So you’ve probably heard of the ‘crypto’ wave that is upon us.
Zillennials who wish to fast track the road to financial independence are dabbling in cryptocurrency to earn extra income on the side.
Perhaps you’re one of those curious first-time investors who just want to explore your options to consider a safe platform to get started.
Thankfully, with crypto apps like Hodlnaut, embarking on your Bitcoin or Ethereum investment journey doesn’t have to be daunting at all.
Here’s what the app has to offer new joiners, besides an attractive 7.46% interest rate for Bitcoin and regular Monday payouts.
Besides focusing on hustling to earn a keep via a monthly salary, we should also look out for sources of passive income.
That’s where Hodlnaut comes in.
At up to 7.46% Annual Percentage Yield (APY) on Bitcoin, it boasts one of the highest interest rates offered on local platforms, compared to 0.5% interest rates on others.
To achieve rates to the tune of these figures on cryptocurrency storage for users, Hodlnaut lends their assets to vetted financial institutions that pay out these interest rates.
But how safe is it to store your cryptocurrency on Hodlnaut? How are security risks minimised? We’ll get right on to explaining that in the next section.
As a first foray into crypto-investments, it’s good to do your homework before sinking any amount into a platform.
You’ll be looking for platforms that:
All of which are qualities of the service that Hodlnaut offers.
If you have questions about government regulation, know that Hodlnaut is undergoing a licence application under the Payment Services Act with the Monetary Authority of Singapore (MAS).
Currently, they’re operating under an exemption given by MAS.
If you’d like to dive a little deeper, they’ve detailed the technicalities and how-tos of their security measures on their FAQs listed on the official website.
Now that we’ve gotten any potential security concerns out of the way, the crucial question to answer next is, “How frequently can one look forward to getting payouts?”
Thankfully, this happens weekly on a designated day – arguably the least-liked day of the week. You guessed it — Monday.
After transferring your pick of 6 supported cryptocurrencies to their Hodlnaut wallet, interest rates will accumulate and be compounded over time. BTW, setting up a crypto wallet with Hodlnaut is rather simple, some have likened the process to making a PayNow transfer.
Users can expect to glean interest earnings from the following cryptocoins:
*For USDT & USDC, Hodlnaut offers interest rates of up to 12.73%.
Typically, users will be able to hold and accumulate the promised interest rates via parking their coin in their Hodlnaut account.
But what happens if coin values rise and you’d like to make a withdrawal?
Most platforms require a fee for withdrawals – sometimes in cryptocurrency – which can make each transaction rather expensive.
From 16 Nov, Hodlnaut users can look forward to 1 free withdrawal/month, essentially a fee waiver. For more deets on how this works, refer to the full guide here.
Say you’ve already done prior research and are close to picking a platform to begin your crypto-journey — the Hodlnaut app is available on the App Store & Google Play.
If you’re interested in signing up for the service, here’s one more festive promo to lookout for. A Season of Giving campaign entails:
Before proceeding, you may want to check out the Terms of Use here first.
We also hear there’s a “Hodlnaut Holiday Surprise” in-store but to stay directly in the loop, check out their website or follow them on Facebook and Instagram.
Though we’ve mostly been brought up to save every penny in piggy banks, adulting entails a more realistic look at what else we can do to grow our bank balances.
What appears to be a daunting task at first, will play out differently if we do our research well. That way, we’ll be able to take baby steps into the world of crypto investments with confidence.
Disclaimer: This article is not intended to and does not constitute financial advice or investment advice.
This post was brought to you in collaboration with Hodlnaut.
Featured image adapted by MS News.
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