Stablecoin storage options, profitable or convenient

Stablecoins have recently gained immense popularity, and unlike other cryptocurrencies, their market capitalization has remained virtually unchanged.

Many of my friends, and I myself, use this type of digital money for payments and simply storing free funds.

This type of cryptocurrency is sometimes practically the only possible option for transferring money abroad without unnecessary formalities and in any amount.

However, the question remains: where is the best place to store your stablecoins? Three options are currently available: a crypto wallet, a cryptocurrency exchange, and an international broker deposit.

 

Each of the above options has its own advantages and disadvantages. Let's try to figure out which option is best to use depending on what the available funds are used for.

A crypto wallet is the easiest way to store your stablecoins. It takes just a couple of minutes to set up. Simply download and install a special app on your phone or computer:

You almost never need to upload identification documents or undergo verification. You can instantly transfer funds to another wallet or pay for goods.

The disadvantages of crypto wallets include:

• Activation - some wallets require activation, which requires purchasing a specific cryptocurrency. For example, my "trustee wallet" required me to purchase $100 worth of Tron before the wallet became active.

• Physical media – as a rule, wallets are anonymous, and if you lose the wallet itself on a flash drive or access to it, you will be left without your money.

Cryptocurrency exchange account – you can store your e-currency in a cryptocurrency exchange account. You just need to remember your account password. Plus, when you make a deposit, the exchange offers 8-10% annual interest:

This means that the money will no longer sit idle, but will generate a considerable profit. Furthermore, stablecoins have a stable exchange rate and are virtually free of exchange rate risk.

A crypto exchange account is ideal for those who frequently exchange one cryptocurrency for another, as it offers the widest selection of available exchange options:

Among the shortcomings, one can note the unreliability of crypto exchanges themselves; recently, bankruptcies of such organizations have become more frequent, resulting in clients losing all their money.

The number of accounts blocked for trumped-up reasons has increased significantly, and proving the case is quite difficult in any case.

A deposit with a brokerage company is also an available option; the money can sit quietly in the account and earn interest:

Unlike crypto exchanges, brokers insure their clients' funds, and in the event of a company's bankruptcy, the payout will range from $20,000 to $100,000. During withdrawals, they offer additional protection—a call from a manager, a text message, or an email.

The main disadvantage in this case is the time it takes to transfer stablecoins, which can take anywhere from a few seconds to several hours, depending on the broker.

Brokers for opening a deposit - https://time-forex.com/vsebrokery/broker-schet-kripto Check directly with support service how much interest is accrued on the deposit balance.