Aofex

AAX Exchange Challenges the Status Quo with Its 20% APY Crypto Savings Account

UTC by Kseniia Klichova · 4 min read
AAX Exchange Challenges the Status Quo with Its 20% APY Crypto Savings Account
Photo: Coinspeaker

If you are looking to keep growing money without the risk of losing it, interest savings accounts offer the best options.

However, traditional finance companies and banks typically offer low rates that rarely exceed 1.5%. I’d bet that this is not what most investors are looking for and they would like to earn more than that. If offered a better option, such as 5% or 10% on their interest savings account, most would take this even if it means accommodating a little bit more risk.

These options actually exist, but it is beyond the traditional bank institutions. Today some online banks, fintech institutions, and other organizations provide an interest rate on savings accounts of up to 12% on your deposits. These options will usually come with firms dealing with cryptocurrencies, as they offer huge upside potential, are decentralized, and are less regulated. Here’s where the risks come in but they offer the best alternative for the traditional savings accounts providing higher interest rates.

As the cryptocurrency ecosystem gains traction, investors are ready to give these types of savings accounts a chance by depositing some of their funds on these accounts.

Nonetheless, not all crypto savings accounts are the same. Some offer higher rates than others, others support more assets and a host of other features that define them from other crypto savings accounts. After using tens of crypto savings accounts, the AAX Exchange savings account offered the best rates and security properties. They offer investors interest rates of up to 20% APY on your crypto deposits – the highest we’ve seen yet.

While it is rather new, AAX Exchange savings accounts offer comparatively better services and rates than well-established crypto savings accounts such as BlockFi, Nexo, and Celcius Network.

Before moving any further, let’s get a hint of what other crypto accounts offer and compare them to the new AAX Exchange crypto savings program.

AAX Exchange vs BlockFi Interest Account

BlockFi is one of the largest crypto savings accounts allowing users to earn up to 7.5% APY on their crypto deposits including Bitcoin, Ethereum, USDC, and other assets. The savings accounts do not carry any minimum balance and have no hidden fees (only withdrawal fees are charged). While the interest rate is paid up daily, users can only withdraw them monthly.

AAX, on its part, offers users up to 20% on their crypto deposits with a weekly release schedule that allows users to enjoy their earnings as soon as possible. Notwithstanding, the platform offers more than 50+ crypto savings accounts to users which is way more than the assets offered by BlockFi.

The only advantage BlockFi has is its insurance policy on its fiat assets – USD, GBP, EUR – accounts. BlockFi has an FDIC insurance cover for cash assets lost by theft of up to $250,000. As it works on its insurance program, AAX Exchange ensures the best security for assets by keeping them on cold storage and uses multi-signature processes to ensure no funds will be lost through hacking or theft.

BlockFi has established itself as the market leader in offering crypto assets savings accounts but its time at the top is easily threatened by the rise of AAX Exchange, which offers higher rates and more assets to invest in. Additionally, users can withdraw their assets and earnings on a weekly basis, which allows users to enjoy their interest faster than BlockFi.

Conclusion

As the traditional financial institutions and banks’ interest rates on commercial bank deposits are capped at 1%, AAX’s latest savings account seems to open up the world for more earnings on their crypto deposits. The rise of AAX savings accounts also challenges the status quo in the crypto field giving BlockFi, Nexo, and other well-established crypto savings accounts a run for their money.

You can simply stake your Bitcoin and other cryptos (mentioned above) and start earning a substantial interest of 20% on all your deposits in a 7-day fixed savings product and enjoy the highest returns on crypto savings accounts.

News
Kseniia Klichova

Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.

Related Articles