In today’s world, using savings systems is one of the investment requirements, and we all seek to earn profit and increase our capital even while we sleep. Accordingly, one of the options that users can use in some exchanges is saving. By saving, you can receive interest by depositing your property for a certain period of time. By default, blockchain protocols do not pay dividends to shareholders, unlike traditional savings accounts. But Mazdax exchange can pay you interest if you entrust your assets to it.
Exchanges use this feature for specific purposes. Some of them will share your cryptos to increase the security of a blockchain, others will add liquidity to their liquidity pools, some may lend them to others, and finally, some may invest in your crypto. But they all have one thing in common: they use the money they earn from these activities to pay you interest on your property on a regular basis. Therefore, Saving is a type of account that allows you to deposit your cryptocurrency assets and receive interest from the exchange.
How does the savings account work?
A crypto savings account works similar to a regular savings account in that the cryptocurrency exchange uses your deposits to lend or provide liquidity on its platform. For this, you need to transfer the available digital asset from your cryptocurrency wallet to the Mazdax Savings account (going to the savings page and selecting the subscribe button). You can also make a deposit by first buying a cryptocurrency on the Mazdax platform in Riyals and then depositing it into your savings account.
Types of savings accounts
In general, the two main types of digital currency savings accounts are:
- Flexible Saving
- locked Saving
1. Flexible account
Some crypto savings accounts are flexible and allow you to add or withdraw funds whenever you want, these accounts are called flexible savings. The calculation of profit in them is often done on a daily basis, and the proceeds are deposited into the user’s account daily or weekly. However, due to the flexibility of this type of account, you may receive a lower interest rate. Some cryptocurrency exchanges set a free withdrawal limit for their savings accounts, and users must pay a fee after that.
2. Locked account
A locked savings account, like a certificate of deposit, locks your funds for a period of time. For example, you may agree to buy a certain amount of Firuzeh Fund shares for a block period of 180 days and receive an interest rate of 5% in return. After the lock-in period ends, you can redeem your funds and profits; Or continue to reinvest for additional fixed interest cycles. In this type of savings account, due to the blocking of the balance and the inability to increase or decrease the stock, the user receives more profit than the flexible account.
Benefits of Mazdax Savings Account
Opportunity to profit: Investing in digital assets alongside stocks, bonds, and cash savings accounts helps you spread your risk between investment methods. This can reduce the impact of certain investments that lose money. Also, with Mazdax Savings Service, you can earn profit from saving a part of your property that you have no plans for.
Higher interest rates: The interest rate offered on digital asset savings can be much higher than the rates on traditional savings accounts and certificates of deposit. For example, you can experience five percent annual savings interest (APY) on Mazdax mutual funds.
(Note that this profit is in addition to the profit that the user may receive from the growth of the shares of these funds.)
Flexibility: When you have a flexible digital currency savings account, you can easily withdraw your digital currency with daily interest if needed. You will also have a lot of freedom with the types of cryptocurrencies you can deposit.
How to create a savings account?
Saving is one of the best methods for long-term holders. Usually, the fluctuations in the price of cryptocurrency assets in the short term are not very important for holders. For this reason, these users can block them while holding their digital assets and increase their balance by receiving rewards. Before opening a savings account, carefully review the various options, including the security level assessment, the interest rates offered, and the types of cryptocurrencies supported. Also consider the minimum investment amount or possible fees for withdrawal or transfer.
(Mazdex exchange does not charge any fees for providing savings services.)
Savings assets in Mazdax
Mazdax Savings platform supports 7 stock funds, and in the future, other assets will be added to this list gradually. These funds are:
Mazdax Savings is currently in the form of a “locked” plan for the above assets, where the user can earn by locking any asset for periods of 30 to 180 days.
How to do saving in Mazdax
- On the main page of the Mazdax platform, click on the “Savings” option.
- Then you enter the Mazdax savings page. There you can see the list of assets that can be deposited. Choose the asset you want from them.
Note: before saving, the wallet of your desired asset must have shares (enough amount).
- Choose the time period for saving from 30 days, 60 days, 90 days and 180 days.
- Click on “Subscribe”.
- Enter the number of shares you want
- Check the information about your saving method, check the acceptance of the terms and click “Deposit”.
Conclusion
With the expansion of the blockchain space and the arrival of users to invest in digital assets, various services have been introduced to earn profit. From various staking platforms in the field of DeFi to crypto loans, they are all a platform for users to profit. This time, Mazdax exchange has offered a new service so that you can receive profit by depositing your digital asset in the wallet of this exchange.
We are waiting to receive your comments and suggestions regarding the use of Mazdax saving service. How to do saving in Mazdax
لینک کوتاه کپی شد
https://mazdax.ir/academy/en/?p=9343
