How To Make Money With Cryptocurrency: Top 4 Ways In 2024

22 views 7:35 am 0 Comments December 19, 2023

HODL is the rallying cry for many crypto enthusiasts. This neologism signifies the act of holding onto a cryptocurrency to make a profit rather than selling it, even in the face of market fluctuations. However, there are more ways to make money from crypto than just “HODLing.” Here are the four top ways that really work in 2024.

Top platforms for making money with cryptocurrency

Coinbase

Coinbase

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Payment methods
Crypto, Wire Transfer, Debit Card
Fees
0.05-0.6%
Availability
100+

KuCoin

KuCoin

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Payment methods
Crypto, Wire Transfer, Debit Card
Availability
Global

OKX

OKX

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Payment methods
Crypto and Debit Card
Fees
0.08% (maker) | 0.1% (taker)
Availability
Global ex. U.S.

In BeInCrypto’s extensive guide on “How To Make Money With Cryptocurrency: Top 4 Ways That Work in 2024,” we thoroughly researched the top four crypto-earning methods: staking, trading, lending, and play-to-earn.

These methods were selected based on various factors, most notably, the barrier to entry, the level of proficiency required to start, and earning potential.

One of the top platforms to make money on, Coinbase, is known for its security and ease of use. With spreads from 0.05-0.6%, it is flexible for a variety of users. In addition to its ease of use, Coinbase is also chosen for its extensive learn-to-earn services.

KuCoin is a favorite for global users, as it charges a 0.1% maker and taker fee for the basic tier of users. The platform has many services, including derivatives trading, mining, trading bots, NFTs, and many other products.

Binance is the world’s largest exchange by 24-hour trading volume, $15,803,467,269, and is an excellent source of deep liquidity. The exchange boasts billions of dollars in assets and trading volume regularly. OKX is another all-in-one exchange that regularly sits in the top five centralized exchanges. It has a trading volume of $3,364,440,238 as of Dec. 14, 2023.

Bybit and Bydfi are also recommended based on their solid offerings. Bybit has over 700 markets and almost 500 cryptos, and Bydfi supports over 400 cryptocurrencies. Margex, in a similar boat, is another centralized exchange. It supports 10 cryptocurrencies and even more payment methods. YouHodler allows you to borrow fiat and crypto flexibly and accepts at least 50 different assets as collateral. Furthermore, Wirex is a payment service offering solid staking, loans, and card offerings. Finally, Delta Investment Tracker is recommended thanks to its robust suite of features. These include real-time profit and loss metrics across varying timeframes.

In all, BeInCrypto’s selection of these platforms is based on their security, liquidity, fees, and overall reputation, making them all excellent launchpads for users to make money from crypto.

In this guide:

How can you make money from crypto?

1. Crypto staking

Barrier to entry
Earning potential
Difficulty

Where to stake

Coinbase

Coinbase

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Payment methods
Crypto, Wire Transfer, Debit Card
Fees
0.05-0.6%
Availability
100+

Kucoin

Kucoin

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Payment methods
Crypto, Wire Transfer, Debit Card
Availability
Global

Wirex

Wirex

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Payment methods
Crypto, Bank Transfer, Debit Card
Fees
2% ATM Charge
Availability
130+

2. Crypto trading

Barrier to entry
Earning potential
Difficulty

Where to trade

Kucoin

Kucoin

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Payment methods
Crypto, Wire Transfer, Debit Card
Availability
Global

Coinbase

Coinbase

Sign up

Payment methods
Crypto, Wire Transfer, Debit Card
Fees
0.5-0.6%
Availability
100+

Margex

Margex

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Payment methods
Crypto and Debit Card
Fees
0.019% (maker) | 0.06% (taker)
Availability
Global ex. U.S. and sanctioned countries

3. Crypto lending

Barrier to entry
Competition
Earning potential
Difficulty

Where to lend

YouHodler

YouHodler

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Payment methods
Crypto, Bank Transfer, Apple Pay, and 2+
Fees
0.0178% on loans
Availability
100+

Wirex

Wirex

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Payment methods
Crypto, Wire Transfer, Debit Card
Fees
0-10% APR on loans
Availability
130+

Bybit

Bybit

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Payment methods
Crypto, Cash, Debit Card
Fees
Pay up to 19.7% APR
Availability
Global

4. Play-to-earn

Barrier to entry
Oversaturated market
Earning potential
Difficulty

Honorable mentions

Crypto airdrops and forks

Barrier to entry
Oversaturated market
Earning potential
Difficulty

Where to get airdrops

KuCoin

KuCoin

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Payment methods
Crypto, Wire Transfer, Debit Card
Availability
Global

