If you don't have too much knowledge or you're not an expert
in bitcoin or the way cryptocurrency works that are completely okay because I'm
going to cover everything that you need to know to get started today in this
blog we're going to cover how to invest into bitcoin for this year as a beginner.
On the side of investments in cryptocurrency, we're seeing
the price go insane and I'm hearing some real personal success stories in my
own life of people I know who are making hundreds of thousands of dollars in
cryptocurrency so. I don't want any of you guys to miss out because if you have
this mentality that it is a way to start.
1. By trading on crypto assets platform;
(i)
Nexo
We can easily earn uh money and how we can make money with
nexo so let's start nexo is imagined a crypto bank which is going to give you
options that you give money to your crypto bank and they are going to you're
going to earn Interest in for your crypto and how it works?
*Interest rate;
Everything about Nexo and in the end we like to share a tool that
helps us a lot to decide if we should or shouldn't buy a specific
cryptocurrency Nexo recently updated their website at first I didn't like it at
all but after a few days it changed now i think it's one of the best and
cleanest looking websites in the space the same goes for their mobile app I
will show it to you later on blog if you want to open an account you can
choose between iOS or android a desktop version is available too they offer a 10% interest rate the Interest is paid out daily so
it's compounding here is some key information about Nexo to give you an idea of
how big this company is at the moment for me the most important is that they
have 100 million dollar insurance on all
custodial assets that they are EU-licensed and have close to a million users is
great as well let's take a look at the earn interest section you can earn up to
five percent on bitcoin and up to 10 on stable coins what's unique about nexo is that you can
deposit euro or British pounds that's very nice when you stay in the UK or in
Europe you are super flexible on Nexo you can withdraw your funds at any time
if you have a smaller bankroll you can start too there is no minimum amount
required if you are interested in borrowing cash or stable coins you simply
deposit crypto as collateral 500 is the minimum amount you can borrow what I
find really interesting is the nexo card you will receive 2 cashback on all
your purchases and there are no monthly or FX fees the cards haven't been
released yet but I hope they will release them soon maybe a good time to buy
some Nexo before the release like I said before the mobile app looks really
great and you can manage your funds on the go I’m going to show you the iOS
version later on but first let's take a look at what cryptocurrencies you can
stake on Nexo they offer decent lending rates especially when you consider that
you don't have a lock-up period on the downside they support only the major
coins like XRP or Chain-link the Nexo token has many utilities in Order to get
10 on stable coins and 5 on crypto you need at least 10 percent of your
wallet value and Nexo tokens if you don't want to buy Nexo your rates will drop
to eight and four percent which is still fine if you would like to borrow money
you will get the best rate using Nexo tokens 30 of profits are paid out to Nexo
token holders it's divided into base dividends and loyalty dividends the longer
you hold your Nexo tokens the more dividends you will receive future utilities
are planned as well for example higher cash back using the Nexo card or higher
commissions for affiliate marketing they paid over three million dollars in
dividends and just recently if we look at their twitter they announce that the
third dividend is over 6 million That's a nice growth compared to the last
payout. You can find your daily interest you don't have to do anything they
deposit it every day automatically on the wallet tab you find all the
cryptocurrencies they support overall this app looks super clean and is very
user friendly you'd like to see next if we head over to the dashboard you can
find your total amount of interest that you have earned. Here is the link you
can sign up easily;
https://nexo.io/ref/u3i7znmrjl?src=web-link
(ii)
Binance;
With
almost 200 coins listed as well as a native token that’s one of the most
popular cryptocurrencies around, Binance is considered one of the world’s
leading cryptocurrency exchanges. Founded in 2017 and based in Malta, Binance
operates several exchanges such as Binance US, Binance Singapore, Binance
Jersey, and Binance.com - a global Bitcoin exchange that allows you to trade
cryptocurrencies which we will focus on in this review. Binance offers basic and
advanced trading services, as well as futures and margin trading, which means
you’ll get around nicely whether you’re just starting or an experienced trader.
Aside from trading, Binance offers a brokerage service that allows you to buy
cryptocurrencies with a credit card. Keep in mind that this service is more
expensive than trading on the platform but is also much simpler. Binance funded
its initial operation through an ICO, a crowdfunding mechanism, where each
investor received tokens known as Binance Coin or BNB, which can be traded for
other cryptocurrencies or used to receive discounts on Binance’s trading fees.
Binance’s fee structure is extremely attractive with a flat 0.1% fee for most trading activities. You also get an
additional 25% discount if you pay your trading
fees using Binance Coin. One feature our team adores about Binance is SAFU, the
Secure Asset Fund for Users. SAFU is an emergency insurance fund that helps
compensate users in case their funds are stolen from the exchange. It’s funded
by 10% of all trading fees on the platform.
