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Litecoin is one of the popular cryptocurrencies in the crypto market thanks to its large following by many crypto enthusiasts. Litecoin holders have been greatly rewarded for their patience as it has delivered more than 3000% ROI since its inception.You can use platform like Bitcoin Prestige
Asides from the usual gains earned from Litecoin’s price movements, holders also have the opportunity to earn interest on their Litecoin. The interest of up to 8% APY can be earned on Litecoin just by holding.
Follow these simple steps to start earning good interest in your Litecoin.
Register for an Interest Account
To start earning interest on your Litecoin, you will need to open an interesting account. Visit the website of an interest account provider and complete their registration process. Submit your name, email address, and phone number and complete the registration.
Validate Your Account
Once you’ve completed registration, an email will be sent to the email address you provided. Go on to click the verification link and complete the KYC process. The KYC registration will help activate your account so you can perform basic activities in your account. For the KYC process, you will need to submit information like your home address, selfie photograph, and government-issued identity card.
Become an Insider
Deposit Your Litecoin
Given your KYC has been approved, you can now go ahead to deposit your Litecoin into the interest account. To deposit your Litecoin, search for Litecoin, click on it and copy the wallet address assigned to the account.
Send your Litecoin from your external crypto wallet into the interest account using the Litecoin wallet address you copied.
Start Earning Interest
Once you’ve confirmed and received the Litecoin in your interest account, all you have to do is wait and watch. Interest will automatically accrue on the Loin deposited in the interest account.
Where to earn Interest on Litecoin
Nexo is one of the popular interest account providers in the crypto space. With Nexo, investors can earn a maximum of 8% APY on Litecoin. However, there are certain criteria investors must meet to earn the 8% APY.
- Investors must agree to earn an interest payout on the native token of Nexo, NEXO token.
- 10% of your overall portfolio must be Nexo tokens.
- Investors must also agree to lock their Litecoin for a period of one to three months. This kind of account is cais called an account on Nexo.
If you choose e not to lock your Litecoin, you will only receive 7% APY on your Litecoin. However, you must agree to the other criteria.
Investors can earn a maximum interest of 5.12% APY on Litecoin on the ClesiCelsiusork. However, just like Nexo, you must agree to earn in form of the native of the Celsius Network, CEL tokens to receive the highest interest rate.
If you’re a resident of the United States, you won’t be able to earn CEL tokens as all U.S citizens have been banned from earning such tokens. Hence, U.S residents are disqualified from earning the highest interest rate offered on the Celsius Network.
To this end, U.S. citizens can only earn a maximum of 4.08% interest on Litecoin. Investors who live outside the United States can also choose to earn the same interest if they prefer earning in Litecoin.
Investors can earn a maximum of 5.5% APR on Litecoin on YouHodler. YouHodler does not have any minimum deposit to start earning interest on Litecoin. However, the provider recommends a minimum deposit of $10 worth of Litecoin.
If you decide to open an account with YouHodler interest account provider, you can also use their multi-hodl holder to boost earnings up to 10X. Investors also can access their funds at any time there are no lock-in periods on YouHodler.
You shouldn’t choose an interest account provider solely on the interest rate they can offer. The safety of funds, ease of withdrawal, and good customer support are some of the factors you should consider before choosing a platform.
Undoubtedly, the platforms discussed above will offer you a good interest earning on your Litecoin deposit but it is vital you also carry out your research.
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