rewards, you may convert it into any other cryptocurrency, such as Bitcoin or Ethereum.
2. Staking via Coinbase Earn
Coinbase’s staking program, as part of its Coinbase Earn initiative, offers a compelling way for both beginners and advanced users to earn passive income with crypto. This program is especially beneficial for those interested in the DeFi (decentralized finance) sector and looking to delve into yield farming and staking cryptocurrencies.
• Coinbase supports staking for various proof-of-stake (PoS) cryptocurrencies, including popular assets like Ethereum, Cardano, and Solana.
• Users can earn up to 10% APY (Annual Percentage Yield) by staking their crypto assets.
• The staking process on Coinbase is designed to be straightforward, catering to beginners. It requires a minimal investment of as low as $1, making it accessible to a wide range of users.
• Staking rewards are distributed regularly, typically every one to seven days, allowing users to build a stream of passive income.
• For more experienced users, Coinbase offers Cloud Staking with self-custody options, enhancing flexibility and control over their staking activities.
• Coinbase charges a commission for its staking services, ranging from 25%-35% or a reduced rate of 15%-25% for Coinbase One subscribers. This commission is taken from the staking rewards.
What is Coinbase Earn?
Initially, Coinbase Earn was the educational program offered by Coinbase. It allowed new users to earn cryptocurrencies while learning about them. However, Coinbase has evolved as a platform and has renamed its educational program “Learning Rewards.” The Coinbase Earn feature now focuses on helping you earn more crypto using your existing portfolio. Basically, Coinbase Earn is the name of the staking program on the Coinbase centralized exchange.
By participating in Coinbase Earn, you can earn interest on your staked cryptocurrencies. Note that not all cryptos are eligible for staking.
Who can participate in Coinbase Earn?
Anyone with a verified account on Coinbase, the well-known cryptocurrency exchange, can participate in Coinbase Earn. To be eligible, you must complete identity verification and meet the country-specific requirements set by Coinbase.
This program is ideal for those interested in earning passive income with crypto, especially through activities like staking and yield farming.
However, it’s important to note that availability may vary based on regional regulations and Coinbase’s internal policies.
Coinbase Earn: Key features
- Staking rewards: Earn rewards by staking proof-of-stake (PoS) cryptocurrencies available on the platform.
- Diverse cryptocurrency support: Coinbase Earn supports a range of cryptocurrencies for staking, including popular ones like Ethereum (ETH) and Cardano (ADA).
- Passive income: The Earn feature is a straightforward way to earn passive income from your crypto holdings.
- Automated earnings: Interest accrues automatically, and you will receive it at regular intervals.
- Security and trust: As part of the trusted Coinbase ecosystem, Earn offers robust security measures to protect your staked assets.
- Ease of use: The platform is user-friendly, making it accessible to both beginners and experienced crypto enthusiasts.
- Regulatory compliance: Coinbase focuses on regulatory compliance, adding a layer of security for users participating in Earn.
Benefits
- Generate passive income from existing crypto holdings
- Diversification of your crypto portfolio
- Easy-to-navigate staking process, suitable for both beginners and experienced users.
- Coinbase provides robust security measures.
- The earning process takes place automatically.
- Take comfort in Coinbase’s adherence to regulatory standards, adding a layer of trust and legitimacy to your crypto activities.
Pros and cons of Coinbase Earn
Pros of Coinbase Earn
- Offers an easy way to earn passive income through staking cryptocurrencies.
- Benefits from the high-security standards of Coinbase, ensuring the safety of your staked assets.
- User-friendly interface that is accessible to both beginners and experienced crypto users.
- Once you stake your crypto, the process of earning rewards is automated, providing convenience.
Cons of Coinbase Earn:
- Being a centralized platform, you have less control over your staked assets compared to decentralized options.
- Coinbase may charge fees for staking services, which can reduce your net earnings.
- Some features of Coinbase Earn might not be available in all regions due to local regulations.
- Certain staked assets may have lock-up periods, during which you cannot access your funds.
How does the platform work?
