As technology advances, the Crypto Industry is increasingly becoming a much stronger alternative to banks. Phemex has contributed to this process by launching a great new service that will allow users to earn up to 10% APY on their unused USDT – Crypto Saving Accounts, available on January 18, 2021.
A crypto savings account is essentially an account where you can deposit your cryptocurrencies in order to earn interest.
These are usually perfect for patient users looking for long term results. By using such services, you allow your investment to grow over time, without any risk of loss. Phemex however, also offers short-term options that allow you to take out your funds at any time.
How Can You Earn Crypto with Phemex?
These savings accounts are a part Phemex’s newest line of Crypto Asset Management services under the category of “Earn Crypto”. They were developed with the aim of increasing users’ wealth without effort. Users can earn a passive income on funds that would have otherwise sat unused.
The Phemex team is developing two types of savings accounts so far:
- Flexible Savings Account
- Fixed Savings Account
The Flexible Savings Account
Phemex’s Flexible Savings Account is designed for users that want to earn interest without any long-term commitments. Participating in this account means that you can withdraw your income and earnings any time you want.
You can deposit up to 50,000 USDT and Phemex will guarantee an estimated 7% APY (Annual Percentage Yield). The more you deposit and the longer you save, the greater the return will be.
One of the highlights of this account is that you receive interest payments daily. At the beginning of every day, it is your choice whether you want to withdraw or let your earnings automatically be added to your principal for more earnings the next day.
The Fixed Savings Account
This type of account is for users that are a bit more patient and wish to receive greater returns. The Fixed Savings Account guarantees an estimated 10% APY if you are willing to lock up your deposit for 7 days, with no turnarounds.
You can deposit a max of 50,000 USDT or a minimum of 100 USDT to join.
The process is similar to the Flexible Savings Account, except you will receive your earnings weekly. At that point, or if you have the auto-renew feature enabled, your earnings can be added to your principal and placed into the next 7-day cycle for compounded interest.
Are Phemex’s Earn Crypto Products Safe?
How are these risk-free benefits possible?
Well, behind the curtains, Phemex has a team of professional traders with tested and proven strategies that will generate consistent earnings with all deposited funds.
This experienced team will take care of ensuring:
- Asset Safety – all accounts and funds are monitored in real-time;
- Stable Income – regardless of internal outcomes, the max of up to 10% APY is guaranteed for the client;
- Professional risk control - all the trading actions and strategies are carefully crafted based on market conditions and audited by third parties.
Although investment funds are currently only accepted in USDT, the Phemex development team is working hard to create more crypto options and accounts with possibly higher interest rates.
Who Is Behind Phemex?
Phemex is backed up by a professional team of experienced Wall Street Traders led by CEO Jack Tao, a Morgan Stanley veteran. The platform was created in 2019 with the aim of delivering trust and efficiency to the crypto industry. The company excels for its attention to customers’ needs.
On top of their user-friendly design, the platform offers a total of 12 spot trading pairs and 14 perpetual contract pairs with up to 100x leverage. Phemex is well known as the first platform to offer zero spot trading fees.
With a great vision, a dedicated team, and a strong interest in its users’ needs, Phemex is the ideal solution for your crypto financial needs.
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