Phemex Launches Earn Crypto: Saving Accounts for Traders Offering up to 10% APY

Casper Brown Trade PublishedJanuary 18, 2021 | ModifiedJanuary 18, 2021

Phemex Launches Earn Crypto: Saving Accounts for Traders Offering up to 10% APY

2021 is definitely a strong year for cryptocurrencies, and Phemex has started the year on a high note by introducing a ‘game-changing’ feature.

Any crypto investor knows the risks associated with a crypto asset’s volatility. That is why most people prefer storing their cryptocurrency investments in stable coins such as the USDT whenever they are not trading.

Well, stable coins, as the name suggests, are not exposed to sudden and drastic price changes. However, one challenge is that stablecoins do not help investors grow their portfolios when not used for trades. Phemex has the perfect solution to this nightmare.

Phemex’s crypto asset management program, dubbed Earn Crypto, has just launched today (18th January 2021), and it will allow traders to generate a passive income from stablecoins idling in their accounts.

How does this work?

Phemex will add two new savings accounts to this program, each with its own unique characteristics. The accounts fall under two categories, flexible and fixed accounts.

Flexible savings accounts

Flexible accounts offer a risk-free investment option by allowing users to deposit and withdraw their funds at their convenience without incurring any penalties. Furthermore, the account can generate up to 7% APY.

Users can deposit up to 50,000 USDT on their flexible accounts. These funds accrue daily interest, which is automatically credited back into the account. The interest is later compounded and continues to generate an income passively as long as the account is active.

Fixed saving accounts

Fixed accounts have a lock-up period of seven days, which means that the accumulated interest is paid out weekly.

Users can deposit between 100 to 50,000 USDT into their fixed accounts to earn up to 10% APY. The investment plus interest can be withdrawn after the 7-day lock-up period has elapsed.

Suppose an investor wishes to leave their USDT for an extended period. In that case, the platform has an auto-renewal option that compounds the initial investment with the weekly interest payout and resets a new seven-day lock-up period. In this manner, your investment can continue generating interest as long as it is in your account.

The main difference between the fixed and flexible accounts is that flexible accounts give you complete control over your investment. You can access your funds any time, while fixed accounts provide a more disciplined investment option where you only get access to your stable coins savings after the lock-up period has elapsed.

Phemex’s crypto asset management products are risk-free and guarantee great returns of up to 10% APY. Whenever the return percentage is lower, the platform utilizes advanced strategies to protect the customers’ investment from losses.

Lastly, the platform prides itself on world-class security protocols such as third party audits and real-time monitoring. It’s clearly on a quest to revolutionize the crypto sector for the better.

Visit Phemex’s Earn Crypto Page to learn more.

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Casper Brown 350 Articles
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.
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