Bybit

Bybit

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Payment methods
Crypto, Cash, Debit Card
Availability
Global

BYDFI

BYDFI

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Payment methods
Crypto, Bank Transfer, Debit Card
Fees
0.1-0.3%
Availability
Global

Crypto mining

Barrier to entry
Competition
Earning potential
Difficulty

Where to mine

YouHodler

YouHodler

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Payment methods
Crypto, Bank Transfer, Apple Pay, and 2+
Assets
BTC
Availability
100+

Binance

Binance

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Payment methods
Crypto, Cash, Debit Card
Assets
BTC, BCH, and 6+
Availability
Global

Crypto investing

Barrier to entry
Earning potential
Difficulty

Why might you need a portfolio tracker?

If you have been in crypto for a while or plan to be, you will more than likely have amassed a diverse portfolio across multiple DApps, blockchains, protocols, and exchanges. You will eventually need a crypto portfolio tracker.

These are particularly useful for bookkeeping, tracking profits and losses, entry and exit prices, and tax preparation. Much of the world has yet to catch up to the crypto world; therefore, it is painstakingly difficult to find the right portfolio tracker that suits your crypto native needs.

Delta Investment Tracker

Delta Investment Tracker

Sign up

Assets
Stocks, Funds, Indices, Forex, Crypto
Exchanges
70+
Availability
Global

The pros and cons of making money with cryptocurrency

Aspect Traditional finance (TradFi) Cryptocurrency (crypto)
Accessibility Barriers to entry due to laws and regulations. Often favors institutional investors. More accessible to the general public. Lower entry barriers, offering opportunities for individual investors.
Market maturity Mature and well-established market. Tapped market with limited high-growth opportunities. Still emerging and developing. High-growth potential, though accompanied by higher risk.
Risk profile The Cantillon effect, where proximity to money creation favors the wealthy. Institutional money often dominates. High risk and volatility. Subject to market manipulation and less regulatory protection.
Learning Curve Relatively familiar and understood by the public. Established systems and support for investors. High learning curve to navigate safely. Fragmented market with varying platforms and technologies.
Earning Potential Often limited to traditional investment vehicles like stocks and bonds. Influenced by the Matthew Effect, where the rich tend to get richer. Innovative ways to earn (e.g., staking, yield farming). Potentially high rewards, but also high risk.
Equality The Cantillon effect where proximity to money creation favors the wealthy. Institutional money often dominates. Seen as a great equalizer. Designed to offer a more even playing field from the bottom up.
Security Generally higher levels of security and investor protection. Established legal frameworks for recourse. Security risks, including wallet compromises and hacks. Limited or no legal recourse in many cases.

Can you really make money with crypto?

While we have documented many solid ways to make money with crypto, note that each method has its own drawbacks, risks, and barriers. Take Ethereum staking, for example.

As a smart contract platform, Ethereum requires nodes to store and compute extensive data, demanding more sophisticated and expensive hardware. This necessity fuels competition for block space and drives up transaction fees, leading to Miner Extractable Value (MEV). The intense competition for MEV has evolved into order flow auctions (OFA) and proposer builder separation (PBS), compelling block builders to integrate with searchers, relays, and block proposers.

Consequently, profitable Ethereum staking, beyond delegated or liquid staking derivatives (LSD), has become an arena of high competitiveness. One of the biggest staking mistakes Ethereum stakers made pre-merge was believed that staking would be cost-free and hands-off. So, while you can make money from crypto, it is important to note that if anyone could be profitable from doing it, everyone would do it.

Invest with caution

As stated previously, crypto is still somewhat of an untapped market. There are currently various ways to make money from crypto without dealing with the same hurdles that you may face in TradFi.

However, always remember that the greater the reward, the greater the risk. You should never spend more than you can comfortably afford to lose, and there is no such thing as a free lunch. Everything has a price, whether an operating cost or an opportunity cost. Be wary of crypto scams: if something sounds too good to be true, it probably is.

Frequently asked questions


How safe is it to invest in cryptocurrency?


Is cryptocurrency income taxable?


Can you make $100 a day trading crypto?


Can a beginner make money trading in cryptocurrency?


How to start crypto trading?


Is Bitcoin halal or haram?


How to earn crypto without money?

Disclaimer

In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk.

Ryan1.png
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency.
He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space.
Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere.
Ryan is also an…

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