The Singapore-based exchange has quickly raised in popularity, establishing itself as one of the dominant players in the crypto ecosystem since its foundation in 2019.
Earn With Phemex
In the announcement, Phemex explained that users will be able to take advantage of Flexible Savings Accounts with 7% annual percentage yield (APY) and Fixed Savings Accounts with 10% APY, a perfect way for long term holders to increase their returns.
At the time of launch, users will only be able to invest USDT but more cryptocurrencies will be added in the future as the exchange continues with its plans, which include the addition of more account options.
One of the most attractive aspects of this program is that users are guaranteed to obtain the estimated returns independently of the results of the exchange’s internal investment strategies, making the investment even more secure when combined with the elimination of volatility concerns by using the USDT stablecoin.
Different Types of Accounts for Different Types of Investors
Once the program is launched later in January, users interested in generating extra passive income will need to decide between the fixed and flexible saving accounts, each of them offering different benefits depending on their needs.
The Flexible Savings account provides a lower percentage of annual percentage yield at 7% but allows investors to transfer their crypto in and out of the account any time they wish to do so without incurring penalty fees.
Users who choose this type of account will receive interest daily and will generate compound interest if the funds are not withdrawn. While the maximum holding limit for both types of accounts is 50,000 USDT, the flexible saving accounts do not have a minimum deposit requirement.
The Fixed Savings account, on the other hand, requires a minimum…