Today I will be discussing 5 of the best digital cryptocurrency platforms and wallets to store and earn passive income with cryptocurrencies. Available both in Australia and internationally, these wallets and platforms are a great way to store your crypto while putting it to work to earn passive income.
The Celsius Network is one of the largest crypto lending platforms on the market. Acting as a decentralised bank, this platform allows you to lend crypto and earn interest on it. They also offer low-interest rate loans by using crypto as collateral.
With over 30 supported cryptocurrencies, this is one of the largest and most comprehensive ways to earn passive income with cryptocurrencies. Earning rates range from 2.53% to 16.6% APY if receiving interest in the staked cryptocurrency. If you select to earn in Celsius Network’s native cryptocurrency CELS, these rates range from 3.3% to 21.49% APY.
Celsius Network is available both on desktop and mobile devices. With so many supported cryptocurrencies and such high-interest rates, this is my personal favourite platform to earn passive income with cryptocurrencies.
Binance is a complete crypto ecosystem, which offers a range of features, including locked and flexible staking. Additionally, Binance offers staking on products that CdC does not cover and vice versa, making both platforms useful for maximising your earning potential.
Binance offers 30 locked staking cryptocurrencies, with 15, 30 and 60-day locking durations. Estimated APY ranges from 1.49% to an insane 43.2%, making this the potentially highest yielding platform on this list. Furthermore, Binance offers a flexible savings account, that returns much lower interest rates, yet allows users to withdraw at any time.
Available on both desktop and mobile devices, Binance is one of the best crypto-investing ecosystems and provides some of the best ways to earn passive income with cryptocurrencies.
BlockFi is a banking alternative that offers the ability to earn interest on several popular cryptocurrencies. These coins include Bitcoin, Ethereum, Chainlink and Litecoin, among others.
There are currently 10 supported cryptocurrencies for earning interest. Earn rates range from 3%-9.3% depending on the coin. Another benefit of using BlockFi is that it has a unique feature that enables users to be paid in the currency of their choice. This means that you can pool together multiple assets to earn interest in a single crypto such as stable coins or BTC.
Available for both desktop and mobile devices, this is one of the most well-rounded and respected platforms to earn passive income with cryptocurrencies.
Like Binance, Crypto.com (CdC) is a full cryptocurrency ecosystem. Offering portfolio tracking, coin storage, an exchange, lending and crypto-based debit cards, it is the most comprehensive offering on this list.
While CdC does not offer staking, it does offer an earn feature like Celsius Network. For users who have staked 25,000 or more of the native token (CRO), rewards range up to 6.5% p.a. for supported coins and up to 12% p.a. for stable coins. Without staking 25,000 or more CRO, rewards range from up to 4.5% p.a. for supported coins and up to 10% p.a. for stable coins.
Available as an app, CdC is a unique platform for buying, spending and earning passive income with cryptocurrencies. If you are eager to learn more, here is my in-depth review on Crypto.com
Lolli is a free browser extension that rewards users with BTC cashback for shopping at popular online retailers such as eBay, Cotton On and Apple.
When you shop online using the Lolli browser extension, it will notify you if you’re on one of its partner sites. If you enable Lolli on these sites, they will receive a commission from that site in exchange for Lolli directing you to make a purchase. Lolli then gives you a portion of this reward in the cryptocurrency Bitcoin as an incentive for using their extension, resulting in a win/win for both you and Lolli.
Lolli is available on the Chrome Browser. If you use the link below, you will receive a $5 BTC bonus on your first eligible spend.
In the continuously developing world of cryptocurrencies, there are ample opportunities to generate passive income. This new asset class provides interest rates up to 40%, far exceeding traditional investments such as term deposits and bonds. Whether you decide on a wallet, exchange, ecosystem or utilise all of the above, these platforms and many more can be a great way to earn passive income with cryptocurrencies and ultimately, help you attain financial independence.
If you’re still not fully convinced about cryptocurrencies or would like to learn more about them, I highly recommend reading my review on Bitcoin, the most prominent cryptocurrency in circulation. In this review, I cover what it is, what the role of cryptocurrency is in modern society and how it is being used to improve upon traditional currencies and stores of value.
If you’d like to increase your crypto security by purchasing a hardware wallet, I recommend using Ledger and Trezor. These are two of the most reputable hardware wallet providers.