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9 ways to earn free crypto
Here are some legitimate ways you can earn free crypto and grow your digital wallet.
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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Can I get free crypto? Yes. In fact, some earning methods may be easier than you think and require little to no effort, while others require a little investment of your time.
Always thoroughly research the project, website or app offering the free crypto. If high rewards are offered, and it seems too good to be true, it probably is. Make sure you're aware of the risks.
January 2024 update: The total value received by illicit cryptocurrency addresses dropped to $24.2 billion in 2023, a significant decrease from the previous year's $39.6 billion. This decline was partly due to a reduction in crypto scamming and hacking revenues, with a 29.2% and 54.3% decrease respectively.
However, ransomware and darknet market activities saw an increase in revenues, contrasting with the overall downward trend in crypto crimes. Sanctioned entities and jurisdictions accounted for a substantial portion of illicit transaction volumes, with $14.9 billion in 2023, representing 61.5% of all such transactions.
Phishing scams are particularly common in the crypto space, so be vigilant and never reveal any personal information or your seed phrase.
9 ways to get free crypto in Australia
- Trading platform promotions and bonuses
- Learn and earn
- Earn rewards with a crypto credit or debit card
- Earn a return on crypto you already own
- Play free games
- Use a browser extension
- Take part in an airdrop
- Perform micro tasks
- Crypto cashback & rewards apps
1. Trading platform promos and bonuses
Some crypto exchanges offer bonuses, promotions and sign-up incentives. You usually need to deposit money or make a trade to qualify, and incentives are typically small, so don't expect to earn big chasing deals.
Referral systems, such as those offered by Binance, CoinSpot, Block Earner, Swyftx, Coinstash and Digital Surge are popular ways to earn cryptocurrency when someone you refer signs up and trades. If the person you referred is an active trader, recurring trade fees can lead to significant long-term earning potential.
You can sign up for frequent newsletters, podcasts or social media pages to get updates on the latest offers and promotions. Stick to reputable platforms rather than chasing high yields from new or untrustworthy products.
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2. Learn and earn
Learn crypto, earn crypto. A great way to earn free crypto is to participate in learning about crypto projects through a platform's educational hub. Some cryptocurrency platforms reward users for simply watching videos, reading articles and taking the odd quiz or two. As you progress through the platform's courses, you are rewarded with free crypto.
Popular learn and earn sites include Binance and Revolut.
Binance Learn & Earn
Watch tutorials on select cryptos then take simple quizzes to earn small amounts. Earn once per quiz. T&Cs apply.
Revolut Learn & Earn
Earn crypto by learning about various coins and tokens in the Revolut app. Earn once per quiz. T&Cs apply.
3. Earn rewards with a crypto credit or debit card
Crypto debit cards allow you to spend your cryptocurrencies like regular fiat money in everyday transactions and may reward you for doing so. They work by converting your crypto holdings into fiat currencies at the time of purchase, allowing you to use your crypto for purchases wherever Visa or Mastercard are accepted.
The rewards system for crypto cards is similar to traditional rewards cards, except instead of earning redeemable points, you earn crypto. One popular crypto debit card is offered by Crypto.com, with rewards redeemable in its native token, Cronos (CRO).
4. Earn a return on crypto you already own
Earning a return on the crypto you already own can be a savvy move for investors who are comfortable holding an asset long-term and are looking to earn semi-passive returns.
By staking your cryptocurrency, you can earn yield on your holdings, typically paid out in the protocol's native currency.
Some exchanges and platforms also offer staking-as-a-service, which means they will stake the assets on your behalf and pass on most of the yield. While this is easier than staking on-chain, it involves trusting your assets to a centralised third party, as opposed to a transparent on-chain protocol.
Therefore, choosing reputable platforms and weighing the potential risks and rewards before investing is essential.
Yield Farming
For those looking to engage more actively, yield farming in the DeFi ecosystem presents an opportunity to potentially earn higher returns. This strategy involves lending or staking cryptocurrencies across various protocols to capitalise on the best yields.
While more lucrative, yield farming demands a deeper understanding of the DeFi space and active management, bearing risks such as impermanent loss.
Reputable platforms like Kraken and Block Earner in Australia provide avenues for both staking and exploring yield farming, balancing potential rewards against the risks involved.
Earn yield with Kraken
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Earn yield with Block Earner
Earn yield on WBTC, ETH and USDC on Aave using your Block Earner account.
