ICONFi Beginners Guide: How to Use Fixed & Flexible Earn on ICONFi
For those ICONFi users who missed the previous Guide:
Why deposit funds?
To start earning interest on your crypto, you first need to deposit funds into your ICONFi account. With ICONFi, you can earn interest rates as high as 11% on currencies including BTC, ETH, USDT and USDC. We also support ICX staking, allowing you to earn staking rewards directly from the ICON ecosystem.
Creating a deposit address
Before you can deposit funds into your ICONFi account, you must first create a deposit address for the appropriate cryptocurrency. The process is simple and can be completed in less than a minute. For this demonstration, we will create a USDC deposit address.
1. Once you have registered and logged in to your ICONFi account, press [USDC].
2. Press [Deposit].
3. Press [Create Deposit Address].
Congratulations, you have now created a USDC deposit address and can send USDC funds to this address.
Please ensure that you have input the correct deposit address when sending funds to your ICONFi account. These deposit addresses will only accept funds from the corresponding cryptocurrency. Due to the nature of blockchain technology, you may lose access to your funds if you send a non-corresponding cryptocurrency or if the deposit address is not inputted correctly.
Funds in your Flexible Earn account will automatically begin earning interest at the rate listed within the corresponding cryptocurrency page. In this case, any Flex Earn balances between 300 USDC and 100,000 USDC will earn interest at a rate of 3.5% APR (Annual Percentage Rate).
With ICONFi, we calculate and distribute interest SIX times daily. That means that your earning rate is actually HIGHER than the listed APR.
Transferring Funds to a Fixed Earn Account
You can earn even higher interest rates on your crypto savings by transferring your funds from a Flex Earn account to a Fixed Earn account. The process is simple and can be completed in just a few taps. For this example, we will transfer from an ETH Flex account to an ETH Fixed account.
1. Press on [Fixed].
2. Press on [+].
3. Select [ETH].
4. Select your desired lockup duration and input the amount that you would like to move from a Flex Earn account to a Fixed Earn account.
Take note that the Earn Rate will be determined based on the applicable lockup duration. Funds are locked up until the lockup duration has completed.
5. Select if you would like your Fixed Earn account to Auto Renew for the same duration at the end of the lockup period. If you enable this feature and would like to disable it in the future, please ensure that you do so at least five days before the applicable lockup end date.
6. Press [Confirm] to continue.
7. Review the terms of the deposit and press [Confirm] to continue.
Congratulations, you have now transferred funds from your Flex Earn account to a Fixed Earn account and are now earning higher levels of interest on your crypto. Just like a Flex Earn account, we calculate and distribute funds SIX times daily, so you will be earning a higher interest rate than the Earn Rate listed in the application.
ICONFi gives you the power to decide how to earn interest on your crypto. Need flexibility? Start earning interest on your crypto and withdraw at any time. Want to turbocharge your earnings? Lockup your BTC, ETH, USDT or USDC and start receiving enormous gains.
Check out our previous guide to see how to register, login, setup an OTP and complete KYC.
In our next issue, we will cover how staking works in ICONFi.
Questions?
If you have any questions or feedback, please open a ticket at #support channel on https://discord.gg/YdWsjaW8Eh.
About ICONFi
ICONFi is a digital asset savings platform that provides simple and intuitive earn products so that anyone can easily multiply crypto assets. ICONFi aims to simplify the complicated processes often associated with crypto assets and offers a sleek, straightforward user interface which supports saving, staking and airdrop activities at the palm of your hand.
