No matter if you just started investing in cryptocurrencies or if you have been doing it for some time, storing digital assets in your wallet might be something quite tempting. But, if you’re planning on saving in crypto, you may wish to open a savings account, especially since this will guarantee that all of your assets remain secure, and more importantly, it’ll generate profit over time.
However, since you probably never had to open such a savings account in the past, you might be wondering – what should I consider, and are there some tips that could help me choose? Yes, there are some things that could help you make a decision, and those things are exactly what we’ll discuss in this article today. Let’s take a look:
1. The Safety of The Platform is The Most Important Element
Before we continue with this list, one of the first things that you should know, as well as do is to do some digging and compare the safety features provided by each of the providers you’re thinking about using. Now, these records don’t offer FDIC insurance, hence, you must check both the economic stability of the organizations and their cold storage alternatives in order to ensure that you’re assets and investments remain safe.
2. Check If They Support Specific Cryptos
Once you’re finished checking the safety of the platform you’re thinking about using, your next step is to verify what cryptos do they offer support for. A crypto savings account will support a lot of coins, however, no company will allow people to gain profit on every single coin that you could find out there. Hence, if you have already bought specific coins, you should look for a company that supports the currency that you already purchase or that you’re interested in buying.
3. The Purchasing Options
If you didn’t buy coins, you may want to opt for a company that provides you with an option to open it, however, one that’ll also provide you with an option to enter the market. There are various platforms that’ll enable you to easily buy coins by utilizing various purchasing options, and it may also provide you access to your savings profile. This means that you could opt for an organization that provides both of these things.
4. The Reviews Are Crucial
You must also guarantee that you read all the reviews and testimonials that a particular organization has. Of course, you could open the official websites and read the reviews posted there, however, if you wish to ensure that they’re completely honest, it might be best to look at some independent websites as well. Remember, there are also platforms that’ll allow you to instantly compare different providers, something that you could read more about here.
5. Learn More About The Fees And Charges
Yet another important thing you should consider and do some research on is all the fees and costs you’ll have. Keep in mind, whenever you’re looking for such services, you have to ensure that the organization you’re thinking about using is honest and completely transparent about the expense structure they have. If you determine that they’re not completely honest about their fees and charges, you might want to skip that one and choose another provider.
6. Is it Easy to Use?
You’ll want to find a provider that offers a proper user experience. Will you be able to withdraw your assets at any moment that you want or does the company lock the assets for some time? How frequently will the profit be paid out? And is the application simple to manage and use? All of these things are important things to consider, hence, when looking for an account provider, assure that you learn more about these things as well.
7. How Much Will You Yield?
When you open a normal savings account, you’ll be able to yield a yearly interest rate that goes from 0.1 percent to 0.6 percent. However, with an option for cryptos, you’ll be able to gain much higher APYs. For instance, when you open this account type through a provider, you could earn more than 8 percent APY on the initial investment you made. This is why you must also check how much will you yield.
8. Customer Service is a Must
Last on our list, but not least important is the fact that you must ensure that the provider offers 24/7 customer support services. After all, you’ll be depositing some really valuable assets to the savings account they offer, which is exactly why you must ensure that you can speak with their representative whenever you have an issue or question about your report. By ensuring this, you’ll be able to also ensure that you’re constantly updated about your assets.
Are There Some Benefits?
This article wouldn’t be finished if we didn’t mention some of the benefits that you can gain from opening a savings account for the cryptocurrencies you’re planning on buying or that you have already bought. Of course, for the sake of this article, we won’t mention every single benefit that you could gain, instead, we’ll be mentioning some of the most important advantages that you could gain, including things such as:
- You’ll be able to accumulate interest on the balance you deposit,
- There are minimal maintenance and investment time needed,
- There are low minimum deposits and account requirements,
- There are no hidden fees and charges, instead, they’re completely transparent,
- And you’ll be able to gain higher returns and interest rates.
Cryptocurrencies are worth a lot of money, which is why you must guarantee that you choose a reliable, secure, and trustworthy account provider for your coins. And, if you choose to follow some or all the advice mentioned above, you’ll be able to make the entire choosing process easier, less time-consuming, and more importantly, you’ll ensure that you choose a secure platform.
So, now that you know all the things you have to consider when choosing a savings account for your cryptocurrencies, you might not want to lose any more time. Instead, keep all the aforementioned tips in mind, and then start searching for an organization that will provide you with a savings account that suits your needs.