I have been trying different kinds of sources to generate passive income from cryptocurrencies
What did I use?
- Interest accounts from Nexo, Celsius, Crypto_com, BlockFi, Swissborg, YouHodler, Nebeus, BTCpop
- Liquidity providing on Uniswap and Pancakeswap
- Staking on Binance, Kraken, Binance chain, Mycointainer, Matic, Perpetual Exchange, Synthetix, 1inch
- Cloud mining from Genesis Mining, ViaBTC, Hashmining24
- Yield farming on Pancakeswap, Pankcake Bunny
What do I still use and why?
Nexo because they have good interest in Stellar XLM and Ripple XRP (up to 8%)
Celsius because they have a good yield on Matic (around 10-14%) and BAT (around 3.5%)
Binance because they have so many different earning products, including staking on ADA and DOT
Crypto_com because they have the best interest rate on Bitcoin for the moment (up to around 8%)
Swissborg because they have great interest rates for USDC (up to 14%) and ETH (up to 7.5%)
Uniswap because there is a great yield on some liquidity pools like YFI/ETH, LINK/ETH, COMP/ETH. Remember to understand the risk of impermanent loss here.
Synthetix because they have a platform with great potential and great interest rate (around 30%)
Perpetual Exchange because they have a platform with great potential and great interest rate (around 95%)
Kraken because they have a great reputation regarding security and regulation (not the best rates though)
Matic because the project is great and the interest is great
1inch because the project is great and the interest is great
What did I stop using and why?
Cloud mining because the business model is very hard to review and historically it's very hard to be profitable
Pancake Bunny just suffered from a hack. However, it might be time to consider joining there now again because they have improved
Nebeus, YouHodler, and BTCpop I just stopped using because it's hard to have too many platforms to keep track of.
Good decision that you have abandoned cloud mining. Plenty of scams are roaming around that platform. They will just try to get into you and once you've trusted them your money, they will disappear after a few days or weeks after giving you high hopes. Binance is a nice platform to put your funds and invest in. Although you still have to limit yourself because risk is still present. You just do your ways and invest in accordance to your risk appetite.
I suppose you have a nice portfolio and funds at hand to diversify that much. This is still good though, not putting all your eggs in one basket. Thank you for your inputs about what is good platform that offers high interests, will surely look into it.