Who doesn’t love free stuff? Well, those who love cryptocurrency can get their freebies too. A number of websites are offering free cryptocurrency to consumers, and all it takes to get started is a bit of initiative. With crypto’s penchant for price fluctuations, you can get more than you bargained for. And some sites may also offer cash or NFT, which could be turned into crypto.
Here’s how you can earn free cryptocurrency for visiting sites and what to look for.
How to Earn Free Cryptocurrency: 11 Easy Ways
1. Sign up with an exchange
Many crypto exchanges will put some crypto in your wallet if you sign up as a customer (much like brokerages will give you money if you sign up as a customer.) You might want to choose the best option available, though it might be worth your time to earn them all. The good news is that it’s one of the safest options if you’re looking to score some free coins, although you’ll have to set some up yourself.
Some of the exchanges offering free crypto include the following:
Occasionally, other exchanges add promotions or offer time-sensitive bonuses, so stay tuned for these additional opportunities.
2. Crypto staking
Staking your crypto can help you earn an ongoing stream of income, and it can be especially beneficial if you’re a long-term investor or looking to stack coins. Rewards vary from coin to coin, but those for more speculative coins tend to be higher.
Some cryptocurrencies use a “proof-of-stake” protocol to validate and manage their decentralized system. This gives those who own the digital currency a chance to participate as a validator and earn income by staking their coins. You’ll support the infrastructure, be able to keep your coin while doing it, and even earn income as well.
Here’s how crypto staking works and how to get started.
3. Free NFTs
A non-fungible token, or NFT, is a kind of digital asset or work of art, and they have become incredibly popular recently. Technically, NFTs are not cryptocurrencies, but you can quickly exchange them for cryptos. So how do you get free NFTs in the first place? There are also gifts for those.
If you’re looking for NFT, you have a few good avenues. First, many new crypto projects offer NFTs as a sort of “invite bonus” to their top supporters. You can follow a new crypto on its Discord channel in hopes of participating in an invite bonus pool for people who drive the most traffic to the channel.
Another alternative is to regularly search Twitter for NFT giveaways, which may be offered to retweet and promote the project itself. A retweet could give you a chance to win an NFT.
Of course, NFT gifts can create tax issues, so be aware of those.
4. Learn and earn
Some websites give you the opportunity to learn more about cryptocurrency and earn some at the same time. You may need to watch videos, take a short quiz and pass to earn the bonus.
Coinbase Earn is one site that offers rewards for learning crypto, but others such as CoinMarketCap.com also offer the opportunity to earn free rewards. However, the problem with these “learn and earn” promotions is that you may not always get the cryptocurrency you want.
5. Crypto savings account
Looking to combine a simple way to earn interest with cryptocurrency? A crypto savings account allows you to earn interest on your holdings while continuing to enjoy their potential upside. And the initial interest rates you receive can be much better than with traditional bank accounts.
One option here is BlockFi’s savings account, which offers a tiered rate structure. This means that the more you have deposited, the lower your interest rate. High-flying coins such as Bitcoin and Ethereum can offer a few percent annual return, while stablecoins can offer several percent higher interest, helping to make them a more attractive place to keep your money.
6. Crypto Loan
Take your cryptocurrency game to the next level and lend money to borrowers and earn interest on the transaction. It’s called decentralized finance, or DeFi, and you can use the power of digital currency and decentralized apps to make money from peer-to-peer lending.
However, no matter which lending platform or currency you use, you need to be careful that the potential borrower can repay the money you lent. Additionally, it may make sense to fund many small loans, or to fund them in conjunction with other lenders, to reduce risk.
If you go this route, however, it’s important that you work with a well-established platform.
7. Get money from a brokerage
Even a few traditional brokerages offer promotions from time to time. However, these bonuses are usually paid out in US dollars, but could then be immediately converted to crypto on the platform. Is this taking the premise of this article too far? Maybe, but you will still end up with some crypto in your wallet.
A starting point here is eToro, which operates as a crypto exchange in the United States, although it is a traditional broker in other countries. The broker offers you and your friend a referral bonus if your friend signs up and makes a deposit. Other mainstream brokers that offer crypto trading, such as TradeStation, may also run promotions from time to time. Then simply exchange cash for crypto.
8. Participate in an airdrop
Developers of a new cryptocurrency can airdrop – a giveaway – their new coin in order to raise awareness and generate more interest and excitement around it. You may need to do a few things to have the potential to receive new coins, such as following the crypto project on social media, following it on a Discord channel, or supporting the project in some other way.
However, it should be noted that many airdrops are scams, and even if they deliver coins to you, those coins may end up being worthless. This write-down may be good for tax purposes – since you won’t owe much, if any, tax – but it does nothing for your wealth.
9. Crypto Credit Cards
If you already have regular cash back credit cards, it can be easy to switch to crypto rewards cards and enjoy crypto in exchange for your purchases. These credit cards may offer rewards on purchases in the form of Bitcoin or other popular altcoins. And other spending bonuses may also be available.
Two popular options here include credit cards from BlockFi and Gemini.
Of course, the same caveats apply to these cards as to other credit cards: don’t rack up a huge credit card bill trying to get relatively small rewards.
10. Participate in surveys
It’s a bit like an old Internet game with a new trick: answer a survey and earn money. But this time the money is crypto. And that’s what some sites allow you to do these days.
A participant here is Freecash, which offers surveys, games or other paid offers every day. While you can get your payouts in cryptocurrency, you can also take them in dollars or even gift cards. The site might seem a bit too bells and whistles, but you can still earn free crypto.
11. Browse the web
Looking for a crypto that you earn by browsing the web? The Brave Browser might be for you. You will earn the Basic Attention Token cryptocurrency for browser use as long as the Brave Rewards program is activated.
Brave blocks typical ads and cookies, but still gives you the option to see certain ads in exchange for cryptocurrency. The program is available in most countries, and the company shares 70% of ad revenue with users, it says. Payments are made once a month.
It’s something you do anyway, so maybe it makes sense to get paid to browse.
Beware of scams
The cryptocurrency world is already full of scams, and stories of crypto scams have been rife for years already. This situation may even be worse in the world of free gifts. That’s because scammers love preying on those looking for a freebie on the next big deal.
So it pays to be on your guard when looking for free cryptocurrency. Some crypto scams such as airdrops or initial coin offerings (ICOs) have a high potential to be outright frauds. Avoid any promotion that asks for your login credentials or private keys for a crypto wallet. Meanwhile, ICOs can get you to exchange your legitimate coins for a coin of dubious value.
As usual, if the freebie sounds too good to be true, it probably is.
At the end of the line
If you’re looking to earn free cryptocurrency, you have a number of options, from the usual suspects of brokerages and exchanges offering freebies to the unusual, like airdrops and surveys. However, when browsing through your free options, make sure you are working with a reputable partner, otherwise it could be them who gets your cryptocurrency for free.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. Further, investors are cautioned that past performance of investment products does not guarantee future price appreciation.