Interest-bearing cryptocurrency account guide | Crypto Craft

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Interest-bearing cryptocurrency account guide

  • #1
  • First Post: Edited Jun 25, 2021 8:30pm Jun 12, 2021 4:39pm | Edited Jun 25, 2021 8:30pm
I've been researching various interest-bearing cryptocurrency accounts and put together a simple spreadsheet with some of my findings. The spreadsheet is modeled after the Forex Factory Brokers table.

Interest-bearing cryptocurrency account guide (as of 2021-06-25):
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File Type: csv interest-bearing-cryptocurrency-account-guide-2021-06-12.csv   < 1 KB | 318 downloads
File Type: xlsx interest-bearing-cryptocurrency-account-guide-2021-06-12.xlsx   8 KB | 318 downloads
File Type: csv interest-bearing-cryptocurrency-account-guide-2021-06-25.csv   < 1 KB | 309 downloads | Uploaded Jun 25, 2021 8:29pm
File Type: xlsx interest-bearing-cryptocurrency-account-guide-2021-06-25.xlsx   9 KB | 453 downloads | Uploaded Jun 25, 2021 8:29pm
  • #2
  • Jun 17, 2021 10:07am Jun 17, 2021 10:07am
In the name of science I am going to evaluate each of these interest-bearing cryptocurrency accounts. The only one I have ever used to this point is BlockFi. So I'm curious how they will all compare.
  • #3
  • Jun 17, 2021 10:13am Jun 17, 2021 10:13am
I just purchased $1K GUSD and put it into Gemini Earn.

The process was slightly more complex compared to BlockFi. First, you have to buy the GUSD in Gemini. Next, you have to wait a few days for the ACH transaction to clear. After that you have to move the GUSD to Gemini Earn. It's not a terrible user experience, but it's not as simple as BlockFi.

Like BlockFi, there are zero fees to purchase GUSD with an ACH transfer.
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  • #4
  • Jun 18, 2021 9:32am Jun 18, 2021 9:32am
I just purchased $1K worth of USDC through Celsius.

So far I'm not very impressed.

  1. My recent purchase does not show up in the app anywhere that I can see. After the purchase it did state that I will receive my USDC "within 5 business days." Not exactly reassuring.
  2. You have to pay Ethereum transaction fees when you purchase USDC directly (even though they proudly state "Celsius covers all gas and network fees for its customers"). I had to pay about $5 in gas fees for my $1K of USDC.
  3. You have to pay 0.1% for ACH transfers.

  • #5
  • Jun 24, 2021 7:53am Jun 24, 2021 7:53am
Quoting cryptocow
I just purchased $1K worth of USDC through Celsius. So far I'm not very impressed. My recent purchase does not show up in the app anywhere that I can see. After the purchase it did state that I will receive my USDC "within 5 business days." Not exactly reassuring.
This transfer went through yesterday and my $1K is showing up in the Celsius app.
  • #6
  • Jun 24, 2021 8:02am Jun 24, 2021 8:02am
I purchased $1K of USDC through Voyager just now.

Like most crypto brokers, you have to transfer USD to your account and then purchase USDC afterwards. The process was extremely straightforward. There were no ACH or Ethereum gas fees.
  • #7
  • Jun 24, 2021 7:38pm Jun 24, 2021 7:38pm
I just transferred $1K USDC to Hodlnaut.

Hodlnaut offers no way to purchase crypto within their own service. Instead, you are required to transfer your crypto to Hodlnaut.

In the case of USDC this requires that you pay your own Ethereum transaction fees to get the USDC to Hodlnaut. Hodlnaut themselves don't charge for incoming transfers. When it comes time to take your USDC out of Hodlnaut, they currently charge $18 USDC to withdrawal.
  • #8
  • Jun 25, 2021 8:30pm Jun 25, 2021 8:30pm
I added Trade Station to the spreadsheet. Check it out in the first post.
  • #9
  • Jun 25, 2021 8:33pm Jun 25, 2021 8:33pm
BlockFi just announced some big (negative) changes to their rates that take effect July 1, 2021: https://blockfi.com/blockfi-interest...-latest-market

Tiering rates seems to be popular. I'm not sure how to best represent that in the spreadsheet.
  • #10
  • Jun 28, 2021 1:09pm Jun 28, 2021 1:09pm
It looks like Celsius is withdrawing its Financial Conduct Authority registration and moving from the UK to the US.

https://decrypt.co/74404/crypto-earn...ry-uncertainty
  • #11
  • Jun 29, 2021 1:06pm Jun 29, 2021 1:06pm
Coinbase is launching a USDC interest account with 4% APY: https://blog.coinbase.com/sign-up-to...e-cdad79e5f5eb
  • #12
  • Jul 2, 2021 11:20am Jul 2, 2021 11:20am
I'm fairly pleased with Voyager so far. I put another $1K into USDC.

I get some Robinhood vibes from Voyager which kinda put me off a bit. They have the same stupid "Swipe to buy" mechanic as Robinhood. Also, like Robinhood, they have totally useless charts.
  • #13
  • Jul 3, 2021 3:41pm Jul 3, 2021 3:41pm
Quoting cryptocow
BlockFi just announced some big (negative) changes to their rates that take effect July 1, 2021: https://blockfi.com/blockfi-interest...-latest-market Tiering rates seems to be popular. I'm not sure how to best represent that in the spreadsheet.
You could put a toggle cell that updates the rates depending on the balance input. You'd probably want a conversion or several toggle cells though since 1 btc and 1 usdc are very different.

Quoting cryptocow
I get some Robinhood vibes from Voyager which kinda put me off a bit. They have the same stupid "Swipe to buy" mechanic as Robinhood. Also, like Robinhood, they have totally useless charts.
that's all it takes huh?
If you like my post throw me a Doge: D85YHaQ6nQTp4oT13sHoAZbETn3sADVnF8
  • #14
  • Jul 4, 2021 6:39pm Jul 4, 2021 6:39pm
Quoting g-force
that's all it takes huh?
Ha, well there are a few more things like:

Absolutely ridiculous spreads
You can't deposit or withdraw crypto
There is no desktop or web-based trading interface
They have their own stupid token (Robinhood does not have their own stupid token... Yet.)
  • #15
  • Jul 4, 2021 6:41pm Jul 4, 2021 6:41pm
Quoting g-force
{quote} You could put a toggle cell that updates the rates depending on the balance input. You'd probably want a conversion or several toggle cells though since 1 btc and 1 usdc are very different.
I have considered this. It sounds complicated thou.
  • #16
  • Last Post: Jul 17, 2021 11:52am Jul 17, 2021 11:52am
Quoting cryptocow
{quote} I have considered this. It sounds complicated thou.
Depends how many options you want to allow. If only ~3 I'd just use nested IF statements.
If you like my post throw me a Doge: D85YHaQ6nQTp4oT13sHoAZbETn3sADVnF8
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