Phemex Launches Earn Crypto: High Interest Savings Accounts for Traders
Phemex will integrate a crypto savings accounts service, offering high-interest yields for its users. The update will enable users holding stablecoins to grow their portfolios between trades.
- Phemex will add two new savings accounts under its Earn Crypto program, paying users up to 10% APY.
- The service is designed to offer traders a reliable income source for holding stablecoins on the exchange.
- The accounts will fall under two categories, Flexible and Fixed, with higher rates paid for longer-term savers.
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Phemex, one of Singapore’s leading cryptocurrency exchanges, has unveiled a crypto savings account service for its traders. The move will offer users attractive interest rates for keeping stablecoins on the exchange in between trades.
Attractive Returns for Phemex Traders
The offering features two types of accounts: Flexible and Fixed. The Flexible account will pay an estimated 7% APY daily, while the Fixed option goes up to 10% APY paid on a weekly basis. The higher rate is offered to those who lock up their funds for longer, meaning Fixed account users will need to wait 7 days before withdrawing their holdings.
As it’s a stablecoin service, it’s expected to benefit traders most — they commonly hold onto less volatile assets between trades. The accounts are currently available to those holding USDT, though more options will be added soon.
Users of both accounts will get paid up to a maximum of 50,000 USDT, with a minimum deposit of 100 USDT set on the fixed account. Phemex says that although 50,000 USDT is the maximum holding limit per account, bigger traders aren’t restricted from opening multiple accounts to distribute their funds.
Several cryptocurrency exchanges have adapted to offer interest to users who keep their holdings locked up over the last few years, though they rarely pay upwards of 7%.
Phemex will launch the service on Jan. 18, 2020.