Unless you’ve been living under a rock, chances are you’ve probably heard about cryptocurrencies.
Given how insanely volatile the crypto market is, most investors are hesitant to risk their capital on an asset that may suddenly devalue overnight.
But if you’re like any sane person, you also know that the fantastic return on investment is almost too good to pass up.
And this is why I’ve got good news for you because you can now get crypto for free. But before you dive right in, keep the following in mind…
- Cryptocurrencies are unregulated and decentralized. Hence, this means that the market for cryptocurrencies is a lawless one. Always be careful what you invest in and never reveal your personal information.
- Cryptocurrencies are NOT legal tender. While cryptos have become extremely popular around the globe, some countries have banned their use. So, if you’re getting into cryptos, make sure that you’re not breaking any local laws.
- You need a wallet to store your cryptocurrencies. These are called crypto wallets, known as either hot or cold wallets. Hot wallets are suitable if you regularly transact in cryptos, whereas cold wallets are more suited to the long-term storage of cryptos.
- Beware of s**tcoins. Given its colorful name, it’s easy to see why s**tcoins are named as such. S**tcoins are a pejorative term for cryptocurrencies that are worth next to nothing and have no discernible value. New cryptos become s**tcoins once investor interest falls or the issuer goes under/disappears.
Now that we’ve cleared that up, let’s look at the 5 ways to get crypto for free.
- Referral bonuses
Do you have an extensive network of friends and family looking to get into crypto?
If you said yes, why not earn some free crypto for you and your network by taking part in referral bonuses.
How do these referrals work?
Simple really. As the crypto market is highly competitive, crypto exchanges are always looking for new business. So, as an incentive, they pay commissions to exist clients who successfully bring in new members.
From BNB to BTC, referral rewards paid out by exchanges are pretty generous and can be a lucrative source for free crypto if you have the network.
- Exchange sign-ups
If you don’t have a network of connections, you can always earn free crypto by signing up with an exchange. These are rewards paid out by exchanges to encourage visitors to create an account with the said exchange.
As a rule of thumb, you should only sign up with a reputable exchange that pays out one of the more popular forms of cryptocurrencies. So, be sure to shop around at various exchanges before choosing.
Also, remember that some exchanges require you to deposit a minimal amount of cash to receive your sign-up bonus.
- Visit crypto faucets
Crypto faucets are websites or apps that pay out a tiny amount of cryptocurrencies hourly or daily. Other faucets, meanwhile, reward you with cryptocurrencies when you complete a survey, solve captchas, watch videos, or even play games.
While this sounds like a great deal, the amount of cryptos you can collect from these faucets is often not worth the time. However, they are one of the easiest methods to earn free crypto.
Reminder: legitimate faucets will never ask for your personal information or compel you to reveal your private encryption keys.
- Sign up for Airdrops
Airdropping is a form of guerilla marketing that was (and still is) used to generate interest in the community for a type of cryptocurrency. Airdrops deposit cryptocurrencies directly into an individual’s crypto wallet, thus allowing them to access a new coin immediately.
Nowadays, airdrops are primarily used to spearhead the launch of a newly created token. However, you can still sign up for airdrops that distribute more established cryptos, such as XRP and USDT.
- Deposit your funds in a crypto savings account
While not technically a way to get cryptos for free, a crypto savings account puts your coins to work for you. Once you’ve used the above methods to collect free crypto, you can deposit your cryptos into a savings account and earn interest on them. Thus, letting you literally make crypto with crypto.
Ideally, you should only deposit your coins into a savings account backed by reputable exchanges such as Gemini and BlockFi. Do keep in mind that these platforms are not banks, so your funds are not guaranteed by the government.
And so, there you have it – the 5 best ways to get crypto for free. You can find some other alternatives in this article from Tezro: blog.tezro.com/how-to-earn-free-crypto/
Nonetheless, as always, remember to stay safe and keep your assets diversified.