Crypto Deposits: The Alternative to Traditional Banking
Fiat currencies are prone to constant devaluation and inflation. The interest rates on bank deposits are no longer sufficient to cover the rate of depreciation of such means of payment. Nonetheless, investing in crypto deposits is a popular tool that provides high returns.
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The interest rates provided by European banks on deposits in EUR or USD usually fluctuate between 0.01% and 1% per year. They may even display a negative indicator, such as -0.5%, as some banks charge depositors for holding their funds in their accounts.
As of today, the inflation rate in the European Union has officially soared to over 10% (and the actual value is even higher). Given the low interest rates and high inflation, earning interest on deposits in European banks is not an effective way to preserve the value of one's funds. It is increasingly apparent that keeping cash at home might result in slightly less loss than depositing in banks. The constant loss of value in fiat currencies is a concerning prospect for investors.
With attractive deposit rates of 2.5-3% per annum in either euros or US dollars, Ukrainian banks are currently offering some of the highest rates in Europe for individual deposits. Although this doesn't alleviate the 10% euro annual inflation, it provides an opportunity for local financial groups to capitalize on costly loans under the protection of the National Bank of Ukraine, even during times of war, by using individual deposits as cost-effective resources.
What can investors do if they have free funds but do not want to give them away to greedy banks for peanuts? There is an alternative called a crypto deposit.
Crypto deposits: Simplifying the complex
By exchanging your dollars or euros for cryptocurrencies like Bitcoin or Tether and depositing them for a set period of time, you can earn profits that are up to 10 times higher than what banks typically offer. This exchange can be done through centralized cryptocurrency exchanges, digital asset exchange points, or the OTC market. For instance, if you exchange 100 USD for 100 USDT (a stablecoin that's pegged to the US dollar), the exchange rate will be 1:1. This means that you can convert your fiat money into a digital form almost without any losses. However, you can earn much higher profits by depositing your crypto instead of keeping it in a bank.
A crypto deposit is a smart and profitable way to save money by earning passive income through an exchange. You can earn profits by depositing your digital assets for a set period of time. Your earnings will depend on the interest rate, term, and deposit amount. The idea behind this is similar to what banks offer, but with higher returns and in a digital format.
Finding the best options for earning interest on your savings
If you're looking to earn high returns on your investment, the largest crypto exchanges have a range of crypto deposit options available. For those who want the best possible returns by investing their funds for at least a year, WhiteBIT is the go-to exchange. It's a European leader in trade volume and user numbers.
WhiteBIT offers interest rates up to 17-18% for 360-day crypto deposits, depending on the asset. As with most investments, the longer you invest, the higher the potential profit. The entry threshold is low – any investor who deposits at least $50 in USDT can start earning a profit.
Deposit rates in digital US dollars from WhiteBIT are much higher than bank rates
For investors who want to earn a profit while maintaining the flexibility to withdraw their funds at any time, the OKX exchange has the perfect solution. With their flexible deposit program, which has no fixed term, investors can earn a high annual rate of 10%.
OKEX offers flexible crypto deposit options with competitive interest rates
Regardless, there are always alternatives. The key is to be willing to exchange fiat currencies for digital assets and place them on one of the leading cryptocurrency exchanges for a certain period of time. This will allow users to earn a higher profit than what banks offer in Europe and around the world.
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