5. Play free games
Playing free games can be a fun way to earn free cryptocurrency. Several gaming platforms offer rewards in the form of cryptocurrency for playing games or completing missions or tasks.
For example, the game Axie Infinity allows players to earn its native token AXS by battling creatures in a virtual world. The Sandbox offers a creative and monetisation mix, allowing players to create, share, and monetise voxel assets and experiences in a virtual world. It supports the creation and sale of NFTs, with earnings paid out in SAND, its in-game currency. Other platforms are Illuvium, Gods Unchained and so on.
Similarly, the platform RollerCoin offers players the chance to earn Bitcoin, Ethereum and Dogecoin by playing games that simulate mining operations.
Other games, such as Balls King, Crypto Pop and Coin Hunt World, offer rewards for participating in competitions and trivia. While the rewards may be small, playing free games can be an entertaining way to earn crypto without spending any money.
6. Use a browser extension
Browser extensions can be a convenient and easy way to earn free crypto while browsing the internet. Some extensions allow you to earn cryptocurrency by simply surfing the web or completing small tasks, such as watching videos or taking surveys.
One popular extension is the Brave Browser, which rewards users with its native token, Basic Attention Token (BAT), for viewing ads and visiting specific websites.
While the rewards may not be substantial, these browser extensions can provide a passive way to earn free crypto without any upfront investment.
7. Take part in an airdrop
Airdrops are a popular way to earn free crypto by holding a particular coin or token in your wallet. Airdrops are essentially free tokens that are distributed by blockchain projects to their users as a form of promotion.
To participate in an airdrop, you generally need to hold a certain amount of a specific cryptocurrency in your wallet and perform certain actions.
The blockchain project will then distribute its tokens to users who meet their requirements. Airdrops can be an excellent way to diversify your crypto holdings and potentially earn additional profits without investing any money upfront.
You can find trending and upcoming airdrops on a project's Twitter page, website or at airdrops.io.
See how to get crypto airdrops
Warning: beware of scams
While airdrops can be a great way to earn free cryptocurrency, it's essential to beware of airdrop scams. Scammers often create fake airdrops to steal users' private keys or personal information. To avoid falling victim to an airdrop scam, only participate in airdrops from reputable blockchain projects and never give out your private keys or personal information.
8. Perform micro tasks
Performing micro tasks is another common way to earn free coins and tokens. Several platforms pay users in cryptocurrency for completing small jobs, such as taking surveys, testing apps or completing online tasks.
If you have a lot of free time and this idea interests you, one popular microtask site worth checking out is Cointiply.
However, be vigilant in choosing reputable sites. Microtask sites are commonplace for scammers, and it can take a very long time to earn a redeemable amount of crypto.
9. Crypto cashback apps
There are now a small number of apps that pay you cash-back rewards in cryptocurrency. These work like traditional cash-back apps and reward you with cryptocurrency for making purchases or performing certain tasks.
One crypto cash back app gaining popularity in Australia is Shping which rewards you with Shping Coins for uploading receipts or bar codes. These coins can then be sold or traded for other crypto on exchanges like Coinbase.
Be aware of the risks
Although earning free cryptos can be an exciting prospect, several risks come with it. It's essential to consider these risks before embarking on any earning opportunities, as they can impact your potential returns and the security of your digital assets.
- Scams. Fraudulent schemes are prevalent in the crypto industry, and it's crucial to be cautious and only participate in legitimate projects or websites.
- Cost vs benefit. Some earning opportunities in the crypto industry yield only small amounts of cryptocurrency, which may not be worth the time and effort invested.
- Tax implications. Tax laws surrounding crypto can be complex, and it's important to research and understand the tax implications of earning free coins and tokens.
- Malicious smart contracts. One common scam is to encourage users to interact with a malicious smart contract in return for free crypto, or to qualify for a free airdrop or NFT. The goal of these smart contracts is to trick you into giving it permission to make transactions on your behalf. The scammers will then drain your wallet of all its funds. Make sure to only interact with smart contracts from wallets you trust, and never enable unlimited spending or lifetime permission.
- Fake tokens. Sometimes scammers will airdrop you fake tokens that have the same name as a major project.
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Bottom line
There are numerous ways to earn free cryptocurrency, including playing games, staking and participating in airdrops.
However, it's crucial to be aware of the associated risks, such as phishing scams and fraudulent projects, and weigh these risks against the potential rewards. By doing thorough research, you can take advantage of these earning opportunities and grow your crypto account balance without large upfront investments.
FAQ
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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