What are the best ways to earn free crypto? There are many options to choose from and some are more newcomer-friendly than others.
If you are searching for specific programs offering free cryptocurrency, keep in mind that such offerings are often short-lived while others may persist as long as the team running them are interested in extending the offer.
So while you may read about certain types of signup programs, earn-while-learning programs, crypto drops, NFT drops, and others, don’t assume the one you read about is still active or accepting new applicants. What follows are descriptions of free crypto offerings that have surfaced in the past and may (or may not) still be running at press time.
One great way to earn free crypto is to find exchanges or other service providers operating in the cryptocurrency space who are offering free virtual currency for signing up or creating a new account. One option in the past was offered by eToro, which advertised a $250 signing bonus for new accounts.
In 2020, BlockFi offered a tiered signing bonus for those interested in creating new Block Interest Accounts:
- $25 – $249 deposit = $15 BTC reward
- $250 – $999 deposit = $20 BTC reward
- $1,000 – $4,999 deposit = $40 reward
- $5,000 – $9,999 deposit = $75 reward
Those who made the biggest deposits reaped the largest signup rewards.
Earn While You Learn
Not all crypto sites, apps, exchanges, or companies offer this, but Coinbase notably extended an offer via its’ Earn program where users earn crypto for answering questions about crypto and learning how it works.
This program is current at press time. For some users, there is an appeal to how the program is set up–you can earn different kinds of digital currency for learning about those platforms via the Coinbase Earn platform.
Participating in this program requires account creation and you are required to agree to Coinbase reporting your crypto earnings to the Internal Revenue Service.
Interest-Bearing Crypto Accounts
There are many ways cryptocurrency “banking” resembles more traditional financial accounts and programs. One of those is the availability of interest-bearing crypto accounts that allow you to purchase Bitcoin, Ethereum, etc. and deposit it into an account that earns interest paid in crypto.
Some programs may also offer you free virtual currency at signup time in addition to the ability to earn interest. One such program is offered by Voyager, which is an app that allows you to access multiple crypto exchanges from a single app as well as offering interest on crypto.
Crypto Savings Accounts
In the same way that rules for checking accounts are different than savings accounts, you may find that some crypto savings accounts behave in a similar fashion. Are you rewarded for keeping your money stored in a savings account more than you would be in a different kind of interest-bearing account?
That is DEFINITELY true for non-crypto checking, savings, and trading accounts and your experience could be similar for crypto savings accounts like the one offered by BlockFi which provides compounded interest paid monthly.
You may be subject to withdrawal limits on a crypto savings account–be sure to ask what those limits are for the specific platform, account, or type of crypto you’re interested in.
Staking cryptocurrencies is described as the act of using your “crypto assets” in support of a blockchain–your assets are used to confirm cryptocurrency transactions for those that support what Fool.com describes as “the proof-of-stake model to process payments”.
Staking crypto is not the same as crypto mining, it’s said to be more environmentally friendly due to energy efficiency (comparatively speaking) and this process can be used to earn crypto passively.
Credit Card Rewards Programs
There is a growing movement among some credit card companies to begin offering crypto as a reward for new accounts, returning customers, etc. One example is the partnership between Crypto.com and Visa to offer prepaid Visa cards with crypto-back incentives and you may be eligible to earn more depending on where you use your Visa card.
BlockFi has also offered such an option as well as SoFi, Brex, Gemini, and many others. Terms and conditions will vary depending on the partnership, the credit card, and other variables but one thing to keep in mind is that your terms and conditions may require a forfeit of cash back rewards including crypto if your account becomes delinquent.
Free crypto is often possible with a no-commitment-needed (or limited commitment) option when an exchange or other entity decides to airdrop crypto simply for using a platform or service. One major version of this? Uniswap dropped 400 Uni tokens into the accounts of those who were signed up at the time. Other airdrops might be tied to promotional events, company anniversaries, or other milestones.