Platforms where you can steal cryptocurrency

Table of Contents

Platforms where you can steal cryptocurrency:

Binance

OKX

Bybit

OKBits

You don’t need to transfer your assets to third parties or set up equipment when steaking cryptocurrency through official wallets. You only need to create a wallet, top up your balance, and send coins to the stack buy bitcoin instantly.

Pros: you don’t need powerful equipment; you can get a predictable percentage for your investment.

Cons: Coins can drop in value while stacked, and you won’t have time to sell them to cut your losses. The steaking pool or provider may seem fraudulent bitcoin in nigeria.

Profitable Farming.

Income or yield farming involves putting cryptocurrency into a liquidity pool on an exchange in exchange for an LP token. The reward is usually an exchange’s native coin. PancakeSwap is credited with CAKE.

In most cases, a currency pair is placed in the pool. Both coins must be placed in a pool with a BNB/CAKE pair. Remuneration is a percentage of the commission for transactions in the pool. The commission rate in the collection is fixed; that is, all liquidity providers together receive a certain percentage of commissions. How much exactly will be charged depends on the share in the pool.

How it works: the user sends his assets to the pool and receives a percentage of the commissions, depending on his share.

The highest yield is achieved by constantly moving funds between pools and tracking the new collections in which other investors have not yet had time to invest. To make money with this tool, you must keep track of the Total Value Locked (TVL), the total amount of money in a smart contract of a particular coin you invest in. If that figure goes up, then the coin’s price will go up, and the investment makes sense. If the index loses liquidity for some reason, it is better to consider withdrawing your funds.

This method can be complicated for newcomers, as you must navigate popular investment platforms and constantly monitor the cryptocurrency market. First, you must understand non-custodial wallets and immerse yourself in the crypto industry.

You can watch the yield percentages from different pools on CoinMarketCap, but doing it directly through the platform is more convenient. You can also get extra income from LP-token stacking.

Farming is common on decentralized exchanges and platforms:

SushiSwap

1inch

PancakeSwap

Uniswap

Curve Finance

Aave

Pros: with the right strategy, you can get high annual interest. You don’t need a significant investment to get started. You can get additional income from stacking LP tokens.

Cons: you need to deeply understand the market and know where it is best to invest. You need to transfer funds between several pools of platforms to get a higher percentage of earnings. The cryptocurrency you use for farming can collapse.

Lending

The tool allows you to have a passive but small income from the interest on the deposit. This method is suitable for beginners, as you do not need to understand stock exchange quotes and know complex terms.

How it works: Like a bank deposit, the investor “rents out” to the exchange or platform a part of his savings to return later with interest.

The interest depends on the terms of the exchange itself or on the digital currency in which the investor deposits his assets.

Interest is charged when the platform uses users’ digital assets for other transactions, cryptocurrency loans, and other transactions.

Lending can be:

Perpetual has a low-interest rate and allows you to withdraw funds at any time;

Fixed: is set for a specific period (a few days or months), due to which it has a higher interest rate. It is not possible to withdraw funds before the end of the term.

The only disadvantage of lending is that you may get caught by fraudsters if you choose an unreliable platform.

The most high-profile case happened in 2016 with the Bitconnect platform. It offered users to invest in BCC cryptocurrency and place it in the service’s system at interest to earn passive income. The creators developed a referral program with several levels, as is common in pyramid schemes. After an investigation, the U.S. Securities and Exchange Commission found that investors had invested at least $2 billion in the project.

One of the easiest ways to spot scammers is overly sweet and overstated promises. Pay attention to the yield offered by the platform. You can trust if the figure is up to 20% per annum, but it’s better to give up if the creators promise 2-3% per day.

Pros: start with a minimum investment and see how it works. Neither equipment nor investor qualifications are required. If you choose a reliable platform for placement, the risk of losing funds is minimal.

Disadvantages: the risk of falling for a fraudulent platform remains, and you will not be able to earn very much at once.

How to reduce the risk of losing money due to the fall of the crypto market

The listed ways of passive income are not ideal and involve risks. If you choose a reliable platform, you can still lose money. The most significant threat is a drop in the exchange rate. There is no getting away from it.

There is one way to protect against market volatility. These are stablecoins. They are not subject to rate fluctuations, and if they occur, they are insignificant.

If you want to try making money from cryptocurrencies, you can start by depositing and lending stablecoins. The interest will be small, usually from 5% to 10% annually.

You can use proven assets such as ETH and BTC if the percentage doesn’t suit you. Despite falling during a bear market, they rise and show new all-time highs in the long run.