Stablecoin storage options, profitable or convenient
Recently, stablecoins have gained enormous popularity; unlike other cryptocurrencies, their capitalization has practically not decreased.
Many of my friends, and I myself, use this type of digital money for payments and simply storing available funds.
This type of cryptocurrency is sometimes practically the only possible option for withdrawing money abroad without unnecessary formalities and in any volume.
However, the open question remains: where is the best place to store existing stablecoins? Today there are three options available – a crypto-wallet, a crypto-currency exchange, and an international broker’s deposit.
A crypto wallet is the easiest way to store existing stablecoins; it can be set up in just a couple of minutes; you just need to download and install a special program on your phone or computer:
There is almost never a need to upload identification documents and undergo verification. You can instantly transfer money to another wallet or pay for goods.
Among the disadvantages of crypto wallets, the following should be noted:
• Activation - some wallets require activation, for which you need to buy a certain cryptocurrency. For example, my “trustee wallet” asked me to buy Tron in the amount of $100, only after that 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.
Account on a crypto exchange – electronic money can also be stored on an account on a crypto exchange. In this case, you only need to remember the password for your account. Plus, when making a deposit, the exchange charges 8-10% per annum:
That is, the money will no longer lie dead weight, but will bring quite a good profit. In addition, stablecoins have a stable exchange rate and are practically free of exchange rate risks.
An account on a crypto exchange is perfect for those who often exchange one cryptocurrency for another, as there is the largest selection of available exchange options:
Among the shortcomings, one can note the lack of reliability of the crypto exchanges themselves; recently, bankruptcies of such organizations have become more frequent, as a result of which clients lose all their money.
The number of accounts blocked for far-fetched reasons has increased significantly; it is quite difficult to prove the case in any case.
A deposit with a brokerage company is also one of the available options; the money can safely remain in the account and interest will be accrued on it:
Brokers, unlike crypto exchanges, insure the funds of their clients and in the event of bankruptcy of the company, the amount of payment will be from 20,000 to 100,000 dollars. And during the withdrawal of funds, there is additional protection - a call from the manager, an SMS to the phone or an email.
The main disadvantages in this case are the time it takes to transfer stablecoins; depending on the broker, it can range from a few seconds to several hours.
Brokers for opening a deposit - https://time-forex.com/vsebrokery/broker-schet-kripto check directly with the support service how much interest is charged on the balance on the deposit.