Cryptocurrency prices are rising fast. Traders are bidding up their favorite altcoins in a frenzy of increased participation. Companies like Solana (SOL) and Cardano (ADA) are creating incredible gains for investors as smart contract platforms competing with Ethereum (ETH) develop at breakneck speed.
But ETH itself is also doing well in this renewed trading environment. With an explosion of interest in non fungible tokens (NFTs) propelling Ethereum to new heights, it seems there’s room for everyone in today’s crypto market.
Whether you’re looking to buy Bitcoin (BTC), Ethereum or any number of available altcoins, you’ll likely end up with a decent return on your investment just by holding the tokens in your wallet. But for investors looking to passively grow their holdings by earning interest on cryptocurrency, a growing number of exchanges are offering incredible deals to get you started.
Crypto.com offers 14.5% interest for a growing number of tokens held on the world’s fastest growing trading platform and 8.5% on stablecoins. As a leading exchange for global consumers, Crypto.com offers over 40 cryptocurrencies and stablecoins — with interest offers for each of them.
How Does Earning Interest on Crypto Work?
Earning interest on your crypto isn’t fundamentally any different from earning interest in traditional markets. By holding your assets on an exchange you help provide liquidity for the platform. In exchange for the courtesy, customers are offered a competitive interest rate on their savings.
And with new exchanges vying for your attention in this burgeoning crypto market, interest offers have increased dramatically. Crypto.com is now offering 14.5% interest on a number of cryptocurrencies — including stable coins.
With over 10 million users in more than 90 countries, Crypto.com is on a mission to accelerate the world’s use of cryptocurrency. And with fantastic interest rates offered on the exchange, this intuitive trading platform is doing exactly that.
But Crypto.com is more than the collection of fantastic offerings found on this world-class exchange. The team behind the company is dedicated to a shared set of values that set Crypto.com apart from its competitors in the field. Working to empower users, Crypto.com is dedicated to dreaming big and remaining humble.
Crypto.com also offers a series of products for its advanced customers, including a decentralized finance (DeFi) wallet and token swap. And as the products offered by the exchange continue to develop, the coin associated with the platform is sure to make investors terrific gains. And, right now, you can earn 6% interest holding Crypto.com coin (CRO) on the exchange.
Interest Rates on Crypto.com
The interest rates available on Crypto.com rank toward the higher side of what’s being offered by competing exchanges. Though higher interest rates can still be found, the associated risks that come with holding assets on lesser developed exchanges may outweigh the potential rewards. Other trusted exchanges offering great returns on staked crypto include Voyager and eToro.
Crypto.com works with several tokens when you want to save, including:
How to Earn Interest on Crypto.com
Earning interest on your crypto has never been easier. Follow these simple steps to watch your holdings grow with Crypto.com:
- Open a Crypto.com account.
The first step to earning interest on your crypto is to open an account. And to do that, you’ll need to download the Crypto.com app on Google Play or the App Store, depending on your mobile device. Confirm your email and phone number and you’re almost ready to trade.
For U.S. customers, be prepared to upload your identification documents. And have your camera ready. You’ll need to take a selfie for the verification process. Verification may take a few days, so hang in there.
- Purchase cryptocurrency.
Now that you’re in, you’ll want to purchase some cryptocurrency. With over 40 coins to choose from, Crypto.com has you covered. And If you want to earn the best interest rates on the platform, you’ll definitely want to check out its stablecoin selection.
Either transfer crypto into the exchange, or connect your bank account for fiat deposits and withdrawals. Depending on your bank, the ACH process for connecting your account may take an additional 3-5 business days.
Voila, you’re ready to earn interest on your crypto!
- Earn interest on your crypto.
With Crypto Earn, staking for interest has never been easier. You can start making over 12% interest on your crypto assets in seconds. Just click the button guiding you to "Start Earning Now."
Make sure you take note of the information provided on the next screen. Minimum deposits are clearly explained here. As an example, with 12.5% interest offered for Polkadot (DOT), the minimum deposit is set to 10 DOT for fixed and flexible terms.
Calculated based on simple interest, earnings are paid out every 7 days in the currency deposited. Flexible terms are generally available at a lower interest rate for users who want the freedom to withdraw their crypto at any time; 1-month and 3-month terms pay higher rates.
Risks of Earning Interest on Crypto
Of course, holding your assets on an exchange — a requirement of earning interest on crypto — carries its own inherent risks. With exchange hacks becoming a more regular occurrence, it pays to look at more than just the interest rates offered when placing your crypto in the hands of a trading platform. Luckily, Crypto.com offers state-of-the-art security for discerning investors.
Is Earning Interest on Cryptocurrency Worth It?
As exchanges like Crypto.com grow, offers for earning interest on your crypto will likely persist. And as trusted platforms with state-of-the-art security continue to offer fantastic rates of return, it becomes harder to justify abstaining from the practice.
Ultimately, your own comfort level will determine if the interest offered by an exchange is worth the inherent risk. For traders ready to grow their holdings, Crypto.com offers a great rate on a world-class exchange. Plus, you need to consider if your tokens will recover their value after the depegging of Terra in the summer of 2022.
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