Cryptocurrency has introduced people to blockchain technology and its benefits. Many people in the world who are into cryptocurrency are trying to make money from cryptocurrency and improve how much they are worth. As a result, many people have resulted to placing their savings into cryptocurrency for several reasons, with some of the reasons being;
The first is that cryptocurrency is one of the savings platforms that does not suffer from inflation over time. The biggest problem with banks’ savings accounts is that the money goes through inflation, reducing its value over time. The second reason is that some cryptocurrency savings accounts are very safe. Saving money in cryptocurrency form in different savings accounts protects your money from theft, embezzlement, and other risks involved in saving money either at home or in banks. The third and most influential factor that makes people want to save their money in cryptocurrency is that it earns more interest in crypto savings accounts than normal banks. Some of the best cryptocurrency savings accounts in the world include;
Aqua is one of the largest and most advisable platforms for anybody to save their money in. the best thing about the platform is that people can access it anywhere. People can easily save money from their living room, meaning Africans can use the platform. Some of the advantages of the platform include; the first advantage is that it supports a wide variety of cryptocurrencies in the world. The best thing about this is that people have many options to which cryptocurrency they should save on the platform. The other advantage is that since there are many cryptocurrencies supported on the platform, many people already have one or two of the coins supported since most of the coins supported are the most common in the cryptocurrency market.
The second advantage that people reap from investing in cryptocurrency is that their savings accrue good interest rates on the platform. The interest rates are different for different cryptocurrencies, but all are impressive and competitive in the market. Stable coins gain an interest rate of up to 12% per year, and unstable coins such as Bitcoin and Ethereum gain an interest rate of up to 7% per year. The best thing about this platform is that the interest rate is paid to the investors or people saving on the platform on a daily basis. The savings plan is also flexible, meaning that people do not have a minimum redemption period. This means that people can withdraw their money at any time they want. Since interest is paid daily, everyday money is in the platform; it gains interest rather than loses value in a bank account. The minimum amount people may save on Aqru is 100 Pounds, but there is no maximum amount that can be saved on the platform.
Crypto.com has become one of the best cryptocurrency saving accounts in the world. Some of the features and services offered to their clients include; the first is that the account is pegged to other currencies such as the United States dollar and the Euro. As a result, whenever people deposit their money into their accounts, the value of their money does not lose value at all during the time the money remains in the account.
The second advantage is the interest rates earned from the account. The platform makes people earn up to 14 % interest rates from their deposits. People could earn up to 14% on the amount they deposit on the platform. The best thing about the account is that they give their clients options on how they would like to save their money and tell them upfront how much interest they will earn from each savings plan. The first option is that from the amount saved up, people have an option of having 40,000 of the CRO tokens they have locked up for three months in the account. Doing this earns their clients 14% at the end of the three months. This is when they choose to save up stable coins. Non-stable coins make more money as interest at 14.5%. The second option is that people could choose not to place their money in a locked account; the flexible plan pays an interest rate of 6% on the amount saved up. People have an option to place their money on a locked account for either three months one month or have flexible plans for their money. The interest rate on money saved up is paid weekly.
BlockFi is known to be the best savings platform on the planet. People saving their money on the platform want to have the peace of mind that their money is safe until when they will want their money back. One of the features that make money in the account to be secure is that all the users have to go through a KYC process, one of the most secure processes in the world. The process involves people providing a copy of their ids provided by their national government.
People saving money on the platform have two options or programs they might use, they might either save their money in stable coins such as USDC, DAI, Gamini, and Tether, or they might choose conventional coins such as Bitcoin, Ethereum, and Solana. The interest rate varies according to the coin they invest in, with interest ranging from 8-9.25%. The interest rate might be low, but most of their clients want safety and are not after high-interest rates. Although this is the case, the clients pay interest rates monthly. There is no fixed minimum or maximum, and the only option available is flexible savings, meaning money is not locked up in a fixed account.
The fourth cryptocurrency savings account is Binance. Binance is one of the best cryptocurrency platforms and one of the most common in Africa. The account is known to have the highest interest rate, with some earning up to 100% interest rates on their money. The platform offers many options to people trying to save their money in their accounts. Some of the options available include that people can place their money in lock accounts for 10, 30, 60, and 90 days and earn different rates for their savings. The other option is flexible savings if people are not sure when they may require their money back. Fixed lock account for 90 days has the ability to earn people 100% interest rates on the money saved. The other advantage is that people have the option to stake their cryptocurrency and earn interest rates after the time specified on the agreement.