With the rise in the popularity of cryptocurrency, a lot of people are searching for how to earn free crypto online. While it may sound unbelievable, you actually can get free crypto through various methods. We have compiled a list of some such methods with which you can get crypto for free without having to invest your money.
However, such methods of earning crypto rewards may come with their own issues such as security risks, tax implications, scams and frauds and limited earning potential. Therefore, it is important to do your research and maintain caution and skepticism while considering any earn crypto for free scheme.
10 Ways to Earn Crypto Online
Sign Up with a Crypto Exchange
Several cryptocurrency exchanges give users free crypto if they sign up with the platform. This is like a welcome reward and is one of the safest ways of scoring some free crypto. Further, some exchanges also frequently run promotional campaigns and airdrops or provide time-sensitive bonuses to users.
Crypto Faucets
Cryptocurrency faucets are websites that give users small amounts of crypto for completing small tasks like watching adverts or completing puzzles. Bitcoinker is a good example of a popular crypto faucet. It gives out Bitcoin rewards for activities such as watching movies and completing surveys.
The crypto faucet scene is, however, rife with scams and you should be cautious before using them.
Cryptocurrency Staking
Crypto traders often stake their crypto assets to secure a blockchain network and earn rewards. Various popular coins such as Ether, Cardano and Solana can be staked to earn passive income. It can be a continual source of income for long-term crypto investors.
Note here that staking assets means that you have to lock them up for a certain amount of time during which you cannot use them for anything else. Further, some staking programs have also been in legal trouble on the grounds of being unregistered securities offerings. Keep these things in mind before staking your crypto assets.
Learn and Earn Programs
Some cryptocurrency exchanges and other platforms also offer learn and earn schemes. It is what it sounds like i.e. you are rewarded with cryptocurrency for learning about it. You may have to read articles, watch educational videos and complete quizzes to earn cryptocurrency.
Coinbase, Binance and even crypto tracking websites like CoinMarketCap offer opportunities to get free crypto by completing learning modules.
Referral Programs
Many cryptocurrency exchanges such as Binance, Crypto.com and KuCoin run active referral programs for users. They generally provide a referral bonus for inviting your family and friends to join the platform. The rewards are mostly in the form of free crypto coins or a part of the user’s trading commission.
Bug Bounties
Many cryptocurrency exchanges and projects run bug bounty programs to encourage developers and researchers to find and report vulnerabilities in their systems. They are then rewarded based on the severity of the reported bug. Hence, bug bounty rewards can range from a few hundred to tens of thousands of dollars.
Airdrops
Often, developers of a new cryptocurrency would conduct a giveaway- called an Airdrop in crypto lingo to generate hype around the project. You may be asked to support the project such as by promoting it on social media to receive the coins.
Airdrops are, however, notorious for the various scams pulled in their name. Coins may not be delivered to you at all or they may turn out to be worthless. Therefore, it is important to extensively research the project before signing up for its airdrop.
Taking Surveys
This is an old internet thing with a twist- instead of cash, you get crypto for completing surveys. Participating in market research surveys is a simple and low-effort method of earning some cryptocurrency. Freecash, for example, offers surveys and other paid offers almost every day as a means of getting free crypto.
Trading Competitions
Some exchanges conduct trading competitions where traders can compete with each other to win attractive prizes. Depending on the popularity and trading volume of the platform, the competition can be fierce but can also bring huge rewards for the winners.
Crypto Lending
You can also lend out your crypto assets to earn interest on them. Decentralized finance(DeFi) platforms facilitate peer-to-peer lending with the help of cryptocurrency and enable borrowers to get easy crypto loans.
This can be a great way of earning crypto though you have to be careful to ensure that the potential borrower has the capacity to pay back the loan.
How to Earn Crypto with Binance
There are various ways to earn cryptocurrency on Binance at no cost. The platform runs a referral program with which you can get crypto rewards for referring your friends to Binance. Apart from that, it also frequently conducts promotional airdrops for BNB holders.
Binance also has a Learn and Earn program wherein users have to learn about blockchain technology and cryptocurrency and complete quizzes to earn rewards.
How to Earn Free Crypto on Coinbase
Yes, you can earn crypto on Coinbase. The cryptocurrency exchange has a Learn and Earn program where you can complete educational courses to earn cryptocurrency. In this program, you may need to watch videos, read articles, complete learning modules and participate in quizzes for free crypto rewards.
The catch here is that you may not get the cryptocurrency you want as the reward is decided by the platform. Further, the Learn and Earn program is available only in a few selected countries. Hence, depending on your country of residence, you may not be eligible for this scheme.
Cryptocurrency Earning Scams
The crypto world is rife with scams and especially when it comes to free crypto giveaways and airdrops. Therefore, it is important to be vigilant while looking to earn free cryptocurrency. The rise in cryptocurrency and ICO-related scams makes proper research all the more important.
Some important things to keep in mind to safely earn cryptocurrency are:
Thorough Research
The first thing to do before signing up for airdrops or any crypto giveaway is to research the project. You should learn about the project’s ins and outs, the team behind it and its viability before signing up for something that may turn out to be a fraudulent scheme. Learn about common crypto scams and signs to look out for to identify and steer clear of such schemes.
Securing Your Crypto Wallet
As your crypto wallet is the place where your assets would be stored, it is important to choose a reputable and secure one to ensure the safety of your assets. The standard practice here is to use cold wallets for long-term storage and keep a small amount in the hot wallet for day-to-day transactions.
Be Skeptical of ICOs
Initial Coin Offerings(ICOs) may seem like lucrative opportunities to discover and snag the next big thing but as they are not much regulated, scams are quite common with them. Therefore, read the project’s whitepaper, look up the team behind the project and research about the token’s utility before participating in its ICO.
Stay Away from Get Rich Quick Schemes
A common advice to avoid falling for scams is to stay away from schemes that seem too good to be true. There is almost always some catch with projects that promise unrealistic profits or high returns in a relatively small amount of time. Hence, it is a good idea to be cautious of such schemes and not fall for their tall promises.