Coinbase Earn is easy to access by anyone who is located in an eligible country for staking on Coinbase. The process is straightforward, and all you have to do is:
- Select a cryptocurrency that is eligible for staking on Coinbase.
- You then stake your chosen cryptocurrency by locking it up on the Coinbase platform. This process involves allocating a portion of your holdings to be used in the network’s staking mechanism.
- Staked cryptocurrencies are used in the network’s validation process. For instance, in PoS networks, staked coins are used to validate transactions and maintain the network’s security. Don’t worry; this step is automated by the platform and doesn’t require any input on your part.
- By participating in this process, you earn crypto rewards. These rewards are typically a share of the network’s transaction fees or newly minted coins and are proportional to the amount of cryptocurrency you have staked.
- Coinbase distributes these staking rewards to your account regularly, often at set intervals like monthly or quarterly.
The entire process, from staking to earning rewards, is automated by Coinbase, requiring minimal input from the user once the initial staking is set up.
For each cryptocurrency available for staking on Coinbase, there may be a lock-up period. Please read the terms and conditions for each crypto available for staking from your account.
What are the eligibility criteria?
To participate in the Coinbase Earn program, there are specific eligibility criteria you need to meet:
- Account verification. You must have a verified account on Coinbase. This involves completing the necessary KYC (Know Your Customer) procedures, which include providing personal information and documents to verify your identity.
- Jurisdictional restrictions. Eligibility can depend on your location. Due to regulatory restrictions, Coinbase Earn may not be available in certain regions or countries.
- Legal age. You must be of legal age in your jurisdiction to use Coinbase’s services, typically at least 18 years old.
- Account status. Your Coinbase account should be in good standing, without any history of violations of Coinbase’s terms of service.
- Availability. Eligibility also depends on the availability of specific staking programs on Coinbase Earn at the time of your participation.
It’s important to regularly check Coinbase’s policies and updates, as these criteria and the availability of the Earn program can change based on regulatory developments and Coinbase’s internal decisions.
How to get started with Coinbase Earn: A Step-by-Step Guide
1. Create a Coinbase account
To get started with Coinbase Earn, you will need to create an account. Sign up on Coinbase.
2. Verify your identity
To start using your Coinbase account and access the Coinbase Earn feature, you will need to complete the KYC process and verify your identity.
You can see your current Coinbase verification level under Settings > Account limits.
Coinbase Earn is now available in all geographical locations. Please verify if there are any specific restrictions for your account’s location before making any purchases.
If you want to stake any specific crypto via Coinbase Earn or access any of the other crypto-earning features on Coinbase, make sure they are available to you.
3. Buy crypto
Before accessing Coinbase Earn, you will need to hold any of the cryptocurrencies eligible for staking.
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Please note that not all cryptocurrencies can be staked. The staking process is native to proof-of-stake (PoS) networks, such as Ethereum (ETH), Solana (SOL) or Cardano (ADA).
Coinbase is helping you see which cryptos are eligible for staking right in the “Buy crypto” pop-up.
To buy cryptocurrency on Coinbase, click the “Buy & Sell” button. A pop-up will appear. Here, you can select the crypto to buy and the payment method.
When you click on the coin to buy, you will see the complete list available to you. If that crypto is available for staking, you will also see the current APY (annual percentage yield) next to it.
After selecting your crypto to purchase, follow the steps to complete the purchase.
4. Apply to Coinbase Earn
Go to the “Earn” page (from the navigation menu). Click on “Start earning” > “Stake eligible assets”.
Note that you can also choose the amount to stake for each eligible asset.
On the next page, you will see a preview of your assets. Each crypto asset eligible for staking from your portfolio will be shown here, with its current APY.
Also, note that each individual asset may have a predefined lockup period and processing time or needs a minimum balance for staking. You can also select to automatically stake any future crypto assets eligible for staking when you buy them in the future.
After carefully reading and understanding all these Coinbase Earn staking details, click on the “Confirm and stake” button to stake your digital assets.
You will receive a confirmation email for each staked asset, stating the exact conditions of the process (total amount and unstaking conditions and period)
5. Automatically earn passive income from Coinbase Earn
After submitting your order, the platform will take care of the rest. You will see your earnings on the Earn page in real time as you accumulate them.
