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Midas Investments Crypto Review 2024
Decentralized finance (DeFi) platforms have become one of the most lucrative aspects of the cryptocurrency sector. With high interest yields paid out for a variety of assets at rates that outperform any traditional investment vehicle such as savings accounts, DeFi platforms are showing up everywhere.
Midas Investments is a savings and lending platform founded in 2018 that pays out high yields for many assets. They have a variety of assets available for single asset staking or yield farming through DeFi. Midas also offers automatic portfolios that pay out over 20% APY. If you are looking for a platform to earn passive income, Midas may be for you.
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Midas Investments Quick Overview
- Earn high interest rates on individual assets with daily rewards
- Multi-asset portfolios with high yields
- Swap assets directly on platform
Midas Investments Pros & Cons
Pros
Extremely high interest rates
A large variety of assets are available
Built-in swap feature
No KYC required to use platform
Cons
Website is somewhat unintuitive for new users
Can only fund with crypto
Newer and less established than competitors
What Services Does Midas Offer?
Midas offers a few standout products that set it apart from competitors. Here’s a look at each one in more detail:
Stable Single Asset Investments
Single asset investments are the basic offering provided by Midas. Some investments are through DeFi protocols while some are staking. You can earn an APY of 5%-75% depending on the asset. Rewards are paid out daily and investments are available in assets such as:
- Bitcoin (BTC) 17% APY
- Ethereum (ETH) 23% APY
- Tether (USDT) 19% APY
- Avalanche (AVAX) 17% APY
- USD Coin (USDC) 19% APY
- Fantom (FTM) 17% APY
- Cosmos (ATOM) 16% APY
- Binance Coin (BNB) 17% APY
- Chainlink (LINK) 12% APY
- Litecoin (LTC) 11% APY
Stable Yield Automated Portfolio (YAP)
Midas Yield Automatic Portfolios or YAPs are a long-term investment strategy that pays out BTC rewards weekly. The Stable YAP product includes Bitcoin, Ethereum, Tether, and MIDAS. You can purchase the SYAP token which is backed by the listed assets and priced based on the underlying assets’ markets. Each month the portfolio is automatically rebalanced, with profit from assets that increased in value being used to reinvest in undervalued ones. Users can withdraw from the YAP any time. Payouts are up to 23% APY and you can choose how to allocate the assets in the YAP based on personal preference.
Masternode YAP
The Masternode YAP or MNYAP is a portfolio where you deposit BTC. The BTC is then converted into 8 coins, at 12.5% allocation each. The 8 assets are Midas, ZEN, XZC, NRG, Phore, Divi, ESBC and BTC. All of these assets including BTC are staking or mining assets. Each week the mined coins are converted into BTC as a payout and the process repeats. Users can change their allocations between coins to adapt to their own strategy. When exiting the MNYAP position all assets are converted to BTC and the balance is sent to your wallet.
Swap
A simple feature that allows you to swap between any of the assets supported by Midas. Simply click on the asset balance, then the swap button to begin the trade. There are no fees for the swaps.
Is Midas Investments Safe?
Midas Investments has yet to be hacked since its establishment in 2018. The platform does not allow you to sign up with a password, only through linking a Discord or Gmail account. Midas chose to do this to take advantage of the security systems already in place for those log in methods. Midas does recommend you enable 2FA for whichever you use too.
Midas requires all users verify with an email verification code for every withdrawal and 2FA for every log in while also automatically signing users out every 7 days. Midas keeps 90% of user funds in cold wallets, and their database is encrypted with AES-256 security.
What are Midas Investments' Fees?
Midas does not charge any deposit fees. You will have to pay the network fee required to send your crypto to Midas, but this is charged by the blockchain network and not Midas.
Midas only charges network fees for withdrawing crypto assets and tokens from their platform. There are no fees for transferring from one Midas wallet to another. The withdrawal fee for Bitcoin is 0.0002 BTC.
Meanwhile the YAP products do not feature any sort of fee whatsoever.
Midas Investments Frequently Asked Questions
Yes. It’s actually been performing quite well over the last year but the long-term value remains to be seen. It is built on the Fantom blockchain.
In order to withdraw money from Midas you will need to withdraw your crypto to a service that provides a fiat off-ramp. Midas provides no methods for depositing or withdrawing in anything other than crypto.
Midas has never been hacked. They have a 90% asset cold storage policy, but there is no insurance on the platform. Logins can be secured by enabling 2FA.
The yields on Midas are quite high but the risk is obviously higher than a traditional bank account.
Midas is built on the Fantom blockchain.
