TL;DR Breakdown
• Users on AAX Exchange can earn up to 20 percent in APY.
• BlockFi loses customers while AAX improves the security of its savings accounts.
AAX Exchange powers cryptocurrency trading by creating new savings accounts focused on the decentralized market. These savings accounts will offer 20 percent APY to all their clients.
The cryptocurrency market looks promising, with new companies joining the ecosystem and promoting new solutions to aid cryptocurrency adoption. Investors can now use crypto in their savings accounts after depositing their funds.
However, not all these accounts enabling crypto work in the same way. Some of these accounts can offer high commissions, while others are the opposite. These cryptocurrency savings accounts can be differentiated by the number of cryptos they support and their special characteristics.
How does the AAX Exchange account stand out?
Among the thousands of cryptocurrency savings accounts, the AAX Exchange is trending, with its competitive rates. The Exchange gives investors the best commissions with 20 percent of the potential annual return on each crypto deposit.
Although AAX Exchange has only been in business for a short time, these accounts have earned their place as one of the best in their category. Other exchanges joining the competition with lower payment rates are Celcius Network, Nexo, and BlockFi.
AAX cryptocurrency savings account vs. BlockFi accounts
The BlockFi utility account has been one of the largest exchanges that allow investors to earn up to 7.5 percent APY. Crypto deposits achieve potential annual returns in Bitcoin, USDC, Ethereum, and other good-quality tokens.
BlockFi savings banks do not mark a minimum balance, do not have hidden payment fees; the provider only charges the commission for crypto withdrawal. Although commission rates are paid daily, clients on the platform will only withdraw them once a month.
The savings account in AAX Exchange offers its users 20 percent APY earnings after depositing cryptocurrencies. The Exchange manages a weekly start-up plan so users can have profits soon. The savings account also offers up to 50 storage alternatives for each user, greater than the BlockFi Exchange.
However, BlockFi has the policy to trade fiat currencies such as the Dollar, Euro, Peso, among other assets. BlockFi also has the Federal Deposit Insurance Corporation protection if assets are stolen on the platform.
The battle between AAX Exchange and BlockFi is complex because both cryptocurrency savings accounts have a good working ecosystem. But some crypto fans argue that AAX accounts are better for their security and cold crypto storage systems
