Thursday, 10 June 2021

An Interest Account for your Cryptocurrencies | Earn up to 10.5% APY | Why I have decided to move my crypto

*This is a sponsored posts and affiliate links are given where I will earn a commission if you choose to sign up using my link. I am currently using Hodldnaut and if you use this link, you will get a USD$20 bonus upon a deposit of USD$1000 and the equivalent of crypto.

Yup, I know I am late to the game, almost everyone has been earning interest on their cryptocurrencies with some being pretty substantial due to the sheer size of their positions. If you have seen my previous articles, I keep a major earlier portion of my cryptocurrencies in a cold wallet with the rest on the exchange (Binance.sg) which I DCA a small amount (just a few hundreds monthly). Since the amount on the exchange has grown a little, I am moving them to earn interest on it.

Read more: Ledger Nano S Review, Set-up and Price | Why I got a cold wallet for my crypto

Hodlnaut

I have heard of many platforms providing interest on your cryptocurrencies. Recently, Hodlnaut reached out to me and I have heard of them before, being a Singapore-based company, naturally I was interested in them and because I have seen other bloggers who have opened account with them like betterspider and turtleinvestor.

Setting up of account

It was a breeze setting up the account where they require your NRIC/ID photos and then a statement with your address on it. Verification was quick and I got verified within a day.

Transferring your holdings over

I transferred my ETH holdings from Binance.sg over to hodlnaut.com via the withdrawal in Binance.sg, it took about 15 minutes for the transaction to take place. It was relatively smooth where on hodlnaut.com, you can easily copy your specific address for each crypto and paste it to Binance or whatever exchange that you are using.

Please do remember to always double check the address you are sending to and to ensure that the crypto you are sending over matches the address. It was pretty fuss-free. Currently, my ETH holdings are earning interest and the simple interface really attracts me where in the homepage, you can see the interest you are earning where the amount updates every second so that keeps excited! Scrolling down will bring you to where you can see your holding and also the interest rates that are being paid for each assets. Finally at the bottom, you can see the transactions that you have done.

Interest Rates

As you can see, the interest rates are pretty attractive if you compare them to the traditional banks. Let's take the 2 most common cryptocurrencies, Bitcoin and Ether, you can earn 6.0% APR and 6.5% APR, although the interest rates are subjected to change. To also clarify on APY, or annual percentage yield, takes into account compound interest, whereas APR, which stands for annual percentage rate does not take into account compound interest.

Some information that you would like to be aware of

I am sure most people will be interested in how they afford to pay the interest, they lend out the assets that they have to established financial institutions who pays them interest where they take a portion for revenue and depending on supply and demand, they give the remaining to the users like us.

Hodlnaut currently does not support buying and selling of any crypto through their platform meaning that you will need to transfer your crypto assets in to start earning interest but just like how turtleinvestor mentioned, using anyone's referral link should allow you to get a USD$20 if you deposit USD$1000 equivalent of crypto into your account which will allow your withdrawal fees to be covered depending on the withdrawal fees you have.

Security is definitely a huge thing and you can see from the FAQs that Hodlnaut really tries to address queries on it as much as possible. As per their FAQ, it mentions that the platform runs on a secure cloud infrastructure on AWS, and all traffic is encrypted with SSL encryption. Of course, there are risks in putting your asset out for lending especially in the volatile crypto market.

Once again, if you would like to sign up for an account via my link, just click on the image below where you will get a USD$20 bonus upon a deposit of USD$1000 and the equivalent of crypto.

Affiliate links/Codes:

► How I Protect My Crypto (20% discount code): http://ledger.refr.cc/Singaporeantalkmoney
► Get USD20 equivalent for your initial deposit of at least USD1000 on any of the supported asset: https://app.hodlnaut.com/signup?r=_JF037Nb0
► Where I Buy my Cryptocurrencies (Binance.sg): Referral ID = 350349
► Where I Buy my Cryptocurrencies :
Coinhako
► Where I buy my stocks

You can also find me on

2 comments:

  1. Happy earning!! My experience with using their platform was great ;)

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    Replies
    1. Hi Kevin! The interest earned is updated in real time and it's really addictive seeing the number increase. I am having a great experience so far as well:)

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