Bank Deposits Vs Cryptocurrency – Who Is The Winner??
Let us compare two popular investment options- a simple bank deposit and cryptocurrency trading to find out which is more advantageous:
Account opening: For opening a simple bank deposit one must satisfy numerous KYC compliance. Mandatory identity proofs are required. Also reading and filling up the opening form itself is a tiresome process. But opening an account for cryptocurrency trading is as simple as child’s play. Within minutes one can sign up. There is no complex formality and documentation.
Returns: Bank deposits yield a very low return. These days the bank interest rates are going down steeply. Cryptocurrency trading apps like BTC profit gives huge profits. Read BTC profit review to know full details.
Operating the account: Operating the account can be done by the account holder in case of bank account. One must visit ATM or the website of the bank for transacting. But in the case of cryptocurrency, you can trade even when you are sleeping. Automated trading robots do the trading on your behalf to a predefined limit.
Staying connected: For using net banking or mobile banking apps you need wi-fi connectivity. Many of the cryptocurrency trading apps do not require you to stay connected or stay signed-in.
Customer support: Banks do not have excellent customer support when compared to cryptocurrency trading apps. Most of these apps provide round the clock customer support and prompt reply to queries. Moreover, the websites provide demo video and the apps are easy to use. No prior knowledge is required.
Charges: In the case of bank accounts, there are numerous transaction charges which are levied. Cryptocurrency trading apps do not levy any charge. Free trial and education materials are available for cryptocurrency trading.
Closure: Closing a bank account is as tiresome as an opening. Also, most banks levy account closure charges. But in cryptocurrency trading, you can quit anytime and the whole balance will be paid back.
Safety: Do you think all the personal and financial data with your bank are safe? There are numerous incidents where card details have been leaked. But in the case of cryptocurrency blockchain technology is used and hence the data is very safe. Online transactions are safe and there is no scope for online frauds as in the case of a banking transaction.
After comparing all the above features, one cannot deny the fact the cryptocurrency trading is the best investment option when compared with bank deposits.