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Best DeFi Accounts
DeFi

Best DeFi Accounts 2022

Crypto accounts use DeFi rails that typically lend or stake in the backend to offer competitive interest rates. You'll likely see interest rates from 5% to 15% from these accounts.

Things to consider

Before you stake any crypto to earn interest, it's important to research how the platform is able to offer high interest rates. A few things to consider:

  1. Does the account require holding bitcoin or stable coins (i.e., USDC)?
  2. Do they need you to have platform tokens (company risk)?
  3. How established is the company, and what's the risk of default?

Rates differ based on how they're earning the interest (lending, staking, etc.).

If you need to withdraw your money, it will take a few days to process before you can transfer it out since it would require unstaking the coins and converting it back to USD.

It's also worth noting that staking coins directly on some protocols may earn a higher APY, but it's also a more complicated process with a learning curve. I wouldn't suggest staking directly unless you understand what you're doing.

Taking these factors into account, here are some of my favorite accounts. Note: this is not financial advice. Always do your own research.

Gemini Earn

Gemini is one of the most trusted names in crypto and has other tools and features if you care about trading along with interest.

  • Gemini Earn allows you to earn interest on your crypto.
  • APY varies between 1.25% and 8.05%, depending on coins.

Gemini dollar is a stable coin which has the equivalent value of one U.S. dollar. You'll need to convert USD to GUSD and transfer it to Gemini Earn to start earning 8.05% APY.

Get $10 of Bitcoin when you signup for a new Gemini account: https://www.asksebby.com/go/gemini

Gemini Earn

Celsius

Celsius wants to help the masses reach financial freedom.

  • Earn up to 17% APY on crypto and swap crypto with zero fees. You can also buy crypto with your credit card or bank account.
  • Need a loan? Crypto-backed loans start as low as 1% APR.
  • Interest is paid weekly, and you can get 30% more in rewards by choosing to earn CEL token.

Crypto.com

Crypto.com helps you makes your crypto work for you.

  • Earn up to 14.5% on your crypto (up to 14% per annual for stable coins)
  • ETH and BTC up to 8.5% per annual
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