What is a Crypto Account?
A cryptocurrency savings account is designated for crypto deposits where, just like with other savings accounts, you can earn a standard return rate after some time. To help you understand this currency better, we’ll try to explain crypto in the most mundane terms we can. As the name suggests, cryptocurrency is a form of currency that you can exchange solely online for goods and services. In line with the expansion of crypto use, many companies developed the currencies (tokens) they trade for their services.
You can think of these tokens as casino chips or arcade tokens. However, you must exchange real currency for cryptocurrency to get a good or service. This type of currency works through blockchain – a special kind of technology. The decentralized technology can spread across numerous computers, managing all transactions and crypto records. Blockchain enables security and safety and is vital to making cryptocurrency possible. A crypto account is a savings account where you can keep this currency.
Different Types of Crypto Accounts
Here’s a list of the different types of crypto accounts and their specifications.
BlockFi. This crypto savings account offers many conveniences to crypto investors. There’s a high yield for those who invest less than 0.10 Bitcoin. Those investing more than 0.35 Bitcoin will yield only a 10% yield. The more you invest, the less you will earn.
Outlet Finance. For Outlet Finance, you don’t need expert knowledge about cryptocurrencies. This account will only pay you interest in USD. However, we list this savings account as a crypto account because you can buy Ethereum and numerous other cryptocurrencies with US dollars on this account.
Gemini is a high-ranked crypto account for investing in cryptocurrencies. The Gemini platform acted as a backbone for many other crypto platforms. You can get 7.4% interest when you transfer crypto into Gemini Earn, along with a 2.05% interest on BTC.
Crypto.com. Crypto has among the highest interest rates on the crypto market. However, the terms to get them are specific. Those with smaller amounts may want to choose something other than Crypto.com. Each yield at Crypto.com bases everything on daily interest. The platform covers 15 different cryptocurrencies and eight different stablecoins. If you want the highest yields, you should keep investing for at least three months.
YouHolder. Investors can rest assured that they’ll have the best protection at YouHolder. It’s not available in Canada but in Eastern Europe, the UK, the EU, Japan, Korea, and China. The minimum investment is $100, but you can withdraw your cash anytime.
Coinbase. As one of the most famous digital wallets, Coinbase is a digital crypto account for eligible customers. To qualify for Coinbase, you must earn no less than 4% APY on Coins of US Dollars. Coinbase won’t lend you its USDC as opposed to other crypto accounts.