How To Earn Interest on Bitcoin — 5 Best Bitcoin Saving Accounts For 2021

  • Do you want to earn interest on Bitcoin holding?
  • Do you want to earn interest on other cryptos that you hold?

If your answer is yes to any of these questions, then you have come to the right place. In this resource, you will find some of the best and trust-able financial products that let you earn interest on Bitcoin or Altcoin’s interest by just holding them. These financial products use the various mechanism to lend these cryptos to other institutes, margin trading exchanges and other ways to generate a return and thus share the earnings with you.

I have done my best to find all the trust-able resources that could be used. Most of them offer interest in Bitcoin and a few are part of Defi (Decentralized finance) which lets you earn interest in popular cryptocurrencies.

Disclaimer: Even though all these methods work, you should know that lending itself is a risky segment. A few of them have a locking period and based on your risk management, you should pick one.

I have also shared a few websites that let you earn interest on Stable coins holding, which is something worth knowing and using in the time of the bear market or when the crypto market is going down.

5 Best websites to Earn Bitcoin interest: Bitcoin Saving accounts

1. MyCoinChain

For earning interest in Bitcoin, MyCoinChain should be your first choice as Bitcoin Interest Platform. They offer interest up to 8.9% APY on Cryptos. MyCoinChain supports interest on the following Cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • USDT
  • DAI
  • ADA

Highlights of MyCoinChain:

  • Interest earned is paid out at the beginning of the month.
  • Interest earned is compounded monthly.
  • You can also trade on the platform. For example: Sell your Bitcoin for USDT when price is high and buy back when the price is low. You will be earning interest in both cases.

The amount of interest you will earn on crypto lending on MyCoinChain varies based on the amount you wish to lend.

Note: The APY is calculated based on monthly compounding. They offer a 100% asset-backed guarantee and have custodial insurance of $100 million by BitGo and Lloyd’s of London.

The locking period for MyCoinChain is three months and the withdrawal requires a manual interview and can take up to 24 hours. There are no fees for withdrawal on MyCoinChain interest account.

Create a Free Account on MyCoinChain

2. Celsius

Celsius is a platform that offers Interest On Bitcoin and other major cryptocurrencies. The interests are paid out weekly, and if you take an interest in the platform token (CEL), your earned interest rate will be higher. At the time of writing, these are the coins supported by Celsius for earning interest:

  • Bitcoin — 4.60%
  • Ethereum — 3.90%
  • Litecoin — 4.50%
  • Ripple — 2.50%
  • OmiseGo — 4.25%
  • Bitcoin cash — 3.75%

Highlights of Celsius network:

  • No minimum deposit
  • Fee-free withdrawal
  • No lock-up period

Create a Free Account on Celsius

3. Binance Saving account

Binance is the world’s best cryptocurrency exchange and is loved by millions of traders globally. Binance offers a feature called “Binance Savings”, where you can lend your Bitcoin and earn interest on it. The interest rate is flexible, and at the time of writing, they are offering 1.6% Estimated Annual Yield.

To use this feature:

  • Head over to Binance
  • Click on Finance > Savings

Here you will be able to lend your Bitcoin and start earning interest. You also have an option to auto-subscribe, which will automatically lend your Bitcoin balance at the end of the day. This is idle for traders who are taking a break of a few days, and still want their idle Bitcoin to earn extra income for them.

Create Binance Saving Account

4. Compound finance

Compound finance is at the forefront of decentralized finance where you can lend few of the major cryptocurrencies and interest on them. When you lend cryptocurrencies using Compound, you adding funds to the liquidity pool. You are not directly dealing with borrowers; rather they are borrowing from the market. Interest rates are determined algorithmically (real-time) based on supply and demand.

At the time of writing, you can lend the following cryptocurrencies on Compound finance:

  • ETH
  • DAI
  • BAT
  • USDC
  • 0x (Zrx)
  • Augur
  • WBTC

Here is the recent interest rate (Supply APR) for all supported cryptocurrencies:

With time, you can expect Compound finance to add more cryptocurrencies.

The most common way to access the Compound protocol is by using Metamask. However, for users who are paranoid about security, you should use Defi saver that let you access compound protocol using a hardware wallet such as Ledger Nano X, Ledger Nano S, Trezor, and Fortmatic.

There are two stable coins supported by Compound finance right now:

  • DAI
  • USDC

Highlights of Compound.finance:

  • The compound protocol lives on Ethereum blockchain
  • There is no locking period. You can withdraw your funds anytime
  • Interest rate is not locked and changes based on supply and demand.
  • Interest is paid after every ETH block confirmation (every ~15 seconds)

5. Nexo

I discovered Nexo a few months back. If you are an existing member, you may be aware of Nexo already. This is another high-quality platform that let you earn Interest on Stable coins. You will be earning up to 8% interest, and interest is paid out daily, which automatically start earning high yield Interest.

Supported coins: USD, EUR, GBP, USDT, TUSD, USDC, PAX, DAI

Highlights of Nexo:

  • Supports all major stable coins.
  • Instant deposit and withdrawal
  • No locking period
  • Custodial insurance of $100 million by BitGo and Lloyd’s of London
  • Business audited by Deloitte
  • Instant withdrawal from wallet with Zero withdrawal fees

The newest addition is Zero withdrawal fees for any of the cryptocurrencies from the Nexo wallet. They have a web app and mobile wallet, which makes it easy to use the Nexo platform.

Join Nexo

Conclusion: Best ways to earn interest in bitcoin

As the cryptocurrency and decentralized financial market are increasing, I’m hopeful to see more trust-able networks and platforms in the coming days. For now, these are some of the best options for you to earn interest in cryptocurrency and Bitcoin. Depending on how you are using cryptocurrencies, you can pick to earn interest in Bitcoin or in Stable coin.

Here is a summary of the above-listed platforms:

  • MyCoinChain and Celsius: The Easiest way to get started with earning Bitcoin interest.
  • Binance: Best for those who are also into crypto trading. Supports Bitcoin.

It would be nice to know which platform are you using to earn interest in Cryptocurrencies and Bitcoin? After trying any of these above-listed platforms, do come back to share your review and opinion.


How To Earn Interest on Bitcoin — 5 Best Bitcoin Saving Accounts For 2021 was originally published in The Moon on Medium, where people are continuing the conversation by highlighting and responding to this story.

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