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Anonymous

13 Jun 2021

Which exchange do you lend your cryptos to earn interest?

Hi, for all those out there who lend out their cryptos to exchanges in order to earn interest, which exchange do you use and why? Any good/bad experiences to share?

I have compiled a list of exchanges below:

  • Gemini Earn
  • Celsius
  • BlockFi
  • Cake DeFi
  • Crypto.com Earn
  • Luno Savings Wallet
  • Nexo
  • Hodlnaut
  • YouHodler
  • Binance
  • Vauld
  • Liquid Earn
  • Zipmex Earn
  • Tokenize Earn

I’m concerned about fees, ease of use, trustworthiness and security of the platforms. Any advice? :)

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    Discussion (24)

    What are your thoughts?

    I use Nexo for Ethereum. They pay 6% p.a on Ethereum, with the interest rate reaching as high as 12% p.a. for stablecoins and other cryptocurrencies. They are regulated in the US, and they recently compiled all of their licenses on their website, which adds to their credibility. Nexo also offers 5 free withdrawals for Platinum members, which can be attained if 10% of your deposited assets are in NEXO tokens.

    Secondly, I use Celsius to earn on MATIC. Similar to NEXO, Celsius is a CeFi app that allows us to earn on our crypto. I am currently earning 16%~ on Celsius due to my loyalty level (can be achieved by purchasing Celsius tokens). Celsius also offers unlimited free withdrawals for crypto. However I am looking to move my MATIC into DeFi solutions in the near future.

    Thirdly, I use Pancakeswap for yield farming in Pancake Pools. The AutoCake farm on PCS gives a mouth watering 125% APY on staked PCS tokens, which in my opinion, is bloody amazing. The APY is way higher than what people make on their investments in a single year (10-20%).

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      Chris

      Chris

      05 Jun 2021

      Level 14·Owner and Writer at Tortoisemoney.com

      Personally, I use DeFi platforms instead to earn on my crypto but if I had to choose I think the one I would have considered would be Nexo. Nexo was founded about 4 years ago (which we all know is really an eternity in crypto). Nexo has never been hacked and their digital assets are also covered under insurance by Arch and Marsh for a total of $375m and they are looking to increase it to $1b in this year. Moreover, their rates are pretty decent for a CeFi platform, with 12% for stablecoins, 8% on other non-stablecoin cryptos (BTC, ETH etc.).

      I would think generally exchange earning schemes are quite safe as long as you stick to reputable exchanges. However, this is usually in exchange for lower rates to help the exchanges profit more. Binance I think has some pretty interesting options for staking as well (MATIC, SOL etc.) which do yield quite decently. Moreover, they do have some products that allow access to DeFi style arrangements with their liquid swap. That said, Liquid Swap is a much more risky setup and if you're willing to try that, honestly, you might as well just enter DeFi yourself and cut out the middleman (Binance).

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        Hi, I'm personally using Celsius and crypto.com Earn.

        What I look for in the platform is mainly the...

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