Content sponsored by Crypto.com
Crypto Earn is a cryptocurrency interest deposit service built into the Crypto.com app. This service allows you to earn interest payable each week on more than 30 available crypto assets. In this tutorial we will guide you step by step on how you can use Earn from Crypto.com
To use this service it is necessary that you have the Crypto.com application on your mobile device, since this option is only found for Android and iOS operating systems. Also, you will need to go through the Crypto.com KYC verification process. Once this is done, you can start using it. Learn more about Crypto.com’s identity verification process here.
What is and how does Crypto Earn work?
Crypto Earn is a fixed or flexible term deposit system with interest that accepts only cryptocurrencies. The system allows you to maintain several deposits simultaneously, with different maturity periods and in different crypto assets.
Crypto.com works here like a traditional commercial bank, receives your cryptocurrency deposits, pays you interest at a passive rate and makes use of them, lends them to third parties at an active rate or operates with them to obtain a return. In the Terms and Conditions of the service it is established that you understand that Crypto.com will use cryptocurrencies.
The interests that your cryptocurrencies generate are paid weekly to your wallet in the Crypto.com app. Interest is credited to the same cryptoasset in which you made the deposit. Once the term of the fixed-term deposit (DPF) ends, the total amount, capital plus interest, is deposited in your Crypto.com portfolio.
Learn more about the interest rates according to the deposited cryptocurrency and the term chosen in the following link.
Cryptocurrencies available in Earn from Crypto.com
There are more than 30 cryptocurrencies available in Earn of Crypto.com. Along with large cryptocurrencies, such as BTC, ETH or BNB, also accounts with stablecoins anchored to the dollar such as PAX, TUSD, USDT or USDC, or TGBP that is referenced 1: 1 to the British pound.
Table of cryptocurrencies available on Earn from Crypto.com. Source: Crypto.com
In the same way, although Crypto.com is available in more than 100 countries around the world, there are some where it is not possible to access this platform. In the case of Latin America, it is not possible to use it in Cuba, Venezuela, Ecuador and Bolivia. If you are in the United States, it is possible to use Crypto.com as long as you do not reside in New York. In the case of Europe, the only country vetoed is Switzerland.
Learn how to earn interest on Earn from Crypto.com
At this point, you have the application installed on your device, you have verified your account and above all, you have funds in it; Otherwise, you can visit the following link that will teach you how to pay.
Earn option in the Crypto.com app. Source: Crypto.com.
To go to the Earn section, you must locate it either from the options menu or in the Portfolios session of the lower menu.
Already in your Earn section of Crypto.com you can manage everything related to deposits with interest within the platform.
The interface is divided into:
Total balance: Total amount of crypto assets, expressed in fiat currency, that are placed on deposit.Plus (+) and minus (-) options: They allow you to open a new deposit, or, only in the case of flexible terms, withdraw funds from an active deposit.Total winnings: amount generated from the interest on your deposits.List of Deposits: Divided into 2 groups: Flexible Assets, which are all those that are registered with a flexible term and those with a fixed term.
Crypto Earn section of Crypto.com. Source: Crypto.com.
How to make a deposit to Earn from Crypto.com
To begin the process you must locate the plus button (+) at the top, which allows you to create a new deposit with interest.
Step 1: Choosing the cryptocurrency
The first step will be to choose the cryptoasset to deposit. The cryptocurrency you decide to deposit must be previously in your Crypto.com wallet. Nevertheless, you can exchange crypto assets within the app through the Exchange since not all the cryptocurrencies available within the app are available to Earn.
Something important to keep in mind is that the interest rate accrued by the deposit depends on 1.) if a supported cryptocurrency or a stablecoin is deposited and 2.) on the amount of CRO tokens staked by the user. The CRO Token is the native token of the Crypto.com chain blockchain.
Over 30 cryptocurrencies available to deposit at Earn from Crypto.com. Source: Crypto.com.
Step 2: Select deposit term.
Within Crypto Earn accounts with 3 types of term available: flexible, 1 month and 3 months. These last two are fixed terms, of which once the established term is met, the funds originally deposited will be returned to your portfolio within the Crypto.com app.
The interest rate earned for each type of deposit varies according to 3 factors; the cryptocurrency, the term type and CRO stake (backing the token by freezing in an account). CRO is the native token of Crypto.com and by staking CRO you get several benefits, one of them is a better interest rate. Learn more about the CRO stake on Crypto.com here.
The accrued interest is calculated under the APR formula, or annual percentage rate, for its acronym in English. Interest in Crypto.com accrues daily based on 365 days a year. That is, if your rate is 10% per year, the daily interest would be: 10% / 365 = 0.0027%.
Selection of the term of the deposit in Earn of Crypto.com. Source: Crypto.com.
Regardless of the term you choose, the interest generated is deposited each week.
In the case of flexible term deposits, in which you can make withdrawals at the time you want through the minus button (-) of the Crypto Earn section, these have a minimum deposit threshold. For example, the minimum amount to open a deposit with bitcoin is 0.025 BTC, whatever the term, and you can make withdrawals of that amount until you keep a minimum 0.0025 BTC. Below this amount, the contract is closed and the remaining funds are transferred to your internal wallet.
Check the minimum amounts for deposits here.
Now, with all this clear, it only remains to select the term of your convenience to go to the next step:
Step 3: Read terms and conditions.
This is usually one of the steps that all users ignore but it is vital to understand what is happening in legal terms with the funds deposited. Basically, you are accepting that Crypto.com will be the one who will have and use your cryptocurrencies, and can even exchange them for other crypto assets for their own investment purposes.
To go to the next step, once you have read and accepted the terms, you must click on continue.
Terms and conditions of deposits in Earn from Crypto.com. Source: Crypto.com.
Step 4: Choose the amount to deposit
Now is the time to choose how much you want to deposit. Here you just have to indicate the amount, and at the top it will show you its equivalent in fiat currency of the total you are depositing.
Remember that if you want to change cryptocurrency, you will have to go back to step number 1.
Also, it is important to bear in mind that the staking of the CRO token will allow you to obtain a higher level of interest rate on your deposit. For staking volumes of 500,000 or more CRO, you get an additional 2% interest on time deposits paid in CRO.
Placing the amount to be deposited in Earn of Crypto.com. Source: Crypto.com.
Step 5: Confirm and finalize order.
You are already in the last step. Now you must verify that all the details of the deposit that you are going to make are correct.
To execute the transaction you must click on the confirm button, which will ask you to confirm your password and finally make the deposit. This runs immediately and you can track it from the Crypto Earn section.
Deposit confirmation form. Source: Crypto.com.
If you have already used the financial services of traditional banking, Crypto Earn is very similar to the operation of a fixed term and a savings account. It allows you to receive passive income for your cryptocurrencies.
The platform is a complete suite. The peculiar thing is that, Crypto Earn only works in the app, although the exchange if it is possible to use it from the website.
Its interface is clean and very intuitive and in terms of ease of use it could be said that it is not complicated at all, as we explained well, in 5 steps you can create a deposit with interest without problems.
Regarding the limitations of use, there is the fact that Crypto.com is not available for some countries in Latin America. This includes both citizens and residents, since, if you reside for example in Spain (admitted country) but have a Venezuelan passport, whose country has restricted access, you will not be able to go through the identity verification process.
Likewise, as a final advice, if you want to use Crypto Earn to generate interest with your cryptocurrencies, always keep in mind not to use all your savings, both because it will be the platform that will store and manage the deposited cryptocurrencies and for not putting all the eggs in the same basket.