Cryptocurrencies have revolutionized finance by offering decentralized, digital currencies that anyone can use. Beyond buying cryptocurrencies like Bitcoin or Ethereum, there are numerous ways to earn them for free. Whether you’re looking to dip your toes into the world of crypto or expand your digital wallet, here are 11 methods to earn free crypto:
How to earn free cryptocurrency: 11 easy ways
1. Sign up with an exchange
Similar to how brokerages offer cash incentives for new clients, many crypto exchanges provide free crypto when you sign up. It’s wise to choose the best available options, and it may be worthwhile to take advantage of multiple offers. This method is relatively safe for acquiring free coins, though you may need to make an initial deposit.
Some exchanges that offer free crypto include:
- Coinbase
- eToro
- Gemini
- Crypto.com
Additionally, keep an eye out for promotions and time-sensitive bonuses from other exchanges, as they occasionally offer additional opportunities to earn free crypto.
2. Crypto staking
Staking your crypto can provide a consistent source of earnings, which can be particularly beneficial for long-term investors or those aiming to accumulate more coins. Rewards vary depending on the cryptocurrency, with speculative coins often offering higher returns.
Certain cryptocurrencies, such as Ethereum, utilize a “proof-of-stake” protocol to validate and manage their decentralized networks. This allows coin holders to participate as validators, supporting the network infrastructure while earning staking rewards. Essentially, stakers can hold onto their coins and earn passive income simultaneously.
However, it’s essential to note that some staking programs have faced legal challenges from regulatory bodies like the Securities and Exchange Commission (SEC). In early 2023, for instance, Kraken ceased its staking program as part of a settlement with the SEC, which deemed certain staking arrangements as unregistered securities offerings, prohibited under the law.
3. Free NFTs
A non-fungible token (NFT) represents a unique form of digital asset or artwork. While technically distinct from cryptocurrencies, NFTs can be swiftly exchanged for crypto. But how does one acquire free NFTs? There are avenues for that too.
If you’re interested in acquiring NFTs without cost, there are a couple of effective methods. Firstly, many new crypto projects offer NFTs as an “invite bonus” for their most dedicated supporters. Engaging with these projects through platforms like Discord can give you a chance to participate in pools where top contributors receive NFTs.
Another approach is to stay active on Twitter, where NFT giveaways are frequently promoted. These giveaways often involve actions like retweeting and promoting the project, offering participants a chance to win an NFT.
It’s important to note that participating in NFT giveaways can potentially involve tax implications, so it’s advisable to stay informed about these matters.
4. Learn and earn
Some websites offer opportunities to learn about cryptocurrency while earning rewards in the process. Typically, you might watch educational videos, complete a quiz, and pass to receive a bonus in cryptocurrency.
Coinbase Earn is a prominent platform that rewards users for learning about crypto. Others, like CoinMarketCap.com, also provide similar opportunities to earn free rewards. However, it’s worth noting that with these “learn and earn” promotions, the cryptocurrency you receive may not always align with your preferences.
In 2023, Coinbase faced legal challenges from the SEC, which alleged illegal operations related to acting as an exchange, broker-dealer, and clearing agency, as well as offering and selling unregistered securities. The lawsuit, still ongoing, accuses Coinbase of knowingly violating securities laws designed to safeguard investors. Despite the lawsuit, Coinbase has stated its intent to continue business operations as usual.
5. Crypto savings account
Interested in earning interest while holding onto your cryptocurrency? A crypto savings account offers a way to do just that, allowing you to earn interest on your holdings while potentially benefiting from their value appreciation. Initial interest rates offered can often surpass those of traditional banking accounts.
For instance, Crypto.com offers a savings account with a tiered-rate structure where the interest rate decreases as your deposit amount increases. Popular cryptocurrencies like Bitcoin and Ethereum may yield annual returns of a few percent, while stablecoins could offer even higher interest rates, making them an appealing option for storing your funds securely.