You can also check the settings under “My earnings” to allow Coinbase to automatically stake any of the eligible stackable assets from your account (Cardano, Cosmos, Ethereum Polkadot, Solana, or Tezos).
Coinbase Earn alternatives
BeInCrypto x YouHodler
YouHodler, established in 2018, is a Switzerland-based financial technology platform that focuses on providing a range of cryptocurrency-related services. One of its most prominent services includes crypto-backed lending. It offers up to 12% on stablecoins, 7% on BTC, and 15% on other crypto.
Kucoin Staking
KuCoin is a Seychelles-based centralized cryptocurrency exchange. It was founded in 2014. This exchange has almost 2 million traders. It now has a 24-hour trading volume of roughly $1 billion, which is made up of 709 coins and 1127 trading pairs.
Margex Yield
Margex, operating from Seychelles, distinguishes itself as a cryptocurrency trading platform with a rapid average execution time of just 8 milliseconds. It boasts a substantial order book exceeding $40,000,000 in value, sourced from a network of over 12 liquidity providers. Remarkably, Margex also has the capacity to handle up to 100,000 transactions per second.
Wirex Lending
CEOs and co-founders Pavel Matveev and Dmitry Lazarichev founded Wirex in 2014. It enables users to use their cryptocurrency in real life by letting them to use the Wirex app to buy, store, swap, and spend US dollars and more than 55 cryptocurrencies at any time and from any location. Wirex has a rewards program called X-tras that offers consumers future prizes such as up to 20% interest with X-Accounts, up to 16% yearly Savings Bonuses, and up to 8% Cryptoback awards. Staking can also win users incentives.
YouHodler Lending
YouHodler, established in 2018, is a Switzerland-based financial technology platform that focuses on providing a range of cryptocurrency-related services. One of its most prominent services includes crypto-backed lending. It offers up to 12% on stablecoins, 7% on BTC, and 15% on other crypto.
How do you get free money on Coinbase?
Get free money on Coinbase cryptocurrency exchange by participating in one of their two programs.
- Coinbase Earn Program
If you already own digital assets, you may be eligible to receive passive income with crypto on the Coinbase Earn page.
If you hold proof-of-stake (PoS) cryptocurrencies in your Coinbase account, the Coinbase Earn program allows you to stake your crypto to receive staking rewards.
Staking involves locking up a portion of your cryptocurrency holdings to support the operation of a blockchain network, and in return, you receive rewards, typically in the form of additional cryptocurrency.
- Learning rewards
This is one of the most popular ways to earn free money on any cryptocurrency exchange.
By watching educational videos about different cryptocurrencies and completing quizzes, users can earn small amounts of those cryptocurrencies. The availability of these lessons and the specific cryptocurrencies offered can vary.
How much money can I get from Coinbase Earn?
As we’ve mentioned before, there are two ways to receive free crypto on Coinbase – via “Earn” and “Learning rewards”. Do not confuse the two programs. Coinbase renamed its learning rewards program, formerly called Earn. However, the Earn program is now all about staking rewards.
So if we’re talking about earning free crypto with Coinbase Earn (staking rewards), it comes down to the actual crypto amount already owned and the current APY (annual percentage yield) of the stakable asset. Note that the APY is very volatile and reflects the market conditions.
As of mid-December 2023, Coinbase offers up to 9.95% APY for Polkadot (DOT). The rewards for this asset are awarded on a daily basis, but it can take up to 30 days to unstake the asset.
As a general rule, you can calculate the daily interest by using this formula:
(Your assets’ amount x APY) / 365 days = daily interest.
Stay safe while earning
Coinbase Earn emerges as a straightforward and effective way to earn free cryptocurrency through staking and learning on the platform. The programs offer a seamless blend of security and ease, characteristic of the renowned Coinbase crypto exchange. However, remember that while these offers are enticing, any investment is always at risk. The value of your assets can rise or fall, and profit is never guaranteed.
Frequently asked questions
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