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How to Stake ADA on CoinSpot

Do you need to know how you can stake ADA on Coinspot? Fortunately, you’ve come to the right place. 

Unfortunately, the answer to this question is NO. Cardano ADA staking is not permitted on the CoinSpot marketplace.

Individuals who have ADA on CoinSpot and wish to receive benefits from their ADA holding should utilise Yoroi or Daedalus to transfer their ADA from the CoinSpot platform to their wallets.

Following our tutorials, you’ll learn how and when to stake Cardano with Daedalus or ADA with Yoroi.

4 Simple Steps to Stake ADA on Coinspot

You’ll have to establish a new account in Daedalus / Yoroi and transfer the ADA from the platform because you cannot stake ADA directly on CoinSpot.

  1. Download Yoroi or Daedalus Wallet

Download and install either Daedalus or Yoroi, the authorised Cardano wallets. 

Yoroi is a small wallet connecting to the blockchain through third-party web services. You can create your Yoroi wallet in about five minutes and begin delegation.

Daedalus is a wallet with all nodes. It requires downloading the complete blockchain on your PC. The advantage is that you can link to the blockchain without relying on a third-party service. 

  1. Establish a New Wallet

Develop a new wallet in any programme by following all the prompts. To begin, please go through our entire guidelines.

  1. Transfer ADA From Coinspot to Your Wallet

Select “RECEIVE” from the wallets; Daedalus or Yoroi. You’ll get a mailing address to which you’ll submit ADA.

 

1) Go to Cardano or ADA Wallet in your CoinSpot account.

2) Select SEND from the drop-down menu.

3) Enter the amount of ADA you wish to transfer, then input the payment address you acquired from Yoroi or Daedalus.

4) Click SEND once you input your Two-Factor Code.

A confirmation email will be sent to confirm your transaction, to which you must reply. The transaction may only take a few minutes to process.

  1. Delegate Your ADA to Get Rewards

You should begin the delegation procedure after acquiring your ADA from CoinSpot.

1) Go to the delegation centre by selecting DELEGATION from the menu bar.

2) Type ADAOZ in the query section to find the group you wish to delegate to.

3) Finally, tap DELEGATE and verify the process to begin delegation to the group.

 

It’s simple to transfer your ADA from any exchange and begin delegating to gain incentives.

 

If you’re looking for assistance, don’t hesitate to contact our support team.

 

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