Best For
Traders who want access to a secure, low-cost cryptocurrency exchange
Passive investors who want to earn interest on their balance without frequent trading
Mobile investors who prefer to handle all their crypto needs via their phone or tablet
Pros
Low fees
High security
One-stop shop for all your crypto needs (wallet, trading, spending, and more)
Lots of ways to earn interest, rewards, and rebates
Cons
Low privacy
Customer service response time could be improved
How to Earn Interest on Bitcoin
Earning interest on Bitcoin doesn’t have to be any more complicated than earning interest on any other cryptocurrency. When you’ve settled on the exchange you’re most comfortable with, follow these easy steps to start passively earning Bitcoin:
Step 1: Open an online account.
The first step to earning interest on Bitcoin is opening an account on your chosen exchange. Enter your email into the field when prompted. Make a strong password and store it for future reference.
Before you can trade, your account will need to be verified by the exchange. The typical Know Your Customer (KYC) process involves uploading pictures of your identification along with a selfie. When you’ve been granted access to the platform, you’re ready for step 2.
Step 2: Purchase cryptocurrency.
The next step to earn interest on your Bitcoin is to purchase it on the exchange you’ve just signed up for. But to accomplish this feat, you’ll need to connect your bank account.
Be prepared to wait; the ACH process can take a few days, depending on your bank’s policies. Congratulations! With your account connected, you’re ready to earn interest on your Bitcoin.
Step 3: Earn interest on your crypto.
On Crypto.com, you can start earning interest instantly by depositing your crypto on Crypto Earn. There are flexible 1- and 3-month holding terms available, with varying interest rates for each. And while anyone with an account can take advantage of these terrific offerings, the best rates are reserved for participants that have also staked Crypto.com Coin (CRO).
Interest accrues daily and is paid out each week. Minimums and maximums apply, and they vary based on which cryptocurrencies are held on Crypto Earn. Luckily, Crypto.com has made all of this information available on its website.
Here’s a tip: You can also earn interest through Crypto.com’s decentralized finance (DeFi) wallet. With no lock-up period and great returns, staking for interest has never been easier.
Other Platforms to Earn Interest on Bitcoin
Remember, Crypto.com isn’t the only exchange with fantastic rewards. There are a growing number of platforms ready to help you earn interest on your Bitcoin.
Other reputable exchanges with high yield offerings include Celsius, BlockFi and Gemini. Each of these top-tier trading platforms are available for U.S. consumers and offer state-of-the-art security to protect your assets.
1 Minute Review
Maybe you think cryptocurrency is the future, or perhaps you were swept up in the initial waves of Bitcoin. BlockFi may be your next step if you’re ready to evolve as a crypto investor.
Whether you’re a native crypto user or curious enough to start investing, BlockFi seeks to bring institutional-grade financial products to crypto markets that often face restricted access. It strives to bring clients low-cost, simple applications designed to maximize the potential of crypto assets. Learn more in our BlockFi review.
Best For
Crypto native clients. You own Bitcoin now. You’re the friend who fills in the blanks when conversation turns to cryptocurrency, and you devour crypto literacy content like it’s your job (and maybe it is). BlockFi’s platform can help take your crypto assets to the next level.
Crypto fringe clients. If you’ve dabbled in buying alternative assets like crypto or know enough to be interested, BlockFi can help you take the next step.
Crypto curious clients. If you’re both intrigued by bitcoin and the type of person who obsessively learns everything you can about things you’re new to, BlockFi’s crypto asset platform might be the entry point you’re looking for.
Pros
Mostly fee-free platform
Market-best interest rates
Earn interest, trade and borrow from a centralized hub using the BlockFi app
Cons
Mostly restricted to those with a base knowledge of cryptocurrency
No dedicated relationship with an investment advisor, so best for those who have a solid handle on crypto trading
1 Minute Review
Celsius Network is a platform that allows you to buy, borrow and pay in more than 30 cryptocurrencies.
From a user perspective, it acts as something in-between a savings account and an investment portfolio. Users can also receive undercollateralized loans on their crypto assets thanks to a level of centralization.
The risk that usually comes with trading crypto is lower, however, thanks to Celsius’ unique business model. All deposits are insured up to $100 million and there are no withdrawal limitations, fees or lockup periods so you can cash out whenever you need to, as soon as you need to.
Overall, Celsius Network offers a lower risk, less complicated way for both beginners and HODLers to buy and hold crypto while earning steady returns on their investments.
Best For
Passive income
Crypto investors
Beginners
Pros
Rewards of up to 15% APY paid out weekly
Easy-to-use mobile platform
Available in over 100 countries
Instant, fee-free payments using CelPay
Great loyalty program
Cons
Minimal educational resources
Limited cryptocurrencies
Centralized
1 Minute Review
Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
Best For
New investors looking for a simple mobile and web app
Experienced investors who need a more advanced platform with more tools
Users looking for a 1-stop-shop to buy, sell and store all of their coins
Pros
Easy and quick signups — can get started in as little as a few minutes
Multitude of platforms to accommodate traders of all skill levels
Hot wallets include insurance to protect your from theft and hacking attempts
Cons
Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
Risks of Earning Interest on Crypto
Before making any decisions with your money, make sure you understand the risks involved. Earning interest on crypto is no exception. Without checking the terms and conditions of an exchange, your holdings could be subject to any number of provisions preventing you from withdrawing your crypto in a timely fashion.
It’s also important to remember that digital currencies held on an exchange aren’t treated the same as bank deposits. Because crypto is not considered legal tender, your assets are not insured by the FDIC or any other governmental body.
Finally, regulatory changes regarding interest bearing cryptocurrency accounts may adversely affect the performance and availability of these nascent programs. In a changing political landscape, crypto interest accounts face an uncertain future.
Is Earning Interest on Cryptocurrency Worth It?
Demand for interest bearing cryptocurrency accounts has skyrocketed. For many traders, the rewards and passive earning opportunities offered by today’s crypto trading platforms are just too good to pass by. And as participation heats up in the altcoin market, the competition for your business may increase interest rates further in the months ahead.
Still, investing in the cryptocurrency market carries its own set of risks and rewards. And the decision to participate in any cryptocurrency transaction is a personal one. Positioning your assets according to your own comfort level is a great way to manage a secure portfolio.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
SoFi builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency. You can buy Bitcoin, Ethereum, Cardano, Solana, Chainlink, Uniswap and other DeFi tokens instantly. For a limited time, get a $10 BTC bonus when you make your first trade of $10 or more!
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