The ups and downs of the cryptocurrency market have shown that one of the best ways to earn interest on your crypto is to play long term. If you take a look at the graph showing the value of Bitcoin over the last 10 years, you will see that, no matter how harsh the roller-coaster ride, the early investors still got great money in the end. With a bit of investment and a lot of patience, you’ll be able to earn interest on your crypto and generate continuous passive income. However, there’s an important factor to your success: you need to choose the right platform. In this article, we’ll give the overview of the great platforms to help you choose the best place to earn interest on crypto and will be telling how to earn interest on crypto along the way.
Earning APY on crypto – the importance of understanding the APY
Best ways to earn interest on crypto: 4 main steps on your way to profit
- Compare the rates available in the market
Even if you’ve already chosen the coin you want to invest in, the interest rate can differ across the market depending on the platform you go for. Also, the rates are usually floating which means they change depending on the value of the coin. As you might have already noticed, the crypto market is extremely volatile, with the prices going up and down every hour.
Typically, you should expect to get between 6% and 9% annual interest. Some platforms, however, offer higher rates. For example, Hodlnaut will allow you to earn up to 12% while with Nexo, you can earn around 25% annually. Often you can earn up to 100% interest and the opinion about such rates differ. Some people are highly skeptical about anything above 25%, but others are inclined to take risks and earn more. After all, weren’t those who invested in Bitcoin over 10 years ago risk-takers?
So if you are ready and willing to play big and win big, take a look at MyCointainer assets. Some of the 150 coins on the platform have 101% yearly return. But we suggest that you explore everything you can find on the web about the coin to make sure you invest in the promising cryptocurrency.
- Add coins to your portfolio
It’s awesome to be able to buy crypto without the unnecessary hustle, so it’s worth choosing the right platform that offers at least the most common ways to deposit cash to your wallet and an easy process of exchanging it to crypto. Conversely, if you create an account on the platform that only accepts deposits in crypto, there will arise a need to make another account with a separate cryptocurrency exchange like Coinbase, MyCointainer or eToro. Once you buy some coins, you can add them to your digital wallet and start earning interest.
- Earn your crypto interest
Undoubtedly, it’s the most pleasant step – you can finally relax and watch your wallet grow. This is where the beauty of the long term will show itself. At first, it might seem slow, and you can get impatient. However, over time your earnings will be growing exponentially. For example, not only the value of the coins can skyrocket (by half, three, four or even more times) but also the interest you earn on the coin you invested in will grow as well.
The most popular cryptocurrencies to earn interest on are BTC, ETH, LTC and others. As it was stated before, in most cases, the APY depends on the supply and demand in the market and fluctuates considerably.
Best places to earn interest on crypto in 2022
- Yearly interest rates
- Fees (withdrawal, deposit, etc.)
- ទ្រព្យសម្បត្តិដែលបានគាំទ្រ
- Tools and features
- Security and regulations
The best crypto wallet to earn interest can be chosen from the following list of the most trustworthy and well-known platforms:
1. MyCointainer
2. BlockFi
A platform providing safe earnings by investing in Bitcoin (the APY can go up to 4.5%)
3. Crypto.com
4. Binance
5. DeFi Swap
How to earn interest on crypto? MyCointainer makes it a no-brainer
- Deposit cash to your wallet.
- Exchange your FIAT money to a cryptocurrency of your choice.
- Enjoy watching your APY add up daily.