Steps to Get Started with CEFI

Now you should have enough information to understand how CEFI works, here are the steps to get started. Decide what is important to you and DYOR (do you own research). 

You might just want to earn passive interest, get the best cash back deals, get interest on a specific cryptocurrency or the best loan deal. Think about what matters most and research the providers. Coinmarketcap and Coingecko both compare available rates, but other sites are available.

Be sure to check that your country is serviced as CEFI providers have to follow local regulations.

How to earn Passive Interest with no lock-up aka Soft Staking

If you are simply after passive interest on your crypto here is a basic guide:

1. Once you’ve chosen the CEFI provider scout around for promo codes as most services offer a new customer incentive. Read the terms which will involve a minimum deposit.
2. Go to the Playstore or Appstore and be sure to find the official App. Passive Interest can be managed via your Mobile.
3. Follow the registration process which will require proof of identity such as Passport, Driver’s License or National Identity card.
4. Choose a strong password, unique to the service; use a secure email address.
5. Set up as many security features as possible: 2 Factor Authentication, Biometrics. Make sure to Back Up your 2FA codes in case you lose your phone. Crypto.com use an anti-phishing code for emails.
6. Once you’ve created your account decide whether to earn interest in the platform token (if applicable) which will offer a premium but familiarise yourself with the risks of it declining in value..
7. Follow the navigation to deposit the crypto you want to earn interest on. Use the copy/paste feature to get the address to send your coins to. Be very careful to include a Memo if required (XRP, XLM etc).
8. Go to the wallet or exchange that is holding your crypto. Using the CEFI deposit address, start by depositing a small amount just to be sure. Once that arrives you can be confident of sending larger amounts.
9. If you don’t have crypto most CEFI services allow you to buy it within the App, but be aware of the fees associated with using a card.
10. Familiarise yourself with the App functions, especially Withdrawal features. Most CEFI providers will require you to create whitelisted Withdrawal addresses. This is a security feature which means adding/changing a Withdrawal address can take 24hrs, but if you want quick access and don’t set one up in advance, you are stuck.
11. Find your Referral code which enables you to refer other users and earn some additional crypto.
12. If you like getting weekly updates on the interest you’ve earned enable Email Communication or In App Messaging.

How to earn Passive Interest with a lock-up period aka Hard Staking

Certain CEFI providers will offer the opportunity to earn more interest if you are prepared to lock up your funds for a fixed period and stake their Token Platform. The interest earned will be relative to the amount you stake.

• Follow the steps above for account creation. 
• Decide the level of staking you are prepared to make and purchase the platform tokens via the App. In the example image it is CRO, the platform token for Crypto.com.
• You’ll then need to carefully read and agree to the Hard Staking terms and lock-up period. Read carefully as once agreed it cannot be undone, even if the token value plummets.
• Monitor the interest earned & wait until the staking period ends.