Crypto technology is changing the financial world in ways that people couldn’t imagine a couple of years ago. Nowadays, various platforms are even lending cryptocurrency coins at some very manageable interest fees. The bottom line is that crypto firms are now giving fiat currency banks a real run for their money.
Most people are still skeptical about investing in crypto. However, if you’re new to crypto, know that there are plenty of ways via which you can leverage your crypto savings without selling. In this guide, we will share tips on how to invest and leverage your crypto savings.
Investing in Crypto
Before you become eligible to take out loans from the best crypto lending platforms, you need to buy some coins. You can buy any type of crypto coin in the market to get started. However, all coins are not rated the same when you apply for a loan.
Crypto coins such as Bitcoin and Ethereum are the best performing and thus can earn you a loan at better interest rates. Buying crypto is not as tricky as most people make it look. There are various platforms that you can buy crypto coins from.
The best and easiest platforms to buy crypto from are exchange websites. All you’ll need to do is sign up for an account. After that, set your preferred mode of payment. You can choose to buy crypto coins from your bank using your credit or debit card.
Another option for purchasing crypto is via P2P platforms. Ideally, the process is similar to using exchange accounts. However, in this case, you will buy crypto coins from merchants. Herein, it’s best to use an escrow service when buying crypto coins to avoid getting scammed.
Crypto Wallet Services
Several platforms offer crypto wallet services. Using a crypto wallet service provider such as YouHodler comes with plenty of benefits. One of these benefits is that you get to enjoy the best crypto loan at excellent interest rates.
YouHodler is a hot wallet that allows users to earn from their crypto savings. According to most crypto investors, using wallet services from exchange accounts can be quite risky. It does not give you complete control over your crypto savings and you are at risk of losing your savings if the platform goes down.
Proper crypto wallet service providers such as YouHodler allow you to leverage your crypto savings without selling your coins. For instance, you can compare crypto loans and swap your coins for the best lending coin.
How Does It Work?
Sometimes you need to make a trade, but you’re short on your crypto savings. YouHodler allows you to take a crypto loan and use it for your trade and then pay it back at a later time. The interest rates are quite friendly and cheaper than what most banks offer on fiat currencies.
The idea here is to allow you to leverage your crypto coins without having to sell. You can even apply for a fiat currency loan from the YouHodler platform and place your crypto saving as the loan’s security.