10 Ways to Earn Free Crypto in 2024

Whoever said there’s no such thing as a free lunch hadn’t discovered crypto yet. From crypto faucets to crypto airdrops, there are free crypto tokens falling out of the sky. Some ways to get free crypto may involve a bit of work, though. Others may require some risk capital. In this guide, we’ll detail the 10 best ways to earn free crypto and how you can get in on the action.

We’ll also compare the pros and cons of each free-crypto strategy as well as how much you can earn and how much effort is required to earn free cryptocurrency. Let’s learn how to earn free crypto in 2024.

1) Learn and Earn Free Crypto

Get paid to learn about new cryptocurrencies (including other digital assets like NFTs) or protocols. Pass a quiz and earn free crypto. If you don’t pass, you can keep trying until you do. For example, Coinbase offers a Learn and Earn program and also offers Learn and Earn through Coinbase Wallet “quests” on occasion.

Some rewards are worth only a few dollars, while others can be worth up to $25 or more. The example below shows a Learn and Earn opportunity available through Coinbase Wallet. This gives users the opportunity to earn cryptocurrency rewards via staking.

• Earning potential: Limited. Learn and Earn offers like those from Coinbase are promotional. They help create awareness of new chains or protocols, and new Learn and Earn opportunities occur sporadically.
• How often can you earn: Every few months, on average. Most Learn and Earn tokens only give one-time rewards, but a different offer may become available in a month or two.
• Return on Investment: No investment is needed. Read a few paragraphs and pass a quiz to earn crypto.
• Risk Level: None. There’s nothing to lose because you’re not investing money. However, “quests” may require on-chain transactions that require network fees.

2) Claim Airdrops

Airdrops are another promotional tool used by crypto projects to generate buzz and awareness. However, this one often requires a bit more work and some capital. Qualifying for crypto airdrops typically requires on-chain activity, such as using DeFi protocols or staking. In March 2023, the Arbitrum blockchain airdropped $120 million worth of ARB tokens to active users on the blockchain. Qualified wallet addresses could then claim the airdropped tokens through a portal. Many qualified for activities they were doing anyway.

• Earning potential: High. Airdrops can range in value from a few dollars to thousands of dollars.
• How often can you earn: Every few months, on average. Airdrops are common, but each airdrop may come from a different source and come with its own requirements for eligibility.
• Return on Investment: Potentially high. Airdrops typically require on-chain activity, which brings the cost of network fees as well as the price risk for using on-chain tokens.
• Risk Level: Moderate. Many airdrops are speculative ventures, meaning that users aren’t sure whether there will be an airdrop. Airdrop hunting requires capital to use on-chain applications, paying network fees at each step. The payoff could be massive, or there might be no airdrop at all.

3) Crypto Staking

Staking, in this sense, refers to using your crypto as a form of collateral to help ensure proper validation of blockchain transactions. By locking your crypto in a staking contract, you earn staking rewards paid in the same cryptocurrency. Crypto staking platforms like Binance make this easy, but you need some capital to get started. Typical staking yields run in the 3% to 5% range, although some blockchains offer higher yields.

• Earning potential: Moderate. Staking produces passive income, similar to a bank savings account or certificate of deposit.
• How often can you earn: Ongoing. You can continue to earn staking rewards as long as you stake your crypto.
• Return on Investment: Low. Yields for staking popular cryptos like ETH fall in the 3% to 4% range, varying based on network demand.
• Risk Level: Moderate. Staking brings a small risk of loss due to slashing, a way of punishing bad behavior by validators. However, you should also consider price risk. Crypto locked in a staking contract typically can’t be sold quickly if the market turns.

4) Crypto Faucets

Crypto faucets are portals where you can get free crypto. Think of a leaky faucet that drips one drop at a time. Crypto faucets work in a similar way, giving just a drop, but all those drops can add up over time. In some cases, you may have to complete simple tasks, such as the Learn and Earn programs we discussed earlier. In other cases, you have to wait a certain amount of time to be eligible for the next free crypto drop.

• Earning potential: Low to moderate. Traditional crypto faucets give out small amounts of crypto at a time. Some newer implementations may offer higher amounts.
• How often can you earn: Often daily. Typically, you can continue to get free crypto from the faucet daily.
• Return on Investment: No investment is needed. Traditional faucets don’t require an investment. You just need a crypto wallet.
• Risk Level: None. With traditional faucets, you don’t need to invest money, so there is no risk. Your only expense is your time. If you find a faucet that requires a purchase, read the fine print to understand potential risks.

