Are you wanting to make money online, but in a secure and fast way? There are various methods to make money online.
We understand how vital it is to ensure that you’re using the best methods, especially when it comes to investing. That’s why in this article, we’ve compiled multiple tips that’ll take your crypto account interest to the next level.
Read on to learn how to take your crypto interest from 0 to hero overnight.
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Can You Make Money With a Crypto Account?
The short answer is: yes, you can! There are various crypto-based savings accounts out there that you can build interest with fast. The interest you receive will be in the crypto-currency of your choosing.
Some crypto banks are offering amazing yields. Keep in mind that there are fluctuations in demands, so we recommend you choose a high-quality savings account for your currency.
BlockFi is U.S. based and a great way to hold an interest account on lending. It’s also easy to take out loans with BlockFi as well. It’s considered one of the top crypto-based savings accounts.
It’s a wealth management platform that’s focused on crypto assets. The assets include Ethereum, Bitcoin, Litecoin, and USD stablecoins.
You don’t have to worry about account minimums with them, and they offer high yields for many crypto investors. With BlockFi, you can enjoy 8.6% stablecoins. For Bitcoin, you can enjoy 3.2%-6%.
You’ll have very small lock-up times which are less than 24 hours. It’s a great way to have high yields on US dollars, and on cryptocurrencies. Keep in mind that it doesn’t show how much you have to invest in order to see the highest rates of return.
Ledn is a Toronto-based company that has USDC and Bitcoin Savings Accounts. You can also look into different loans including bitcoin-backed loans.
Besides loans, you can also use it as a savings account. Some believe it’s the best place for your Bitcoins. They also work with Genesis. Genesis is seen as the world’s largest institutional lender for digital assets.
In order to start a Ledn savings account, it’s similar to others where you’ll need a government-issued ID, name, email address, home address, selfie where you hold your government ID, and phone number.
1. How to Get the Best Cryptocurrency Rates
In many ways, the process is similar to banks. To start, you’ll need to complete the following steps:
- Register your account
- Complete signup
- Verify your email
- Click deposit in the menu
- Choose stablecoin, crypto, or Bitcoin
- Transfer it to the wallet address
- Earn interest
The crypto lending providers take your money and lend it to others to receive 10-16% interest. Then, you receive a percentage back of that share.
2. Earn Passive Income
In order to set up passive income, you’ll first need to verify who you are with the platform of your choice. Ensure that you complete the deposits necessary for your crypto/Bitcoin.
Once they’re in, they start earning interest. If you choose Celsius or BlockFi, they’ll pay you interest in the ETH or BTC depending on what you deposit.
3. Choosing the Platform
Choose a platform such as BlockFi or Nexo to ensure that you’ll receive daily interest on your cryptocurrency assets. Since the interest compounds daily, that means you’ll receive an increase in returns and yield for you as the investor.
4. Choosing Nexo
You can enjoy a higher return on your investment if you accrue interest over time. In order to do this, choose Nexo. It’s seen as the same as earning dividends on stocks to earn passive income.
5. Determining How Much to Invest
Never invest more than you can afford to lose. That’s the general rule of investing, which also applies to crypto and Bitcoin. Keep in mind that you don’t have access to the private keys once your Bitcoin is sent to a platform to earn interest.
6. Is Bitcoin Investing Right for Me?
Using a crypto platform is a common way to make extra money. Some platforms can offer interest rates that are 12% APY which is higher than banks.
Use a well-balanced crypto portfolio when you decide to start investing in crypto. Don’t choose one method, instead choose multiple platforms to decrease your chances of events outside of your control.
Investing in crypto is a great way to diversify your portfolio investments. Keep in mind that yields are subject to change. It’s a good idea to check the yields at various points while investing.
7. Bitcoin Mining or Trading
Consider mining or trading to earn more Bitcoin. While there are different trading options, one popular method is leverage trading.
This is where you borrow funds to help with trading. They’re known as crypto-backed loans. Crypto-backed loans are similar to collateral loans. This is where the borrower gives the lender collateral to get more access to funds.
The borrower gives cryptocurrency in order to receive USD. This is a way to gain access to stablecoins or USD.
A benefit of these is that your credit score won’t be looked into. This is due to the loan being secured by your asset (crypto) in case you don’t pay back the loan.
Earning Interest on Your Crypto Account
Now that you’ve explored how to earn more interest on your crypto account, you should have a better strategy to make more overnight.