Today I will tell you how I passively earn income of more than 10% per annum in foreign currency (not in rubles) on the OKX exchange using the “Simple Earn” tool.
In my opinion, this is an ideal solution for those who are just starting their journey in cryptocurrency investments, and do not yet know about all sorts of complicated things, like buying nodes, futures or onchains.
I would have liked to read such an article (or watch a video) myself when I first started, but, unfortunately, there were materials everywhere in the top in which bloggers stupidly recruited referrals for themselves, without even knowing what, for example, the “minimum APR loan” was.
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- Introduction
- What is OKX Earn?
- Where does the profit come from in a Simple OKX Earn?
- How to invest in a Simple Earn OKX: step-by-step instructions for beginners
- What about other currencies?
- Conclusion
Introduction
I will immediately show my own figures for an example, so that it is clear what will be discussed. That’s how much dollars (USDT) I get every day on full liability now, with an investment of $852:
This, of course, is far from my entire portfolio on this exchange. Similarly, I have money in USDC, ETH, TRX and other assets that bring passive income, but for the sake of simplicity of the narrative, I will not touch on them yet, as well as trading (if there is interest in the material, I will write about other tools next time).
So this is a relatively small profit. But here it is worth considering that this screenshot is only USDT. And everything happens by itself – just on full passive.
If you open the website of any bank (or even a broker) now, and look at the profitability they offer you in dollars, you will see figures in the range of 3-5% per annum. Which is much lower than on the OKX exchange.
Well, to get money to the same investment broker now, you need to go through a complicated process of registration and confirmation of the legality of your income (I opened an account with Interactive Brokers this year, so I know exactly what I’m talking about).
In OKX, you just register and deposit money. If you have not yet registered on the exchange, you can do so at my link (invitation code: 56860899). Both you and I will receive additional rewards for this.
What is OKX Earn?
In general, OKX Earn consists of three main areas:
- Simple Earn
- Structural products (active trading, in fact)
- Earn Onchain (investments in various DeFi contracts)
There are more passive directions, and there are those where you will need to perform some active actions. In this article, I focus specifically on passive income so that you can simply invest your money and make a profit from it.
A simple Earn product in which you invest cryptocurrency (USDT, USDC, Bitcoin, ETH, etc.) and receive certain percentages per annum, as in a classic bank.
Someone may object here that traditional banks or brokers have fewer risks. But you can see for yourself that OKX has been in existence since 2017 and is among the top 3 cryptocurrency exchanges in the world in derivatives (along with Binance and Bybit):
At the same time, they are still regulated. Now there are not even rubles in P2P trading (which does not prevent you from buying a crypt through the same wallet in Telegram or an exchanger, and from there send it to OKX).
So your funds are here under the reliable control of all possible regulators, and nothing will happen to them. But I deviated a little from the topic…
Where does the profit come from in a Simple OKX Earn?
We get profit here for lending to exchange users who use leverage. That is, people trade on the stock exchange, enter positions with their shoulders and all this liquidity is taken from the money that lies in OKX Earn.
In addition, the exchange has a section with loans. There, users can borrow a certain amount against the security of cryptocurrencies. And here the amount of collateral is always more than what can be borrowed. And the interest on loans also goes to the exchange (and to you).
Step #1: Register on the site okx.com and we replenish the balance for any amount (at least $ 10).
Step #2: Go to the “Earn” section, then go to “Simple Earn”.
Step #3: In products, select USDT (a stablecoin that is pegged to the US dollar; in fact, this is the cryptocurrency dollar in which most transactions are taking place now).
Step #4: Click on the “Subscribe” button and select options:
- Amount – how much do you want to invest. You can invest and withdraw money without any restrictions at any time. This is not a classic bank where you need to choose a certain period (although such conditions also sometimes happen).
- Sources of debiting – accounts from which the money will be transferred. OKX has a main account, where your funds are initially located, and a trading account from which cryptocurrency is traded. You can choose where to list from.
- Min. APR of the loan – is the lowest annual interest rate at which interest is accrued. You can choose a rate below which you do not want to provide your funds for use. In this case, the yield will be higher, but your money may not always be in circulation when there is already a lot of liquidity in the market. I recommend putting 1% here (this does not mean that you will be charged 1%, it’s just the minimum limit).
- Bonus rules – additional conditions. Considering that USDT is the main tool for buying or selling other coins, the exchange benefits from attracting additional assets in it, so it gives additional bonuses when you invest USDT.
Step #5: Click the Subscribe button again. Ready! The money went to work and bring you profit.
What about other currencies?
If you sort the table in the “Simple Earn” section by market APR (the proposed interest rate), you can find that for some cryptocurrencies the estimated annual income can be much higher than 10%.
This is what it looks like now (the table may change in your time, since the demand for a particular currency often rises or falls even within one day, respectively, deposit interest increases or decreases):
That is, for example, I can invest money in T, FLR or DGB right now at 86%, 74% or 49% per annum. But here, unlike USDT, there are nuances:
- The exchange rate of these coins can change rapidly in a short period of time. Therefore, your $100 invested in one of these coins today may turn into $5 tomorrow (or $5,000, who knows). And then 86% per annum may not make much sense anymore.
- Profitability strongly depends on the demand for the coin. Therefore, before investing, be sure to check the “APR for all time” tab. Perhaps 86% per annum will be only 1-2 days, and then everything will return to the standard 1%.
For comparison, to make it clear what we are talking about, here are two graphs of the annual yield of USDT and DGB:
As you can see, investments in a Simple Earn USDT (left) at a distance turn out to be 3 times more profitable than DGB (right). Therefore, choose wisely!
Conclusion
I have made a choice for myself for the next few years about passive investments in favor of a Simple Earn from OKX. Now I buy everything from them where they give bonuses. I will continue to transfer money to other exchanges in the same way.
At the same time, I buy different coins and test trading bots for short-term investments. But I will already write about this in one of the following posts.
Good luck!