Everything about Anchor USD

Everything about Anchor USD

By Answerly app | Answerly | 16 Feb 2021


What is Anchor USD?

A stable token that runs on the Stellar blockchain, Anchor USD allows users to earn interest on Stellar Lumens (XLM) and USD with unparalleled and unprecedented ease and convenience. How can you earn interest on XLM using Anchor USD? We will talk about it in detail in this discussion. But for now, you should know that the Anchor USD app allows users to store other cryptocurrencies as well. We are talking about BTC, ETH, Litecoin, and XRP, to name a few here. The list is a long one, you can check it out in detail on the Anchor USD website. 

Key features

Why trading stocks and crypto with Anchor USD make sense? It is its stunning set of features that make it a great option for traders. In this section of the discussion, it is these key features that we talk about briefly. Let us start with working hours. 24/7. Investors can invest in their favorite currencies at any time of any day, and engage in crypto trading whenever they feel like it! Are there any fees associated with Anchor USD? None, which is a pleasant surprise for many of us. Also, there are no fees to be paid while depositing or when you are earning on XLM. 

Coming towards the point around which this whole discussion has been orchestrated, users can earn up to as much as five percent in interest on designated cryptocurrencies. Withdrawal of interest is super easy as well, users don’t have to fill in any complicated forms whatsoever. We talk about setting up an interest stream on XLM in the very next section of the discussion! The Anchor USD is set at one USD forever. But there are no limits on the maximum that you can buy or sell when it comes to share trading. Dabbling in stocks using Anchor USD is easy well since the app features instant funding as well. One of the biggest advantages that users get with Anchor USD is that it eliminates commission from the hierarchy of trading completely.  

Earning interest on XLM using Anchor USD 

Follow this step by step guide to mint money on XLM. It is quite simple to follow as well! 

1- In the first step, users have to create an account on Anchor USD. Here, the user will be requested to provide an email ID and set up a password. Once the verification is completed, the registered user will be redirected to the Anchor USD login page. Once the level one verification is completed, users can make deposits/withdrawals of crypto amounts equivalent up to USD 5000. This is the maximum limit allowed in one day. For fiat withdrawal or deposit (such as the USD), users must be a resident of the USA. 

2- To deposit XLM, follow the path Stellar Lumens > Deposit / Send > Deposit XLM. Send XLM to this address. XLM transactions happen at a superfast speed. 

3- To enable XLM interest, users will have to go to the setting tabs, and then enable the crypto interest option. 

4- Cryptocurrencies on which interest can be earned include: BTC, ETH, XRP, BCH, EOS, and Litecoin. 

5- For XLM, the interest rate is set at 2.79% APR. 

FAQs 

At this point in the discussion, we know some of you have got questions frothing and bubbling in your mind. So we decided to cater to a few of your queries in the following lines of the discussion.

1- Does anchor USD allow instantaneous trading?

Users can trade the moment they link up their bank accounts with Anchor USD. 

2- How is interest payment scheduled? 

As we mentioned earlier in the discussion as well, users can earn in terms of interest every day. This is something quite contrasting to the usual interest schedules that you might have seen working on a monthly or yearly basis.

3- Can users earn more interest on the earned profit?

Compounding interest is supported by Anchor USD, so the answer to this question is in the affirmative.  

4- Is Anchor USD global?

As far as the crypto bit of Anchor USD trading is concerned, yes, it is global. However, for fiat, deposits, and withdrawals are possible only in the USA. 

Conclusion

One of the key features of Anchor USD that we couldn’t talk about much but which impressed us nevertheless was the in-app support feature. Not many platforms offer support within a matter of seconds, so this is a shore on which Anchor USD has dropped a solid anchor alright! Given the process of evolution that crypto trading is going through right now, one can hope for more amazing features in the future as well. And on that futuristic but optimistic note, we bid you farewell from this mini brief about Anchor USD!

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