Crypto Savings Account Canada. Blockfi is the best crypto interest account on reddit. In 2017, alice sold $240,000 worth of various cryptocurrencies, which she originally purchased for $200,000.
Apply and earn up to 12% p.a. You would have to report a capital gain of $1,000 (50% of $2,000) which would be added to your income and taxed at your marginal tax rate. Crypto savings accounts work in a similar way to normal bank savings accounts.
A cryptocurrency interest account is much riskier than a fiat savings account for reasons we’ll get below.
Earn more from your crypto. In a nutshell, you lend money to an institution which lends your. Compare that to 4.5% and it’s easy to see why it pays to hold crypto in an interest account. The account can also let you take loans against your crypto assets instead of selling them for fiat.