With Phemex you can earn interest for locking your cryptocurrencies on the platform.
The yield of bitcoin is 3.60% for fixed term and 1.80% for flexible term.
Content sponsored by phemex
Earning passive earnings on bitcoin (BTC) and tokens is possible thanks to platforms like Phemex. The exchange has a feature called “Earn Crypto” (Earn Crypto), with which you can earn interest for doing stake. Phemex offers an APY (annual percentage yield) of up to 25%, although this varies depending on the cryptocurrency and the term you select, fixed or flexible.
Earning bitcoin with Phemex is not complicated, since the platform’s interface is characterized by being intuitive. In this tutorial you will learn how to get the most interest possible with your cryptocurrencies and without too much effort or time.
What is Phemex?
Phemex is a bitcoin and token trading platform which was launched on the market in 2019, and is currently headquartered in Singapore. It has more than 2 million active users in some 200 countries, and ranks number 5 in the ranking from CoinMarketCap of derivatives exchanges at the time of writing this article. Its trading volume in 24 hours is more than USD 3 billion.
There are 142 trading pairs in total on the platform, some available for up to 100x leverage and some for spot trading. Something striking about Phemex is that it offers its users a Premium membership with which you can trade without paying commissions.
Besides, the exchange has a section dedicated to education and a program called Learn and Earn. With this program, users have the opportunity to learn basic concepts related to bitcoin and cryptocurrencies through videos. Their knowledge is then tested through a quiz, and they are rewarded with payouts in digital assets or trading bonuses upon completion.
Advantages of the Phemex Earn Crypto Feature
One of Phemex’s products is Earn Crypto, a feature that earn passive income by staking bitcoin and tokens. An advantage is that you can choose between fixed or flexible terms, so you decide when to withdraw your money.
Phemex assures in its website that profits are guaranteed, even if the strategy underperforms. The exchange will cover the losses and pay its clients the agreed percentage of commissions. To make its strategies profitable, the company has partnered with experienced financial managers.
Earn Crypto assets are stored in special Phemex accounts that are constantly monitored. For added security, the company claims that every transaction is scrutinized meticulously and that audits are carried out with third parties to verify that payments with cryptocurrencies are carried out correctly.
As for the APY, that of bitcoin is 3.60% for fixed term and 1.80% for flexible term. The annual percentage yield varies from one cryptocurrency to another, and on the platform there is a calculator that allows you to know exactly what the profits will be obtained based on the asset, the amount and the term.
For now, 12 cryptocurrencies are available for the Earn Crypto featurebetween them:
- Bitcoin (BTC).
- Tether (USDT).
- Ether (ETH).
- Chainlink (LINK).
- Cardan (ADA).
- USD Coin (USDC).
- Polcadot (DOT).
- Decentraland (MANA).
- Earth (MOON).
- Sunshine (SUN).
- Phantom (FTM).
How to earn bitcoins with the Earn Crypto feature in 5 easy steps
1.Sign up at Phemex
The first step to access the Earn Crypto feature is check in on the Phemex platform, if you haven’t already done so. The process only takes a few minutes. You must indicate an email and create a password. Once you read and accept the terms and conditions of the exchange, click on the blue button Create an account.
You will receive an email to the address you indicated above, this in order to verify the email. Once you do, you can start making money on Phemex.
To verify your account, click on the user icon located on the right side of the top bar, next to Assets.
You will be taken to a page with your account details. If you scroll down a bit, you’ll find the section Identity Verification. Click the blue button ID and Face Verification. You must select between personal and institutional user. In case you choose personal, the next step is to choose an identity document with a photo. The options are passport, driver’s license, identification card and residence permit.
You have to upload a photo of your document. Make sure the image is sharp and no part is cut off. You can do this process from your mobile if it is more comfortable for you. When finished, the next step is to take a selfie where your face is clearly visible. And that will be it, you will have completed the verification once the exchange processes your request and approves it.
2. Fund your account
To fund your account at Phemex, click on the option Assets, found on the top bar, and select Deposit. Choose the cryptocurrency. You have two options, buy the asset or just transfer it from a wallet to the address indicated. If you deposit, you will have to wait for the confirmation of the network and you will be able to operate.
To buy, enter the amount you want to spend in national currency (US dollars, euros, pounds, among others), and then choose the payment method, which can be Visa, MasterCard, bank transfer or SEPA.
3.Go to the “Earn Crypto” section
Once your account has funds, you can start Earning Crypto. Access the section from the Earn tab, which is located on the top bar of the platform.
A list of all the cryptocurrencies that are available for this section will appear. You have to choose the asset and the term, either fixed or flexible.
4. Fixed term or flexible?
You will get different APYs for the same cryptocurrency depending on the term you choose. With the fixed one, you will keep your assets locked for 7 or 14 days, and the APY is higher than that of the flexible accounts. But you have to wait for the agreed term to withdraw your money.
With the flexible term, the APY is lower, but you can withdraw your money whenever you want and without penalties. If you select the flexible term, click the blue button To transfer of the cryptocurrency you want to block. Enter the amount to transfer from your Phemex account to the flexible savings account, and click Confirm.
On the other hand, for the fixed term, click on the button Subscription. Select how long you will block your assets (7 or 14 days), the Phemex wallet with which you will pay (spot or investments), the amount of the subscription and if you want automatic renewal. After you review the data, click Confirm.
5.Withdraw your winnings
After you obtain the desired profits and the deadline established in the case of fixed accounts is met, it will be the moment you were waiting for: withdraw your money. To do this, select Assets in the top bar and click Withdrawal. Important: In order to withdraw, you need to enable Google’s two-factor authentication.
To remove, select the cryptocurrency and then the address where the funds will be deposited. click on Remove. The withdrawal fee for bitcoin is 0.00057 BTC, and the maximum limit is 2 BTC per day for standard accounts.
Earning money on platforms like Phemex can be simpler than you thought thanks to the to do feature stake Earn Crypto. But remember, it is not a magical solution to make money, so be careful when investing and make sure you advise yourself well.
For a limited time, you can get APYs of up to 25%, although the yield will vary according to the asset and the term with which you make stake. This is a profitable way to earn passive income with bitcoin and tokens, and you will not need too much effort to see the expected results.