Crypto Interest accounts

RolandFlagg

Obviously this thread isn't for anyone who still thinks Crypto is a ponzi scheme..
I have about 3% of my portfolio in Bitcoin and Ether. Most of it in cold storage.
But I was interested in putting a bit of my existing crypto in a wallet that earns interest.
These seem to be becoming more popular. Blockfi, Celsius and Blockchain.com especially.
Now I know: Not your Keys, not your coin, and basically this is similar to P2P lending, which hasn't gone well the last couple of years, but if anyone has done this and can post their views I would be grateful. 
I would also like to know more about gaining interest on Stablecoins.
Thanks.

Local_Person

I'm a disgraceful noob, so just use Binance flexible savings, keep my crypto on the exchange!

Scottex99

Haha Binance Flexi is fine. There’s locked staking there too and Liquid Swaps for pools, bit more advanced.

I’ve got a chunk with Celsius, a bit with Nexo and never used BlockFi. All seem similar so you just need to understand the counterparty risk etc. Celsius has always seemed the best of the bunch for me. I’ve made about $2k in recent months “for free” in CEL tokens.

GL

BearWhite

I've used Blockfi, Celsius, Nexo and Crypto.com for the last year for exactly this purpose and have had no issues with any of them so far. All have paid interest on time and have processed withdrawals promptly. Personally I'd say Blockfi are the most reputable due to their backers (which include Fidelity) and the fact that they're based and licensed in the US. Saying that I trust all of them and don't think there's any risk of an exit scam. I guess the risk is that they get hacked. I split my funds across all 4 for that reason. There's sub reddits for each which are worth looking at. 

pphillips

I would incline towards using the most trustworthy exchanges such as Coinbase, BlockFi, Nexo, Celsius and Binance. I would also get the introductory bonus or discount for being referred by someone.

I use Binance locked staking a lot because the interest rates are high and access only requires a low minimum stake, I find that it's good for risk mitigation. Binance also give a very good flexible and locked savings rate on stable coins. I also use Coinbase for staking Algerond and BlockFi for staking Litecoin.

I'm still fairly new at this but what I think's most important for security and risk management is diversification across different cryptocurrencies and exchanges as well as making sure I have 2FA enabled.

foxy-stoat

I have Exodus wallet, pretty easy for staking and good rates for a few coins.

maas

You can stake with keeping your keys in cold storage with certain coins, such as ADA. I stake BNB as a validator on BSC from ledger.

CIR

maas said:

You can stake with keeping your keys in cold storage with certain coins, such as ADA. I stake BNB as a validator on BSC from ledger.

Staking is very powerful, but not all coins support it (ie BTC or ETH for now).

StevetheMattMan

My first post here so please be gentle with a novice on such a forum.

I was recently passed down some bitcoin, it resides in a wallet that my son controls as he is vastly more computer based than myself. the value is not a huge amount but it has seemingly got better this past week or so, and its enough to make it worthwhile to understand further.

Having been pointed at Coinbase by a friend and have seen an Ad for Binance I too have wondered if an interest account exists. I really dont want to suffer any losses or scams as have recently been financially impacted by a failed property investment.

Are these so called platforms governed to some degree where we are safe with keeping our holding on there? If there is a big crash are the companies at risk of failure?

I sleep well with my savings in a bank but this seems like a brand new world with brand new names and obviously lots of technology.

Sorry if this is the wrong place for such simple questions but I hoped respectfully that a novice could learn helpful advice in this environment.

Thank you.

Scottex99

StevetheMattMan said:

My first post here so please be gentle with a novice on such a forum.

I was recently passed down some bitcoin, it resides in a wallet that my son controls as he is vastly more computer based than myself. the value is not a huge amount but it has seemingly got better this past week or so, and its enough to make it worthwhile to understand further.

Having been pointed at Coinbase by a friend and have seen an Ad for Binance I too have wondered if an interest account exists. I really dont want to suffer any losses or scams as have recently been financially impacted by a failed property investment.

Are these so called platforms governed to some degree where we are safe with keeping our holding on there? If there is a big crash are the companies at risk of failure?

I sleep well with my savings in a bank but this seems like a brand new world with brand new names and obviously lots of technology.

Sorry if this is the wrong place for such simple questions but I hoped respectfully that a novice could learn helpful advice in this environment.

Thank you.

The only truly safe place is on a hardware wallet where you control the private keys.

That being said I have a pretty chunky portfolio of many different coins and I'm staking almost all of them on various platforms to make passive income. 

The main risk is counterparty, that if Binance/Coinbase/Wherever goes bust, gets hacked or just steals your coins, then there is no protection for you. In some cases big firms have covered any losses from a hack though. For me it's worth the gamble.

Check out Celsius or Nexo, both have apps and are fairly easy to use. You'll probably get 4-6% APY

Tears_of_Jenny

Check out Celsius or Nexo, both have apps and are fairly easy to use. You'll probably get 4-6% APY

Celsius are no longer accepting deposits from the UK.