5) Play-to-Earn Games

Arguably, Axie Infinity (AXS) brought play-to-earn games to the forefront. But the genre has evolved, and now you can earn crypto and NFTs on more advanced platforms like Star Atlas (ATLAS) and Gods Unchained (GODS). By playing these games, you can earn tokens or NFTs while you progress through the game. Some play-to-earn games even have in-game economies where you can provide services to earn crypto.

• Earning potential: Low to moderate. While it’s possible to earn a living with play-to-earn games, average players earn smaller amounts.
• How often can you earn: Often daily. The more you play, the more you learn and the more you can earn.
• Return on Investment: Moderate. Many games let you start playing for free, but much like traditional games, you can often progress faster if you invest in in-game assets, such as equipment.
• Risk Level: Moderate. If you’re willing to grind your way to the top, risks are minimal. However, if you choose to buy upgrades, the value of the upgrades and game tokens can be volatile.

6) Crypto Savings Accounts

Much like traditional savings accounts, crypto savings accounts pay a yield on deposits. In many cases, these yields come from lending, which we’ll cover in more detail later. The distinction here is that crypto savings accounts are easier to use. You deposit your crypto, and the platform pays a yield. Often, this yield is paid in the same crypto you deposit. However, platforms like Nexo, shown below, may pay higher yields if you choose to take your payment in the platform token.

• Earning potential: Low to moderate. Interest rates range from under 1% to 16%, but often find the lower end of that scale.
• How often can you earn: Daily, weekly, or monthly. Interest periods vary, but daily payouts are common.
• Return on Investment: Low to moderate. A $1,000 crypto deposit can earn $30 to $50 in annual interest. Longer terms can earn higher interest.
• Risk Level: Moderate to high. Price risk is a consideration if you lock your tokens in a long-term savings account. However, you should also consider the health of the platform as well. Crypto lending platforms Celsius and BlockFi both declared bankruptcy in 2022.

7) Exchange Sign-Up Offers

Crypto exchanges want your business, so much so that they’re willing to pay you to join. There’s a catch, though. Often, you’ll have to deposit a trade a certain amount to qualify for the spiff. Payouts can also vary.

For example, crypto exchange Coinbase advertises up to $200 for new users. To participate, sign up, verify your identity, and then “spin the wheel,” much like a game show.

• 89% will win between $3 and $6, paid in cash or Bitcoin.
• 11% will win between $6 and 200, paid in cash or Bitcoin.

In other cases, exchanges might offer a simpler sign-up bonus with a fixed amount of free cryptocurrency for each new account.

• Earning potential: Low to moderate. Expect about $200 at the high end, although these types of free crypto offers often pay $5 to $10.
• How often can you earn: Once per exchange. Eligibility often requires identity verification, so you can only qualify once at each exchange.
• Return on Investment: Low to moderate. Many exchange promotions require a deposit of $100, for example, or a minimum trading volume to qualify.
• Risk Level: Moderate. Because many offers require a deposit or trades, there are risks to consider. In 2022, the FTX exchange collapsed, leaving depositors without access to their funds.

8) Crypto Lending

Earlier, we discussed crypto savings accounts, which often use lending to earn free crypto. However, you can venture further into lending with decentralized finance (DeFi) lending platforms. In this case, you’re not depositing funds with an exchange. Instead, deposit funds into a lending pool using smart contracts.

DeFi lending platforms like Aave connect lenders and borrowers with stablecoins (valued at $1) often paying the highest yields.

Finding 100% plus yields isn’t difficult, but you may need to use less-proven crypto lending platforms.

• Earning potential: Low to moderate. Extremely high yields tend to be short-lived. Realistic returns are often closer to 5% to 15%.
• How often can you earn: Ongoing. You continue to earn as long as you have deposits.
• Return on Investment: Low to moderate. A $1,000 deposit can earn $100 to $200 annually using well-established platforms such as Aave or Compound.
• Risk Level: Moderate. Risk often stems from potential smart contract vulnerabilities. However, rapid market moves could prevent fast borrower liquidations to repay loans. Some or all of your deposit could be at risk.

9) Referrals

Refer a friend, your social media followers, or website visitors to earn free crypto. As a caveat, some programs pay in traditional fiat currencies. However, you can use the USD, GBP, or AUD they pay to buy (free) crypto.