6. Crypto lending
Take your cryptocurrency endeavors up a notch by participating in decentralized finance (DeFi) through peer-to-peer lending. This innovative approach allows you to lend money to borrowers and earn interest on your transactions using digital currencies and decentralized applications (dApps).
When engaging in peer-to-peer lending, whether through a specific lending platform or with various cryptocurrencies, it’s crucial to ensure that borrowers have the ability to repay the loans. Mitigating risk can involve diversifying your investments across multiple smaller loans or collaborating with other lenders.
Choosing a reputable and well-established platform is essential if you decide to explore DeFi lending opportunities. This helps to safeguard your investments and ensures a secure lending environment within the decentralized finance ecosystem.
7. Get cash from a brokerage
Some traditional brokerages occasionally offer promotions that could be converted to crypto on their platforms. While these bonuses are typically paid in U.S. dollars, they still result in crypto in your wallet.
eToro is a good starting point, functioning as both a crypto exchange and a traditional brokerage in the U.S. (and solely as a traditional broker in other countries). They offer a referral bonus for both you and your friend if they sign up and deposit funds. Other brokers like Robinhood or Webull, which also facilitate crypto trading, may also have periodic promotions that allow you to convert cash into crypto.
8. Participate in an airdrop
Developers of a new cryptocurrency often conduct an airdrop, a promotional giveaway aimed at generating buzz and attracting interest in their coin. To potentially receive new coins, participants typically need to engage with the crypto project on social media, join Discord channels, or otherwise support the project.
It’s important to be cautious, as many airdrops turn out to be scams. Even if you receive coins, they may ultimately hold little to no value. While this might reduce tax liabilities, it doesn’t contribute to your financial wealth.
9. Crypto credit cards
If you’re accustomed to using regular cash-back credit cards, transitioning to crypto rewards cards can offer you cryptocurrency in exchange for your purchases. These cards typically reward purchases with Bitcoin or other popular altcoins, along with additional spending bonuses.
An example of such a card is offered by Gemini.
However, it’s important to approach these cards with the same caution as traditional credit cards: Avoid accumulating large balances in pursuit of relatively modest rewards. Additionally, be mindful of specific risks associated with cryptocurrencies.
10. Take surveys
It’s reminiscent of an old online game with a modern twist: Take surveys and earn cash, but this time, it’s in cryptocurrency. Several websites now offer this opportunity.
One such platform is Freecash, where you can participate in daily surveys, games, or other paid offers. You have the option to receive your payouts in cryptocurrency, dollars, or even gift cards. While the site may seem a bit flashy, it’s still a viable way to earn free crypto.
11. Browse the web
If you’re interested in earning crypto while browsing the web, consider using the Brave browser. By enabling the Brave Rewards program, you can earn Basic Attention Token (BAT) cryptocurrency simply for using the browser.
Brave blocks traditional ads and cookies but offers users the option to view privacy-respecting ads in exchange for crypto rewards. The program operates in most countries, and Brave claims to share 70% of ad revenue with its users. Payouts are distributed monthly.
It’s a passive way to earn while doing something you already do, making it a potentially appealing option to earn while browsing.
Watch out for scams
The cryptocurrency world is already notorious for scams, and the realm of free giveaways is no exception. Scammers often target those seeking opportunities in the next big thing.
When pursuing free cryptocurrency, it’s crucial to remain vigilant. Some schemes, like airdrops or initial coin offerings (ICOs), pose significant fraud risks. Avoid any promotion that requests your login credentials or private keys to a crypto wallet. ICOs may also involve trading legitimate coins for ones of dubious value.
As always, if a free offer seems too good to be true, it likely is. Stay cautious and prioritize security when exploring free crypto opportunities.
In Conclusion
If you’re seeking to earn cryptocurrency without cost, there are numerous avenues to explore. From traditional offerings by brokerages and exchanges to less conventional methods like airdrops and surveys, the options are diverse. However, it’s crucial to ensure you collaborate with reputable partners to safeguard your cryptocurrency from ending up in the wrong hands.