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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:
- Does the account require holding bitcoin or stable coins (i.e., USDC)?
- Do they need you to have platform tokens (company risk)?
- 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.
Note: this is not financial advice. Always do your own research.
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