Getting interest on your deposits is a common way of making money in banking. You basically entrust the bank with some of your money, allowing them to use these funds to their own ends. In exchange, they repay you a portion of that money regardless of whether or not their exploits were successful.
The field of decentralized finance was mostly in development for a number of years, and it’s now reached the level where such services can be reliably provided by companies like CoinDepo (https://coindepo.com/). Suffice it to say, it spells a lot of money-making opportunities for customers.
How Interest Works
Interest refers to the annual percentage rate (APR), a portion of your deposited money that will be added to the initial sum a year later. It doesn’t mean that you have to wait a year to collect it, but that’s how this increase is estimated. On CoinDepo, you can collect your returns daily, weekly, monthly, quarterly, semi-annually, and annually.
The amount of money is still the same – you basically just split it into multiple parts (or don’t). The APR actually varies based on how long your repayment period is. If you want to collect your earned interest one time every year, it’ll be a maximum of 24% (for stablecoins) or 18% (for regular crypto).
It doesn’t matter how much money you deposit, but it does matter what sort of digital assets you’re using. CoinDepo offers Compound Interest Accounts for stablecoins and cryptocurrencies.
Available Cryptocurrencies
You can deposit using either regular cryptocurrencies or stablecoins. Stablecoins are more valuable on account of their proven liquidity and solvency, whereas regular coins have been very volatile historically. So, if you want to yield more income this way, it’s better to use stablecoins.
The available digital assets are:
- Stablecoins: USDT, USDC & DAI,
- Cryptocurrencies: BTC, ETH, XPR, LTC & BCH.
There really isn’t much difference in what you deposit on CoinDepo, although the interest rate does depend on the type of digital asset. While cryptocurrencies have an APR of 12-18%, it’s 18-24% for stablecoins. The advantage of crypto coins, on the other hand, is that they can increase in value over time, which doesn’t happen with stablecoins.
Stablecoins are pegged to the value of a dollar. It means that, no matter how long you hold them there, they won’t really change in value, at least not against the US dollar. So, it comes down to stability versus additional opportunity, which is a good detail to think about.
Benefits
It’s a highly advantageous method of getting passive income seemingly out of nowhere. Here are several key benefits:
- Stable income. CoinDepo is known for paying interest regularly and on time, meaning that it’s generally a good way to get money over time.
- Plenty of options. You can deposit 8 different types of digital assets, which creates a lot of opportunities even despite the fact that they all have different characteristics.
- Decentralized security. CoinDepo enjoys the same sort of security that many other decentralized solutions have – partly because of the ingrained transparency and protection of blockchain and partially because of their own additional mechanisms.
- Fast deposits and withdrawals.
- No fees.
Note, though, that it’s mostly meant as a long-term investment. Whether you decide to deposit stablecoins and see stable growth or cryptocurrencies to have that additional shot at exploiting market volatility – these strategies are long-term. The whole idea is that you entrust your funds to a reputable establishment and just wait.
The ideal time to get earned interest is a year later, even though you can get your return way earlier. However, consider that if you were to collect your BTC returns a month later, it will only grow by 1%. If you were, instead, to wait a whole year, it will be up by 18% even besides the fact that it might’ve grown much more over that year.
You don’t even have to withdraw your funds after that year, you can just continue this multiplication. Continuing to put your funds back into a crypto savings account will see exponential growth, and that’s really one of the more lucrative long-term ventures out there right now.
How to Enter
To start with earning, you’ll have to create an account on CoinDepo and deposit some funds. There’s more to it, and here’s a more detailed plan:
- Visit https://coindepo.com/.
- Create an account using your email and several other pieces of information.
- Go through a brief KYC procedure. It’s mandatory for establishments with a high risk of financial crime to demand identity verification from users. They usually process it very shortly.
- Use any external wallet to send cryptocurrencies or stablecoins to CoinDepo.
- Select the digital asset and type of CoinDepo Compound Interest Account to deposit.
- Deposit a desired amount of funds to CoinDepo.
- Return to collect your earned interest.
It’s pretty simple, and the process has been streamlined extensively to be comfortable for any visiting user.