Another service worth mentioning is the savings account which allows you to
deposit your crypto and earn interest on it. But it doesn’t stop there, Binance
also offers a mining pool, a debit card, advanced account security features,
and more. To conclude, Binance is a constantly evolving exchange that supports
a wide variety of coins and trading options with additional room for
improvement on the customer support side. Make it 4.7 Stars from us here at 99Bitcoins
as we consider it a great place for beginners and seasoned traders alike. Have
you used Binance? Let us know what you think about it in the comments, news
updates, or the clearest information about Bitcoin and cryptocurrencies
anywhere.
(iii)
Coinbase;
With over 540 million dollars in funding,
supporting 102 countries, and serving over 30 million customers, Coinbase is
one of the biggest cryptocurrency companies around. However bigger isn’t always
better funded in 2012, Coinbase is a fully regulated, licensed Bitcoin
exchange. While Coinbase offers several services, in this review we’ll focus on
its most popular service, Coinbase.com, which allows you to buy and sell
Bitcoin, as well as over 20 other cryptocurrencies. Our team considers
Coinbase’s buying process to be one of the easiest and fastest available.
Coinbase supports several payment methods, including wire transfer, debit card,
and credit card. Coinbase’s fee structure consists of a 0.5% premium over the market price plus a transaction fee relative
to the amount transacted. Overall, we found that Coinbase offers a competitive
fee structure when compared to similar alternatives. All digital currency held
online by Coinbase is insured. This, however, does not cover any losses
resulting from the compromise of individual Coinbase accounts. Moreover, if you
are a United States resident, your Coinbase USD Wallet is covered by the FDIC,
up to a maximum of $250,000 - A benefit you won’t find in most any other online
service. It’s important to know that Coinbase.com is a custodial service.
Meaning, you don’t have any direct access to the funds stored at Coinbase or
the private keys controlling them. In some extreme cases, Coinbase can and has
frozen users’ accounts without prior notice. Another thing worth mentioning is
that Coinbase’s customer support is known for its slow response time and lack
of actual assistance. Coinbase received a Better Business Bureau rating of “F”.
So if you encounter any issues, it could be a while before they are resolved.
To conclude, Coinbase is simple and easy to use. On the downside, you are not
in control of your coins, your transactions are being tracked and support is
seriously lacking. Make it 3.8 Stars from us here at 99Bitcoins as we consider
it an easy and reliable place for buying Bitcoin, but not for storing it long
term. Have you used any of Coinbase’s services? And make sure to, news updates,
or the clearest information about Bitcoin and cryptocurrencies anywhere.
(iv)
BlockFi ;
With over 150
million dollars in funding from notable community figures, BlockFi is the go-to
place for growing your cryptocurrency. But is it as good as it sounds? Founded
in late 2017, BlockFi is a US-based centralized crypto-finance company that
supplies a variety of financial services for both private and institutional
clients. BlockFi Interest Accounts, BIAs for short, Enable users to earn
up to 8.6% interest annually on cryptocurrency deposited to their
account. The way this works is that BlockFi lends the users’ deposits to
institutional and corporate borrowers, who pay an interest rate to BlockFi
which in turn pays its users. Although user deposits are prioritized over other
company equity to reduce their risk, they are not FDIC or SIPC insured. BlockFi
also allows users to deposit cryptocurrency as collateral and borrow up to 50% of the collateral value in US dollars. Through
this service users can get access to cash almost instantly without the need to
trade their cryptocurrency, Avoiding hassle, fees, and a taxable event.
Finally, BlockFi provides “no fee” crypto trading services. However, some users
have complained that even though there is no direct fee, the final exchange
rate is less than optimal. BlockFi’s customer support seems to be solid
with the main user complaint being the lengthy withdrawal process of funds. One
thing to point out is that BlockFi is a centralized company, meaning they have
control over your funds. Additionally, in May of 2020 BlockFi experienced
a security breach, and while no funds or sensitive documents were stolen, some
of its users’ personal information was compromised. To conclude, BlockFi
provides a great alternative for traditional finance and Defy services so you
can earn interest on your cryptocurrency and secure super quick loans against
it. However, the company’s centralized nature and short track record still make
it a bit risky for any amount you can’t afford to lose. Make it 4.3 Stars from
us here at 99Bitcoins as we consider it a solid platform for growing your
crypto holdings passively. Have you used any of BlockFi’s services? Let
us know what you think in the comments.