Savings Account: Magnr
On this page you will find the most important aspects of the Magnr Bitcoin Savings Account like the bitcoin interest rate, minimum deposit and since when they are monitored. Furthermore you will learn what they offer in addition to their savings account and how their platform looks once you are logged in.
More information (Profile, Pricing, News) about this Cloud Minining Service
Magnr | Bitcoin Savings
Magnr Savings allows you to earn interest on your bitcoin deposits. Your interest is compounded on a monthly basis for greater returns.
Magnr savings accounts are a completely unique investment opportunity. Magnr works similarly to swaps, but without the daily management. Additionally, Magnr allows investors to lend to traders with less risk than P2P lending.
Magnr: How their page looks and works
After presenting all the raw data about the Magnr savings account, we wanted to comment and showcase their member area. After an easy registration you are able to log in, this is what you are going to stumble upon:
On the picture you can see the two most important parts of the Magnr Business Model: Savings and Trading. Analytics is a helpful tool for all Bitcoin Traders.
Magnr Savings Account
In this panel you can see your current savings account balance (in our case it’s 1 BTC | 18.05.2016), Next Interest Rate (0.00106252 BTC, it’s only that much, because we opened the savings account in the middle of the month. 0.00106252/1 = 0.106252%. 0.106252%*2*12 = 2.550048% (multiplied by 2 to get the full month. Multiplied with 12 to get the hole year)), Bitcoin Interest Rate (for this month it’s 2.35%/12).
You can easily deposit more Bitcoin to earn more interest in the same month.
If you Go to Account the following page will open:
Here you can see your past Bitcoin deposits and interest earnings, as well as future interest earnings. In the same time this is the place where you can easily withdraw your invested Bitcoins.
It’s important to say, that there are no fees for opening an account, subscription or saving with Magnr. They also don’t charge you for making Deposit and Withdrawal transactions. Which is great!
Magnr Trading Account
On this panel you can track your current Balance (Bitcoins ready to get traded), Net Value (Accumolated Cryptocurrency Value) and Active Trades. We find this page better than normal, see poloniex as reference.
If you press on Go to Account, you will be instantly referred to the Magnr Trading Platform. It looks like this:
The Magnr Trading Platform has a very clean design and also you can easily switch between multiple Bitcoin Exchanges. The platform given is nearly perfect, it offers an adjustable chart and you see the order book. The only thing missing is a chat box, with all kinds of crazy people cheering on any Bitcoin move!
Magnr Analytics: Trading Sentiment
On this panel you can see the Bitcoin Price Movement (bound to USD) in a given time frame. Most importantly you can see the Short vs. Long Bitcoin Interest. Which is measured through the Book Order and can give a good hint in which direction Bitcoin-Traders think the price will go.
If you are more interested in the field of Bitcoin Trading, then visit our page on it.
How can Magnr make money through Bitcoin Saving Accounts?
With the guaranteed interest rate for Bitcoin Savings Account, Magnr is getting money flowing in their accounts. This liquidity helps them to lend money to daily traders on their platform. This money lending and leveraging (1:10 f.e) has a higher interest rate – meaning they earn more than they give away.
Magnr is also earning from normal trades (not only from lending). The Trading Fees in Magnr are the following:
- Trade Open Fee – 0.45% of Position Size
- Trade Close Fee – 0.45%
- Daily Funding Fee – 0.15%
All this make and the fact that they have a venture capital bigger than all of our investments together, makes our Bitcoin investment pretty much 100% secure.
In summary, Bitcoin Accounts Savings is awesome – it’s simple and in the same time the most secure Bitcoin investment possibility at the moment. Magnr have managed to make to best platform of all Bitcoin Savings Account we have tested. They offer a good Bitcoin interest.
The Magnr Trading Platform is excellent for beginners, because there is no other cryptocurrencies besides trading Bitcoin. So you can’t make buy/sell orders, which will lose all of your investment. This is in the same time also the negative part, more experience traders might want to trade different cryptocoins.
Further Information on BTC Savings Accounts
We have already made a page with detailed information on Bitcoin Savings Accounts. Check it out, you will for sure learn something. The Info-Page also contains a listing of all monitored Account Savings provider