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Imagine being able to earn 6-10% interest a year as compared to less than 0.5% being offered bank savings accounts. This is one of the most exciting parts of crypto today.
Crypto, esp. stablecoins are an opportunity to earn impressive interest
with relatively low risk
This section is one that will grow over time as there are so many options popping up each day but for now, we want to cover the most basic use case which is:
A Crypto Savings Account in your Wallet
There are other more nuanced options like "Staking" and "Yield Farming" but for now its best to start with a basic savings account
Find a wallet solution that offers a you to Earn on Crypto and sign up
Category 2 platforms are usually crypto trading platforms that add the ability to earn
Most wallet solutions offer the ability to earn interest on your crypto balances. We divide the options into two categories
Category 1: Wallets with similar to traditional bank checking/savings account
Category 2: Wallets with focus on other services but allow savings and earning
Understand the rates and deposit your crypto
Stablecoins (USDT/ USDC) are our favorite to earn 8-10% on. Much better than a bank savings account
1. Interest rates vary by type of crypto
Stablecoins like USDC, USDT typically offer 6%-12% a year (at this time)
Bitcoin and Ether typically offer between 2% and 7% a year (at this time)
Rates for many other cryptos can vary significantly based on the demand for the crypto and the risk associated
2. Choose the crypto you want to deposit and copy the receive address for the specific crypto you want to deposit.
Please see our "Send or Receive Crypto" page for guidelines on sending and receiving crypto
A few (not many) platforms require you to lock your crypto fora limited period in order to earn interest.
Once you have deposited the crypto to the address specified by the wallet provider you can begin to earn.
Most platforms deposit your interest on a daily basis which you can see by logging in to the platform.