- Do you want to earn interest on Bitcoin holding?
- Do you want to earn interest in other cryptos that you hold?
If your answer is yes to any of the questions, you have come to the right place. In this article, you will find some of the trustable financial products that let you earn interest on Bitcoin or other cryptocurrencies. They use various mechanisms to generate a return like lending cryptos to financial institutes and margin trading exchanges.
Most of these products offer interest on Bitcoin. A few of these are also a part of Defi (Decentralized finance), which lets you earn interest in popular cryptocurrencies. I have also shared a few websites that let you earn interest on Stable coin holdings.
Disclaimer: Though these methods work, you should know that lending is a risky segment. A few of them have a locking period. You should only pick one of the products based on your risk management.
The table below offers information on various Bitcoin savings accounts and the coins they support.
|Bitcoin Saving Accounts||Interest rate for BTC (APY)||Interest Up to (APY)||Withdrawal||Supported coins|
|Crypto.com||4%||8%||Instant||BTC, ETH, BNB, BAT, USDT, USDC|
|Binance (Great for trading as well)||Variable||1.5-3%||Instant||BNB, BTC, USDT, ETH, ADA, BCH, and more|
|Compound finance||BTC not available ATM||WBTC (0.17%), DAI (2-5%)||Instant||WBTC, ETH, DAI, USDC, REP, ZRX|
|Nexo (Recommended, available globally 🌍)||6%||8%||Instant||All StableCoins|
5 Best Websites to Earn Bitcoin Interest via Bitcoin Savings Accounts
1. Binance Savings Account
Binance is the world’s best cryptocurrency exchange and is loved by millions of traders globally. It offers a feature called “Binance Savings”, where you can lend your Bitcoin and earn interest. At the time of writing, Binance offers a 1.6% Estimated Annual Yield.
To use this feature, follow this:
- Head over to Binance
- Click on Finance > Savings
Here you can lend your Bitcoin and start earning interest. You also have an option to auto-subscribe, which will automatically lend your Bitcoin balance at the end of the day. This is ideal for traders on a break right now but want their cryptos to earn extra income.
2. Compound Finance
Compound Finance is at the forefront of decentralized finance where you can lend cryptocurrencies and earn interest. Lending cryptocurrencies using Compound helps add funds to the liquidity pool. Interest rates are determined algorithmically (real-time) based on supply and demand.
You can lend the following cryptocurrencies on Compound finance:
- 0x (Zrx)
- WBTC (only for lending Wrapped Bitcoin)
Here is the recent interest rate (Supply APR) for all supported cryptocurrencies:
You can expect Compound finance to add more cryptocurrencies to their pool in the future.
A common way to access the Compound protocol is by using Metamask. Users prioritising security should use Defi saver that lets you access compound protocol using hardware wallets like Ledger Nano X, Ledger Nano S, Trezor, and Fortmatic.
The two stable coins supported by Compound finance right now are:
- The compound protocol is based on Ethereum blockchain.
- As there is no locking period, you can withdraw funds anytime.
- Interest rates are based on supply and demand.
- Interest is paid after every ETH block confirmation (every ~15 seconds)
Nexo is another high-quality platform that lets you earn interest on Bitcoin, stable coins, and other cryptocurrencies. You can earn up to 8% interest, which is generally paid out daily.
Supported coins: USDx, EURx, GBPx, USDT, PAX, DAI, BTC, ETH, BNB, and more
- Supports all major stable coins
- Instant deposit and withdrawal
- No locking period
- 100% asset-backed guarantee
- Custodial insurance of $100 million by BitGo and Lloyd’s of London
- Business audited by Deloitte
- Instant withdrawal from wallet with Zero withdrawal fees
The newest addition is Zero withdrawal fees for all cryptocurrencies from the Nexo wallet. They have a web app and mobile wallet, which makes it easy to use the Nexo platform.
Best Ways to Earn Interest on Bitcoin
As the cryptocurrency and decentralized financial market grow, I’m hopeful to see more trustable networks and platforms. For now, these are some of the best options for you to earn interest on your Bitcoin and other cryptocurrencies. Depending upon your requirements, you can also choose to earn interest in Bitcoin or stable coins.
Here is your article summary:
Which platform are you using to earn interest in Bitcoin?
Try these platforms and let us know your go-to platform in the comments below.