Investing & preserving your gains in this crazy market
I am all for HODLing in the long term and dollar cost averaging but having been in this market for more than a year now and having seen upside and downswings (also having accumulated some crypto ;) ), I think changing your cryptos to stablecoin and vice versa and parking your stablecoins into high yield savings accounts has given me the best returns so far.
I have experimented with the following platforms, below are the pros and cons. Usually these platforms give out gains on crypto + on their native tokens. I am just putting out how much gains do they give flat out on crypto (also called in-kind rewards) and not on their native tokens
Celsius:
URL: Celsius.network
APY on stablecoins: 8.88%
APY on Bitcoin: up to 1 BTC- 6.2%, more than that, 3.51%
APY on Ethereum: 5.35% (Up to 100 ETH), 5.05% for anything more
Source: https://celsius.network/earn-rewards-on-your-crypto
Pros:
- Has been around for 3 years
- CEO is engaged in the community and makes constant AMAs
- No fees for withdrawal
- $50 to referred + $50 to one being referred
Cons:
- Withdrawals can take more time than you are expecting . I usually just get my coins back the next day but they claim it’s for safety reasons.
- Interest is paid on a weekly basis.
Yield App
URL: yield.app
APY on stablecoins: 20% (10% in USDC + 2–10% in yld)
APY on Bitcoin: 12% (6% in btc + 2–6% in yld)
APY on Ethereum: 16% (6% in Eth + 2–10% in yld)
Source: https://www.yield.app/yld
Pros
- Offer the higher APY for Stables at the market
- Offer the higher APY for the native token at the market
- Interest is paid daily
- Possible future gain in it token, low market cap
Cons
- Mobile app is still in the works
- Because it is still new, it must establish credibility.
Nexo
URL: nexo.io
APY on stablecoins: 10%
APY on Bitcoin: 6%
APY on Ethereum:6%
Source: https://nexo.io/earn-crypto
Pros:
- Mobile app is user friendly
- You don’t have to own a lot of Nexo token to get the best rates
- Fast withdrawal system
- Interest paid daily
Cons
- There has been a lot of controversy regarding their insurance policy and regulations.
- Boosted APY with their tokens is much less than competitors (Yield App gives upto 10% by holding their token while Nexo gives only 2%)
- Annoying ads everywhere
Swissborg
URL: swissborg.com
APY on stablecoins: 8.57%
APY on Bitcoin: 4.01%
APY on Ethereum:4.06%
Source: https://swissborg.com/smart-yield-account
Pros:
- Good mobile app with nice UX
- Cheaper in app crypto purchases
- Good prospects with smart yield
Cons
- 0.1% withdrawal
- A lot of money required to achieve premium status and Yield Boost
- Cringy Pow Wow with their CEO, this for example 🙄🙄
- False advertising with their APY (They present the maximum APY they achieved at some point as if it can be achieved at any time)
Whenever crypto goes into a bull market, I change my stables to crypto and when there is a market downturn, I change my crypto to stables and park them in these accounts. This has given me the best returns to my investments.
