The major focus of investing in cryptocurrency is to draw a profit margin. A lot of people also invest in it to get a passive income. The cryptocurrency market is a little bit risky in the matter of passive income through investment.
In addition to that, there are some reliable methods rather than investments that are useful to earn a passive income on your crypto deposits. Yes! You can earn interest as passive income on your crypto wallet deposits.
Some investors are reluctant to make a trade on daily basis due to market uncertainty and volatility nature. So it’s a better option for them to earn a handsome amount of interest or giveaways on their crypto coins that are laying in their wallets.
The cryptocurrency offered numerous opportunities to its developers to develop modern-era financial tools that are helpful to create a source of passive income from crypto. The investors who got a level of patience after investing in the crypto can get the advantage in the form of airdrops or interest. The prime focus of cryptocurrency is to help a large community who is related to the financial system whether it’s offline or online.
If the investor is unwilling to make the trades then he has a choice to keep his crypto in a reliable saving account to earn a suitable amount of interest. There are a number of trusted crypto exchange that can offer you the best rate of return if you are willing to keep your cryptocurrency in their savings account. They transfer a suitable amount of return on daily basis to your wallet.
Convention banks offer low rates of interest instead of crypto saving accounts. Crypto interest rates are higher than the local bank rates. You can earn better than bank saving accounts. The interest rate of crypto depends on the types and number of currencies that you are going to invest in the saving account.
There are multiple crypto exchanges that offer the services of saving accounts to other investors or the public to earn a passive income in which KuCoin is also one of them. KuCoin encourages investor who is reluctant to make investment trading. KuCoin guides them that they have a great opportunity to open a saving account to earn a passive income on their crypto. KuCoin provides guidelines on how to open and operate a crypto saving account.
First of all, you have to register on their website to get your credentials. After signup and entering your details you log in to their dashboard. In this dashboard, you can see the amount of interest in any type of cryptocurrency for a certain period of time that is specified by you at the time of the smart contract.
Furthermore, the company asks you to link your crypto coin with your saving accounts. But keep in mind you have to select a reliable source to link this account.
There are two main benefits that you can earn from the crypto saving account.
High Rate of Interest
Cryptocurrency offers you a high rate of interest rather than conventional banks. Banks’ rates are very nominal and their terms and conditions are very strict for the depositors. In the bank scenario, you can not access your funds which is a big drawback for investors or depositors. In contrast, the crypto world offers you a handsome rate of return on your crypto that is deposited in the saving account. This interest rate is transferred to your wallet from day one. Their term and condition are not very strict as compared to the local bank authority.
Easy Terms and Conditions
The smart contract is signed between the two parties. You can open a saving account for a fixed period of time or whatever you want to withdraw your crypto. It’s up to you. You can sign the contract as you are at ease.
The investors who have a large number of cryptocurrency stocks or the public who just want to play safe have the option to open a saving account to get suitable interest on your cryptocurrency. There are some reliable exchanges in the cryptocurrency market that offer the services of opening savings accounts with them.