As the world of decentralized finance (DeFi) develops, more platforms are offering cryptocurrency interest accounts. Similar to regular savings accounts, crypto interest accounts allow you to stake your coins for a period of time to receive interest. Crypto interest rates, on the other hand, can be well above 10% each year. We'll go through the top 5 crypto interest accounts in 2022 in this article.
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Review of the Best Crypto Interest Platforms
We've put up brief reviews of each of the best crypto interest accounts so you can choose the best one for you.
Crypto.com
Crypto.com has worked hard to establish itself as one of the world's premier cryptocurrency compound interest services. This platform now offers interest on over 50 different cryptocurrencies, including many of the hottest altcoins right now.
The Crypto.com service is highly appealing, especially when you consider that you may earn up to 14.5 % on crypto coins such as USDC. Flexible terms (withdraw your money whenever you like) or fixed 1- and 3-month staking terms are available on the platform. A useful rewards calculator can assist you in determining the best coin and staking balance to achieve the desired results.
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Coinbase
Coinbase has a straightforward, beginner-friendly cryptocurrency interest account. With only 5 coins and interest rates up to 5.00 %, it's fairly conservative. So, rather than investors aiming to aggressively maximize their prospective returns, Coinbase's interest account is an excellent alternative for those just getting started.
You may earn interest on Ethereum, Algorand, Cosmos, Tazos, DAI, and USD Coin with Coinbase. For USDC, rates as low as 0.15 % APY are available, which is less than certain savings accounts for keeping fiat currency.
Staking is embedded right into the Coinbase Wallet app, which makes earning income on Coinbase a breeze. The crypto wallet is also linked to the Coinbase crypto exchange, resulting in a closed-loop environment for bitcoin management. Coinbase's simplicity and convenience are hard to beat.
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Binance
Binance is one of the most complete cryptocurrency interest-earning platforms. It's best for seasoned crypto investors who want to put their money into up-and-coming ventures that offer better interest rates in exchange for a larger risk.
Staking options on Binance are divided into two categories: those that guarantee your capital and those that do not. Because your risk is larger when your initial investment isn't guaranteed, these coins can pay up to 178 percent interest. Staking alternatives with a guaranteed rate of 104 % are available.
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AQRU
AQRU is a brand-new crypto interest platform that's already making waves. You may earn interest on crypto coins including Bitcoin, Ethereum, Tether, USD Coin, and DAI with this platform. Investors can earn up to 12% per year, which is competitive with several of the top cryptocurrency interest rates.
The fact that you may deposit fiat currency if you don't already have crypto is what really sets AQRU apart. MoonPay is used by the platform to convert your currencies and allow you to begin earning interest. You can even make a fee-free deposit with a credit or debit card.
AQRU retains complete ownership of your coins while they're invested on the platform, and it employs a number of safeguards to keep them safe. The most impressive is a line of insurance products that fully cover investors' money in the case of a cyberattack.
AQRU provides a web platform as well as iOS and Android mobile apps so you can keep track of your interests. You can withdraw your money at any moment without incurring any penalties, and there are no fees when withdrawing fiat currency.
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BlockFi
When it comes to letting investors earn interest on cryptocurrency, BlockFi is another industry leader. Interest is available on ten major stablecoins, including USDC, PAX, Tether, DAI, and others. Bitcoin, Ethereum, and Litecoin are just a few of the prominent coins on which you can earn interest.
Because BlockFi's interest account is still in its early stages, the platform is continually evolving. This makes it a little less user-friendly than other solutions, but you can use BlockFi's wallet app to access most of the interest account's features. On BlockFi, all staking is completely flexible, which means you can withdraw your coins at any time with no penalties or costs.
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What Is Crypto Interest and How Does It Work?
There are two things that can happen to your cryptocurrency if you put it in an interest account. For starters, it may be made available to crypto borrowers who must repay their loans with interest.
Second, it can be staked on the cryptocurrency's underlying blockchain, which is used to validate transactions and reward users with fresh coins. Validators get a portion of the payout, while interest account holders who make their crypto available for staking get the rest.
What Cryptos Can You Earn Interest On?
You can earn interest on 2 kinds of cryptocurrencies: native coins and stablecoins. The following native coins and stable coins are available for purchase:
Bitcoin
Ethereum
Binance USD
Uniswap
Litecoin
USD Coin
Algorand
Cosmos
Tezos
Chainlink
Tether
PAX
Gemini Coin
DAI
Cryptocurrency markets are highly volatile and your investments are at risk.
Learn more about Cryptocurrency Terms.