A lot of crypto enthusiasts have gained considerable profits holding Ethereum. But is holding enough to maximize huge profits on Ethereum? Well, the answer is No. There is a better approach to earning good interest on Ethereum than just holding.
Depositing and saving your Ethereum token on an interest savings account can promptly grow your earnings. Saving your Ethereum on an interesting savings account can see you earn a maximum of 15.18% on the interest rate. Follow these steps to earn a good interest in your Ethereum.
Register for an Interest Account
Before you start earning, it’s fundamental you own an interest savings account. To be a holder of this account, you need to first register with an interest account provider. You will need to submit your email address, and name on the official website of the interest account provider.
Verify Your Interest Savings Account
Once registration has been completed, you will receive an email at the email address you provided. Click on the link to validate your email address and proceed to complete all KYC processes.
Deposit Your Ethereum
Immediately KYC is approved, your account is approved for withdrawal and deposit. So it’s time to make some Ethereum deposits. To deposit Ethereum, log in to your account, search for Ethereum, and copy the wallet address.
You can then send Ethereum from an external crypto wallet like meta profit app into your interest savings account using the copied Ethereum wallet address.
Start Earning Interest
Once the deposit has been completed and approved, interests start to accumulate automatically on your Ethereum deposit. You can earn up to 15.18% APY depending on the interest account provider you choose.
Interest Account Providers offering Interesting on Ethereum
There are lots of options to choose from when it comes to choosing an interest account provider. However, if you’re aiming to choose one of the best providers to earn interest on Ethereum, YouHolder, Swissborg, and Nexo top the list.
The interest you earn on your Ethereum deposit is dependent on a list of criteria established by the provider. The interest rate and criteria differ from one provider to the next so you can use that as a basis to choose a provider that best suits your situation.
Nexo offers a maximum interest rate of 8% on Ethereum deposits. But, all investors are compelled to hold 10% of their total investment in NEXO tokens to earn the 8% integrated rate. If you do not meet the interest requirement, you will only earn a 5% interest rate on your Ethereum deposit.
Two types of interest accounts are also offered to users by Nexo. These are the flex account and the fixed account. If you decide to go for a fixed account, your ethereum deposits will be locked with Nexo for one to three months. During the lock-in period, users will be able to access and withdraw their deposits.
On the other hand, the flex account is quite the opposite offering no lock-in period. As a result, investors are free to withdraw their funds anytime they want. The Nexo flex account also offers a daily payout so clients can access their interest daily.
YouHolder offers a maximum interest of 5.5% on Ethereum deposits. However, unlike its peers, investors are required to deposit a minimum of $500 worth of Ethereum to be eligible to earn interest.
YouHodler makes use of a weekly payout model and also offers investors free access to their Ethereum deposit. Investors can withdraw at any time for free as You Holder charges zero withdrawal fee.
Swissborg is a new player in the game who recently started offering Ethereum interest accounts. Swissborg offers a varying yield to their interest account holders all in a bid to ensure an ideal risk/return ratio.
As regards the interest rate, Swissborg offers a maximum interest rate of 15.18% on Ethereum deposits. The platform does not mandate a minimum deposit requirement for Ethereum. However, as regard withdrawal, a waiting period of 24 hours is compelled on every withdrawal.
No doubt these interest account providers are one of the best you can use to earn good interest on Ethereum. However, you can do more personal research to see if you will find better offers from other interest account providers.
Above all ensure you choose an interest account provider that will offer you adequate security, good interest rate, and excellent customer service.