Referral programs may be simple, in which you use a special link to invite others and then collect a referral reward. They can also be more complex, requiring verified follower counts or website traffic. Either way, there are plenty of crypto referral and affiliate programs available.

• Earning potential: Possibly high. The sky is the limit for earning potential with referral programs, depending on how much time you invest.
• How often can you earn: Ongoing. Some programs use a one-time reward. Others give you an ongoing share of trading fees.
• Return on Investment: No investment is required. You can leverage your existing contacts and social media to refer new users without making an investment.
• Risk Level: Low. You don’t have to invest money (but you can) to grow your referrals.

10) Crypto Credit Card Rewards

Much like rewards credit cards, a few platforms offer rewards in the shape of crypto rewards cards. Earn free crypto for everyday purchases. This one has a catch as well but comes with an easy workaround.

In many jurisdictions, paying with crypto is a taxable event. The IRS treats it as the disposal of an asset. Simply put, you probably don’t want to buy a pack of gum with your bitcoins just to earn rewards. Instead, you can fund your account cash and earn crypto rewards everywhere you use your card. For example, Coinbase pays up to 3% in free crypto rewards and lets you choose a new reward each month.

• Earning potential: Low to Moderate. Most programs cap monthly rewards.
• How often can you earn: Ongoing. Use your crypto rewards card for everyday purchases to keep earning.
• Return on Investment: No investment is required. You have to fund your card, but that money will be spent on everyday expenses.
• Risk Level: Low. Cash balances are likely held with a bank. Risk may be higher, however, if you choose to keep crypto on the exchange to fund your card.

How to Avoid Free Crypto Scams

Crypto has its share of shady characters and outright scams, but there are ways to avoid scams and reduce risks.

• Use reputable sources. Do your research first and be sure you feel comfortable with the source of the free crypto, particularly if you have to deposit your own crypto to earn free crypto.
• Connect with care. DeFi apps require you to connect your crypto wallet. However, you don’t always know what’s on the other side of that smart contract. Again, look for reputable projects with documented audits.
• Guard your personal data. It’s common for exchanges to require identity verification to comply with regulations. However, if a lesser-known app wants your personal information, it may not be worth the risk.
• Don’t trust links. Social media, discussion boards, and even fake websites may link to a malicious contract or phishing page that looks real. Check the URL carefully before providing any information.
• Never share your wallet seed phrase. Your crypto wallet uses a private key and seed phrase backup to control your crypto. If someone else gets either of these, they can steal your crypto. No legitimate free crypto site or app will ask you for either of these.

Conclusion

We just covered ten ways to earn free crypto, some of which are easy and some that require a bit more effort. Paydays for free crypto range from a few cents at a time up to hundreds or even thousands of dollars.

Airdrops provide the most profit potential but can require a lot of work and speculative investment. By comparison, DeFi lending and crypto savings accounts offer steady passive income. However, the crypto space brings risks as well. Do your research before investing any money or providing any information online.

FAQs

How do you earn cryptocurrency without investment?

Crypto referral rewards offer one way to earn free crypto without making an investment. Alternatively, a crypto rewards debit card pays crypto rewards for everyday purchases with no additional investment required.

How do you make money in crypto without money?

You can consider crypto referral bonuses as rewards. As you build your balance over time, you can use those rewards to explore other profitable strategies like crypto lending or airdrop hunting that require some seed money.

What is the best way to earn crypto for free?

The easiest and likely the safest to earn free crypto is with a crypto rewards debit card. With a provider like Coinbase, you can fund your card in USD, then transfer crypto, limiting your risk to the amount you’ve used to fund your card.

How do you earn free crypto like on Coinbase?

Coinbase offers four ways to earn free crypto rewards. New users can earn up to $200 in cash or Bitcoin to sign up. Coinbase’s Learn and Earn provides crypto rewards for passing simple quizzes about crypto projects. Coinbase also offers a crypto rewards debit card. Lastly, Coinbase provides a crypto staking service to earn a yield for staking assets like ETH.

References

• Arbitrum Airdrops $120M to Projects (finance.yahoo.com)
• Crypto companies crash into bankruptcy (reuters.com)
• A timeline of cryptocurrency exchange FTX’s historic collapse (abcnews.go.com)
• Publication 544 (2023), Sales and Other Dispositions of Assets (irs.gov)