Crypto Savings Account Can Boost Your Earnings. Here’s What You Need To Know

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Since cryptocurrency became a hit, millions of people and businesses have engaged in the field with the same goal: to earn potential profit.

The crypto-verse certainly did not disappoint as it has proven to be profitable given the success stories and the list of cryptocurrency millionaires worldwide. However, not everyone was successful in achieving their goal, but it did not stop crypto enthusiasts either. Over the years, people have constantly explored and found methods to gain through crypto. So if you’re one of those who wants to increase your profits, read on to learn about a crypto savings account.

Crypto Savings Account: What Is It?

Just like any other investment venture, cryptocurrency may appear like a huge gamble. Despite experts dubbing this field as the “most risky venture,” the bet has paid off tremendously for people who invested in the perfect crypto at the perfect moment. The truth is that many have made profits in this field, while others see it as a significant form to diversify their investment portfolio aside from the standard stocks and bonds.

A crypto savings account lets crypto enthusiasts deposit cryptocurrency and achieve a normal return rate as time goes by. Your return rate greatly relies on the kind of cryptocurrency you have, and counting on which savings account you own, you may be able to determine the cryptocurrency that your interest is paid in. You have two options when storing your earnings: holding them in a crypto wallet or a crypto savings account.

To understand the difference between these two, it’s important to know how crypto works and what you should do to increase the chances of higher earnings. For an efficient and safe trading career, crypto traders engage in Immediate Edge as it provides useful trading software. If you wish to learn more about the experts and the tools of Immediate Edge, you can do it easily by registering here. These experts possess the advanced tools and understanding needed to increase the chances of earnings so you’ll have something to store in your wallet or savings account.

Crypto Savings Account Benefits

Whether you have decided to store your profits in a crypto savings account or you’re still in the stage of understanding it, it’s important to know the benefits involved in this process. How this type of savings account works is quite different from a traditional savings account such as banks. To give you an idea, check out the benefits that crypto savings account offer:

1. Passive Income

The main difference between storing your earnings in a crypto wallet or savings account is that the latter option allows you to generate interest while the other does not. What’s more, is that you can have a passive source of income while ensuring your assets are secured.

2. Interest Payment

Unlike traditional savings, this type of account pays the interest by utilising either crypto-based rates or dollar rates. This feature allows crypto enthusiasts to purchase their preferred crypto investments instantly.

3. Safe And Higher Returns

Crypto savings accounts give users peace of mind knowing that their assets are stored securely compared to the possibility of losing the key access code when storing in wallets. Furthermore, it has been proven that savings accounts provide a higher rate when it comes to savings returns.

4. Additional Incentives

Some crypto savings accounts propose benefits, tokens and additional incentives to users, which as a result, boosts the total returns from your savings.

How To Choose A Crypto Savings Account: 4 Factors To Note

With the benefits listed above, it’s not surprising if, by now, you are already considering picking a crypto savings account over a crypto wallet. However, you should not dive directly and select one; it all depends on your choice and if you choose the right platform. Check out these four factors that you should take note of when selecting a savings account.

1. Number of Tokens

It’s important to pick one containing the tokens or coins you plan on investing in. No platform offers savings for every available crypto asset, so it’s up to you to choose which assets a certain account holds before you select it and start saving.

2. Restrictions

Before depositing your earnings in any account, you need to check if the fees and other withdrawal restrictions that come with it won’t disrupt your flow. Remember that there are exchanges that only allow deposits from investors in selected countries, so make sure to research to choose the right one.

3. Policies

One of the most important factors that you should focus on when deciding on a crypto saving account is the security policy. You should choose a platform which possesses a cold storage facility to ensure your assets are secure. On the other hand, while insurance is not common in this field, it also plays a huge role in your decisions as some savings accounts offer an insurance policy against hacks and theft cases.

4. Interest

The way to earn through a savings account is via interest rates, so remember to pick the account that offers your preferred type of interest: simple or compound. Some platforms offer simple interest that pays out daily, while some offer compound interest.

3 Trendiest Crypto Savings Account

So now you have understood what a savings account is, how it works, its benefits, and what factors to consider when choosing one. You can now redirect your attention to the savings account for beginners and experts that like to begin gaining passive income. Check out these three best crypto savings accounts that you might want to consider.

1. BlockFi

BlockFi is one of the leading crypto savings accounts in the market, and it’s not hard to see why. You can earn up to 11% APY with their BIA or BlockFi Interest Account with this account. What got newbies hooked up in this is that it has no hidden fees, no minimum balances, and a faster transaction speed. If you’re low on money, you don’t have to sell your cryptos as this account allows borrowing funds so their users can loan while holding their assets.

2. Bybit

Bybit is known as the fastest-growing crypto platform, with over 6 million registered users. It also offers flexible savings where users can profit at a high percentage just by staking crypto assets. Bybit also partners with trusted crypto lenders to provide assets for your stake.  Plus, it has no minimum limit on the savings account and only charges a withdrawal fee.

3. Coinbase

Coinbase is perfect for first-time crypto users as it offers the simplest way to start your crypto savings journey. This account gives users the freedom to withdraw their money anytime. In addition, its number of fees, including withdrawal fees, is at 0.5%. The FDIC insured users’ USD savings up to $250,000 investment.

Conclusion

Over the years, we have witnessed how cryptocurrency grew and that crypto savings usually result in more earnings and have advantages compared to traditional savings. The lists above contain the important things that you need to know, such as what a savings account is, its benefits, what factors to look for when choosing one, and the top three savings accounts that are good for newbies in crypto.


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